In December 2022, in response to Russian’s invasion of Ukraine, a coalition of the G7 (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States), the European Union (“EU”), and Australia (the “Price Cap Coalition” or “Coalition”) imposed a price cap on the maritime transport of Russian oil and petroleum products (the “Russian Oil Restrictions”). Under the Russian Oil Restrictions, oil servicers in Price Cap Coalition countries are prohibited from providing a broad range of services related to the maritime transport of Russian crude-oil unless that oil is bought and sold at or below the specific price cap set by the Coalition, currently $60 per barrel. To address this marketplace development, borrowers and lenders in the maritime transportation industry started incorporating provisions in loan agreements (the “Russian Oil Provisions”) whereby the borrowers represent they are in compliance with the Russian Oil Restrictions.