1 | Euronav NV has advised the Agent that it intends to reflag the vessel m.t. “SONIA” with IMO Number 9537771 (the “Vessel”) currently registered under Belgian flag with the French Ships Registry on or around 19 January 2018 and register a new first priority French mortgage over the Vessel immediately thereafter (the “New Mortgage”). |
2 | In accordance with clause 14.2 (Ship’s name and registration) of the Loan Agreement Euronav NV is permitted to change the registry of a Ship owned by it to any Approved Flag without the consent of the Lenders subject to Euronav NV providing the Creditor Parties with replacement security at the time of such transfer (in form and substance satisfactory to the Agent) so that the Creditor Parties have the same security on that Ship and subject to any appropriate consequential amendments to the Finance Documents. |
3 | With effect from the date of the reflagging of the Vessel the Finance Documents shall be, and shall be deemed by this Agreement to have been, amended as follows: |
(a) | by amending the definition of “Mortgage” in clause 1.1 of the Loan Agreement and references thereto throughout the Loan Agreement and other relevant Finance Documents to refer to the New Mortgage in the case of the Vessel; and |
(b) | by amending all references to “SONIA” in the Loan Agreement and other relevant Finance Documents to mean the VLCC named “SONIA” and registered in the ownership of Euronav NV under the laws and flag of France with IMO Number 9537771. |
4 | The Agent shall receive in all respects in form and substance satisfactory to the Agent and its lawyers favourable legal opinions in relation to the New Mortgage from lawyers appointed by the Agent on such matters concerning the laws of Belgium and France as the Agent may require. |
5 | All other terms and conditions of the Loan Agreement and the other Finance Documents are to remain in full force and effect. |
6 | This letter may be executed in any number of counterparts. |
7 | This letter and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English Law. The provisions of clause 38.2 (Exclusive English jurisdiction) to 38.6 (Meaning of "proceedings") (inclusive) of the Loan Agreement shall be incorporated into this letter as if set out in full herein with references to this Agreement construed as references to this letter. |