Common use of Nature of Liability Clause in Contracts

Nature of Liability. The liability of Euronav hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Creditor on the Guaranteed Obligations which any such Secured Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Creditors as contemplated in Section 5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Holdings Guaranteed Obligations, Obligations whether executed by EuronavHoldings, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower each Borrower, any other Holdings Guaranteed Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Holdings Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowereach Borrower or any other Holdings Guaranteed Party, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Holdings Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the each Borrower or any other Credit Holdings Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by of the Secured Creditors as contemplated type described in Section 514.05, or (g) any invalidity, irregularity the lack of validity or enforceability of all any Credit Document or any part of the Guaranteed Obligations or of any security thereforother instrument relating thereto.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Holdings Guaranteed Obligations, Obligations whether executed by EuronavHoldings, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower either Borrower, any other Holdings Guaranteed Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Holdings Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowereither Borrower or any other Holdings Guaranteed Party, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Holdings Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the either Borrower or any other Credit Holdings Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by of the Secured Creditors as contemplated type described in Section 514.05, or (g) any invalidity, irregularity the lack of validity or enforceability of all any Credit Document or any part of the Guaranteed Obligations or of any security thereforother instrument relating thereto.

Nature of Liability. The liability of Euronav each Credit Agreement Party hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronavsuch Credit Agreement Party, any other guarantor or by any other party, and the liability of Euronav each Credit Agreement Party hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower any Guaranteed Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowerany Guaranteed Party, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower each Credit Agreement Party waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 514.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav each Parent Guarantor hereunder is primary, absolute joint and unconditional, several and exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations of the Borrower whether executed by Euronavsuch Parent Guarantor, any other Parent Guarantor, any other guarantor or by any other party, and the liability of Euronav each Parent Guarantor hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed ObligationsObligations of the Borrower, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower each Parent Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Creditors as contemplated in Section 5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 514.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav each Credit Agreement Party Guarantor hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations whether executed by Euronavsuch Credit Agreement Party Guarantor, any other guarantor or by any other party, and the liability of Euronav each Credit Agreement Party Guarantor hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower each Credit Agreement Party Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by of the Secured Creditors as contemplated type described in Section 514.05, or (g) any invalidity, irregularity the lack of validity or enforceability of all any Credit Document or any part of the Guaranteed Obligations or of any security thereforother instrument relating thereto.

Nature of Liability. The liability of Euronav Parent Guarantor hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav Parent Guarantor hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower any Borrowers or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowerany Borrowers, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party Borrowers pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Parent Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 514.05, or (g) Section 12.05 any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav the Borrower hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Relevant Guaranteed Obligations, Obligations whether executed by Euronavthe Borrower, any other guarantor or by any other party, and the liability of Euronav the Borrower hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower any Guaranteed Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Relevant Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowerany Guaranteed Party, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Relevant Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by of the Secured Creditors as contemplated type described in Section 514.05, or (g) any invalidity, irregularity the lack of validity or enforceability of all any Credit Document or any part of the Guaranteed Obligations or of any security thereforother instrument relating thereto.

Nature of Liability. The liability of Euronav each of the Parent and Arlington hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav each of the Parent and Arlington hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Creditor on the Guaranteed Obligations which any such Secured Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Creditors as contemplated in Section 514.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Trizec hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav Trizec hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Trizec waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 514.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed ObligationsObligations of the Borrower, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall not be affected or impaired by any circumstances whatsoever, including, without limitation, (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed ObligationsObligations of the Borrower, or (c) any payment on or in reduction of any such other guaranty or undertakingundertaking (other than payment in cash of the Guaranteed Obligations), or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 514.05, or (g) any invalidity, irregularity or enforceability unenforceability of all or any part of the Guaranteed Obligations or of any security therefor, including, without limitation, any such invalidity, irregularity or unenforceability caused by a change in law.

Nature of Liability. The liability of Euronav the Corporation hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations whether executed by Euronavthe Corporation, any other guarantor or by any other party, and the liability of Euronav the Corporation hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower any Alternate Currency Revolving Loan Borrower, any other Guaranteed Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowerany Alternate Currency Revolving Loan Borrower or any other Guaranteed Party, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the any Alternate Currency Revolving Loan Borrower or any other Credit Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Corporation waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by of the Secured Creditors as contemplated type described in Section 514.05, or (g) any invalidity, irregularity the lack of validity or enforceability of all any Credit Document or any part of the Guaranteed Obligations or of any security thereforother instrument relating thereto.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, ------------------- exclusive and independent of any security for or other guaranty of the Guaranteed ObligationsObligations of any Borrowers, whether executed by EuronavHoldings, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall not be affected or impaired by (a) any direction as to application of payment by the any Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed ObligationsObligations of any Borrower, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the any Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations of any Borrower which any such Secured Guaranteed Creditor repays to the any Borrower or any other Credit Party Subsidiary of Holdings pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by of the Secured Creditors as contemplated type described in Section 5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor13.05.

Nature of Liability. The liability of Euronav Trizec hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav Trizec hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower Borrowers or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the BorrowerBorrowers, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party Borrowers pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Trizec waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 512.05, or (g) any invalidity, irregularity or enforceability unenforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Holdings Guaranteed Obligations, Obligations whether executed by EuronavHoldings, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower either Borrower, any other Holdings Guaranteed Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Holdings Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowereither Borrower or any other Holdings Guaranteed Party, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Holdings Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the either Borrower or any other Credit Holdings Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by of the Secured Creditors as contemplated type described in Section 514.05, or (g) any invalidity, irregularity the lack of validity or enforceability of all any Credit Document or any part of the Guaranteed Obligations or of any security thereforother instrument relating thereto.

Nature of Liability. The liability of Euronav the Parent hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav the Parent hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 512.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav each Parent Guarantor hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations of the Borrower whether executed by Euronavsuch Parent Guarantor, any other guarantor or by any other party, and the liability of Euronav each Parent Guarantor hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed ObligationsObligations of the Borrower, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangementarrange ment, moratorium or other debtor relief proceeding, and the Borrower each Parent Guarantor waives any right to the deferral or modification of its obligations obliga tions hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Creditors as contemplated in Section 5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav each of the Parent Guarantors hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations of the Borrower whether executed by Euronaveach of the Parent Guarantors, any other guarantor or by any other party, and the liability of Euronav each of the Parent Guarantors hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed ObligationsObligations of the Borrower, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each of the Borrower Parent Guarantors waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Creditors as contemplated in Section 5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav each Guarantor hereunder is primary, absolute joint and unconditional, several and exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations of the Company whether executed by Euronavsuch Guarantor, any other Guarantor, any other guarantor or by any other party, and the liability of Euronav each Guarantor hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower Company or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed ObligationsObligations of the Company, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the BorrowerCompany, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party Company pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each Guarantor, to the Borrower extent permitted by applicable law, waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Creditors as contemplated in Section 5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav each of the Parent, Arlington and GMSCII hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronavthe Parent, Arlington, GMSCII, any other guarantor or by any other party, and the liability of Euronav each of the Parent, Arlington and GMSCII hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 514.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav each Parent Guarantor hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations of the Borrower whether executed by Euronavsuch Parent Guarantor, any other guarantor or by any other party, and the liability of Euronav each Parent Guarantor hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed ObligationsObligations of the Borrower, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower each Parent Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Creditors as contemplated in Section 5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav each Parent Guarantor hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations of the Borrower whether executed by Euronavsuch Parent Guarantor, any other guarantor or by any other party, and the liability of Euronav such Parent Guarantor hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed ObligationsObligations of the Borrower, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower each Parent Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Creditors as contemplated in Section 5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall not not, to the maximum extent permitted by applicable law, be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the BorrowerLoan Parties, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 5subsection 11.5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Intermediate Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations of any Guaranteed Party whether executed by EuronavIntermediate Holdings, any other guarantor or by any other party, and the liability of Euronav Intermediate Holdings hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower each Guaranteed Party or by any other partyparty (other than a direction by the Guaranteed Creditor receiving such payment), or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed ObligationsObligations of each Guaranteed Party, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowerany Guaranteed Party, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Intermediate Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, proceeding or (f) any action or inaction by of the Secured Creditors as contemplated type described in Section 5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor11.05.

Nature of Liability. The liability of Euronav each Parent Guarantor ------------------- hereunder is primary, absolute joint are several and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations of the Borrower whether executed by Euronavsuch Parent Guarantor, any other guarantor or by any other party, and the liability of Euronav each Parent Guarantor hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed ObligationsObligations of the Borrower, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower each Parent Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Creditors as contemplated in Section 5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav the U.S. Borrower hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Relevant Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav the U.S. Borrower hereunder shall not be affected or impaired by (a) any direction as to application of payment by the German Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Relevant Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the German Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Relevant Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the German Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the U.S. Borrower waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 513.06, or (g) any invalidity, irregularity or enforceability of all or any part of the Relevant Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Payment Guarantor hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav Payment Guarantor hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Creditor Party on the Guaranteed Obligations which any such Secured Creditor Party repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Payment Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Creditors Parties as contemplated in Section 511.5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav each Credit Agreement Party hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Relevant Guaranteed Obligations, Obligations whether executed by Euronavsuch Credit Agreement Party, any other guarantor or by any other party, and the liability of Euronav each Credit Agreement Party hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower any Guaranteed Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Relevant Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowerany Guaranteed Party, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Relevant Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower each Credit Agreement Party waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by of the Secured Creditors as contemplated type described in Section 514.05, or (g) any invalidity, irregularity the lack of validity or enforceability of all any Credit Document or any part of the Guaranteed Obligations or of any security thereforother instrument relating thereto.

Nature of Liability. The liability of Euronav the Parent hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav the Parent hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 511.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav each Credit Agreement Party hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Relevant Guaranteed Obligations, Obligations whether executed by Euronavsuch Credit Agreement Party, any other guarantor or by any other party, and the liability of Euronav each Credit Agreement Party hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower any Guaranteed Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Relevant Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowerany Guaranteed Party, or (e) any payment made to any Secured Creditor the Guaranteed Creditors on the Relevant Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower each Credit Agreement Party waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by of the Secured Creditors as contemplated type described in Section 513.05, or (g) any invalidity, irregularity the lack of validity or enforceability of all any Credit Document or any part of the Guaranteed Obligations or of any security thereforother instrument relating thereto.

Nature of Liability. The liability of Euronav each Parent Guarantor hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations of the Borrower whether executed by Euronavsuch Parent Guarantor, any other guarantor or by any other party, and the liability of Euronav each Parent Guarantor hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed ObligationsObligations of the Borrower, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Parent waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Creditors as contemplated in Section 5, or (g) any invalidity, irregularity lack of validity or enforceability of all any Credit Document or any part of the Guaranteed Obligations or of any security thereforinstrument relating thereto.

Nature of Liability. The liability of Euronav the Parent hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations whether executed by Euronavthe Parent, any other guarantor or by any other party, and the liability of Euronav the Parent hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower or any Borrowing Subsidiary or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the BorrowerBorrower or any Borrowing Subsidiary, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party Borrowing Subsidiary pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Parent waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Creditors as contemplated in Section 5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, Obligations whether executed by EuronavHoldings, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall is not be affected or impaired by (a) any direction as to application of payment by the Borrower Borrower, any other Guaranteed Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the BorrowerBorrower or any other Guaranteed Party, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by of the Secured Creditors as contemplated type described in Section 513.05, or (g) any invalidity, irregularity the lack of validity or enforceability of all any Credit Document or any part of the Guaranteed Obligations or of any security thereforother instrument relating there.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in by Section 514.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower any Guaranteed Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowerany Guaranteed Party, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 514.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav each of the Parent, Arlington and GMSC hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronavthe Parent, Arlington, GMSC, any other guarantor or by any other party, and the liability of Euronav each of the Parent, Arlington and GMSC hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 513.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav the Guarantors hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav the Guarantors hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a the Guarantors, any other guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (e) any payment made to any Secured Creditor Party on the Guaranteed Obligations which that any such Secured Creditor Party repays to the Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower waives Guarantors waive any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Creditors Parties as contemplated in Section 5, or 8.20.4 (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor, or (h) any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Administrative Agent or the Lenders with respect thereto.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall not not, to the maximum extent permitted by applicable law, be affected or impaired by (a) any direction as to application of payment by the Borrower Borrowers or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the BorrowerLoan Parties, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the either Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 5subsection 11.5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Holdings and the US Borrower hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the indebtedness of the Guaranteed Obligations, Parties whether executed by EuronavHoldings, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower Guaranteed Parties or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the indebtedness of the Guaranteed ObligationsParties, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the BorrowerGuaranteed Parties, or (e) any payment made to any Secured Guaranteed Creditor on the indebtedness which such Guaranteed Obligations which any such Secured Creditor repays to the Borrower or any other Credit Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each of Holdings and the US Borrower waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction by the Secured Creditors as contemplated in Section 5, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower any Guaranteed Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowerany Guaranteed Party, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 514.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav Holdings hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav Holdings hereunder shall not be affected or impaired by (a) any direction as to application of payment by the any Borrower or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the any Borrower, or (e) any payment made to any Secured Guaranteed Creditor on the Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the any Borrower or any other Credit Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the Borrower Holdings waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 515.05, or (g) any invalidity, irregularity or enforceability of all or any part of the Guaranteed Obligations or of any security therefor.

Nature of Liability. The liability of Euronav the U.S. Borrower hereunder is primary, absolute and unconditional, exclusive and independent of any security for or other guaranty of the Relevant Term Loan Guaranteed Obligations, whether executed by Euronav, any other guarantor or by any other party, and the liability of Euronav the U.S. Borrower hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Borrower any Guaranteed Party or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Relevant Term Loan Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Borrowerany Guaranteed Party, or (e) any payment made to any Secured Guaranteed Creditor on the Relevant Term Loan Guaranteed Obligations which any such Secured Guaranteed Creditor repays to the Borrower or any other Credit Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and the U.S. Borrower waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (f) any action or inaction by the Secured Guaranteed Creditors as contemplated in Section 512.06, or (g) any invalidity, irregularity or enforceability of all or any part of the Relevant Term Loan Guaranteed Obligations or of any security therefor.