On January 8, 2018, Lindblad Expeditions Holdings, Inc. and its indirect, wholly-owned subsidiary entered into a senior secured credit agreement with Citibank, N.A., London Branch ('Citi') and Eksportkreditt Norge AS. Pursuant to the Credit Agreement, the Lenders have agreed to make available to the Borrower, at the Borrower's option and subject to certain conditions, a loan in an aggregate principal amount not to exceed $107,694,892 for the purpose of providing financing for up to 80% of the purchase price of the Company's new expedition ice-class cruise vessel targeted to be completed in January 2020. the Borrower's election, the loan will bear interest either at a fixed interest rate effectively equal to 5.78% or a floating interest rate equal to three-month LIBOR plus a margin of 3.00% per annum. The loan will amortize quarterly based on a twelve-year profile, with 70% maturing over twelve years from drawdown, and 30% maturing over five years from drawdown. The loan will be secured by a first priority mortgage over the new vessel and the assignment of related insurances. The Credit Agreement also contains customary events of default and mandatory prepayment events for, among other things, non-payment, breach of covenants, default on certain other indebtedness, certain large judgments and a change of control of the Company or the Borrower.