Contract analysis

Section 1.01 — Defined Terms As used in this Agreement, the following terms shall have the meanings set forth below. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. "Administrative Agent" means Nordbank International AG, in its capacity as administrative agent and collateral agent under the Credit Agreement and the other Loan Documents. "

Section 1.02 — Rules of Interpretation (a) Unless the context otherwise requires, all terms defined in this Agreement shall have the meanings set forth herein when used in any certificate, report, or other document delivered pursuant hereto. (b) Capitalized terms used but not otherwise defined in this Agreement shall have the meanings assigned to such terms in the Credit Agreement. (c) The words "hereof," "herein," "

Section 2.01 — Forbearance by Lenders (a) Subject to the terms and conditions of this Agreement, during the Forbearance Period, each of the Consenting Lenders hereby agrees to forbear from exercising any of its rights and remedies under the Credit Agreement, any other Loan Document, or applicable law solely with respect to the Specified Defaults. Without limiting the generality of the foregoing, during the Forbearanc

Section 2.02 — Reservation of Rights (a) Except as expressly set forth in Section 2.01, the Administrative Agent and each Consenting Lender hereby expressly reserve all of their respective rights and remedies under the Credit Agreement, the other Loan Documents, this Agreement, and applicable law, and nothing in this Agreement shall be deemed to constitute a waiver, release, or modification of any such rights and rem

Section 2.03 — No Obligation to Extend (a) The Consenting Lenders have no obligation, express or implied, to extend the Forbearance Period beyond January 8, 2023, or to enter into any additional forbearance agreement. (b) Any extension of the Forbearance Period must be agreed upon in writing, signed by the Borrower, the Co-Borrower, the Administrative Agent, and all Consenting Lenders (unanimous consent being require

ARTICLE III — COVENANTS AND INFORMATION UNDERTAKINGS

Section 3.01 — Affirmative Covenants During Forbearance Period During the Forbearance Period, each of the Borrower and the Co-Borrower hereby covenants and agrees that it shall: (a) continue to comply with all covenants and obligations under the Credit Agreement and the other Loan Documents, other than the financial covenants and liquidity covenant the breach of which constitutes the Specified Defaults (for the avoid

Section 3.02 — Information Undertakings During the Forbearance Period, the Borrower and the Co-Borrower shall deliver, or cause to be delivered, to the Administrative Agent (for distribution to the Consenting Lenders) the following reports, statements, and information: (a) Weekly Liquidity Reports. Not later than 5:00 PM (Eastern Standard Time) on each Monday during the Forbearance Period (or if such Monday is not a

Section 3.03 — Negative Covenants During Forbearance Period During the Forbearance Period, neither the Borrower nor the Co-Borrower shall, without the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders): (a) incur, create, assume, guarantee, or otherwise become liable for any indebtedness (whether for borrowed money, by way of capital lease, purchase money financing, or

Section 3.04 — Engagement of Advisors (a) The Borrower shall, within fifteen (15) days of the Effective Date (i.e., by no later than October 25, 2022), retain (i) restructuring counsel with recognized expertise in U.S. bankruptcy law and cross-border insolvency matters, and (ii) an independent financial advisor with experience in maritime and shipping industry restructurings to prepare the 13-week cash flow model req

Section 4.01 — Termination Events The forbearance set forth in Article II shall automatically and immediately terminate, without further notice, demand, or other action by the Administrative Agent or any Consenting Lender, upon the earliest to occur of any of the following events (each, a "Termination Event"): (a) Expiration of Forbearance Period. January 8, 2023, being the date that is ninety (90) calendar days afte

Section 4.02 — Effect of Termination Upon the occurrence of a Termination Event and the termination of the forbearance set forth in Article II: (a) The Administrative Agent and each Consenting Lender shall be free to exercise, without further notice or demand, all of their respective rights and remedies under the Credit Agreement, the other Loan Documents, this Agreement, and applicable law, including without limitat

Section 4.03 — No Waiver of Termination Rights No failure or delay by the Administrative Agent or any Consenting Lender in exercising any right to terminate the forbearance pursuant to Section 4.01 shall operate as a waiver thereof, and no single or partial exercise of any such right shall preclude any further exercise thereof or the exercise of any other right. All rights of the Administrative Agent and the Consenti

ARTICLE V — REPRESENTATIONS AND WARRANTIES

Section 5.01 — Representations and Warranties of the Borrower and the Co-Borrower Each of the Borrower and the Co-Borrower hereby represents and warrants to the Administrative Agent and each Consenting Lender, as of the date hereof and as of the Effective Date, as follows: (a) Organization and Good Standing. The Borrower is a société anonyme duly organized, validly existing, and in good standing under the laws of the