| Item No. | Category | Credit Agreement Section | Issue Description | Borrower's Position (Calderwood & Harkness) | Lender's Position (Whitmore, Jennings & Alcott) | Proposed Compromise | Priority | Status | Notes / Cross-References |
| 1 | Business | Section 2.01 (Commitments; Revolving Loans) | Facility Size and Syndicate Allocation | Borrower supports proposed $150,000,000 total commitments allocated as: Meridian Atlantic $45,000,000, Nordkapp Maritime Finance AG $40,000,000, Clearwater Commercial Lending LLC $35,000,000, Eastbourne Capital Partners LLP $30,000,000. Incremental capacity of $25,000,000 above existing $125,000,000 Harborstone facility is essential for working capital. | Lenders agree on total commitments of $150,000,000. Allocation per mandate letter dated February 14, 2023. No accordion feature. | Agreed as proposed. No accordion feature at this time; may revisit post-closing. | Medium | Agreed in Principle | Mandate and Fee Letter dated February 14, 2023 |
| 2 | Business | Section 2.01(b) (LC Sublimit); Section 2.04 (Swingline Loans) | Sublimits — Letters of Credit and Swingline | Borrower requests LC sublimit of $25,000,000 (increased from proposed $20,000,000) given Mediterranean trade requirements. Swingline sublimit of $15,000,000 acceptable. | Lenders propose LC sublimit of $20,000,000 and swingline sublimit of $15,000,000 as set forth in term sheet. | Compromise: LC sublimit of $20,000,000 as proposed by Lenders, with annual review mechanism. Swingline sublimit of $15,000,000 agreed. | Medium | Open | Borrower to provide historical LC usage data to support increase request |
| 3 | Business | Section 2.08 (Interest Rates) | SOFR Pricing Grid and Applicable Margin | Borrower proposes SOFR + 200–300 bps based on leverage ratio grid, reflecting strong FY2022 EBITDA of approximately $145,000,000 on revenue of approximately $620,000,000 and fleet value of approximately $1.2 billion. | Lenders propose SOFR + 225–325 bps per term sheet. Margin grid tied to consolidated net leverage ratio. | Proposed compromise at SOFR + 225–325 bps per term sheet. Borrower accepts pending agreement on leverage ratio definitions and calculation mechanics. | High | Agreed in Principle | Pricing grid levels to be confirmed once financial covenant definitions are finalized (see Item 7) |
| 4 | Business | Section 2.08(e) (SOFR Fallback) | SOFR Benchmark Replacement and Fallback Mechanics | Borrower requests hardwired SOFR fallback consistent with ARRC recommended language. Opposes any amendment-based fallback that requires lender consent. | Lenders prefer amendment approach with Administrative Agent discretion to select successor benchmark, subject to Required Lenders' consent (negative consent with 5 business day objection period). | Compromise: Hardwired fallback with tiered waterfall (Term SOFR > Daily Simple SOFR > Administrative Agent selected benchmark). Administrative Agent to have discretion only if first two tiers unavailable, subject to Borrower consultation (not consent). | High | Open | ARRC conventions; market standard for syndicated shipping facilities |
| 5 | Business | Section 2.05 (Commitment Fee) | Commitment Fee Structure and Utilization Step-Down | Borrower proposes commitment fee of 0.30% per annum on unused commitments with step-down to 0.20% when utilization exceeds 50% (i.e., when drawn amounts exceed $75,000,000). | Lenders propose 0.375% per annum with step-down to 0.25% when utilization exceeds 50% of total commitments ($75,000,000 threshold). | Proposed compromise at Lenders' position: 0.375% p.a. stepping down to 0.25% at >50% utilization. Borrower concedes given favorable pricing grid on drawn amounts. | Medium | Agreed in Principle | 50% utilization threshold = $75,000,000 of $150,000,000 |
| 6 | Business | Section 2.11 (Mandatory Prepayments) | Mandatory Prepayment Triggers — Vessel Sale Proceeds | Borrower requests 75% net cash proceeds sweep on vessel dispositions for non-Mortgaged Vessels, with 100% sweep only on Mortgaged Vessels. Reinvestment right of 365 days for proceeds applied to fleet renewal. | Lenders require 100% net cash proceeds sweep on all vessel dispositions (Mortgaged and non-Mortgaged) with no reinvestment right. | Compromise: 100% sweep on Mortgaged Vessel dispositions; 75% sweep on non-Mortgaged Vessel dispositions. Reinvestment right of 270 days for fleet replacement vessels, subject to collateral coverage ratio compliance. | High | Open | 18 Mortgaged Vessels out of 40 total fleet vessels; relates to collateral coverage covenant (Item 9) |
| 7 | Business | Section 7.01 (Financial Covenants) | Financial Covenant Levels — Maximum Consolidated Net Leverage Ratio | Borrower proposes maximum consolidated net leverage ratio of 5.00:1.00 for Years 1–2, stepping down to 4.50:1.00 in Year 3 and 4.00:1.00 in Years 4–5. Based on FY2022 EBITDA of ~$145M. | Lenders propose 4.50:1.00 for Years 1–2, stepping to 4.00:1.00 beginning Year 3. No further step-down. | Proposed compromise: 4.50:1.00 for Years 1–2, stepping to 4.00:1.00 beginning Year 3, consistent with Lenders' position. Borrower to accept provided EBITDA definition includes charter revenue and logistics income consistent with TSL's integrated business model. | High | Open | Negotiation call scheduled for May 22, 2023. EBITDA add-backs critical — see Item 8 |
| 8 | Business | Section 7.01 (Financial Covenants) | Financial Covenant Levels — Minimum Interest Coverage Ratio, Minimum Liquidity, Maximum CapEx | Borrower proposes: (a) minimum interest coverage ratio of 2.50:1.00; (b) minimum liquidity of $25,000,000 (unrestricted cash + available revolver); (c) maximum CapEx of $100,000,000/yr. | Lenders propose: (a) minimum interest coverage ratio of 3.00:1.00; (b) minimum liquidity of $30,000,000; (c) maximum CapEx of $80,000,000/yr. | Proposed compromise at Lenders' levels: 3.00:1.00 interest coverage, $30,000,000 minimum liquidity, $80,000,000 maximum CapEx. Borrower concedes subject to CapEx carve-out for mandatory drydocking expenditures. | High | Open | To be discussed on May 22 negotiation call; drydocking carve-out is key for Borrower |
| 9 | Business | Section 7.02(j) (Collateral Coverage) | Minimum Collateral Coverage Ratio and Vessel Release Mechanics | Borrower accepts 140% collateral coverage ratio. Requests vessel release mechanism permitting substitution of Mortgaged Vessels, and cure period of 90 days if coverage drops below threshold. At full draw: 140% × $150M = $210M required; current 18-vessel portfolio appraised at $780M (Seastone appraisals pending as of May 15). | Lenders insist on 140% coverage with 30-day cure period. No vessel substitution; any release requires prepayment to restore ratio. | Compromise: 140% coverage ratio. Vessel substitution permitted subject to Administrative Agent approval (not to be unreasonably withheld) and satisfactory appraisal of replacement vessel. 60-day cure period for coverage shortfall. Prepayment obligation if cure not achieved. | High | Open | Seastone Maritime Advisors appraisals expected July 2023; Pinnacle Trust & Agency Services Inc. as Collateral Agent |
| 10 | Business | Section 2.06 (Upfront/Arranging Fee); Section 9.03 (Administrative Agent Fee) | Fee Structure — Upfront Fee and Administrative Agent Fee | Borrower acknowledges upfront fee of $750,000 (0.50% × $150,000,000) payable at closing per mandate letter. Administrative agent fee of $75,000 per annum payable to Meridian Atlantic. | Per mandate and fee letter dated February 14, 2023. Non-negotiable. | Agreed as per mandate letter. Documentary point: confirm payment mechanics and timing in credit agreement. | Low | Agreed in Principle | Upfront fee = 0.50% of $150M; agent fee = $75,000/yr |
| 11 | Legal | Section 1.01 (Definitions — "Material Adverse Change") | Definition of Material Adverse Change (MAC) | Borrower requests narrowing of MAC definition to exclude: (a) changes in general economic or market conditions; (b) changes in shipping industry conditions generally; (c) changes in law or regulation; (d) changes in GAAP/IFRS. MAC should be limited to changes that have actually had (not 'could reasonably be expected to have') a material adverse effect on TSL and its subsidiaries, taken as a whole. | Lenders include broad MAC definition encompassing any event that 'has had or could reasonably be expected to have' a material adverse effect on the business, assets, operations, financial condition, or prospects of the Borrower. No carve-outs. | Compromise: Include 'has had or could reasonably be expected to have' standard but add carve-outs for (a) general economic conditions, (b) general shipping industry conditions, (c) changes in law, and (d) changes in accounting standards — in each case, to the extent not disproportionately affecting TSL relative to other similarly situated shipping companies. | High | Open | Key issue per C&H Key Issues Response letter to WJA dated April 18, 2023 |
| 12 | Legal | Section 1.01 (Definitions — "Change of Control") | Change of Control Trigger Definition | Borrower requests that change of control be triggered only if Nikolaos Karadimitriou (and/or the Karadimitriou family trust) ceases to hold at least 35% of voting equity and ceases to be the single largest shareholder. Current ownership is approximately 72%. | Lenders define change of control as: (a) Karadimitriou family ceases to own >50% of voting equity; or (b) Karadimitriou ceases to be Chairman; or (c) any person or group acquires >30% without Karadimitriou holding more. | Compromise: Change of control triggered if (a) Karadimitriou family ceases to hold at least 40% of voting equity; or (b) Karadimitriou family ceases to be single largest shareholder; or (c) any hostile acquisition of >30% of voting equity. Removal of 'Chairman' requirement (management trigger inappropriate for financial covenant). | High | Open | Nikolaos Karadimitriou is Founder & Chairman; Elena Vassiliou is CEO |
| 13 | Legal | Section 5.08 (Representations — Compliance with Laws) | Scope of Compliance Representations — Sanctions, Anti-Corruption | Borrower accepts customary representations on sanctions compliance and anti-corruption. Requests knowledge qualifier for subsidiary compliance and carve-out for immaterial non-compliance with local regulatory requirements. | Lenders require absolute (non-qualified) representations on compliance with all sanctions programs (OFAC, EU, UK) and anti-corruption laws (FCPA, UK Bribery Act). No materiality qualifier. | Compromise: Absolute representations at Borrower/parent level. Knowledge qualifier for non-wholly-owned subsidiaries (not applicable here as all guarantor subsidiaries are wholly owned). De minimis threshold ($250,000) for non-compliance with local regulatory requirements that do not constitute sanctions or anti-corruption violations. | Medium | Open | All three guarantor subsidiaries (Dry Bulk Holdings, Tanker Ops, TLI) are wholly owned |
| 14 | Legal | Section 5.18 (Representations — Insurance) | Insurance Representations and Ongoing Covenants | Borrower represents that all fleet insurance (H&M, P&I, war risk) is maintained through Trident Marine Insurance Brokers Ltd. and is in full force and effect. Requests annual (not quarterly) insurance compliance certificates. | Lenders require quarterly insurance compliance certificates and right to approve any change in insurance broker or P&I club. | Compromise: Semi-annual insurance compliance certificates. Borrower to notify Administrative Agent of any material change in insurance broker or P&I club at least 30 days in advance; no prior approval right but Lenders may raise concerns. | Medium | Open | Trident Marine Insurance Brokers Ltd. is TSL's broker; assignment of insurances to Pinnacle Trust per security documents |
| 15 | Legal | Section 6.01 (Affirmative Covenants — Financial Reporting) | Financial Reporting — Audited Financials and Auditor | Borrower agrees to deliver annual audited financials within 120 days of fiscal year end and quarterly unaudited financials within 60 days of quarter end. Auditor: Hawthorne & Garrett LLP. | Lenders require annual audited financials within 90 days and quarterly financials within 45 days. Right to require change of auditor if auditor qualification or going concern opinion issued. | Compromise: Annual audited financials within 120 days (Borrower's position — reflects Greek corporate calendar and Hawthorne & Garrett audit timeline). Quarterly financials within 45 days (Lenders' position). No right to require change of auditor; instead, Borrower covenants to maintain auditor of recognized standing in maritime industry. | Medium | Open | Hawthorne & Garrett LLP, 130 Kifissias Avenue, Marousi, Athens 151 25, Greece |
| 16 | Legal | Section 6.06 (Affirmative Covenants — Vessel Maintenance and Classification) | Vessel Classification and Maintenance Standards | Borrower covenants to maintain all Mortgaged Vessels in class with a classification society that is a member of IACS. Routine drydocking per classification society schedule. | Lenders require maintenance with 'first tier' classification society (Lloyd's, DNV, Bureau Veritas, or ABS only). Semi-annual condition reports. | Compromise: Classification with IACS member classification society (Borrower's position). Annual condition reports (not semi-annual). Borrower to promptly notify Administrative Agent of any withdrawal of class or material class condition. | Medium | Open | Applies to 18 Mortgaged Vessels |
| 17 | Legal | Section 6.10 (Affirmative Covenants — Subsidiary Guarantors) | Guarantor Accession and After-Acquired Subsidiaries | Borrower proposes that only the three identified Guarantors (Thalassa Dry Bulk Holdings Ltd. — Cyprus, Thalassa Tanker Operations Ltd. — Marshall Islands, Thalassa Logistics International Ltd. — Cyprus) be required as Guarantors. Future subsidiaries only if they own or operate Mortgaged Vessels. | Lenders require accession of all future material subsidiaries (>$5M assets or >$2.5M revenue) as Guarantors within 60 days of formation or acquisition. | Compromise: Three named Guarantors plus any future subsidiary that owns, operates, or charters a Mortgaged Vessel or holds >$10M in assets. Accession within 90 days. Immaterial subsidiaries excluded. | Medium | Open | Guarantors: Thalassa Dry Bulk Holdings Ltd. (Cyprus), Thalassa Tanker Operations Ltd. (RMI), Thalassa Logistics International Ltd. (Cyprus) |
| 18 | Legal | Section 7.02 (Negative Covenants — Indebtedness) | Permitted Indebtedness Baskets | Borrower requests general permitted indebtedness basket of $20,000,000 plus specific carve-outs for: (a) purchase money / equipment financing up to $15,000,000; (b) inter-company loans; (c) hedging obligations; (d) vessel-specific bilateral facilities for non-Mortgaged Vessels. | Lenders propose general basket of $10,000,000 and purchase money basket of $5,000,000. Inter-company loans subordinated. No bilateral facility carve-out. | Compromise: General basket of $15,000,000. Purchase money basket of $10,000,000. Inter-company loans permitted but structurally subordinated to facility obligations. Bilateral facility carve-out for non-Mortgaged Vessels up to $25,000,000, subordinated and non-recourse to Guarantors. | High | Open | Fleet of 40 vessels; 22 non-Mortgaged Vessels may need separate financing |
| 19 | Legal | Section 7.03 (Negative Covenants — Liens) | Permitted Liens | Borrower requests standard permitted liens including: (a) statutory and maritime liens; (b) liens securing permitted indebtedness; (c) liens on non-Mortgaged Vessels; (d) general lien basket of $10,000,000. | Lenders accept statutory liens and tax liens being contested in good faith. General lien basket of $5,000,000. No separate basket for non-Mortgaged Vessel liens. | Compromise: Statutory and maritime liens (including crew wage liens and salvage liens). General lien basket of $7,500,000. Liens on non-Mortgaged Vessels permitted to secure bilateral financing under Item 18 compromise. | Medium | Open | Cross-reference to permitted indebtedness (Item 18) |
| 20 | Legal | Section 7.06 (Negative Covenants — Restricted Payments) | Restricted Payments — Dividends and Distributions | Borrower requests ability to make dividends/distributions up to 50% of consolidated net income if (a) no default exists and (b) leverage ratio ≤ 4.00:1.00 pro forma after giving effect to distribution. Founder Nikolaos Karadimitriou expects regular dividend flow. | Lenders permit distributions only up to 25% of consolidated net income, with additional conditions: (a) no default, (b) leverage ratio ≤ 3.50:1.00 pro forma, (c) minimum liquidity of $40M maintained after distribution. | Compromise: Distributions up to 40% of consolidated net income provided: (a) no default or event of default, (b) leverage ratio ≤ 4.00:1.00 on pro forma basis, (c) minimum liquidity of $35,000,000 maintained after distribution. Additional builder basket for retained excess cash flow. | High | Open | Key issue per C&H Key Issues Response letter to WJA dated April 18, 2023 |
| 21 | Legal | Section 8.01 (Events of Default) | Events of Default — Cross-Default Threshold and Grace Periods | Borrower requests cross-default threshold of $15,000,000 (aggregate) with 30-day grace period for payment defaults under other agreements. Carve-out for contested obligations. | Lenders propose cross-default threshold of $5,000,000 with 10-day grace period. No carve-out for contested obligations. | Compromise: Cross-default threshold of $10,000,000 (aggregate). 15-day grace period for payment defaults. Contested obligations carved out if being disputed in good faith with adequate reserves. | Medium | Open | Existing Harborstone RCF (to be refinanced) has $10M cross-default threshold |
| 22 | Legal | Section 10.01 (Amendments and Waivers — Voting Mechanics) | Required Lenders Definition and Voting Thresholds | Borrower requests Required Lenders defined as Lenders holding >50% of total commitments. Unanimity required only for: (a) extension of maturity; (b) reduction of commitments; (c) reduction of interest rate or fees; (d) release of all or substantially all collateral. | Lenders propose Required Lenders at >66⅔% of total commitments. Additional unanimity items: (e) amendment of pro rata sharing; (f) amendment of waterfall provisions; (g) release of any Guarantor. | Compromise: Required Lenders at >50% of commitments (Borrower's position — market standard). Unanimity for items (a)–(d) per Borrower plus (e) amendment of pro rata sharing provisions. Release of Guarantor only upon sale of Guarantor permitted under credit agreement, not unanimity. | Medium | Open | Four lenders in syndicate; >50% = commitments exceeding $75,000,000 |
| 23 | Documentary | Schedules (Various) | Disclosure Schedules — Scope and Update Mechanism | Borrower requests ability to update disclosure schedules at each compliance certificate delivery date to reflect changed circumstances without constituting a representation breach. | Lenders oppose any schedule update mechanism. Disclosure schedules as of closing date only; any subsequent change constitutes potential representation breach. | Compromise: Disclosure schedules as of closing date. Borrower may deliver supplemental disclosures with each compliance certificate, which will not cure any breach but will be considered in determining whether a MAC has occurred. | Low | Open | Standard documentary point |
| 24 | Documentary | Section 4.01 (Conditions Precedent to Initial Borrowing) | Conditions Precedent — Legal Opinions | Borrower to deliver: (a) New York law enforceability opinion of Calderwood & Harkness LLP; (b) Greek law opinion of Pavlopoulos & Drakos Law Firm covering due organization, corporate power, authorization, enforceability, no conflict; (c) Cypriot law opinion for Cyprus Guarantors; (d) marshall Islands law opinion for Thalassa Tanker Operations Ltd. | Lenders require all four opinions plus (e) opinion on perfection of ship mortgages under applicable flag state law; (f) insurance opinion confirming validity of assignments. | Compromise: Opinions (a)–(d) as proposed by Borrower plus (e) flag state mortgage perfection opinion. Insurance opinion (f) replaced by insurance broker certificate from Trident Marine Insurance Brokers Ltd. confirming assignments are effective. | Medium | Open | Pavlopoulos & Drakos — 22 Filellinon Street, Athens 105 57, Greece; C&H — 425 Park Avenue, New York, NY 10022 |
| 25 | Documentary | Section 4.01 (Conditions Precedent) | Conditions Precedent — Vessel Appraisals | Borrower agrees to deliver independent vessel appraisals for all 18 Mortgaged Vessels from Seastone Maritime Advisors Ltd. Not more than 90 days old at closing. | Lenders require appraisals not more than 60 days old at closing, and right to obtain independent appraisals at Borrower's cost annually. | Compromise: Appraisals not more than 90 days old at closing (Borrower's position). Annual desk-top appraisals at Borrower's cost (limited to $2,500 per vessel). Full appraisals only if collateral coverage ratio drops below 160% or upon reasonable request by Required Lenders. | Medium | Open | Seastone Maritime Advisors Ltd. — 55 Gracechurch Street, London EC3V 0EE; Duncan Fairweather, Managing Director |
| 26 | Documentary | Section 4.01 (Conditions Precedent) | Conditions Precedent — Payoff of Existing Harborstone Facility | Borrower to deliver payoff letter from Harborstone National Bank confirming payoff amount under existing $125,000,000 revolving credit facility (Credit Agreement dated November 15, 2018, as amended by First Amendment dated June 30, 2020 and Second Amendment dated March 1, 2022). Payoff and release of all liens. | Lenders require payoff letter, UCC-3 termination statements (if applicable), discharge of existing ship mortgages, and evidence of release of all collateral. Payoff at closing as condition precedent. | Agreed in principle. Borrower to coordinate with Harborstone (contact: Philip Rennert, Director, Structured Shipping Finance) for payoff letter and lien release documentation. Existing facility matures November 15, 2023. | Low | Agreed in Principle | Harborstone National Bank — 350 Park Avenue, 20th Floor, New York, NY 10022 |
| 27 | Documentary | Exhibits | Form of Compliance Certificate and Borrowing Request | Borrower requests simplified compliance certificate (annual and quarterly) and streamlined borrowing request form. 3 business days' notice for revolving borrowings; 1 business day for swingline. | Lenders require detailed compliance certificate with covenant calculations. 5 business days' notice for revolving borrowings; 1 business day for swingline. | Compromise: Compliance certificate to include covenant calculations but in form reasonably acceptable to both parties. 3 business days' notice for revolving borrowings (Borrower's position — market standard for revolvers). 1 business day for swingline (agreed). | Low | Open | Borrowing request form to reference Section 2.03 of credit agreement |
| 28 | Documentary | Security Documents (Cross-reference) | Coordination of Security Documents — Ship Mortgages, Share Pledges, Assignments | Borrower notes that security document markups (first preferred ship mortgage, share pledge agreement, assignment of earnings, assignment of insurances) were circulated by WJA on June 16, 2023 (anticipated). Issues to be addressed separately but credit agreement cross-references must be consistent. | Lenders require all security documents to be in agreed form as condition precedent. Pinnacle Trust & Agency Services Inc. to serve as Collateral Agent / Security Trustee. | Agreed that security documents will be negotiated in parallel. Credit agreement definitions and cross-references to be finalized once security documents are in substantially agreed form. Closing checklist to track all items. | Low | Deferred | Security documents expected to be circulated by WJA on or about June 16, 2023; Pinnacle Trust — One Liberty Plaza, 44th Floor, New York, NY 10006 |
| Parameter | Proposed / Agreed Term | Reference |
| Borrower | Thalassa Shipping & Logistics SA (Greece, Société Anonyme; AFM 094728361; GEMI 143209501000) | Preamble |
| Administrative Agent / Lead Arranger / Sole Bookrunner | Meridian Atlantic Bank, National Association | Section 9 |
| Collateral Agent / Security Trustee | Pinnacle Trust & Agency Services Inc. | Security Agreement |
| Facility Type | Senior Secured Revolving Credit Facility | Section 2.01 |
| Facility Size | $150,000,000 | Section 2.01 |
| Syndicate Allocation | Meridian Atlantic $45,000,000; Nordkapp Maritime Finance AG $40,000,000; Clearwater Commercial Lending LLC $35,000,000; Eastbourne Capital Partners LLP $30,000,000 | Section 2.01 |
| LC Sublimit | $20,000,000 (Borrower requested $25M; under discussion) | Section 2.01(b) |
| Swingline Sublimit | $15,000,000 | Section 2.04 |
| Maturity | 5 years from closing (anticipated mid-2028) | Section 2.01 |
| Interest Rate | SOFR + 225–325 bps (leverage-based grid) | Section 2.08 |
| Commitment Fee | 0.375% p.a. (0.25% when utilization > 50% / >$75M drawn) | Section 2.05 |
| Upfront Fee | $750,000 (0.50% × $150M) | Mandate Letter |
| Administrative Agent Fee | $75,000 per annum | Section 9.03 |
| Guarantors | Thalassa Dry Bulk Holdings Ltd. (Cyprus); Thalassa Tanker Operations Ltd. (RMI); Thalassa Logistics International Ltd. (Cyprus) | Section 10 |
| Collateral — Mortgaged Vessels | 18 vessels (of 40 total fleet); aggregate FMV to be confirmed by Seastone Maritime Advisors (expected ~$780M) | Section 7.02(j) |
| Min. Collateral Coverage Ratio | 140% (at full draw: $210M required) | Section 7.02(j) |
| Max Net Leverage Ratio | 4.50:1.00 (stepping to 4.00:1.00 in Year 3) — under discussion | Section 7.01 |
| Min Interest Coverage Ratio | 3.00:1.00 — under discussion | Section 7.01 |
| Min Liquidity | $30,000,000 — under discussion | Section 7.01 |
| Max CapEx | $80,000,000/yr — under discussion | Section 7.01 |
| Existing Facility Being Refinanced | $125,000,000 RCF with Harborstone National Bank (dated Nov. 15, 2018, as amended Jun. 30, 2020 and Mar. 1, 2022); matures Nov. 15, 2023 | Section 4.01 |
| Governing Law | New York | Section 10.09 |
| Borrower's Counsel | Calderwood & Harkness LLP (Ian Blackwood, Stephanie Okafor, Sophie Tremblay, Daniel Obi) | N/A |
| Lender's Counsel | Whitmore, Jennings & Alcott LLP (Harrison Caldwell, Priya Subramanian) | N/A |