Common use of Delivery of a Drawdown Clause in Contracts

Delivery of a Drawdown. Notice The Borrower may utilise a Facility by delivering to the Agent a duly completed Drawdown Notice no later than 11:00 hours three (3) Business Days prior to the proposed Drawdown Date. 5.2 Completion of the Drawdown Notice Each Drawdown Notice is irrevocable and will not be regarded as having been duly completed unless: a) it identifies the Facility to which the proposed Loan relates; b) it identifies the purpose of the proposed Loan, being in accordance with Clause 3.1 (Purpose); c) the proposed Drawdown Date is a Business Day within the Availability Period of the relevant Facility; d) subject to Clause 5.5 (Closing mechanics), the proposed Drawdown Date under the Term Loan Facility is also the Delivery Date of the Vessel; e) the currency specified is USD; f) the aggregate of any Loan(s) utilised and the amount of the proposed Loan, does not exceed the Total Commitments; g) the amount specified in the Drawdown Notice does not exceed the Available Commitments under the relevant Facility; h) the proposed Interest Period complies with Clause 9 (Interest Periods); i) in respect of the Revolving Facility, the amount of the proposed Loan is minimum USD 5,000,000 or integral multiples thereof; and j) in respect of the Term Loan Facility, the amount of the proposed Loan, when aggregated with the Commitments under the Revolving Facility, will not cause the Maximum Loan Amount to be exceeded, as determined by the Market Value of the Vessel established not more than four (4) weeks prior to the proposed Drawdown Date. 5.3 Automatic Rollover Loan a) In the event that the Agent has not received a Drawdown Notice within the time limit set in Clause 5.1 (Delivery of a Drawdown Notice) for a drawdown under the Revolving Facility made solely for the purpose of repayment of a Loan under the Revolving Facility in accordance with Clause 6.1 (Repayment – Revolving Facility) on its repayment date, it shall be regarded as if the Borrower has completed and submitted a Drawdown Notice for a Rollover Loan to the Agent within the time limit. Any such Rollover Loan shall have the same Interest Period as the preceding Loan.

Delivery of a Drawdown. Notice The Borrower may utilise a the Facility by delivering to the Agent a duly completed Drawdown Notice no later than 11:00 hours three (3) Business Days prior to the proposed Drawdown Date. 5.2 Completion of the Drawdown Notice Each Drawdown Notice is irrevocable and will not be regarded as having been duly completed unless: a) it identifies the Facility Tranche to which the proposed Loan relates; b) it identifies the purpose of the proposed Loan, being in accordance with Clause 3.1 (Purpose); c) the proposed Drawdown Date is a Business Day within the Availability Period with a concurrent utilization of the relevant Facilityboth Tranches; d) subject to Clause 5.5 (Closing mechanics), the proposed Drawdown Date under the Term Loan Facility is also the Delivery Date of the Vessel; e) the currency specified is USD; f) the aggregate of any Loan(s) utilised and the amount of the proposed Loan, does not exceed the Total Commitments; g) the amount specified in the Drawdown Notice does not exceed the Available Commitments under the relevant Facility; he) the proposed Interest Period complies with Clause 9 (Interest Periods); if) the amount will not cause the Available Commitments, nor the Maximum Loan Amount, to be exceeded, and to the extent the Total Commitments are not utilized in respect of full, the Revolving Facility, Tranches are utilized in the same proportion as their respective Available Commitments; and g) the amount of the proposed Loan is minimum USD 5,000,000 or integral multiples thereof; and j) in respect of the Term Loan Facility, the . 5.3 Availability Any amount of the proposed Loan, when aggregated with the Commitments under the Revolving FacilityFacility which, will at that time, has not cause been utilised shall automatically be cancelled at the Maximum Loan Amount to be exceeded, as determined by close of business in Amsterdam on the Market Value expiry of the Vessel established not more than four (4) weeks prior to the proposed Drawdown DateAvailability Period. 5.3 Automatic Rollover Loan 5.4 Lenders' participation a) In the event that the Agent has not received a Drawdown Notice within the time limit set in Clause 5.1 (Delivery Upon receipt of a Drawdown Notice, the Agent shall notify each Lender of the details of the requested drawing and the amount of each Lender's participation. b) for a drawdown under If the Revolving Facility made solely for the purpose of repayment of a Loan under the Revolving Facility conditions set out in accordance with Clause 6.1 (Repayment – Revolving Facility) this Agreement have been met each Lender shall no later than 11:00 hours on its repayment date, it shall be regarded as if the Borrower has completed and submitted a Drawdown Notice for a Rollover Loan Date make available to the Agent within for the time limitaccount of the Borrower an amount equal to its participation in the drawing to be advanced pursuant to a Drawdown Notice. Any such Rollover The amount of each Lender's participation in each Loan shall have will be equal to the same Interest Period as proportion borne by its Available Commitments to the preceding aggregate Available Commitments under the Facility immediately prior to making the Loan.. 10127241/1 27 SECTION 4

Delivery of a Drawdown. Notice The Borrower may utilise a Facility by delivering to the Agent a duly completed Drawdown Notice no later than 11:00 hours three (3) Business Days prior to the proposed Drawdown Date. 5.2 Completion of the Drawdown Notice Each Drawdown Notice is irrevocable and will not be regarded as having been duly completed unless: a) it identifies the Facility to which the proposed Loan relates; b) it identifies the purpose of the proposed Loan, being in accordance with Clause 3.1 (Purpose); c) the proposed Drawdown Date is a Business Day within the Availability Period of the relevant Facility; d) subject to Clause 5.5 (Closing mechanics), the proposed Drawdown Date under the Term Loan Facility is also the Delivery Date of the Vessel; e) the currency specified is USD; fe) the aggregate of any Loan(s) utilised and the amount of the proposed Loan, does not exceed the Total Commitments; gf) the amount specified in the Drawdown Notice does not exceed the Available Commitments under the relevant Facility; hg) the proposed Interest Period complies with Clause 9 (Interest Periods); ih) in respect of the Revolving Facility, the amount of the proposed Loan is minimum USD 5,000,000 or integral multiples thereof; and ji) in respect of the Term Loan Facility, the amount of the proposed Loan, when aggregated with the Commitments under the Revolving Facility, will not cause the Maximum Loan Amount to be exceeded, as determined by the Market Value of the Vessel established not more than four (4) weeks prior to the proposed Drawdown Date. 5.3 Automatic Rollover Loan a) In the event that the Agent has not received a Drawdown Notice within the time limit set in Clause 5.1 (Delivery of a Drawdown Notice) for a drawdown under the Revolving Facility made solely for the purpose of repayment of a Loan under the Revolving Facility in accordance with Clause 6.1 (Repayment – Revolving Facility) on its repayment date, it shall be regarded as if the Borrower has completed and submitted a Drawdown Notice for a Rollover Loan to the Agent within the time limit. Any such b) In the event that the Borrower does not want the Rollover Loan shall have to be made available automatically, it must notify the same Interest Period as Agent in writing before 11:00 hours four (4) Business Days prior to the preceding Loan.relevant repayment date. 10127241/1 24

Delivery of a Drawdown. Notice The Borrower may utilise a the Facility by delivering to the Agent a duly completed Drawdown Notice no later than 11:00 hours three (3) Business Days prior to the proposed Drawdown Date. 5.2 Completion of the Drawdown Notice Each Drawdown Notice is irrevocable and will not be regarded as having been duly completed unless: a) it identifies the Facility to which the proposed Loan relates; b) it identifies the purpose of the proposed Loan, being in accordance with Clause 3.1 (Purpose); cb) the proposed Drawdown Date is a Business Day within the Availability Period of the relevant FacilityPeriod; d) subject to Clause 5.5 (Closing mechanics), the proposed Drawdown Date under the Term Loan Facility is also the Delivery Date of the Vessel; ec) the currency specified is USD; f) the aggregate of any Loan(s) utilised and the amount of the proposed Loan, does not exceed the Total Commitments; g) the amount specified in the Drawdown Notice does not exceed the Available Commitments under the relevant Facility; hd) the proposed Interest Period complies with Clause 9 (Interest Periods); ie) in respect of the Revolving Facilityamount will not cause the Available Commitments, nor the Maximum Loan Amount, to be exceeded; and f) the amount of the proposed Loan is minimum USD 5,000,000 or integral multiples thereof; and j) in respect of the Term Loan Facility, the . 5.3 Availability Any amount of the proposed Loan, when aggregated with the Commitments under the Revolving FacilityFacility which, will at that time, has not cause been utilised shall automatically be cancelled at the Maximum Loan Amount to be exceeded, as determined by close of business in Dublin on the Market Value expiry of the Vessel established not more than four (4) weeks prior to the proposed Drawdown DateAvailability Period. 5.3 Automatic Rollover Loan 5.4 Lenders' participation a) In the event that the Agent has not received a Drawdown Notice within the time limit set in Clause 5.1 (Delivery Upon receipt of a Drawdown Notice, the Agent shall notify each Lender of the details of the requested drawing and the amount of each Lender's participation. b) for a drawdown under If the Revolving Facility made solely for the purpose of repayment of a Loan under the Revolving Facility conditions set out in accordance with Clause 6.1 (Repayment – Revolving Facility) this Agreement have been met each Lender shall no later than 11:00 hours on its repayment date, it shall be regarded as if the Borrower has completed and submitted a Drawdown Notice for a Rollover Loan Date make available (or transfer per SWIFT with such value date) to the Agent within for the time limitaccount of the Borrower an amount equal to its participation in the drawing to be advanced pursuant to a Drawdown Notice. Any such Rollover The amount of each Lender's participation in each Loan shall have will be equal to the same Interest Period as proportion borne by its Available Commitments to the preceding aggregate Available Commitments under the Facility immediately prior to making the Loan.. 10127241/1 26 SECTION 4