Common use of Conditions precedent documents Clause in Contracts

Conditions precedent documents. (a) A Drawing under a Loan (other than in respect of a Delivery Date Instalment) may not occur until the Facility Agent has notified the Borrower and the Lenders that it has received all of the documents and evidence set out in Part 1 of Schedule 2 (Initial Conditions Precedent Documents) in form and substance satisfactory to the Facility Agent or that it expects to receive outstanding documents or evidence on or before the date of the relevant Drawing. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (b) As soon as reasonably practicable following the date of the first Drawing under the Facility, the Borrower shall procure that a legal opinion in form and substance reasonable satisfactory to the Facility Agent, issued by Global Law Office, People’s Republic of China legal advisors to the Lenders, is provided to the Facility Agent, in respect of the execution of the Time Charters, such opinion to be addressed to the Facility Agent as agent for and on behalf of itself and the Lenders. (c) A Drawing representing the amount of a Delivery Date Instalment may not occur until the Facility Agent has notified the Borrower and the Lenders that it has received all of the documents and evidence set out in Part 2 of Schedule 2 (Delivery Date Conditions Precedent Documents) in form and substance satisfactory to the Facility Agent or that it expects to receive outstanding documents or evidence on or before the relevant Delivery Date. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (d) If the Borrower has made a Request in respect of a Delivery Date Instalment, the Borrower will not sign a Protocol of Delivery and Acceptance in respect of the Vessel to which the Request relates unless the Facility Agent has confirmed that the conditions precedent referred to in Clause 3.1(a) or Clause 3.1(c) (as applicable) above have been or will, simultaneously with such signing, be satisfied. (e) Immediately following the date of a Drawing in respect of a Delivery Date Instalment the Borrower shall provide to the Facility Agent all documents and evidence set out in Schedule 3 (Conditions Subsequent to Delivery Date Instalment) in form and substance satisfactory to the Facility Agent.

Conditions precedent documents. (a) A Drawing under In the case of a Request for a Loan (other than a Request for a Loan relating to Deposit Costs for an Additional Vessel), such Loan will not become due and payable by the Lenders or, in respect the case of a Delivery Date Instalment) may Request for a Letter of Credit, the Letter of Credit will not occur be issued by the Issuing Bank, until the Facility Agent has notified the Borrower and the Lenders that it has received received: (i) all of the documents and evidence set out in Schedule 2 Part 1 of Schedule 2 (Initial Conditions Precedent Precedent); and (ii) in the case of a Request relating to the borrowing of a Loan for the acquisition of an Additional Vessel, all of the documents and evidence set out in Schedule 2 Part 2 (Additional Guarantor Documents) ), in each case in form and substance satisfactory to the Facility Agent or that it expects and provided that, unless specifically provided to receive outstanding documents or evidence on or before the date of the relevant Drawingcontrary, a document delivered need not be redelivered in connection with a second request. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (b) As soon as reasonably practicable following In the date case of the first Drawing under the Facility, the Borrower a Request for a Loan relating to Deposit Costs for an Additional Vessel (which Additional Vessel shall procure that be a legal opinion in form and substance reasonable satisfactory to the Facility Agent, issued by Global Law Office, People’s Republic dry bulk carrier of China legal advisors to the Lenders, is provided to the Facility Agent, in respect less than 10 years of the execution of the Time Chartersage), such opinion to be addressed to Loan will not become due and payable by the Facility Agent as agent for and on behalf of itself and the Lenders. (c) A Drawing representing the amount of a Delivery Date Instalment may not occur Lenders until the Facility Agent has notified the Borrower and the Lenders that it has received received: (i) all of the documents and evidence set out in Part 2 of Schedule 2 Part 1 (Delivery Date Initial Conditions Precedent DocumentsPrecedent) in each case in form and substance satisfactory to the Facility Agent or and provided that, unless specifically provided to the contrary, a document delivered need not be redelivered in connection with the second request; (ii) a copy, certified by the Borrower as a true copy, of a duly executed Memorandum of Agreement in relation to such Additional Vessel; and (iii) a representation from the Borrower that it expects to receive outstanding documents or evidence on or before at the relevant Delivery Datetime of the acquisition of such Additional Vessel (taking into account such acquisition and the assumed market value of that Additional Vessel) the collateral maintenance test as set out in Clause 19.6 will be met. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (d) If the Borrower has made a Request in respect of a Delivery Date Instalment, the Borrower will not sign a Protocol of Delivery and Acceptance in respect of the Vessel to which the Request relates unless the Facility Agent has confirmed that the conditions precedent referred to in Clause 3.1(a) or Clause 3.1(c) (as applicable) above have been or will, simultaneously with such signing, be satisfied. (e) Immediately following the date of a Drawing in respect of a Delivery Date Instalment the Borrower shall provide to the Facility Agent all documents and evidence set out in Schedule 3 (Conditions Subsequent to Delivery Date Instalment) in form and substance satisfactory to the Facility Agent.

Conditions precedent documents. (a) A Drawing under a The Loan (other than in respect of a Delivery Date Instalment) may shall not occur be drawn down until the Facility Agent has notified the Borrower and the Lenders that it has received all is satisfied that immediately following the drawing of the documents and evidence set out in Part 1 of Schedule 2 (Initial Conditions Precedent Documents) in form and substance satisfactory Loan, the Loan to Value Ratio shall not exceed the Facility Agent or that it expects to receive outstanding documents or evidence on or before the date of the relevant DrawingBorrowing Base Advance Ratio. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (b) As soon as reasonably practicable following The Loan shall not be drawn down until the date Facility Agent has received all of the first Drawing under the Facility, the Borrower shall procure that a legal opinion documents and evidence set out in Part 1 of Schedule 2 (Initial Condition Precedent Documents) in form and substance reasonable satisfactory to the Facility Agent, issued by Global Law Office, People’s Republic of China legal advisors to the Lenders, is provided to the Facility Agent, in respect of the execution of the Time Charters, such opinion to be addressed to the Facility Agent as agent for and on behalf of itself and the Lenders. (c) A Drawing representing the amount of Vessel shall not be considered a Delivery Date Instalment may not occur Secured Vessel until the Facility Agent has notified the Borrower and the Lenders that it has received all of the documents and evidence set out in Part 2 of Schedule 2 (Delivery Date Conditions Initial Condition Precedent Documents) in form and substance satisfactory to the Facility Agent or that it expects to receive outstanding documents or evidence on or before the relevant Delivery Datedate that a Vessel is to become a Secured Vessel for the purpose of the Borrowing Base Advance Ratio. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (d) If the Borrower has made a Request in respect of a Delivery Date Instalment, the Borrower will not sign a Protocol of Delivery and Acceptance in respect of the Vessel to which the Request relates unless the Facility Agent has confirmed that the conditions precedent referred to in Clause 3.1(a) or Clause 3.1(c) (as applicable) above have been or will, simultaneously with such signing, be satisfied. (e) Immediately following the date upon which a Vessel becomes a Secured Vessel (and in any event no later than ten (10) Business Days of a Drawing in respect of Vessel becoming a Delivery Date Instalment Secured Vessel), the Borrower shall provide to the Facility Agent all documents and evidence set out in Schedule 3 (Conditions Subsequent to Delivery Date InstalmentLoan) in form and substance satisfactory to the Facility Agent. (e) The conditions specified in this Clause which have been satisfied prior to the Amendment Date following drawing down by the Borrower of the Loan in full in accordance with Clause 4.3(e) shall not be required to be satisfied again on or after the Amendment Date (unless otherwise specified in the Amending and Restating Agreement).

Conditions precedent documents. (a) A Drawing under a Loan (other than Request in respect of a Delivery Date Instalment) any Loan may not occur be given until the Facility Agent has notified the Borrower Owner and the Lenders that it has received all of the documents and evidence set out in Part 1 of Schedule 2 (Initial Conditions Precedent DocumentsPrecedent) in respect of the Loan the subject of that Request in form and substance satisfactory to the Facility Agent (acting on the instructions of all of the Lenders) or that it expects to receive outstanding documents or evidence on or before the Utilisation Date of such Loan or, in the case of evidence on the payment of the Equity Contribution, Balancing Equity Contribution or Equity Collateral, on or before the date which falls one (1) Business Day after the date of service of the relevant DrawingRequest to the Facility Agent (provided that it will be a condition precedent to the obligations of each Lender to advance such Loan that, as at the relevant Utilisation Date (or, in the case of evidence of the payment of the Equity Contribution, Balancing Equity Contribution or Equity Collateral, as at the date which falls one (1) Business Day after the date the Request is served), such outstanding documents or evidence have been received by the Facility Agent in form and substance satisfactory to the Facility Agent (acting on the instructions of all of the Lenders)). The Facility Agent must give this notification to the Borrower Owner and the Lenders promptly upon being so satisfied. (b) As soon as reasonably practicable following the date That part of the first Drawing under Delivery Loan which relates to all or part of the FacilityInstalment payable on the Delivery Date shall, if the Borrower shall procure that a legal opinion Delivery Date has not at such time occurred, be deposited by the Facility Agent into the account of [the Refund Guarantor] 1 (the Escrow Account) with its correspondent bank in form and substance reasonable satisfactory New York three Business Days prior to the Facility Agentproposed Delivery Date, issued by Global Law Office, People’s Republic of China legal advisors subject to the Lenders, is provided following irrevocable instructions (addressed to [the Refund Guarantor] with a copy to the Facility Agent, correspondent bank): “We have today credited to the account of [“The Export-Import Bank of Korea”] (account number [ • ] with [ • ] ([here inset international recognition codes]) the amount of [insert here the amount of final Loan to be used in respect of the execution Delivery Date Instalment] United States Dollars (US$[ • ]) (the Deposit). This payment is made in connection with the delivery instalment which will become payable by Drillship Kithira Owners Inc. (the Buyer) to Samsung Heavy Industries Co., Ltd. (the Builder) under the terms of the Time Charters, such opinion shipbuilding contract dated 24th January 2008 relating to be addressed Hull no. 1865 (the Ship). You are irrevocably instructed to order the release of the Deposit to either (a) the Builder upon your receipt of both (i) a copy of the Protocol of Delivery and Acceptance relating to the Ship signed by the Builder and the Buyer and (ii) a written confirmation from the Facility Agent as agent that the Deposit may be released to the Builder or (b) us (for and on behalf credit to account number [ • ] to [ • ] ([here insert international recognition codes]) upon your receipt of itself written instructions from both us and the LendersBuyer to do so. If, by noon (Korean time) on the date which falls [5] days after the proposed Delivery Date, you have not ordered the release of the Deposit to the Builder in accordance with (a) above or to us in accordance with (b) above you shall (unless otherwise instructed by us) immediately instruct the return of the Deposit to us (for credit to the account referred to above) on and for value on the date which falls [5] days after the proposed Delivery Date.”] 1 Samsung to confirm — see Article II paragraph 5(c) of the Shipbuilding Contract. (c) A Drawing representing If the amount of a Delivery Date Instalment may has not occur until occurred at the Facility Agent has notified time the Borrower and Request for the Lenders that it has received all of the documents and evidence set out in Part 2 of Schedule 2 (Delivery Date Conditions Precedent Documents) in form and substance satisfactory to the Facility Agent or that it expects to receive outstanding documents or evidence on or before the relevant Delivery Date. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (d) If the Borrower has made a Request in respect of a Delivery Date InstalmentLoan is served, the Borrower will Owner undertakes with the Finance Parties not to sign a Protocol of Delivery and Acceptance in respect of the Vessel to which the Request relates unless the Facility Agent has confirmed that the conditions precedent referred to in the Clause 3.1(a) or Clause 3.1(c) (as applicable) in respect of the Delivery Loan above have been or will, simultaneously with such signing, be satisfied. (e) Immediately following the date of a Drawing in respect of a Delivery Date Instalment the Borrower shall provide to the Facility Agent all documents and evidence set out in Schedule 3 (Conditions Subsequent to Delivery Date Instalment) in form and substance satisfactory to the Facility Agent.

Conditions precedent documents. (a) A Drawing under a Loan (other than in respect of a Delivery Date Instalment) may shall not occur be drawn down until the Facility Agent has notified the Borrower Borrowers and the Lenders that it has received all of the documents and evidence set out in Part 1 1A of Schedule 2 (Initial Conditions Precedent Documents) in form and substance satisfactory to the Facility Agent or that it expects to receive outstanding documents or evidence on or before the date of the relevant Drawingthat Loan is to be drawn down. The Facility Agent must give this notification to the Borrower Borrowers and the Lenders promptly upon being so satisfied. (b) As soon as reasonably practicable following the date of on which the first Drawing under the FacilityLoan is drawn down, the Borrower Borrowers shall procure that a legal opinion in form and substance reasonable satisfactory to the Facility Agent, issued by Global Law Office, People’s Republic of China legal advisors to the Lenders, is provided to the Facility Agent, in respect of the execution of the Time ChartersCharters and, if applicable, the Charter Guarantees, such opinion to be addressed to the Facility Agent as agent for and on behalf of itself and the Lenders. (c) Within thirty (30) days following the date on which the first Loan is drawn down, the Borrowers shall provide to the Facility Agent all documents and evidence set out in Part 1B of Schedule 2 (Conditions Subsequent to Initial Drawing) in form and substance satisfactory to the Facility Agent. (d) A Drawing representing the amount Loan in respect of a Delivery Date Instalment may not occur until the Facility Agent has notified the Borrower Borrowers and the Lenders that it has received all of the documents and evidence set out in Part 2 of Schedule 2 (Delivery Date Conditions Precedent Documents) in form and substance satisfactory to the Facility Agent or that it expects to receive outstanding documents or evidence on or before the relevant Delivery Date. The Facility Agent must give this notification to the Borrower Borrowers and the Lenders promptly upon being so satisfied. (d) If the Borrower has made a Request in respect of a Delivery Date Instalment, the Borrower will not sign a Protocol of Delivery and Acceptance in respect of the Vessel to which the Request relates unless the Facility Agent has confirmed that the conditions precedent referred to in Clause 3.1(a) or Clause 3.1(c) (as applicable) above have been or will, simultaneously with such signing, be satisfied. (e) Immediately following the date of upon which a Drawing in respect of a Delivery Date Instalment Vessel is delivered the Borrower Borrowers shall provide to the Facility Agent all documents and evidence set out in Schedule 3 (Conditions Subsequent to Delivery Date InstalmentDate) in form and substance satisfactory to the Facility Agent.

Conditions precedent documents. (a) A Drawing under a Loan (other than Request in respect of a Delivery Date Instalment) any Loan may not occur be given until the Facility Agent has notified the Borrower Owner and the Lenders that it has received all of the documents and evidence set out in Part 1 of Schedule 2 (Initial Conditions Precedent DocumentsPrecedent) in respect of the Loan the subject of that Request in form and substance satisfactory to the Facility Agent (acting on the instructions of all of the Lenders) or that it expects to receive outstanding documents or evidence on or before the Utilisation Date of such Loan or, in the case of evidence on the payment of the Equity Contribution, Balancing Equity Contribution or Equity Collateral, on or before the date which falls one (1) Business Day after the date of service of the relevant DrawingRequest to the Facility Agent (provided that it will be a condition precedent to the obligations of each Lender to advance such Loan that, as at the relevant Utilisation Date (or, in the case of evidence of the payment of the Equity Contribution, Balancing Equity Contribution or Equity Collateral, as at the date which falls one (1) Business Day after the date the Request is served), such outstanding documents or evidence have been received by the Facility Agent in form and substance satisfactory to the Facility Agent (acting on the instructions of all of the Lenders)). The Facility Agent must give this notification to the Borrower Owner and the Lenders promptly upon being so satisfied. (b) As soon as reasonably practicable following the date That part of the first Drawing under Delivery Loan which relates to all or part of the FacilityInstalment payable on the Delivery Date shall, if the Borrower shall procure that a legal opinion Delivery Date has not at such time occurred, be deposited by the Facility Agent into the account of [the Refund Guarantor]1 (the Escrow Account) with its correspondent bank in form and substance reasonable satisfactory New York three Business Days prior to the Facility Agentproposed Delivery Date, issued by Global Law Office, People’s Republic of China legal advisors subject to the Lenders, is provided following irrevocable instructions (addressed to [the Refund Guarantor] with a copy to the Facility Agent, correspondent bank): “We have today credited to the account of [“Calyon”] (account number [•] with [•] ([here inset international recognition codes]) the amount of [insert here the amount of final Loan to be used in respect of the execution Delivery Date Instalment] United States Dollars (US$[•]) (the Deposit). This payment is made in connection with the delivery instalment which will become payable by Drillship Skopelos Owners Inc. (the Buyer) to Samsung Heavy Industries Co., Ltd. (the Builder) under the terms of the Time Charters, such opinion shipbuilding contract dated 24th January 2008 relating to be addressed Hull no. 1865 (the Ship). You are irrevocably instructed to order the release of the Deposit to either (a) the Builder upon your receipt of both (i) a copy of the Protocol of Delivery and Acceptance relating to the Ship signed by the Builder and the Buyer and (ii) a written confirmation from the Facility Agent as agent that the Deposit may be released to the Builder or (b) us (for and on behalf credit to account number [•] to [•] ([here insert international recognition codes]) upon your receipt of itself written instructions from both us and the LendersBuyer to do so. If, by noon (Korean time) on the date which falls [5] days after the proposed Delivery Date, you have not ordered the release of the Deposit to the Builder in accordance with (a) above or to us in accordance with (b) above you shall (unless otherwise instructed by us) immediately instruct the return of the Deposit to us (for credit to the account referred to above) on and for value on the date which falls [5] days after the proposed Delivery Date.”] (c) A Drawing representing If the amount of a Delivery Date Instalment may has not occur until occurred at the Facility Agent has notified time the Borrower and Request for the Lenders that it has received all of the documents and evidence set out in Part 2 of Schedule 2 (Delivery Date Conditions Precedent Documents) in form and substance satisfactory to the Facility Agent or that it expects to receive outstanding documents or evidence on or before the relevant Delivery Date. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (d) If the Borrower has made a Request in respect of a Delivery Date InstalmentLoan is served, the Borrower will Owner undertakes with the Finance Parties not to sign a Protocol of Delivery and Acceptance in respect of the Vessel to which the Request relates unless the Facility Agent has confirmed that the conditions precedent referred to in the Clause 3.1(a) or Clause 3.1(c) (as applicable) in respect of the Delivery Loan above have been or will, simultaneously with such signing, be satisfied. (e) Immediately following the date of a Drawing in respect of a Delivery Date Instalment the Borrower shall provide to the Facility Agent all documents and evidence set out in Schedule 3 (Conditions Subsequent to Delivery Date Instalment) in form and substance satisfactory to the Facility Agent.

Conditions precedent documents. (a) A Drawing under a Loan (other than Request in respect of a Delivery Date Instalment) any Loan may not occur be given until the Facility Agent has notified the Borrower Owner and the Lenders that it has received all of the documents and evidence set out in Part 1 of Schedule 2 (Initial Conditions Precedent DocumentsPrecedent) in respect of the Loan the subject of that Request in form and substance satisfactory to the Facility Agent (acting on the instructions of all of the Lenders) or that it expects to receive outstanding documents or evidence on or before the Utilisation Date of such Loan or, in the case of evidence on the payment of the Equity Contribution, Balancing Equity Contribution or Equity Collateral, on or before the date which falls one (1) Business Day after the date of service of the relevant DrawingRequest to the Facility Agent (provided that it will be a condition precedent to the obligations of each Lender to advance such Loan that, as at the relevant Utilisation Date (or, in the case of evidence of the payment of the Equity Contribution, Balancing Equity Contribution or Equity Collateral, as at the date which falls one (1) Business Day after the date the Request is served), such outstanding documents or evidence have been received by the Facility Agent in form and substance satisfactory to the Facility Agent (acting on the instructions of all of the Lenders)). The Facility Agent must give this notification to the Borrower Owner and the Lenders promptly upon being so satisfied. (b) As soon as reasonably practicable following the date That part of the first Drawing under Delivery Loan which relates to all or part of the FacilityInstalment payable on the Delivery Date shall, if the Borrower shall procure that a legal opinion Delivery Date has not at such time occurred, be deposited by the Facility Agent into the account of [the Refund Guarantor]1 (the Escrow Account) with its correspondent bank in form and substance reasonable satisfactory New York three Business Days prior to the Facility Agentproposed Delivery Date, issued by Global Law Office, People’s Republic of China legal advisors subject to the Lenders, is provided following irrevocable instructions (addressed to [the Refund Guarantor] with a copy to the Facility Agent, correspondent bank): “We have today credited to the account of [“The Export-Import Bank of Korea”] (account number [●] with [●] ([here inset international recognition codes]) the amount of [insert here the amount of final Loan to be used in respect of the execution Delivery Date Instalment] United States Dollars (US$[●]) (the Deposit). This payment is made in connection with the delivery instalment which will become payable by Drillship Kithira Owners Inc. (the Buyer) to Samsung Heavy Industries Co., Ltd. (the Builder) under the terms of the Time Charters, such opinion shipbuilding contract dated 24th January 2008 relating to be addressed Hull no. 1865 (the Ship). You are irrevocably instructed to order the release of the Deposit to either (a) the Builder upon your receipt of both (i) a copy of the Protocol of Delivery and Acceptance relating to the Ship signed by the Builder and the Buyer and (ii) a written confirmation from the Facility Agent as agent that the Deposit may be released to the Builder or (b) us (for and on behalf credit to account number [●] to [●] ([here insert international recognition codes]) upon your receipt of itself written instructions from both us and the LendersBuyer to do so. If, by noon (Korean time) on the date which falls [5] days after the proposed Delivery Date, you have not ordered the release of the Deposit to the Builder in accordance with (a) above or to us in accordance with (b) above you shall (unless otherwise instructed by us) immediately instruct the return of the Deposit to us (for credit to the account referred to above) on and for value on the date which falls [5] days after the proposed Delivery Date.”] _______________________ 1 Samsung to confirm – see Article II paragraph 5(c) of the Shipbuilding Contract. (c) A Drawing representing If the amount of a Delivery Date Instalment may has not occur until occurred at the Facility Agent has notified time the Borrower and Request for the Lenders that it has received all of the documents and evidence set out in Part 2 of Schedule 2 (Delivery Date Conditions Precedent Documents) in form and substance satisfactory to the Facility Agent or that it expects to receive outstanding documents or evidence on or before the relevant Delivery Date. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (d) If the Borrower has made a Request in respect of a Delivery Date InstalmentLoan is served, the Borrower will Owner undertakes with the Finance Parties not to sign a Protocol of Delivery and Acceptance in respect of the Vessel to which the Request relates unless the Facility Agent has confirmed that the conditions precedent referred to in the Clause 3.1(a) or Clause 3.1(c) (as applicable) in respect of the Delivery Loan above have been or will, simultaneously with such signing, be satisfied. (e) Immediately following the date of a Drawing in respect of a Delivery Date Instalment the Borrower shall provide to the Facility Agent all documents and evidence set out in Schedule 3 (Conditions Subsequent to Delivery Date Instalment) in form and substance satisfactory to the Facility Agent.

Conditions precedent documents. (a) A Drawing under a Loan (other than in respect of a Delivery Date Instalment) may shall not occur be drawn down until the Facility Agent has notified the Borrower and the Lenders that it has received all is satisfied that, subject to Clause 4.3 (Over-Advance Loans), immediately following the drawing of such Loan, the documents and evidence set out in Part 1 of Schedule 2 (Initial Conditions Precedent Documents) in form and substance satisfactory Loan to Value Ratio shall not exceed the Facility Agent or that it expects to receive outstanding documents or evidence on or before the date of the relevant DrawingBorrowing Base Advance Ratio. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (b) As soon as reasonably practicable following A Loan shall not be drawn down until the date Facility Agent has received all of the first Drawing under the Facility, the Borrower shall procure that a legal opinion documents and evidence set out in Part 1 of Schedule 2 (Initial Condition Precedent Documents) in form and substance reasonable satisfactory to the Facility Agent, issued by Global Law Office, People’s Republic of China legal advisors to the Lenders, is provided to the Facility Agent, in respect of the execution of the Time Charters, such opinion to be addressed to the Facility Agent as agent for and on behalf of itself and the Lenders. (c) A Drawing representing the amount of Vessel shall not be considered a Delivery Date Instalment may not occur Secured Vessel until the Facility Agent has notified the Borrower and the Lenders that it has received all of the documents and evidence set out in Part 2 of Schedule 2 (Delivery Date Conditions Initial Condition Precedent Documents) in form and substance satisfactory to the Facility Agent or that it expects to receive outstanding documents or evidence on or before the relevant Delivery Datedate that a Vessel is to become a Secured Vessel for the purpose of the Borrowing Base Advance Ratio. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (d) If the Borrower has made a Request in respect of a Delivery Date Instalment, the Borrower will not sign a Protocol of Delivery and Acceptance in respect of the Vessel to which the Request relates unless the Facility Agent has confirmed that the conditions precedent referred to in Clause 3.1(a) or Clause 3.1(c) (as applicable) above have been or will, simultaneously with such signing, be satisfied. (e) Immediately following the date upon which a Vessel becomes a Secured Vessel (and in any event no later than ten (10) Business Days of a Drawing in respect of Vessel becoming a Delivery Date Instalment Secured Vessel), the Borrower shall provide to the Facility Agent all documents and evidence set out in Schedule 3 (Conditions Subsequent to Delivery Date InstalmentLoan) in form and substance satisfactory to the Facility Agent.

Conditions precedent documents. (a) A Request in respect of a Drawing under a Loan (other than in respect of a Delivery Date Instalment) may shall not occur be given until the Facility Agent has notified the Borrower and the Lenders that it has received all of the documents and evidence set out in Part 1 of Schedule 2 (Initial Conditions Precedent Documents) in form and substance satisfactory to the Facility Agent or that it expects to receive outstanding documents or evidence on or before the date of the relevant Drawing. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (b) As soon as reasonably practicable following the date of the first Drawing under the FacilityFacility but, in any event, within ninety (90) days of such date, the Borrower shall procure that a legal opinion in form and substance reasonable satisfactory to the Facility Agent, issued by Global Law Office, People’s Republic of China legal advisors to the Lenders, is provided to the Facility Agent, in respect of the execution of the Time Charters, such opinion to be addressed to the Facility Agent as agent for and on behalf of itself and the Lenders. (c) A Drawing Request representing the amount of a Delivery Date Instalment may not occur be given until the Facility Agent has notified the Borrower and the Lenders that it has received all of the documents and evidence set out in Part 2 of Schedule 2 (Delivery Date Conditions Precedent Documents) in form and substance satisfactory to the Facility Agent or that it expects to receive outstanding documents or evidence on or before the relevant Delivery Date. The Facility Agent must give this notification to the Borrower and the Lenders promptly upon being so satisfied. (d) If the Borrower has made a Request request in respect of a Delivery Date Instalment, the Borrower will not sign a Protocol protocol of Delivery delivery and Acceptance acceptance in respect of the Vessel to which the that Request relates unless the Facility Agent has confirmed that the conditions precedent referred to in Clause 3.1(a) or Clause 3.1(c) (as applicable) above have been or will, simultaneously with such signing, be satisfied. (e) Immediately following the date of upon which a Drawing in respect of a Delivery Date Instalment Vessel is delivered the Borrower shall provide to the Facility Agent all documents and evidence set out in Schedule 3 (Conditions Subsequent to Delivery Date InstalmentDate) in form and substance satisfactory to the Facility Agent.