CREDIT AGREEMENT

When the limit steps, and which way the company's ratio has been moving.

Signed Aug 13, 2024

Committed: $125m
Matures: n/a
Agent: DNB BANK ASA, NEW YORK BRANCH

Tranche	Size	Matures	Margin
Revolving Credit Facility	$125m	n/a	275–375 bps

Priced over Term SOFR (Revolving credit facility).

Level	Condition	Margin	Unused fee
Level 1	Total Net Leverage Ratio ≤ 0.50:1.00	275 bps	n/a
Level 2	Total Net Leverage Ratio ≤ 1.50:1.00	300 bps	n/a
Level 3	Total Net Leverage Ratio ≤ 2.00:1.00	325 bps	n/a
Level 4	Total Net Leverage Ratio ≤ 2.50:1.00	350 bps	n/a
Level 5	Total Net Leverage Ratio > 2.50:1.00	375 bps	n/a

§1.01

Lenders: DNB MARKETS, INC., JPMorgan Chase Bank, N.A, Barclays bank PLC

CovenantTestedHeadroomLimit now

Tested springing234.0%ratio -1.34x, estimated, vs 1.00x limit in force at Jun 30, 20261.00x

Springing: Tested only if any Revolving Loans or unreimbursed Letters of Credit are outstanding at such time.

the Borrower shall not permit the Revolving Credit Facility Net Leverage Ratio on the last day of each Test Period (each such date, a “Measurement Date”) to be greater than 1.00 to 1.00

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Tested quarterlyHeadroom not yet measured1.50

the Borrower shall not permit the Collateral Coverage Ratio on any Measurement Date to be less than 1.50 to 1.00.

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Tested quarterlyHeadroom not yet measured3.00

the Borrower shall not permit the RCF Collateral Coverage Ratio on any Measurement Date be less than 3.00 to 1.00.

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Tested quarterlyHeadroom not yet measured$25m

the Borrower shall not permit the Liquidity on any Measurement Date to be less than $25,000,000.

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Amendments

Aug 28, 2026
Amendmentunconfirmed
Adds a $50,000,000 incremental revolving commitment and updates total revolving Commitments to $125,000,000. The incremental commitments have identical terms to the existing facility and form part of the same Class.
- incremental_facility_amount: n/a → 50000000 §Recitals; Section 2(b), 2(d)
- total_revolver_commitments: $75,000,000 → 125000000 §Exhibit A - Definition of “Commitment” (blackline)
Filing ↗
Dec 27, 2024
Amendmentunconfirmed
Amends the credit agreement to implement a collateral trust structure and intercreditor arrangements in connection with a new second-lien term loan facility. Wilmington Trust is designated to act as Collateral Trustee, and related collateral, intercreditor and vessel mortgage documents are approved and put in place as of December 27, 2024.
- effective_date: n/a → 2024-12-27 §Definitions; Section 3
- collateral_agent_role: n/a → Collateral Trustee §Definitions
- second_lien_facility_consent: n/a → Consent to Second Lien Term Loan Credit Agreement §Section 5
Filing ↗

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