Date 14 March 2008 GAS-ONE LTD. as Borrower - and - THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1 as Lenders - and - DANISH SHIP FINANCE A/S (DANMARKS SKIBSKREDIT A/S) as Agent and as Security Trustee LOAN AGREEMENT as amended and restated...

Date 14 March 2008

GAS-ONE LTD.

as Borrower

- and -

THE BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 1

as Lenders

- and -

DANISH SHIP FINANCE A/S (DANMARKS SKIBSKREDIT A/S)

as Agent

and as Security Trustee

LOAN AGREEMENT

as amended and restated by an

Amending and Restating Agreement dated 9 March 2012

relating to a facility of up to US$174,033,000
to finance the 154,800 cubic meter Liquefied Natural Gas Carrier
under construction at
Samsung Heavy Industries Co., Ltd. having Hull No. 1641

▇▇▇▇▇▇, ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇

Piraeus

Clause

Page

1

INTERPRETATION

1

2

FACILITY

15

3

POSITION OF THE LENDERS

15

4

DRAWDOWN

15

5

INTEREST

17

6

INTEREST PERIODS

18

7

DEFAULT INTEREST

19

8

REPAYMENT AND PREPAYMENT

20

9

CONDITIONS PRECEDENT

21

10

REPRESENTATIONS AND WARRANTIES

22

11

GENERAL UNDERTAKINGS

24

12

CORPORATE UNDERTAKINGS

32

13

INSURANCE

33

14

SHIP COVENANTS

36

15

SECURITY COVER

40

16

PAYMENTS AND CALCULATIONS

41

17

APPLICATION OF RECEIPTS

43

18

APPLICATION OF EARNINGS

43

19

EVENTS OF DEFAULT

45

20

FEES AND EXPENSES

50

21

INDEMNITIES

51

22

NO SET-OFF OR TAX DEDUCTION

52

23

ILLEGALITY, ETC

53

24

INCREASED COSTS

54

25

SET-OFF

55

26

TRANSFERS AND CHANGES IN LENDING OFFICES

56

27

VARIATIONS AND WAIVERS

59

28

NOTICES

60

29

SUPPLEMENTAL

61

30

LAW AND JURISDICTION

62

SCHEDULE 1 LENDERS AND COMMITMENTS

63

SCHEDULE 2 DRAWDOWN NOTICE

64

SCHEDULE 3 CONDITION PRECEDENT DOCUMENTS

65

SCHEDULE 4 TRANSFER CERTIFICATE

69

SCHEDULE 5 LIST OF LNG SHIPBROKERS

72

SCHEDULE 6 FORM OF COMPLIANCE CERTIFICATE

73

EXECUTION PAGE

75

(1)

GAS-ONE LTD., a company incorporated in Bermuda whose registered office is at ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇ (the “Borrower”);

(2)

THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1, as Lenders;

(3)

DANISH SHIP FINANCE A/S (DANMARKS SKIBSKREDIT A/S), as Agent; and

(4)

DANISH SHIP FINANCE A/S (DANMARKS SKIBSKREDIT A/S), as Security Trustee.

BACKGROUND

(A)

By a loan agreement dated 14 March 2008 and made between (i) the Borrower, (ii) the Lenders, (iii) the Agent and (iv) the Security Trustee, the Lenders have agreed to make available to the Borrower a facility of up to $174,033,000 for the purpose of financing 75 per cent. of the Project Cost of a 154,800 cubic meter Liquified Natural Gas carrier currently having Builder’s Hull No. 1641 which is to be constructed by the Builder for, and purchased by, the Borrower.

(B)

By the Amending and Restating Agreement, the Lenders and the Borrower have agreed to certain amendments to the Loan Agreement and the other Finance Documents.

(C)

This Agreement sets out the terms and conditions of the Loan Agreement as amended and restated by the Amending and Restating Agreement.

IT IS AGREED as follows:

1

INTERPRETATION

1.1

Definitions. Subject to Clause 1.5, in this Agreement:

“Account Bank” means DnB NOR acting through its office at ▇▇ ▇▇. ▇▇▇▇▇▇▇’▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇;

“Accounts Security Deed” means a deed creating security in respect of the Earnings Account and the Retention Account in the Agreed Form;

“Advance” means the principal amount of each borrowing by the Borrower under this Agreement;

“Affected Lender” has the meaning given in Clause 5.5;

“Agency and Trust Agreement” means the agency and trust agreement dated 14 March 2008 executed between the Borrower, the Lenders, the Agent and the Security Trustee as amended and restated by the Amending and Restating Agreement;

“Agent” means Danish Ship Finance A/S (Danmarks Skibskredit A/S), acting in such capacity through its office at Sankt ▇▇▇▇▇ ▇▇▇▇▇ ▇, ▇▇-▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ K., Denmark, or any successor of it appointed under clause 5 of the Agency and Trust Agreement;

“Agreed Form” means, in relation to any document, that document in the form approved in writing by the Agent (acting upon the instructions of all the Lenders) or as otherwise

approved in accordance with any other approval procedure specified in any relevant provision of any Finance Document;

“Amending and Restating Agreement” means the amending and restating agreement dated 9 March 2012 and made between inter alia (i) the Borrower, (ii) the Lenders, (iii) the Agent and (iv) the Security Trustee setting out the terms and conditions upon which this Agreement has been amended and restated;

“Applicable Interest Rate” means:

(a)

at all times during a Fixed Rate Period, the relevant Fixed Interest Rate; and

(b)

at any time other than during a Fixed Rate Period, LIBOR;

“Approved Charter” means the time charter dated 19 August 2008 and entered into between the Borrower and the Approved Charterer;

“Approved Charterer” means Methane Services Ltd., a company incorporated in England and Wales with its registered office at 100 Thames Valley ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ which is a subsidiary of BG Group plc.;

“Approved Flag” means any of the Bermuda, Greek, ▇▇▇▇▇▇▇▇ Islands, Panamanian, Cyprus, Maltese or Bahamas flags or any other flag as the Lenders may, in their absolute discretion, approve as the flag on which the Ship may be registered;

“Approved Flag State” means any of Bermuda, Greece, ▇▇▇▇▇▇▇▇ Islands, Panama, Cyprus, Malta, Bahamas or any other country in which the Lenders may, in their absolute discretion, approve that the Ship may be registered;

“Approved Manager” means GasLog LNG Services Ltd, a company incorporated in Bermuda whose registered office is at ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇ or any other company which the Agent may, with the authorisation of the Majority Lenders, approve from time to time as the commercial and/or technical manager of the Ship;

“Availability Period” means the period commencing on the date of this Agreement and ending on:

(a)

10 December 2010 (or such later date as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower); or

(b)

if earlier, the date on which the Total Commitments are fully borrowed, cancelled or terminated;

“Builder” means Samsung Heavy Industries Co., Ltd., a corporation incorporated in the Republic of Korea whose registered office is at 11th Floor, KIPS Center, ▇▇▇-▇ ▇▇▇▇▇▇▇-▇▇▇▇, ▇▇▇▇▇▇▇-▇▇, ▇▇▇▇▇, ▇▇▇▇▇;

“Business Day” means a day on which banks are open in London, Monaco, Piraeus and Copenhagen and, in respect of a day on which a payment is required to be made under a Finance Document, also in New York City;

“Change of Control” means, in relation to GasLog, if any person or persons acting in concert other than (i) Counter-Guarantor 2 or its associates (acting through the Holding Company), (ii) Counter-Guarantor 1 or its associates (acting through the Holding Company) or (iii) a Passive Financial Institution:

(a)

acquires legally and/or beneficially, and either directly or indirectly, in excess of the issued share capital of GasLog (or such other public vehicle owning the Borrower) held by the Holding Company; or

(b)

has the right or the ability to control, either directly or indirectly, the affairs or composition of the majority of the board of directors (or equivalent) of GasLog (or such other public vehicle owning the Borrower),

in either case, without the prior written consent of the Agent (acting with the authorisation of the Majority Lenders);

“Commitment” means, in relation to a Lender, the amount set opposite its name in Schedule 1 as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and “Total Commitments” means the aggregate of the Commitments of all the Lenders);

“Contract Price” means $214,750,000, being the aggregate amount payable by the Borrower to (a) the Original Buyer pursuant to the Transfer Agreement and (b) the Builder pursuant to the Shipbuilding Contract;

“Contractual Currency” has the meaning given in Clause 21.4;

“Contribution” means, in relation to a Lender, the part of the Loan which is owing to that Lender;

“Counter-Guarantee” means, in relation to a Counter-Guarantor, the counter-guarantee in the Agreed Form executed or to be executed by that Counter-Guarantor in favour of the Security Trustee in respect of the obligations and liabilities of GasLog and GasLog Carriers under the Guarantees to which they are party and, in the plural, means both such Counter-Guarantees;

“Counter-Guarantor 1” means the company identified in the letter referred to in clause 3.2(k)(ii) of the Amending and Restating Agreement;

“Counter-Guarantor 2” means the company identified in the letter referred to in clause 3.2(k)(iii) of the Amending and Restating Agreement;

“Counter-Guarantors” means Counter-Guarantor 1 and Counter-Guarantor 2 and, in the singular, means either of them;

“Creditor Party” means the Agent, the Security Trustee or any Lender, whether as at the date of this Agreement or at any later time;

“Delivery Date” means the date on which the Ship is actually delivered to the Borrower in accordance with the Shipbuilding Contract;

“Dollars” and “$” means the lawful currency for the time being of the United States of America;

“Drawdown Date” means, in relation to an Advance, the date requested by the Borrower for the Advance to be made, or (as the context requires) the date on which the Advance is actually made;

“Drawdown Notice” means a notice in the form set out in Schedule 2 (or in any other form which the Agent approves or reasonably requires);

“Earnings” means all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Borrower or the Security Trustee and which arise out of the use or operation of the Ship, including (but not limited to):

(a)

except to the extent that they fall within paragraph (b);

(i)

all freight, hire and passage moneys;

(ii)

compensation payable to the Borrower or the Security Trustee in the event of requisition of the Ship for hire;

(iii)

remuneration for salvage and towage services;

(iv)

demurrage and detention moneys;

(v)

damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Ship; and

(vi)

all moneys which are at any time payable under any Insurances in respect of loss of hire; and

(b)

if and whenever the Ship is employed on terms whereby any moneys falling within paragraphs (a)(i) to (vi) are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Ship;

“Earnings Account” means an account in the name of the Borrower with the Account Bank in London with account number ▇▇▇▇▇▇▇▇, or any other account (with that or another office of the Account Bank or with a bank or financial institution other than the Account Bank) which is designated by the Agent as the Earnings Account for the purposes of this Agreement;

“Environmental Claim” means:

(a)

any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law; or

(b)

any claim by any other person which relates to an Environmental Incident or to an alleged Environmental Incident,

and “claim” means a claim for damages, compensation, fines, penalties or any other payment of any kind whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset;

“Environmental Incident” means:

(a)

any release of Environmentally Sensitive Material from the Ship; or

(b)

any incident in which Environmentally Sensitive Material is released from a vessel other than the Ship and which involves a collision between the Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which the Ship is actually liable to be arrested, attached, detained or injuncted and/or the Ship and/or the Borrower and/or any operator or manager of the Ship is at fault or otherwise liable to any legal or administrative action in connection with the operation of the Ship; or

(c)

any other incident in which Environmentally Sensitive Material is released otherwise than from the Ship and in connection with which the Ship is actually or liable to be arrested and/or where the Borrower and/or any operator or manager of the Ship is at fault or otherwise liable to any legal or administrative action in connection with the operation of the Ship;

“Environmental Law” means any law relating to pollution or protection of the environment, to the carriage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material;

“Environmentally Sensitive Material” means oil, oil products and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous;

“Event of Default” means any of the events or circumstances described in Clause 19.1;

“Extra Pre-delivery Costs” means an amount of $17,294,000 representing the costs incurred or to be incurred by the Borrower during the construction of the Ship (in addition to the Contract Price of the Ship);

“Finance Documents” means:

(a)

this Agreement;

(b)

the Amending and Restating Agreement;

(c)

the Agency and Trust Agreement;

(d)

the Fixed Interest Agreements;

(e)

the Guarantees;

(f)

the Counter-Guarantees;

(g)

the Predelivery Security Assignment;

(h)

the General Assignment;

(i)

the Mortgage;

(j)

the Accounts Security Deed; and

(k)

any other document (whether creating a Security Interest or not) which is executed at any time by the Borrower or any other person as security for, or to establish any form of subordination or priorities arrangement in relation to, any amount payable to the Lenders under this Agreement or any of the other documents referred to in this definition;

“Financial Indebtedness” means, in relation to a person (the “debtor”), a liability of the debtor:

(a)

for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

(b)

under any loan stock, bond, note or other security issued by the debtor;

(c)

under any acceptance credit, guarantee or letter of credit facility or dematerialised equivalent made available to the debtor;

(d)

under a financial lease, a deferred purchase consideration arrangement or any other agreement having the commercial effect of a borrowing or raising of money by the debtor;

(e)

under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or

(f)

under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person;

“Fixed Interest Agreement” means:

(a)

in the case of Tranche A, together, the Borrower’s request to the Agent dated 21 July 2008 to fix the interest rate for the Tranche A and the Agent’s confirmation to the Borrower dated 11 September 2008 of the Fixed Interest Rate and Fixed Interest Period applicable to Tranche A; and

(b)

in the case of Tranche B, together, the Borrower’s request to the Agent dated 27 October 2011 to fix the interest rate for Tranche B and the Agent’s confirmation to the Borrower dated 31 October 2011 of the Fixed Interest Rate and the Fixed Interest Period applicable to Tranche B;

“Fixed Interest Rate” means:

(a)

in the case of Tranche A, (i) 3.84 per cent. per annum for the Initial Fixing Period and (ii) such rate per annum to be advised by the Agent to the Borrower pursuant to Clause 5.14 for any other Fixing Period;

(b)

in the case of Tranche B, 2.10 per cent. per annum.

“Fixed Rate Period” means:

(a)

in the case of Tranche A, (i) the period commencing on 30 September 2008 and ending on 28 August 2013 (the “Initial Fixing Period”) and (ii) any other period for which Tranche A may be fixed pursuant to Clause 5.14 for interest purposes (the “Other Fixing Period”); and

(b)

in the case of Tranche B, the period commending on 28 November 2011 and ending on 28 May 2020 (being the final Repayment Date);

“GAAP” means generally accepted accounting principles in the United States of America established by the Financial Accounting Standards Board (FASB) including IFRS;

“GasLog” means GasLog Ltd., an exempted company incorporated under the laws of Bermuda whose registered office is at ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇;

“GasLog Carriers” means GasLog Carriers Ltd., an exempted company incorporated under the laws of Bermuda whose registered office is at ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇;

“General Assignment” means a general assignment of the Earnings, the Insurances and any Requisition Compensation dated 31 May 2010 made between (i) the Borrower and (ii) the Security Trustee as amended and restated pursuant to the Amending and Restating Agreement;

“Guarantee” means, in relation to GasLog or GasLog Carriers, the guarantee in the Agreed Form executed or to be executed by that Guarantor in favour of the Security Trustee and, in the plural, means both such Guarantees;

“Guarantors” means:

(a)

prior to the date of a Qualified IPO, together, the Counter-Guarantors, GasLog and GasLog Carriers; and

(b)

following the date of a Qualified IPO together, GasLog and GasLog Carriers,

and in the singular means any one of them;

“Holding Company” means the company identified in the letter referred to in clause 3.2(k)(i) of the Amending and Restating Agreement;

“IFRS” means international accounting standards adopted by the International Accounting Standard Board (IASB) within the meaning of the IAS Regulations 1606/2002 to the extent applicable to the relevant financial statements;

“Insurances” means:

(a)

all policies and contracts of insurance, including entries of the Ship in any protection and indemnity or war risks association, which are effected in respect of the Ship, its Earnings or otherwise in relation to it; and

(b)

all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium;

“Interest Period” means a period determined in accordance with Clause 6;

“ISM Code” means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time (and the terms “safety management system”, “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code);

“ISPS Code” means the International Ship and Port Facility Security Code as adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time;

“ISSC” means a valid and current International Ship Security Certificate issued under the ISPS Code;

“Lender” means a bank or financial institution listed in Schedule 1 and acting through its branch indicated in Schedule 1 (or through another branch notified to the Borrower under Clause 26.14) or its successor or assign;

“LIBOR” means, in relation to any period for which an interest rate is to be determined under any provision of a Finance Document:

(a)

the rate per annum equal to the offered quotation for deposits in Dollars for a period equal to, or as near as possible equal to, that period which appears on REUTERS BBA Page LIBOR 01 at or about 11.00 a.m. (London time) on the Quotation Date for that period (and, for the purposes of this Agreement, “REUTERS BBA Page LIBOR 01” means the display designated as “Page 01” on the REUTERS Service or such other page as may replace Page 01 on that service for the purpose of

displaying rates comparable to that rate or on such other service as may be nominated by the British Bankers’ Association as the information vendor for the purpose of displaying British Bankers’ Association Interest Settlement Rates for Dollars); or

(b)

if no rate is quoted on REUTERS BBA Page LIBOR 01, the rate per annum determined by the Agent to be the arithmetic mean (rounded upwards, if necessary, to the nearest one-sixteenth of one per cent.) of the rates per annum notified to the Agent by each Lender as the rate at which deposits in Dollars are offered to that Lender by leading banks in the London Interbank Market at that Lender’s request at or about 11.00 a.m. (London time) on the Quotation Date for that period for a period equal to that period and for delivery on the first Business Day of it;

“Loan” means the principal amount for the time being outstanding under this Agreement;

“Major Casualty” means any casualty to the Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency;

“Majority Lenders” means:

(a)

before an Advance has been made, Lenders whose Commitments total 66.66 per cent. of the Total Commitments; and

(b)

after an Advance has been made, Lenders whose Contributions total 66.66 per cent. of the Loan;

“Margin” means:

(a)

at all times until (and including) 30 October 2011, 0.625 per cent. per annum; and

(b)

from 31 October 2011 and at all times thereafter, 1.6 per cent. per annum;

“Mortgage” means together, the first priority Bermuda statutory mortgage on the Ship dated 31 May 2010 executed by the Borrower in favour of the Security Trustee and the deed of covenant collateral thereto dated the same date made between (i) the Borrower and (ii) the Security Trustee as amended and restated pursuant to the Amending and Restating Agreement;

“Negotiation Period” has the meaning given in Clause 5.8;

“Notifying Lender” has the meaning given in Clause 23.1 or Clause 24.1 as the context requires;

“Novation Agreement” means the novation agreement to be made between the Builder, the Original Buyer and the Borrower in respect of the novation of the Shipbuilding Contract to the Borrower as buyer;

“Original Buyer” means Chevron Transport Corporation Ltd., a corporation organised and existing under the laws of Bermuda and having its registered office at ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇, ▇▇▇▇▇▇▇;

“Passive Financial Institution” means a bank or financial institution or a wholly owned direct or indirect subsidiary of a bank or financial institution which:

(a)

does not have the right or the ability to control, either directly or indirectly, the affairs or composition of the majority of the board of directors (or equivalent) of GasLog (or such other public vehicle owning the Borrower) nor the right or ability

to otherwise control the affairs and policies of GasLog (or such other public vehicle owning the Borrower); and

(b)

is not acting in concert with any other direct or indirect legal or beneficial shareholder of GasLog (or such other public vehicle owning the Borrower),

provided that the Counter-Guarantors have control of the board of directors of GasLog;

“Payment Currency” has the meaning given in Clause 21.4;

“Pertinent Document” means:

(a)

any Finance Document;

(b)

any policy or contract of insurance contemplated by or referred to in Clause 13 or in any other provision of this Agreement or another Finance Document;

(c)

any other document contemplated by or referred to in any Finance Document; and

(d)

any document which has been or is at any time sent by or to a Servicing Bank in contemplation of or in connection with any Finance Document or any policy, contract or document falling within paragraphs (b) or (c);

“Pertinent Jurisdiction”, in relation to a company, means:

(a)

England and Wales;

(b)

the country under the laws of which the company is incorporated or formed;

(c)

a country in which the company has the centre of its main interests or in which the company’s central management and control is or has recently been exercised;

(d)

a country in which the overall net income of the company is subject to corporation tax, income tax or any similar tax;

(e)

a country in which assets of the company (other than securities issued by, or loans to, related companies) having a substantial value are situated, in which the company maintains a branch or permanent place of business, or in which a Security Interest created by the company must or should be registered in order to ensure its validity or priority; and

(f)

a country the courts of which have jurisdiction to make a winding up, administration or similar order in relation to the company whether as main or territorial or ancillary proceedings or which would have such jurisdiction if their assistance were requested by the courts of a country referred to in paragraphs (b) or (c);

“Pertinent Matter” means:

(a)

any transaction or matter contemplated by, arising out of, or in connection with a Pertinent Document; or

(b)

any statement relating to a Pertinent Document or to a transaction or matter falling within paragraph (a),

and covers any such transaction, matter or statement, whether entered into, arising or made at any time before the signing of this Agreement or on or at any time after that signing;

“Potential Event of Default” means an event or circumstance which, with the giving of any notice, the lapse of time, a reasonable determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default;

“Predelivery Security Assignment” means an assignment of the Shipbuilding Contract and of the Refund Guarantee dated 14 April 2008 made between (i) the Borrower and (ii) the Security Trustee;

“Project Cost” means the amount of $232,044,000 representing the aggregate of the Contract Price and the Extra Pre-delivery Costs for the Ship;

“Qualified IPO” means an initial public offering by GasLog of its common stock on NASDAQ, NYSE and/or another reputable stock exchange approved by the Agent acting with the consent of the Lenders (such consent not to be unreasonably withheld or delayed), where:

(a)

such offering has been structured in form and substance satisfactory to the Agent acting with the consent of the Lenders (such consent not to be unreasonably withheld or delayed);

(b)

such offering has resulted in net cash proceeds of at least $150,000,000 received by GasLog; and

(c)

the shares of such offering have been listed, issued and are trading for the first time on the relevant stock exchange;

“Quotation Date” means, in relation to any period for which an interest rate is to be determined under any provision of a Finance Document, the day which is 2 Business Days before the first day of that period, unless market practice differs in the London Interbank Market for a currency, in which case the Quotation Date will be determined by the Agent in accordance with market practice in the London Interbank Market (and if quotations would normally be given by leading banks in the London Interbank Market on more than one day, the Quotation Date will be the last of those days);

“Refund Guarantee” means an irrevocable guarantee numbered M0902-505-LG-00025 dated 6 May 2005 issued by the Refund Guarantor in favour of the Original Buyer under the Shipbuilding Contract as the same will be assigned by the Original Buyer to the Borrower pursuant to an assignment agreement to be made between the Original Buyer and the Borrower (with such assignment being acknowledged by the Refund Guarantor);

“Refund Guarantor” means The Export-Import Bank of Korea, a company incorporated in the Republic of Korea whose registered office is at ▇▇-▇, ▇▇▇▇▇-▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇-▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇▇, ▇▇▇▇▇;

“Relevant Person” has the meaning given in Clause 19.9;

“Repayment Date” means a date on which a repayment is required to be made under Clause 8;

“Replacement Charter” means any charter approved by the Lenders entered into between the Borrower and a charterer which is acceptable to the Lenders, on terms similar to, or better than, the Approved Charter;

“Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”;

“Retention Account” means an account in the name of the Borrower with the Account Bank in London with account number ▇▇▇▇▇▇▇▇, or any other account (with that or another office of the Account Bank or with a bank or financial institution other than the Account Bank) which is designated by the Agent as the Retention Account for the purposes of this Agreement;

“Secured Liabilities” means all liabilities which the Borrower, the Security Parties or any of them have, at the date of this Agreement or at any later time or times, under or in connection with any Finance Document or any judgment relating to any Finance Document; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country;

“Security Interest” means:

(a)

a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other security interest of any kind;

(b)

the security rights of a plaintiff under an action in rem; and

(c)

any arrangement entered into by a person (A) the effect of which is to place another person (B) in a position which is similar, in economic terms, to the position in which B would have been had he held a security interest over an asset of A; but this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial institution;

“Security Party” means each Guarantor and any other person (except a Creditor Party) who, as a surety or mortgagor, as a party to any subordination or priorities arrangement, or in any similar capacity, executes a document falling within the last paragraph of the definition of “Finance Documents”;

“Security Period” means the period commencing on the date of this Agreement and ending on the date on which the Agent notifies the Borrower, the Security Parties and the Lenders that:

(a)

all amounts which have become due for payment by the Borrower or any Security Party under the Finance Documents have been paid;

(b)

no amount is owing or has accrued (without yet having become due for payment) under any Finance Document;

(c)

neither the Borrower nor any Security Party has any future or contingent liability under Clause 20, 21 or 22 or any other provision of this Agreement or another Finance Document; and

(d)

the Agent, the Security Trustee and the Majority Lenders do not consider that there is a significant risk that any payment or transaction under a Finance Document would be set aside, or would have to be reversed or adjusted, in any present or possible future bankruptcy of the Borrower or a Security Party or in any present or possible future proceeding relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created by a Finance Document;

“Security Trustee” means Danish Ship Finance A/S (Danmarks Skibskredit A/S), acting in such capacity through its office at ▇▇▇▇▇-▇▇▇▇▇ ▇▇▇▇▇ ▇, ▇▇-▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇, or any successor of it appointed under clause 5 of the Agency and Trust Agreement;

“Servicing Bank” means the Agent or the Security Trustee;

“Ship” means the 154,800 cubic meter Liquefied Natural Gas carrier currently known as Hull No. 1641 which is to be constructed by the Builder for, and purchased by, the Borrower under the Shipbuilding Contract and upon delivery registered in the name of the Borrower under an Approved Flag;

“Shipbuilding Contract” means the Shipbuilding Contract dated 29 April 2005 as amended by an amendment No. 1 agreement dated 28 June 2007 made between the Builder and the Original Buyer for the construction by the Builder of the Ship and its purchase by the Original Buyer (as novated to the Borrower as buyer pursuant to the Novation Agreement) and as further supplemented and amended from time to time;

“SMC” means a safety management certificate issued in respect of the Ship in accordance with Rule 13 of the ISM Code;

“Total Loss” means:

(a)

actual, constructive, compromised, agreed or arranged total loss of the Ship;

(b)

any expropriation, confiscation, requisition or acquisition of the Ship, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is within 1 month redelivered to the Borrower’s full control; and

(c)

any arrest, capture, seizure or detention of the Ship (including any hijacking or theft) unless it is within 1 month redelivered to the Borrower’s full control;

“Total Loss Date” means:

(a)

in the case of an actual loss of the Ship, the date on which it occurred or, if that is unknown, the date when the Ship was last heard of;

(b)

in the case of a constructive, compromised, agreed or arranged total loss of the Ship, the earliest of:

(i)

the date on which a notice of abandonment is given to the insurers; and

(ii)

the date of any compromise, arrangement or agreement made by or on behalf of the Borrower with the Ship’s insurers in which the insurers agree to treat the Ship as a total loss; and

(c)

in the case of any other type of total loss, on the date (or the most likely date) on which it appears to the Agent that the event constituting the total loss occurred;

“Tranche” means any of Tranche A or Tranche B and, in the plural, means both of them;

“Tranche A” means the amount of (originally) $80,804,648 representing as at 11 September 2008 the outstanding principal amount of the first Advance drawndown by the Borrower (as that amount has been and may be further reduced);

“Tranche B” means the amount of (originally) $84,187,193.26 representing as at 31 October 2011 the outstanding principal amount of the aggregate of the second and third Advances drawndown by the Borrower (as such amount has been or may be further reduced);

“Transfer Agreement” means an agreement to be entered into between the Borrower and the Original Buyer in respect of the payment to be made by the Borrower to the Original Buyer in order to effect the novation of the Shipbuilding Contract to the Borrower; and

“Trust Property” has the meaning given in clause 3.1 of the Agency and Trust Agreement.

1.2

Construction of certain terms. In this Agreement:

“administration notice” means a notice appointing an administrator, a notice of intended appointment and any other notice which is required by law (generally or in the case concerned) to be filed with the court or given to a person prior to, or in connection with, the appointment of an administrator;

“approved” means, for the purposes of Clause 13, approved in writing by the Agent;

“asset” includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment;

“company” includes any partnership, joint venture and unincorporated association;

“consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalisation;

“contingent liability” means a liability which is not certain to arise and/or the amount of which remains unascertained;

“document” includes a deed; also a letter, fax or telex;

“excess risks” means the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose of such claims;

“expense” means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value added or other tax;

“law” includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council;

“legal or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or investigation;

“liability” includes every kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or otherwise;

“months” shall be construed in accordance with Clause 1.3;

“obligatory insurances” means all insurances effected, or which the Borrower is obliged to effect, under Clause 13 or any other provision of this Agreement or another Finance Document;

“parent company” has the meaning given in Clause 1.4;

“person” includes any company; any state, political sub-division of a state and local or municipal authority; and any international organisation;

“policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms;

“protection and indemnity risks” means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of Clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/11/95) or clause 8 of the Institute Time Clauses (Hulls) (1/10/83) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

“regulation” includes any regulation, rule, official directive, request or guideline whether or not having the force of law, of any intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;

“subsidiary” has the meaning given in Clause 1.4;

“tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine; and

“war risks” includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls)(l/l1/95) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83).

1.3

Meaning of “month”. A period of one or more “months” ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started (“the numerically corresponding day”), but:

(a)

on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or

(b)

on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of the period has no numerically corresponding day;

and “month” and “monthly” shall be construed accordingly.

1.4

Meaning of “subsidiary”. A company (S) is a subsidiary of another company (P) if:

(a)

a majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P; or

(b)

P has direct or indirect control over a majority of the voting rights attaching to the issued shares of S; or

(c)

P has the direct or indirect power to appoint or remove a majority of the directors of S; or

(d)

P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance with the wishes of P;

and any company of which S is a subsidiary is a parent company of S.

1.5

General Interpretation. In this Agreement:

(a)

references to, or to a provision of, a Finance Document or any other document are references to it as amended or supplemented, whether before the date of this Agreement or otherwise;

(b)

references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Agreement or otherwise;

(c)

words denoting the singular number shall include the plural and vice versa; and

(d)

Clauses 1.1 to 1.5 apply unless the contrary intention appears.

1.6

Headings. In interpreting a Finance Document or any provision of a Finance Document, all clause, sub-clause and other headings in that and any other Finance Document shall be entirely disregarded.

2

FACILITY

2.1

Amount of facility. Subject to the other provisions of this Agreement, the Lenders shall make available to the Borrower a loan facility not exceeding the lesser of (a) $174,033,000 and (b) 75 per cent. of the Project Cost of the Ship.

2.2

Lenders’ participations in Loan. Subject to the other provisions of this Agreement, each Lender shall participate in each Advance in the proportion which, as at the relevant Drawdown Date, its Commitment bears to the Total Commitments.

2.3

Purpose of Loan. The Borrower undertakes with each Creditor Party to use each Advance only for the purpose stated in the preamble to this Agreement.

3

POSITION OF THE LENDERS

3.1

Interests of Lenders several. The rights of the Lenders under this Agreement are several.

3.2

Individual Lender’s right of action. Each Lender shall be entitled to ▇▇▇ for any amount which has become due and payable by the Borrower to it under this Agreement without joining the Agent, the Security Trustee or any other Lender as additional parties in the proceedings.

3.3

Proceedings by individual Lender requiring Majority Lender consent. Except as provided in Clause 3.2, no Lender may commence proceedings against the Borrower or any Security Party in connection with a Finance Document without the prior consent of the Majority Lenders.

3.4

Obligations of Lenders several. The obligations of the Lenders under this Agreement are several; and a failure of a Lender to perform its obligations under this Agreement shall not result in:

(a)

the obligations of the other Lenders being increased; nor

(b)

the Borrower, any Security Party or any other Lender being discharged (in whole or in part) from its obligations under any Finance Document;

and in no circumstances shall a Lender have any responsibility for a failure of another Lender to perform its obligations under this Agreement.

4

DRAWDOWN

4.1

Request for Advance. Subject to the following conditions, the Borrower may request an Advance to be made by ensuring that the Agent receives a completed Drawdown Notice

not later than 11.00 a.m. (Copenhagen time), 5 Business Days prior to the intended Drawdown Date (other than in the case of the Drawdown Notice in respect of the first Advance which shall be received by the Agent no later than 11.00 a.m. (Copenhagen time) on the Drawdown Date for that Advance).

4.2

Availability. The conditions referred to in Clause 4.1 are that:

(a)

a Drawdown Date has to be a Business Day during the Availability Period;

(b)

the amount of each Advance shall not exceed:

(i)

in the case of the first Advance, $80,804,648;

(ii)

in the case of the second Advance, $16,903,835; and

(iii)

in the case of the third Advance, $76,324,517;

(c)

the aggregate amount of the Advances shall not exceed the lesser of:

(i)

the Total Commitments; and

(ii)

75 per cent. of the Project Cost; and

(d)

if the Borrower requests less than the maximum amount of an Advance, the amount not requested may be borrowed at a later stage Provided that there shall not be more than 3 Advances and no amounts may be drawdown after the Drawdown Date of the third Advance.

4.3

Notification to Lenders of receipt of a Drawdown Notice. The Agent shall promptly notify the Lenders that it has received a Drawdown Notice and shall inform each Lender of:

(a)

the amount of the Advance and the Drawdown Date;

(b)

the amount of that Lender’s participation in the Advance;

(c)

the duration of the first Interest Period.

4.4

Drawdown Notice irrevocable. A Drawdown Notice must be signed by a duly authorised signatory of the Borrower; and once served, a Drawdown Notice cannot be revoked without the prior consent of the Agent, acting with the authorisation of the Majority Lenders.

4.5

Lenders to make available Contributions. Subject to the provisions of this Agreement, each Lender shall, on and with value on each Drawdown Date, make available to the Agent for the account of the Borrower the amount due from that Lender on that Drawdown Date under Clause 2.2.

4.6

Disbursement of Advance. Subject to the provisions of this Agreement, the Agent shall on each Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrower shall be made:

(a)

to the account of the Original Buyer or the Builder, as the case may be, which the Borrower specifies in the Drawdown Notice and any amount in excess of the amounts payable to either the Original Buyer or the Builder hereunder to the account of the Borrower; and

(b)

in the like funds as the Agent received the payments from the Lenders.

4.7

Disbursement of Advance to third party. The payment by the Agent under Clause 4.6 to the Original Buyer or the Builder, as the case may be, shall constitute the making of the Advance and the Borrower shall thereupon become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s Contribution.

5

INTEREST

5.1

Payment of normal interest. Subject to the provisions of this Agreement, interest on each Tranche in respect of each Interest Period applicable to it shall be paid by the Borrower on the last day of that Interest Period.

5.2

Normal rate of interest. Subject to the provisions of this Agreement, the rate of interest on a Tranche in respect of an Interest Period applicable to it shall be the aggregate of the Margin and the Applicable Interest Rate for that Interest Period.

5.3

Payment of accrued interest. In the case of an Interest Period of 6 months or longer, accrued interest shall be paid every 3 months during that Interest Period and on the last day of that Interest Period.

5.4

Notification of Interest Periods and rates of normal interest. The Agent shall notify the Borrower and each Lender of:

(a)

each rate of interest; and

(b)

the duration of each Interest Period;

as soon as reasonably practicable after each is determined.

5.5

Market disruption. The following provisions of this Clause 5 apply if:

(a)

at least 1 Business Day before the start of an Interest Period for a Tranche which is not at that time subject to a Fixed Interest Rate, Lenders having Contributions together amounting to more than 50 per cent. of the Loan (or, if the Loan has not been made, Commitments amounting to more than 50 per cent. of the Total Commitments) notify the Agent that LIBOR fixed by the Agent would not accurately reflect the cost to those Lenders of funding their respective Contributions (or any part of them) during the Interest Period in the London Interbank Market at or about 11.00 a.m. (London time) on the Quotation Date for the Interest Period; or

(b)

at least 1 Business Day before the start of an Interest Period, the Agent is notified by a Lender (the “Affected Lender”) that for any reason it is unable to obtain Dollars in the London Interbank Market in order to fund its Contribution (or any part of it) during the Interest Period.

5.6

Notification of market disruption. The Agent shall promptly notify the Borrower and each of the Lenders stating the circumstances falling within Clause 5.5 which have caused its notice to be given.

5.7

Suspension of drawdown. If the Agent’s notice under Clause 5.6 is served before an Advance is made:

(a)

in a case falling within Clauses 5.5(a) or (b), the Lenders’ obligations to make the Advance;

(b)

in a case falling within Clause 5.5(c), the Affected Lender’s obligation to participate in the Advance;

shall be suspended while the circumstances referred to in the Agent’s notice continue.

5.8

Negotiation of alternative rate of interest. If the Agent’s notice under Clause 5.6 is served after an Advance is made, the Borrower, the Agent and the Lenders or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within the 30 days after the date on which the Agent serves its notice under Clause 5.6 (the “Negotiation Period”), an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution in the relevant Tranche during the Interest Period concerned.

5.9

Application of agreed alternative rate of interest. Any alternative interest rate or an alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the terms agreed.

5.10

Alternative rate of interest in absence of agreement. If an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing at the end of the Negotiation Period, then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period and interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender in Dollars or in any available currency of their or its Contribution relevant Tranche plus the applicable Margin; and the procedure provided for by this Clause 5.10 shall be repeated if the relevant circumstances are continuing at the end of the interest period so set by the Agent.

5.11

Notice of prepayment. If the Borrower does not agree with an interest rate set by the Agent under Clause 5.10, the Borrower may give the Agent not less than 15 Business Days’ notice of its intention to prepay at the end of the interest period set by the Agent.

5.12

Prepayment; termination of Commitments. A notice under Clause 5.11 shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Affected Lender of the Borrower’s notice of intended prepayment; and:

(a)

on the date on which the Agent serves that notice, the Total Commitments or (as the case may require) the Commitment of the Affected Lender shall be cancelled; and

(b)

on the last Business Day of the interest period set by the Agent, the Borrower shall prepay (without premium or penalty) the relevant Tranche or, as the case may be, the Affected Lender’s Contribution in the relevant Tranche, together with accrued interest thereon at the applicable rate plus the Margin.

5.13

Application of prepayment. The provisions of Clause 8 shall apply in relation to the prepayment.

5.14

Fixed Rate Option. The Borrower shall be entitled, by notice in writing to the Agent at any time following the expiration of the Initial Fixing Period, to request the Agent to quote the Fixed Interest Rate which is to apply to Tranche A for the Other Fixing Period. If the Borrower confirms in writing its agreement to the Fixed Interest Rate and the Other Fixing Period so quoted by the Agent immediately after the Agent has made such quotation, the Fixed Interest Rate will apply to Tranche A for the Other Fixing Period. The Agent shall be under no obligation to convert Tranche A to a fixed rate if, the Agent having quoted a Fixed Interest Rate as provided above, the Borrower does not agree to the Fixed Interest Rate so quoted or it fails to notify the Agent its agreement to the Fixed Interest Rate by the time specified in this Clause 5.14 or any Potential Event of Default or Event of Default has occurred and is continuing. Following expiration of a Fixed Rate Period, the relevant Tranche shall bear interest at the rate of the aggregate of LIBOR and the Margin.

6

INTEREST PERIODS

6.1

Commencement of Interest Periods. The first Interest Period applicable to a Tranche which is not subject to a Fixed Interest Rate shall commence on the first Business Day after

the expiry of the applicable Fixed Rate Period and each subsequent Interest Period shall commence on the expiry of the preceding Interest Period.

6.2

Duration of normal Interest Periods. Subject to Clauses 6.3 and 6.4, each Interest Period shall be:

(a)

when a Tranche is subject to a Fixed Interest Rate, a period equal in duration to the relevant Fixed Rate Period;

(b)

at all other times, 3 months or such other period as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower.

6.3

Duration of Interest Periods for repayment instalments. In respect of an amount due to be repaid under Clause 8 on a particular Repayment Date, an Interest Period shall end on that Repayment Date.

6.4

Non-availability of matching deposits for Interest Period selected. If, after the Borrower has selected and the Lenders have agreed an Interest Period (other than a Fixed Rate Period) longer than 3 months, any Lender notifies the Agent by 11.00 a.m. (Copenhagen time) on the third Business Day before the commencement of the Interest Period that it is not satisfied that deposits in Dollars for a period equal to the Interest Period will be available to it in the London Interbank Market when the Interest Period commences, the Interest Period shall be of 3 months.

7

DEFAULT INTEREST

7.1

Payment of default interest on overdue amounts. The Borrower shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by the Borrower under any Finance Document which the Agent, the Security Trustee or the other designated payee does not receive on or before the relevant date, that is:

(a)

the date on which the Finance Documents provide that such amount is due for payment; or

(b)

if a Finance Document provides that such amount is payable on demand, the date on which the demand is served; or

(c)

if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable.

7.2

Default rate of interest. Interest shall accrue on an overdue amount from (and including) the relevant date until the date of actual payment (as well after as before judgment) at the rate per annum determined by the Agent to be 2 per cent. above:

(a)

in the case of an overdue amount of principal, the higher of the rates set out at Clauses 7.3(a) and (b); or

(b)

in the case of any other overdue amount, the rate set out at Clause 7.3(b).

7.3

Calculation of default rate of interest. The rates referred to in Clause 7.2 are:

(a)

the rate applicable to the overdue principal amount immediately prior to the relevant date (but only for any unexpired part of any then current Interest Period);

(b)

the Margin plus, in respect of successive periods of any duration (including at call) up to 3 months which the Agent may select from time to time:

(i)

the Applicable Interest Rate; or