LOAN NUMBER 10a Ne

Loan Agreenent(Drente Project)

BETWEEN

INTERNATIONAL BANK FOR RECONSTRUCTION

AND DEVELOPMENT

AND

N. V. ROTTERDAMSCHE LLOYD

DATED AS OF JULY 15, 1948

kM , l Yi.N ADANMS

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TABLE O CONTENTS

Loan Agreement

(Drente Project)

ArticleNumber Title Page

I Definitions ................................. 3

II The Loan .................................. 5

III Use of Proceeds of the Loan ................. 6

IV Withdrawal of Prceeeds of the Loan.......... 7

V N otes ...................................... 9

VI RedemptioÉ of Notes ..................... 12

VII Mortgage ................................. 14

VIII Particular Covenants of the Borrower........ 20

IX Remedies of the Bank on Default ............ 22

X Interpretation of Agreement ................ 23

XI Micellaneous Pbrovisions ................... 24

XII Effeetive Date ............................. 25

SchedulesScheduleNumber Subjeet

1 Form of Note .... ..................... 282 Schedule of Representations ................ 32

loan 91greementAGREEMENT, dated as of July 15, 1948, between

INTERNATIONAL BANK FOIL IECONSTRIUCTION AND DIONVALO-

MENT, party of the first part, and N. V. I?o,nrERM)A1S.11E

LLoYo, party of the second part.

ARTICLE I

Definitions

Wherever used in this Agreenient or iii aiy Schedule to

this Agreement, unless the context shall otherwise require,

the following terms shall have the resotetive eanings

hereinafter in this Article set forth:

(1) The term Bank ineauis Tutomatioi l i 'k oI Re-

construction and Development, the party of the first part

hereto.

(2) The term Borrower ineans N. V. Itotterdaische

Lloyd, a corporation (naniloze vennootschiap) orgunized

and existing under the laws of the Kingdom of the Nether-

lands, the party of the second part hereto.

(3) The term Guarantor means Kingdoii of the Nether-

lands.

(4) The term metropolitan areas of the djuarantor means

the territory of the Guarantor on the continent of Europe.

(5) The term Loan means the loan provided for in this

Agreement.

(6) The term Loan Account means the loan acco-ant to

be opened as provided in Section 1 of Article IV of this

Agreement.(7) The term United States means the United States of

America.

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(8) The term dollars and the sign $ meia dollarw ill suchcoin or currency of the Uinited States as at the time re-ferred to shall be legal tender fOr the payiiiet of piblicand private debts in the United States.

(9) The term Mortgage mens the ship imortgage to beexecuted by the Borrower inl accordaie wil, th e provi-sions of Section 1 of Article VII or t his Agreeieniti, anidshall include any mortga-e supplemeit I hinlo, execlut(dand delivered in accordaice with the prov\isions of OweMortgage.

(10) The terin Note icans a itot iMib, iso JI rthenIewith Article V of this Agreeitieit.

(11) The term principal office of the Itank means itsprincpal office in the City of Washingtou, )istrict of Co-lumbia, United States. If the principal olice of the Batikshall be changed and the Bank shall so iiotily t he I-trowerand the Guarantor, the term principal offike of the Bankshall thereafter mean the principal office so notified to theBorrower and the Guarantor.

(12) The term Vessel menais the vessel referiel io illArticle III of this Agreemi t.

(13) The term external debt meius any debt payable inany currency other than Netherlands crreni, whethrsuch debt is payable absolutely or at the optii oi It he cwedi-tor in such other currency.

(14) The term Closing Date meatis August 3, 1948, orsuch other date as the Batik and the 1orro,er shal agreeupon in writing as the Closing I)ate.

(15) The terma Effective Dale mians the1 dade oin whichthis Agreement shall come into force and efIfeel as providedin Section 2 of Article XII hereof.

(16) The term Guarantee Agreemieit meaius the', agree-ment of even date herewith hetween the Itank and theGuarantor whereby the Guaraitor has agrevo 14o guriantee

the Loan and the obligations of the Torrower in respectthereof.

(17) The terii this AgreCmet includes tile respectiveSchedules which are referred to hieweiii and all of whichare hereby incorporated herein amln are lereiii relerred toby their respective letters and umWibers.

ARTICLE II

The Loan

SECTION 1. The Batik agrces to lemd to the lirrower,on the ternis and conditions in tihis Agreemeiit set forth,the sum of two million dollars ($2,000,10).

SECTION 2. The ainount of the Lomi may be withdrawnby the Borrower as provided in Article IV of this Agree-ment. For the purposes of this Article the principalamount of the Loan shall be deeied to be outstanding asof the Effective Date.

Sa]TioN 3. The Biorrower slull payi iterest. it the ruteof two and one-half ler cei (/. ) per ainum on Chepriicipul amiioutil. ofI lie lnusiil iniig ad unaid fromthe Effective Date. Such interest shall be payable in dol-lars semi-annually on January 15 and .July 15 in each year.

SECTION 4. The BotroWer shall also pay to tilt liMflk aconinission at the rate o1 one per venlt, (1) p r anpnu Oilthe principal amount of the Loan ou0standing and iupaidfrom the Effective Date. Such coumission shall be payablein dollars semi-annually on January 15 and July 15 in eachyear.

SECIoN 5. The Borrower shall pay to the .ltak, in addi-tion, a service charge at the rate of one-sixteeith of oneper cent (1/16%) per annum on the principal amount ofthe Loan. outstanding and unpaid fromi the 111ITective Date.

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Such service charge shall bec payable in dollars semjli-an1~nually on January 15 and July 15 in ecli Yemr.

SECTION 6. In all cases iii wihichl ii sial| he nossary ocompute the amouit of irest, vonmission m- servicecharge which sill Iuve vernjed midier hits Areemen ior

periods of less tihaun six moiint s, S11v1h i1i ir.;cl, colissionor service clrkge shlil be compilled oin1 1 <hIly basis, 11si11gu 365 day factor. -or even penriods o* , \si moui hs 811(11 imtereHt, commissioin nd smie1 ihall bP4 compn-on an annual basis.

SEcriON 7. Tito .iorrower sliall repay ie princilpnl ofhe Loan in twenty (20) eiual semi-amali insineiis, 1,he

first of such iistahinlents beiig (uie amd pa.yable ot Jan-uary 15, 1949, and Lite last of siii ii s beinigd.iuel I j1m,and payable on July 15, 1958.

SECTION 8. Except as shall be offierwvise specified in thisAgreement or in the Mortgage or ini the No,es, the prinleipalof and interest, commission and service chuargse on the Lonimand the prelninin on Notes called for redeiption prior tothe naturity thereof shll be paid at t Ie office of The UlmseNational Bank of the City of New York, 18 Pine Street,City and State of New York, United States. Tie Borrowerwill pay any reasonable fees of sak! Blank for iny servicesrendered by it uider this Serlioi and lilv reasomålde expenses incurred by it in connection therewithi.

ARTICLE III

Use of Proceeds of the Loain

SECTIoN 1. The proceeds of tie Lon shall be applied bythe Borrower to tihei i os1 4. perhing tiestgel steamt turbine vessel /Dreolv (1s l> j41 ) of l Iw A2 desigtå elassilication ol fli t l iii b vdi Slae MN Nla it i ime Com-mission, as reconverted or to be reo vebi by \\ manSteamship Corporation of Mobile, A labma, tilifed Sintes.

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SECTION 2. The Vessel siall be used by the Borrower incommercial cargo and passenger traflic as part of theNetherlands merchant fleet.

ARTICLE IV

Withdrawal of Proceeds of the LoanSKCn1ON 1. rhilje Baiiik shiall opvn an aectm o its books

in the name of the 1orrower muid, (o l feetive Date,shall credit to said ecomit the ffi nmon mi thme Luan. TheBorrower shall be entitled from time to time to witdrawfroni the Loai Aecouit suci imomits as siall be requiredby the Borrower in order to reimburse it for expeudituresmade by it subsequent to the ETfeetive Date (except asshall be otherwise specifically provided by greemt inwriting between thfe Baik and ihe llorrower) for the pur-pose of payig the p1rhelmse price of IIIe Vessei. Tihe for-rowor shall also be eiitled from time lo Iime to witlhdrawfrom the Loan Acaonut smih momilts as siall from time totime he approved i writ ing by 1lhe lmk and ams suil hereasonably required by ie lorrower in order to enable itto meet payments, not theretofore made, 011 accounlt of thepurchase price of the Vessel.

SECTIoN 2. (A) Wieitever the Horrower shall desire todraw on the Loan Accouit, the jorrower siall deliver tothe Bank an application in writinig setting forth:

(1) The amount whici the Borrow'er so desires to with-draw from the Loan Accoimt;

(2) A statement that said miotilf is reimsired to reim-burso the Borrower for, or to eable the Borrower tomeet, expenditures made or to be made by it for thepurpose of mkinig m payinenit on accounlt of thme pur-chase of the Vessel, whichi statemenlt shkall show, insuch reasonable detail as tie Bank siall request,the amouit of such aymen, th1e dates 01 which

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such piayieit was Inml or will be d11ume, '1141 timenames und addresses o*f Me person, firim or vorporation to whicl paylmenlt Juls been or is lo be nm)c e;

(3) A statement that the Borrower has iot thieretoforewithdrawn from the Loan Account, or )1applied forthe witlidrawal from the Loan Account of anyamounts for the purpose of reimbuhmmrsing- tIhe Bior-rower for or paying suci excpenditumres, and hiat theBorrower has not obtained aid will not obtai wi fudsfor such purpose out ol. the proveeds of1 aniy otierexternal loini, eredif or gr1.n t an av1iih. to lite Hor-rower1, otier .thal a sior 1erpim lm oal ir vredi estahlislied in auticipation oj' te wim rawal applied lorand to be repaid pro tanito with Ihe J*mii(ls to Ie wit h-drawn, which loan or credit shiall Ie described in tlieapplication;

(4) A stateinent that at the date of tfhe application ihereis no existing default in the perormance of any ofthe obligations of tie ljorrower unler Jthiis Agree-nient or under the Notes or u Inde the Mortgage, orof the Guarantor under ie Guarantee Ageement.

(B) If such alpjliie;tion slille to withdraw rom tieLoan Account amiountis for 1 lite purposie o1 vinalbling- tiheBorrower to imeet payieiits, not tIherltofore made, on ac-count of the purciase price of tIhe Vessel, it shall iaso setforth:

(5) A statemient of tie arramgements nde whiel tieamount to be withmdraw Irom th l, mn Avvonmt osuch application will be applied to tie paymienit ofthe purehase price o9 tlie Vessel; and

(6) An agreement by the Borrower i hal it will apply orcause to be applied the mitounit o he wilmdrawn fromthe Loan Account on such appiliation only 1o thepayment when and as duc ( tie pureiase irice ofthe Vessel and that, as proipfly as possible timere-

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after, the Borrower will fuliiish to fie lnk proofsatisfactory to fte Baik that sneh .1o1tnt hibas beenso applied.

SEWTOe.N 3. (A) Iach applietion nle hi.s ArCiCshall be in writing in the Enj-giisli laigiage .iiid shall besigned on behalf of the Borrower by its re)reseiit.ative orrepresentatives duly autlhorized for the purp)osc. Mjaclsuch application shall be execuled anl delivered to theBank in triplicate as the Ijaik siihl from Iiine to timedireet. Such applicatiomis sli beserially iiiiiihered.

(B) The Borrower will make aaiable to lie Baik atall reasonable times original or dupliaete receipted bills orinvoices or other documenits siflicient to show that tie ex-penditures covered by the appicatiom have beei made asspecified therein.

SEcrIoN 4. The Borrow,er siil futi r 1nii11isli (o hiie lhtiik ;nyand all such further documimits aid other evidelnce iii sup-port of the applicationi as the Bank sliall at any fnie orfrom time to time reasonably request and whetlier beforeor after the Bank shuall permnit any witlidrawal requestedin the application. All applications and other documenitsdolivered to the Batk uider this Aliviule siall be in for*imiand substance satisfactory to tite Batik.

SEOTIoN 5. If the Bank is satisfied that tie pplicationfully complies with the provisionls of this .Agreeinet andthat the Borrower is ejititled under tiis Agreement to wvitt-draw from the Loan AceomI he :fi utiffl, ajqpied for, (lieBaik will promptly pay shel t laommt o or on the orderof the Borrower.

ARTIOLE V

Notes

SEcTION 1. On 1he (1losiig flte he rrower (0d timeGuarantor shall exetie mid deliver 1 Iie IBink Noles inthe aggregate prineipul amoum. of $2,000,000. The Notes

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which shall be delivered hereunder shall be serial notes,and the respective maturities of the Notes shall cor-espolidto the maturities of the seimi-ainual ins[anIIIeints of theprincipal of the Loan as set, forth inl 8coi0ii 7 o Airticlo IIof this Agreement. Such Notes shall be substantially inlthe form set forth in Schedule 1 to this Agrenmwnt; suillbe in such deinoinii-iations as tie liiik shIl sI cify; sh al hall be dated July 15, 1948; and shall ie iviterest at Iilerate of two and one-hial pieint (')I," .) per Inum froithe date thereof. Notes turing on t he sniie dtle sitlltogether constitute a series.

SECTION 2, (A) At any time or froii time to time tbeBank shall have the right to sell, pledge oi otheirwise dis-pose of any of the Notes. .11ixeceif, as the 1tii[k shiil oher.wise elect and notify the 3orroLer and t He (fiarantor, oras otherwise specifically provided in 1 his Ag rviminuit, t hieprovisions of this .Agrve,miit. nid of the ("1on:1iive Agreement and of the Mortgage shall coiintie inl hill [orce anldeffect until the entire aggpreg- to prillciail a iiolilt of tlieLoan shall be repaid. xcept as slaill be ot lieiwise Iwo-vided in this Agreouoen.t1 or in tlie (luniraee A.reviieit ()Iin such Note or in the Noulgage, io hohlie of' ay Ntdeother than the Bank shall by virtue of ein the liolherthereof be entitled to any o I ie right s or benielils voferred, or be subject to ally of the coitditionis Ir ollliationlsimposed, upon the Bank iiuder this Ag-ivenit. or t le ( 11a-antee Agreement.

(B) If at any time the liauik shall desin, re iO :a a 11h-lie offering of all or any of the Notes, 1le think shall sonotify the Borrower and the arat,or at lealst, Iour (4)months prior to making suchi public ofTerinig. I1 aiy siuchease the Bank shall consult with the Borrower and theGuarantor for the purpose of agrecing upon the form,terms and denominations of the Notes so to be offered forsale and any and all other matters relating to the proposedoffering and sale of such Notes. The failure of the Bapk

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to comply with any of the lwovisions olf this Seelion shall

not in any wise affect or imlpair the legoCiability of the

Notes or the title or rights of any triisf're of' :illy of thw

Notes.

SporoN 3. At iy tie or from timv ..ltimo, uill tie

request of the Bank, the Borrower will at its oWn1 oxpelse

do any and all such things as te llaiik slhall reasonably re-

quest in order to comifly widi any law: or reg-ul:1tio1s of

any country, or of anly state or (Ipolitical stibldiivisiont tiereol,

or of any securities exchaige therciii, inl order to enable

the Bank to sell or offer for sale any o the Notes, )y pub-

lic sale or otherwise, in any country or to list aniy of the

Notes for trading on any securities exchanige. To that end

the Borrower will execute aid deliver all registration state-

ments, applications and other documents, and furnish to

the Bank all information which shall Ie required in order

so to comply with any such law or reguilatioi, aini the Bor-

rower will pay all registration and filing fees required by

any such law or regulation. The Enuk will give to the

Borrower not less hat four (4) moiths iotice oF aiy smuch

request.

SECTION 4. If the Bank shall at aity thie sell, without

recourse, any of the Notes, the connission amd the service

charge specified in Sections 4 :mO 5, ros1wetively, of Ar-

ticle II of this Agreemeit, shall thereIIoIn coase to acrue

in respect of the princoipal ofl te Loanl represented by such

Notes.

8t'rTION 5. If (1t1 lanttk shll at alN, tfie sell any of he

Notes and shall thenl or thterelfer guta itee ipayient of

the principal thereof or tihe interest theroon or the premium,

if any, on the redeptiou thereof, t he orrower will inl-

demnify and hold liarumless the 11,ank fromo and against

any and all liabilities, losses, damages, costs and expenses,

of whatever kind, which the Bank may sustain or incur by

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reason of or in cousequeice of its guiaiiantee of IIe Notes,or any of them, or any renwal or exteisioi i hereof.

SECTION 6. If this Agrecitiest sia. come i-iito Ioree aideffect subsequent to July 1.5, 1948, t1ie P>mnk, oi January 15,1949, shall refund to the Borrower aii -mioiuif Ial to) i theaggregate interest accrued oil 1ie Notes froi I heir d.te tothe Effective Date.

ARTICLE VI

Redemption of NotesSgcnoN 1. The B orrowei -IIiy, at it s clect ioll, at anly

time or from time to time after the 4aite of tle Notes, payand redeem all or part of the Notes, is lireiif ft iervided, at a redemption price for e41h Note eiuli to heprincipal amount thereof, and the interest accnited andIl un-paid thereon to the date fixed for the rodeiuiptiioi thereof,plus as a premium the following respective percentages ofsuch principal amount:

(a) as to any Note maturing by its terms iot, more thanfive years after its date, %4 of 1%, if redeomoied during thefirst three years after its date; nid 1 of I, it r-e(leciiedduring the fourth or fifth year ater sioli tfe; -imn

(b) as to any Note miatirig by its tIens miioIe hani fiveyears after its date, 1/%0, if redeemed (luring the first orsecond year after its date; I'(, if redeemed <luring hethird or fourth year after such date; %4 of' 1,if rodMeeiledduring the fifth or sixth year aftiei sich dhfah; Il )I I, iftredeemed during the seventh or eighth year after such dale;and without premium if redeemed thereafter.

SEOTIoN 2. The Borrower may so 'Iect to redeem lossthan all of the Notes at the tie ouitstanding aid ipaid,but only if it shall elect to redeeiii all lie Notes :ilt thlie himueoutstanding of any one or more series and oily if, at thedate on which such Notes are to be redeenied (sometimesreferred to in this Article as the date fixed for redeiiip[ioi),

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all the Notes of any series maturing by their terns after

the Notes to be redeewed shall have hei redeeied.

SECTION 3. The BorroWer's election to red.em Notes

shall be exercised by giving notice to the liank in writing,

stating such election, designatiig I he Notes to be redeemed,

stating the redemption price or prices thereof determined

as in Section 1 of this Article provided, and stating the

date fixed for redemption. Such inotice shall be given not

less than ninety (90) days prior to the date fixed for ro-

demption. If at any time the lBank shall receive notice of

election to redeem any of the Notes as herein and in the

Notes provided, tlie Baink shall, not less than 60 days prior

to the date of redemption specitie(l in such notice, deliver

a copy of such notice to each holer of Notes to be re-

deemed who shall have complied with the provisions of

Section 2 of Article XL of this Agreement by mail ad-

dressed to his address of record witi the liank.

SECTION 4. Notice of election to redeeli having been

given as above provided, the Notes to be redeemed shall on

the date fixed for redemption become due and payable at

their respective redemption prices deterinined as in See-

tion 1 of this Article provided. 'ron. and after the date

fixed for redemption (unless the Borrower shall fail to

make payment of the redemption pwice or prices of such

Notes) interest oi such Notes shall vacse to accrue and,

upon presentation of such Notes for paymeint andh redemlip-

tion in accordance with said notice, such Notes shall be

paid by the Borrower at the redenitioi price or prices

aforesaid. If all or any of such Notes shall not. be so paid

upon presentation thereof, they shall continue to hear in-

torest as therein specified until paUi. Upon the 4ate fixed

for redemption, the Borrower shall pay to the Bank the

respective amounts of comnuission and service charge ac-

crued and unpaid on the part of the Loan represented by

the Notes to be redeemed, and from and after the date fixed

for redemption (unless the Borrower shall fail to make

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respect of any such Note bY "W'soll of' dic priority in tillicof the execution, delivery or ulatill-ily fliereof, or of tileassignment or 110froliattioll diereol* aild also to sectire tilepayment of any otlier sums to wliich tile Bauk shall beentitled under this Agreemejit. aiid the pe 1-fo of tileoovenants, agreements and I)rovi,sioiis in such Mortgageand in this Agreement contained.

SF,cTiox 2. The Alort,4-age to be exectiled aiid delk-eredby the Borrower pursuant to the In-ovisimis of Section 1of this Article shall be substaidially iii the form of theform of mortgage iiiitialled oil the 4late of 1,16s Agreei-licittby the authorized relireseithiti%,es ol' the B.micaild (Ile l1or-rower, with such ebauges therehk as nitiy I)e agreed uponin writing betweeii the 13mik and I he Borrower, alld shallbe in form and substaitee satisfactory to the 13aiik.

SFarioN 3. If -ill Pi'veii[ of 1)(4mili s1weilied ill. the Nlort-

gage or in this Agreemeid, sliail happen awl I)e coutiiiuing,then in each aud every stich case I fiv Bai&9 as t rusteel l11:1YVand upon the written request of the holder or holders ofNotes represeutiagr llot less C11,111 '151,,'. ()1' Illp -Lr,rj-eo L e

prilLCil)Ul 11,111OU111 Of Iliv Notes theii milstan4limr mid [ill-paid shall, declare tile 1wim-iind (d Iliv Lo.iii mid all of tileNotes then outsfinidiiiir (if' ii0l. already (111c) 14) be (Ille andpayable immediately tuid, in flie case ol' -ill Evejit of De-fault specified in the Morto-tige, proceed to exercise itsrights or to enforce its remedies 1mrsimut to Clio Mortgage;provided, however, that the Baiik sliall not be required soto declare the principal of the Lomi or of' aiiy of tile Notesso to be due and payable so lotipr as I lie Malik is not ill de-fault under its guarmitee of the Notes. The Baiik, as trus-tee, shall within 10 days after it sliall have kiiowledwe of

penimr of -my Evetit of Dvt*atilt, slweilled ill theMortgage or ill this Agreemeid, frive to each holder ofNotes appearhig u1mil. its records notice of' siieh Evollf, ofDefault, unless stieli Eveut of Del'atilt, shall Nave beencured prior to the exI)iratioil. of the time foi- giviiw suchnotice.

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SECTION 4. Any proceeds or funds arising from the

exercise of any rights of the enforcemieiit of any remedies

pursuant to the Mortgage shall be applied as follows:

First, to the payment, sihbJect to tih limitatioll speciiledin the Mortgage of' file aiouniit secuired 1h4rebv, of anv andall costs and expenses of' the Iunk, as 1ustec, au,n of aly

successor trustee, and thir gnts, euilovees anid couniisil,inl co nlilectioln Witi ile exer-cise ol' such i ts or Ilie 4

forceient; of such renmlies(1 and (withiouIt such limiation)

to provide ade(uiiv iii(leniity agaliist liens climinl.gpriority over or equality with i the Mortgage;

Second, to the ratable ptayment, subject to tihe afIoresaid

limitation, of interest. which shall have neriied on I he Notes

and which shall be unpaid;

Third, to the ratable payment, sidbjeel to Ilhe aoesuid

limitation, of or on accomi ofie thlt- unpaid oi1ial or re.

demption price of ilie Notes;

Fourth, to the paymemt, subject to tiv aoresaid limlita-

tion, of commission and service charge wiiehih shall have

accrued on the Loan and which shill bie inpaid;

Fifth, to the ratable paymeit, subjeel ti le aforesaidlimitation, of all damages, linidaied or otie rwise, under

this Agreement or under tle Notv, or idohr thie Moigage;and

Sixth, the balance, it ally, thierealfter remlaiinilg, to the

Borrower or whosoever shall fe cnt it le IhIltreto.

SECTION 5. The Batk, as trustee, acceph." thlle trusts uti-

der this Article and under tlie Mort-age mid agrees to

execute them upon lie followiiig terms ind comditiois,

which shall be binding on ile sever-I holors irom time to

time of the Notes:

(a) The Bank, as trustee, prior to the happening of an

Event of Default as defhied in the Mortgage and after the

curing of any defaults which may have owe red, under-

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accordance with the direction of Ilic holdei- oå- liolders(other than the Bank) of Nofes imt, Icss lli,-til257o of the Notes timi iiid milmid, fotije time, method mid phicc offor any remedy to Iii(, Banl< as trustve? or of exer-cising any trust or power emiforred tipmi Ilie Bank2 :18trustec, by the Morflolage.

(5) The Bank, as friistec2 811,111 1m1 bv lialde fol. '111Vaction taken or omifted liy ii iii goml 1*,iifli mid helievedby it to be authorized or wiiiiiii ffic (iis(-i-t-tioii or rig-11118 011powers conforred ul)oii it, 1>y the

(b) The Bim k2 as S11.111 nol l)(. 1111414,1. aliv obli ' t < i -tioti to Iake aiiy aclimi iii voimedion willi Iliv ex(111VISC 01*any rights or ffic eiii.'oi-(-eiiieiil ol' m.v remedies- pm-sisallt fothe Mortgage whicli, in ås opklillm, Nvill jm, lilwly toillvolveit in expense or liabilit.y, miless Iii(, party or parlies re-questing that the Bank, as (1x01*Cisc inly silvli rig-litsor enfordce any stick remedics slia.112 as 01,1v11 asby the Bank, flirnish i-easoi)ahlc svettrits, aiid iii(l(,iiiiiityto the Bank, am i10'11i11.1 s11v11 expVIISC 011

(e) The Ibank or niv a-vid il>lii)iiil(,ti In, 11 imis, 111 1111Vcal>lteil.Nr bevollat Illv or or ol,

Notes wi.tlj the samc i-iglils litat ii wimid lm\'(, ii, itnot S11c11 trustec 01. .111(1 111,1y ollivr\vi.sv dval \villi HivBm-rower iii tlie samc maimer? Io ffic Snillv vxlcitt .111(1with like effeet as if it were not stivli t riis(ve or mreill.

(d) Allnioneys reccived i> tlie as till-om..11forcelosure or otherwise sliall Iw livid iii l i-iist for Mic ptir-poses for which they were reccived lptil m-ed imt lm, svorre-guted from otljer fmids except, to ffic c\Ivnl. hylaw. The Bank, as sljall lm, mider iw Iialålity forinterest on any inoneys reccived hy ii I>iii-sti.iiit, to tise pro-visions of the Mortgage.

SECTION 6. The 14.iiiii mav 11(1,8111,11 is l aml III..tv 1wdischarged of the trusts ennated li,y l lås A rfic-le; provided,

Regn~ r411

19

however, that any such resignamdion slimil beeomie efTectiveonly upon the accepitne of ab,iniiieit by the siccessortrustee as provided in Section 7 of this Artiile.Eå1r oN 7. The 1>mnik tiy apIoini a sIIeessir irtsfec at,

liy titie. WVilli 10 days a* er 1e app p1140111vu1ei. ol, ;1iiyNi lt mil evessmr l v(l' lh i I',;ink I 11i 1 :I lli 11;t1iil >Y rvgislI l(lmail postagre Irelwid io eavih holdei of a Noe or NoteswIo slall have voimplied vifi 1w provisiolls of 'eetion 2of Artiele XI. ol Ibis Agreeinent a notiev, adlressed tosuchll1 hiolder at Iiis wlhlrss of record wii hihe anik, of tiheappointment of suci successor iirushe. Suvi sticeessor trus-tec shall be a corpor'ation aid siall be a iational btiking

association orgaiized and e.xisting i.ler lie laws of tlieUnited States or at. hank or iust voupanv organized andexisting under te laws of fie U nitied Sfales 41r' ol, atiy Statlor of the District of (!olumhia, mflhwrized midvr sueh hawsto exercise corporalv t rusI pwes, laving il pi ipaloffice in the Borougi of NIalHn, Citl a nd S atlv of NewYork a vmeding ' e .npilal ail sllrplus of at leasttetn million dolars. ANy succs f e so appoinltedshiall exceute, aekiiowlge a1 dei fl e llHv Borrnwerl aito the Bank atn inst rumentrt aw-vpf ing suvli ;poiiittient-, andthereupon the resignation of lie 1ank sliall hecome elTec-tive, and such successor' trustee, svtihiout anmy further act,deed or conveyance sitall becomc vesled with tll tfie riglts,powers, trusts, duties aud obligations of fhe predecessortrustee under the Mortgage, with like effeet as if origintallynamed ts trustec. Neveirthieless, on Ilie wri etluest ofthe Borrower or of the successor t nustee, t lie 11ritstec ceas-ing to act shial execute an1d del.i' a i in18 t ins-ferinig to sile su4,essor f ruslee upn t h1 itisis heei ex-pressed, all tite rigits, power's :1111 1 iisis of thil i tuslev 4ocetsing to act. Upo11 r'e< tctest of ay uly h st'cessr truts-tec, the Borrower sluffl execute any ani(1 till iist.t'ii iients inwriting for more fully ad cetainly vestig in nud coli-firning to such suessor irusee all sich righs, Powersand duties.

SECTION 8. The 3orrower Will pay or reilin1rse t leBank, as trustee, or any successor trustee, for all expenses,disbursements and advances incurred or ia(le by theBank, as trustee, or by any successor I rustee, ii accordancewith any of the provisions of this Article or o Ithe Mort-gage. The Borrower will also pay reasoible conspella-tion for the services of any successor I ruso v.

SECTION 9. The Bailk shall iiot agrev ho amy inolitientionof the provisions of the IMortgage, or of the piovisions ofArticle II, or Sections G, 7 an( 8 or A rt icle II I, o A ri ileIV of the Guarantee Agreement, or oF Ili pIr 8isions ofSection 6 of Article 11, or Section I of Arlicl V, or See-tion 3 of Article VI, or Sections 3, 4, 5, (, 7 1 nId 8 of A rt ileVII, or of Article X, or of Seetion 2 of Aitive X1, or ofSection 1(c) of Article X1I of this Agr1ee 1, nless itshall have obtained the writtei conseni of tIhe lih!er orholders of not less than 751/, in prinial amoilt of tiheNotes secured or guaranileetl l1N oa isal 1ial4- such ill-strument and at the time outstandinlg.

ARTICLE VIIIParticular Covenants of the Borrower

The Borrower hereby c(veiaits as follows:SECTION 1. The Borrower will apply Oe proce4is oh I liLoan in accordance with tie irovisions of Arlicie Ill of

this Agreement. So long as any part of Ihe loaun shall booutstanding and unpaid, the Borrower will aijitaii books,accounts and records adequate to reflect in accormace withconsistently maintained sound accountig practices thefinancial condition and operatiotns of the lIorrower. TrhieBorrower will permit accredited representatives or theBank to inspect the Vessel, and will also permit such rep-resentatives, including indepenidenit accouiaits designiatedby the Bank for that purpose, to inspect, audit mad makecopies of, any books, accounts, and other records relating

21

to the Vessel, anid the use thereof,or otherwise to t.efinlaniicial condition or opeit ions of t li 0)1arro4wer.

8RCtioN 2. .1f iit. lily l sth S lim- ;is -my piart of IlieLoaunlk Sha0 he outstanin 11g pid n.1i 41n4iition sllarise which shall preveiit, obstiutiet or iinterl'ere witi, orthreaten to prevent, obstruct, or iterfere with, the aecom-plishment of the purposes of the Loaii or the mnaitiienaneceof the service of the Loan, the liorrower will In-onlpIly in-form the Bank of sui conditioi aid will afford to fileBank a reasonable opportuinity to exchige views witi theBorrower with regard thereto.

SEcTIoN 3. SO long as Uy parl. ol t lie Laomi sli:l be out-standing aid upai(l, h li Horrower will irnisli to thle Banikall suchi inlformautionl, at su'h timi4s ' a1d1 ill suli dell l asthe Bank shall reasoiably request, witi regard to (1) theexpenditure of the Iroceeds of the Loi amlnd Ih,I use of theVessel; and (2) the operations and u inacial conditionI ofthe Borrower. When reusoinably re4luested by t li 1ank,such information shall be certiied by i idepetideit piublicaccountants who may he the puliic eciias rgularlretained by the Borrower.

SECTION 4. So long as any part of the Lu shall be out-standing and unpaid, if the Borrower shall propose to

micur, assume or .gusaranatee aniy extellial d4bt , ori silistan-tially to modify the Ierns of paymeitd a liay tiei existingexternal debt incurred, assumied or giaraied by it, it,will notify tle 13unik r womiidly of tlie pIarticular Iroiosal,and prior to the time for taking t he i proliosef na imi, willafford to the Bank all opportunity whieh is reasonablypracticable under the circumstances to exchange views withthe Borrower with regard to such proposal.

SECTION 5. The Borrower shall pa.y or cause to be paidall taxes, duties, imposts aid fees that may be imposedupon this Agreement, the Notes, Ilie Norftie orI tle (1uanr-

antee Agreeinent, or the executiou, delivery, registrationor recording thereof, or the payinti o prinipl, itierestor other charges thereunder. Suehi principal, iterest amdother charges sliall be paid free of ail sich txes, duties,imposts and fees.

ARTICLE IX

Remedies of the Bank on Default

SECTION 1. If nIy of the f*llowing Ivenits (hereie

called Evenis of iefuiitill) shall h ippe, that is to say:v

(a) if defauft shall1 be mande iin Itl he pvilnvnt of, any1 iin-stalhtenlt of interest. mi 1 e 14 1 or.1 o n la iy 0f tlleNotes4 or any inthnentiii of1 (oniio orSVIPIcliarge 011 the Loi wh115en alid as tlie s:ne shi S l become iyable mid suvhi defa;ill siall cof-lie fr 15days; or

(b) if default sitall lie madule iii he Hi paymwnt (f fli pricipal of any of fit Nofes, whiie r lii he1111 ffi glafe ofmaturity of such Notes oir uponioi call for redeitplonor otherwise as provided in 1his greetient r tlieNotes or ti Morte;r

(c) if tefault sliall lie i Ii n i hi 1l rf1rm ne of .1nmyoter covet r cvgureem ent ni t, ml iii t ii lfor-rower or the Guarantor iii ilie Not es or i ii Ihis Agree.nient or in the Gufl ranee Agreetwa set fthi wid

such defåult sha1ll vo'l 11tine flo . dys after wiit dav,notice thereof sliall have benii giveni by fie 1l1.i1k fothe Borrower; or

(d) if an Event of )ef'auIlt as defined iiihe Miortgeshall happent unlder tihe Morigm-ge;

then and in cach such ease durinig tiv eotiInIIIMICKe of suelEvent of Default the Bank, at its optionj, Iuy dehire tlheprincipal of the Loan and of' all the Notes ihen outsitiditig(if not already due) to le due aid payablle iiimiiediite'ly,

and upon anty suceclrto suvlh principal shiall becomleand sihall bo due 1 i pyale iilledialely, nyt hing in siiAgreceniit or in ti Nots or in i litolgage4ontained tothe coitrary notwithshouling.

SETioiN 2. No delay or oiissioni or Ihe lBank jo exercisean1y right or power acrning to il itder (Ihis AgreemetupOnj ally Evenlt o )l it sliall iIillii 5 lly sili rigoi . orp>ower or be const,irsiedI to be a wvive. of any slieli IVent ofDefauilt or ainy fleiiesenc thereil; Ii sha1 lite actionof the Bank iii respect ol* any defamil, or in respect, ol* Iliewaiver of any defaull, affect or impairi any riglit or powerof the Bank in respect of any other or stbtsiseiit, defatilton the part of the Borrower or the iirantor and everyright, power an1 reedy givessn heirendier lo tic l ank m11ybe exercise(1 by it fromlt time to liime mialt as oh-1 ms i( Imaydeem expedient.

ARTIOLE XInterpretation of Agreenent

SEXITI)ON 1. TViII- r e e li' ii les nd u blig; ilns of filepurties muler L,his Agreiimtnd lith N4>Ivs aid undelr He(Guarantee .Agreement, siall be valid aid eiforceable iiiaccorda,nce with tlieir terms anylhigin any Ssta1ule, lawor regulationl of »ny 11 nalioll or sili' or polilinl subdivisinthereof to the conitrary notwihsoli ng. Nome of smelhparties shall be enltitled to issert, afly enim 1 hat. any provi-sion of either of suct Agree fi, lie Notes or lie Mort-gage is invalid or unenforceable because of any provisionof the Articles of Agreeiient of the Bianik or for ainy otlherreason.

SEWTioN 2. The provisions of' fiis Agieeieist, of theNotes and of the (ncrantee Agreemen siall be iterpretedin accordanec with lite law* ofI lie Sta e of' New York, UnitedStates, as at, the time in efeet.

24

ARTIOLE XI

Miscellaneous Provisions

SECTION 1. Any notice, delmalul or reiuest required orpermitted to be given under this Agreeoient r thie Guar-auntec Agreement shall be dseliveredi riting or by tele-grani, cable or radiogram to the party or parties to whiehsuch notice, deaiid or request is reqited or penniited tobc givell at its or Mii aIress or- :ivsviresslf eriier

spcle,or III Sileh offher :nh1I-ss or :14h4i1-ssvs ws snivhparty or parties siall have doesignle by nicc iII writingto the party or parties giving or makin- sIih noice or-demiand. The addesses so sjeci ie> l a re:

(a) for the Bank: flitermational Bank for leeoistri.ue-tion and Developineti, 1818 11 Street, N. W., Wash-ington 25, District of Colhmbia, Uniled Sfates ofAmerica.

(b) for the Borrower: N. V. JJolyderd iselie IJoyd, Vver-haven 7, Rotterdam, TIe Netherhuids.

(c) for the Guarantor: Ministry of I1maianee, Kiieuiter-dijk 22, TIhe Ilague, The Nethelands.

SECTION 2. Upon ;my 1ransfer oV amy of flie Notes, ifthe transferor or the trmisferee si-ill noi1fy t1he filank ofthe transfer and request the Bank fliereafler to give tosuch trarsferec, at anl mddress specified iii slih nmice, unyILotice whiCh the trnseror wold bvewise e eilitled loreceive under this Agreement in respevl of the Notes sotransferred, the Bank shall thfereaFler igive stiel iotice tosuch transferce at suchIi address or a. siei ofiher address

as such traisferee shall designiate by notice in writing tothe Bank, and the giviig of any sucei nolice to such traus-force as heroin provided sliall fully dishei,arge the Bankfrom amy obligamo ol its parh ner this A'reemet lo

give stulh nlofti-e 141 anyone iii respee of hie Noles so

transferred.

25SECTION 3. The Borrower -nd the iuirantor shall fur-nish to the Bank sufficient evidence of t he autliority of theperson or persons who will sigi t lie aipplicatioiis providedfor in Article IV of this Agreement and the Notes or whowill, on behalf of the Borrower or lie Uiiailor, (ake anyother action or execute aiy other documents required orpermitted to be taken or executed by the lorrower or theGuarantor pursuant to any of the provisioiis or this Agree-ment or of the Mortgage or of the uarant Agrooueiiland the authenticated specimen signal tire of cichi suchperson.

SE CTIoN 4. In agreiig to iake t lie oin the i1aik hasrelied on the statements and representations contained indocuments furnished to the Bank by or on behalf of theBorrower and the Guarantor, including', 1)11t; without iJi-tation on the foregoing, the statem1eits :111d relwesentat.ionscontained in Schedule 2 to this Agreeniiit and in flie re-spective documents listed in such duei. Tle Iorrowerand the Guarantor represent and warrant. 1hlt. all suchsteiients nd kepresentations are acetrate.

SECTIoN 5. This Agreemeit ui4d lit., hioruio Agree-ment uay be executed in several (ou rpterarts, each ofwhich shall be an orioiual and all. collctively hut one in-strument.

ARTICLE XIIEffective Date

SEcTIoN 1. This Agreeineiit and ilie u Onranitee Agree-ment are subject to the eoidiion that before they shall be-come effective the following shall have occurred.(a) the Borrower and the Guarantor shall have executedand delivered the Notes in aecornaiwe with the pro-visions of Article V of this Agreeient;(b) The Borrower shall have executed -id delivered theMortgage in accordance with the provisionis of Ar-ticle VII of this Agreement; and

」

27IN WiT~

li,,ive c,-,Luse(iAgreement to be sigiie('[ hi tlicir respeelive immcs by theirrepresciitatives tliet-euiito duly autlioi-ized as of tlie dayand year first above writteii.

INTERNAT~ALBANK FOHL L>ECONSTRUCTIOKA'NDDEVEI,OVNI VNT

hY

N. V. ltovrbmr>A msc i i i.: Li,o N i).

by

SCHEDULE 1

FORM OF NOTE

$ ................ S e i s .......... , N ø. ...........

N. V. > , 1 42 ½% GUAUANTEEl IL Moir.\U 'Nl (l' 11i

k biliinig .i'§ue)

,u e . .. . . . . . . . . . . . . . ..

N. V. ROTTERDAMSCIIE LLoYI (ireiiiiitei alled tle Bor-

rower), a corporation (iaanoze veiiootschiap) orgaii-

ized and existing under tlie laws of the Kingdi of theil

Netherinds, for v;aluei rei, hen·by prolNises to pay to

liiteriitional JkaIk før leconstruelion nld eIeiumInent

(hereinafter sonietimes ailled tihe oIiernional an k) , or

order, on the fiftenii li day id ,........... ..... , 19......,at the ollice of Thl(-> Ciise National imak Ihle (l ity of

New York, 18 Pine Ire, New York, New Yrk, (lilited

States of America (hfeinafter called ie ( Chase N;inlal

Bank), tlie sumim of ........ oll.) a rs ( ....... iM 1h ,oiln

yer 111)0y1o jeiathe lited States ot \ei' ie al ie imj

of paysnn lt of publi 14.

and r iate d i d ai mo p y in , i h,in v 1he 1 1 . Il 11

(late hereof ia tsad 8i i 1 1n li«!e Nein e r.1rkl ilølv

rafe of two und nrone1 l pe )etIei (t.'l) e ati,payable seni-1nl. ouý .wia y aa d Jull.\ 1.' in ac

year upon preseta tionl of thlis Ntfor oition 1eron

of paymnent of suchi inlc!r.st.This Note is one of -uihoilineolne of the(

aggr-egate principal aiiioiiiil of $,0,0,kwnas ilhe

2½% uarnted SeiNlMwrga-g- Notes, oi' 1S (LimburgIssýue) of the Borriower,i (hervinal'tvr n lled ,h Nølv.s) nillissued unider a Lomn Agrve,mnln dathd a,, of1 J 1y15, 1948,

between the International Banmk a1d i>e rrøwer, 0uaranm-

teed by tie Kingdom of tie Neiherlkm,ds pirsoiii to lit

provisions of a Guarantee Agreemen dated as ot .inly 15,

29

1948, between the International Bank and the Kingdom ofthe Netherlands, and all equally and ritably secured by acertain mortgage oi the vessel Linbuiry, dated ..........

........ , Ieilivered by Ihe l'irrowerto the Internationa il l)ink (hlerindler miled the Molrt-gage). Relereli(e S lef'hy is10 1 Ii Amr Io enelis( atildto the Mortgage for a destripti1ion fI the pioper-INiy 11or-gaged and pledged, tile untulir4. il I.Xt4,n1 ofI ilte security,thIie rightts of the hohlers of li Notv.14s witlh res,p-eA. IhwrItoand the rights and dutiies oI * I hteiiatimial lmiak uidersaid Agreements and the Moriga-ge.

The Notes are subject to redemption zt Ihe election ofthe Borrower as hereinaft.r and in tie Loan Agreeientprovided. All the Notes at the time outstandinug and un-paid may be so redeemed at any tiie. All tile Notes atthe time outstanding of aniy one or more series may beredeemed at any time, provided that, at the redemptiondate, all notes of any series by Ilir fteinis muaturing afterthe Notes to be redeemed shall have beeii redtenied. Noticeof the election of the Ilorr(owor to redeei siii Notes shallbe in writing and shall be delivered In f lie I IIternIationalBank not less thian ninely (90) days prior to tile date fixedfor redemption. Notes so clled for redemption shall bepaid at a redemption price for eaci Note equal to the prin-cipal amount thereof and interest Aceirtied thereon to thedate fixed for such redemption, pluis as a penmitin the fol-lowing respective pereeutages ol. suh Irincipal amount:as to any Note maturing by its tenis not nore than fiveyears after its date, % of 1%, if redeeiied diuring the firstthree years after its date; and / of l I" , if redeenmed dur-ing flh fourth or tfiltIb year afHer suic'h 4lte; aid as to anlyNote imuturing by its lenits itrthi n 1 five years a fter itsdate, 1%,/ if r4-dIeemed urtini th e Iii81,rst. or swe'4n141 yea.rafter its date; 1/, if redeeied d riiii- flit 1-iiie hiI or foiolIrthyear after such date; % of 1%, if redeeied durinig the fifthor sixth year after such date; % of 1 %, if redeeied dur-ing the seventh or eighth year after such date; and with-out premium if redeemed thereaftler. If this Note shall

30

be so called for redemption, then after tlic edemption datespecified in said notice, if paiymeniit is muale or d1tly )ro-vidod for pursuat thereto, interon ih lie piiiiaiil smherouf 8sl ceOs to accrne.In case an Event of Default as defined in tihe loai .Agree-inent or in the Mortgage shall uappen, tie principal of allthe Notes at the time outstanding umy be declared or m.ybeco.me due and payable in the manner :ujnd wihi the effeetprovided in the Loan Agreemieit amd Ilie Mlorlg,age.The principal of the Notes, the interest, teerninlg i liercoinand the premium on the redeimption fliereo sliall be paidwithout deduction for and frec from :nty taxes, imposts,levios or duties of any natui re now or at any Ii fle hierei fIriniposed by the Kingdoim of (lie Netherhn s or by ainy aing authority thereof or tierein« and shall bv pmid free froall restrictions of the Kingdom of tlie NI l ierhals, iis po-litical subdivisions or its agencies; provided, lowever, th1atthe foregoing shall not be conistrued ans applying to uny taxon any payment made under this Nofe whien suvli Note isbeneficially owned by an individuat or corpornie residentof the Kingdom of the Netherlmds.

IN WITNESS WHEREOF the Borrower Ijas caus(] this Noteto be signed in its corporate iiame by ils rer1esentatlivethereunto duly authorized.

Dated Rotterdam, The Netherlands,

.... .................... , 1948.

N. V. ROTTEUDAMIsC111,1 IA,ov

by:

(A4thor-ized Represculative)

31

Form of GuaranteeKioNom oF im Njr.Riii,ANI>s, før Va,ue reet,ived, a.s a

irilliatry oligor MiultI iot, n smi'r'ly li!'('ly, h rel>'hy iIrO-lutely and unconditionally guarantees to tlie holder of thewithin Note, and pedges ils fl 1,ith i rd Credit £or, thedue and punctual payinent of tie prinleipa 1(l ad redeiIptionlprice of said Note and Ihe iil eresi Ihereon.

D ated ......................, 19.18.

Il

SCHEDULE 2

Schedule of Representations

1. The copies of the elarter (statutfeii) of tIme iorrower,together with any aiieitiinen ients Hierel0, ii ie f m 1ur-nåsiked to tile Ban are ti'e il i corre' uv loes 1 I4ereol ;is

in effeet oit the date of lie b poaii Ageelelli

2. TIw im-incial coniditioll OmHI tjiel'ml i<mis o.14 Ile 1, rrowerare cor'eity set, lo I i hi l ir. . • ,imi o IIs Inee.'m iiis prm Imi

balance sheets for 1940 to 1947, incliisive, Iogeler withcertain supplementary data for the year 1947, as [uirniisied

to the Bank.

3. The external and internal debt of the orrower ma-

turing iore than one year after its date is correetly re-

flected in the statements ftiuriislied to lihe lik by ie 1or-

rower, dated July 26, 194,.

4. The statements coitaimed iii fihe malerials listed below,as furnished to the Banik, are rale

a) Detailed statemeits frothe l)irectorale ( eneral olShipping of the Netierlaids showing aliec of pay-

inents of Netherlaids iptiona11 eetnimy onm '>en

sili i ngi anccoil- for Ilie ye rs . 9-6 m oi 19,17;amd broad ooreenss f sm-I halamv hl paymwits l*or

1948.

b) Statements of tie (maantor showiii, forvtrigk ex-

emnige receipts aid expeiitres by classes td Or-

rency, <witlh respect. (o Netlieandm ut Is siiping (except

tankers) for the year 1947.

e) Pro forma invemmory tif tHie posi rectnstruelion Nethlm

erlands ocean fleet ;is of h)emiber 31, 1919, as 11w

pla-nnted (ships above .500 (G. ItL T.).

d) Answers submitted by time Directorate (ieneral of

Shipping of the Netlherlands to ie Ilmk ou Marel 13,1948:

1) To questions cncenin NvIherlan<ds policy oilfinincit iti id for tihe Ne1hil ds inerl it lla-

3) To NtlieIIous oett i'vlmerlians policy olipreferences, andlpiiee wviffh rvspect( looea

3) To insebnossosin ocrigieNeýth-erlands inerchant innrine.

e) Suunaries of typic.. voyage a-ounts of C-3 shipsnow operating in Ille N4weer1:mdus miercht nærine,as subilitIvd by tHe Gllllr1111r ,\a1 r 19, 1948.f) Nlemorandumn fro hm liv Børr>wer sowing tie ton-nage, co siti.11 and age of lh Ie 14a l> t of thbe lBor-rower as of December, 1947.