Covenants Waived

Last week, First Ship Lease Trust (“FSL Trust”) announced that they had come to terms with their bankers with respect to existing credit facilities. The amendment incorporates the following main terms.

During the loan to value covenant waiver period which extends until the end of 2Q 2011:

- The minimum coverage ratio of the charter-free fair market value of FSL Trust’s vessel portfolio over its outstanding indebtness will be reduced from 145% to 100%.

This is only an excerpt of Covenants Waived

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