Document:

Exhibit 4.118 

    

     

    

    

    

    
      	
              Confidential

            	
              Execution Version

            
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	
              Dated 21 March 2019

            	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
              TOP SHIPS INC.

                  

                  and

                  

                  AMSTERDAM TRADE BANK N.V.

                  

                  and

                  

                  THE NOTE PURCHASERS A PARTY HERETO

                  

                  and

                  

                  ASTARTE INTERNATIONAL INC.

            	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
              NOTE PURCHASE DEED

            	 

      

      

      

      

      

      

      

      

      

      
        
          

      

      

      

      Contents

      	
              Clause

            	
              Page

            

      

      

      	
              1

            	
              Definitions and interpretation

            	
              1

            
	
              2

            	
              Issue of the Notes

            	
              2

            
	
              3

            	
              Agreement of the Note Purchasers

            	
              3

            
	
              4

            	
              Note Issuance and Use of Proceeds

            	
              4

            
	
              5

            	
              Representations and Warranties

            	
              4

            
	
              6

            	
              Obligor Covenants

            	
              6

            
	
              7

            	
              Conditions Precedent

            	
              6

            
	
              8

            	
              Interest and Redemption

            	
               11

            
	
              9

            	
              Tax Gross-Up and Indemnities

            	
               18

            
	
              10

            	
              Increased Costs

            	
              23

            
	
              11

            	
              Other Indemnities

            	
               25

            
	
              12

            	
              Mitigation by the Note Purchasers

            	
              29

            
	
              13

            	
              Cost and Expenses

            	
              29

            
	
              14

            	
              Guarantee and Indemnity

            	
              31

            
	
              15

            	
              Events of Default

            	
               34

            
	
              16

            	
              Application of Proceeds

            	
              35

            
	
              17

            	
              Conduct of Business by the Finance Parties

            	
               38

            
	
              18

            	
              Survival of Representations and Obligations

            	
               39

            
	
              19

            	
              Assignment and Transfers

            	
              39

            
	
              20

            	
              Roles of Agent, Security Agent and Registrar

            	
              42

            
	
              21

            	
              Registrar

            	
              47

            
	
              22

            	
              Time; Payments

            	
              49

            
	
              23

            	
              Notices

            	
              50

            
	
              24

            	
              Calculations and Certificates

            	
              54

            
	
              25

            	
              Miscellaneous

            	
              54

            
	
              26

            	
              Confidential Information

            	
              55

            
	
              27

            	
              Governing Law

            	
              58

            
	
              28

            	
              Jurisdiction

            	
               58

            

      

      

      

      

      	
              Schedule 1 The Note Purchasers

            	
              62

            
	
              Schedule 2 Form of Note Issue Notice

            	
              63

            
	
              Schedule 3 Representations and Warranties of the Obligors

            	
               65

            
	
              Schedule 4 Covenants of the Obligor

            	
               76

            
	
              Schedule 5 Form of Deed of Accession

            	
               108

            
	
              Schedule 6 Form of Compliance Certificate

            	
               114

            
	
              Schedule 7 Form of Note Certificate

            	
               115

            
	
              Schedule 8 Definitions and Interpretation

            	
               118

            

      
        
          

      

      

      

      	
              Schedule 9 Ship Information

            	
               150

            
	
              Schedule 10 Payment Mechanics

            	
               152

            

      

      

      

      

      

      

      

      

      
        
          

      

      
      

      

      THIS NOTE PURCHASE DEED
          (this Note Purchase Deed) is dated 21 March 2019 and is made between:

      
        
          	(1)	
                  TOP SHIPS INC., a company incorporated under the laws
                      of the Republic of the Marshall Islands, registered number 3571, whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH9696 (the Issuer);

                

        

      

      
        
          	(2)	
                  AMSTERDAM TRADE BANK N.V., a company incorporated in
                      the Netherlands, registered number 33260432 whose address for the purposes of this Note Purchase Deed is World Trade Center, Tower I, Level 6, Strawinskylaan 1939, 1077 XX Amsterdam, The Netherlands, in its capacity as Security Agent
                      (the Security Agent);

                

        

      

      
        
          	(3)	
                  AMSTERDAM TRADE BANK N.V., a company incorporated in
                      the Netherlands, registered number 33260432 whose address for the purposes of this Note Purchase Deed is World Trade Center, Tower I, Level 6, Strawinskylaan 1939, 1077 XX Amsterdam, The Netherlands, in its capacity as Agent (the Agent) and Registrar (the Registrar);

                

        

      

      
        
          	(4)	
                  the institution(s) listed in Schedule 1 (the Note
                        Purchasers) hereto as note purchaser (the Note Purchaser); and

                

        

      

      
        
          	(5)	
                  ASTARTE INTERNATIONAL INC., a company incorporated
                      under the laws of the Republic of the Marshall Islands, registered number 89977, whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH9696 (the Guarantor).

                

        

      

      WHEREAS

      
        
          	(A)	
                  The Issuer has authorised the creation and issue of floating rate notes pursuant to the terms and conditions of this Note Purchase Deed.

                

        

      

      
        
          	(B)	
                  Upon the terms and subject to the conditions of this Note Purchase Deed, the Issuer shall issue, and the Note Purchasers shall purchase the floating rate
                      notes.

                

        

      

      IT IS AGREED as
          follows:

      
        
          	1.	
                  Definitions and interpretation

                

        

      

      
        
          	1.1	
                  Unless otherwise defined in this Note Purchase Deed or the context requires otherwise, words and expressions used in this Note Purchase Deed have the
                      meanings and constructions ascribed to them in Part 1 of Schedule 8 (Definitions and Interpretation).

                

        

      

      
        
          	1.2	
                  Interpretation

                

        

      

      This Note Purchase Deed shall be construed in accordance with the principles of construction and
          interpretation set out in Part 2 of Schedule 8 (Definitions and Interpretation).

      
        1

        
          

      

      

      

      
        
          	1.3	
                  Save as expressly provided herein, any warranties or undertakings provided under this Note Purchase Deed are made to each other party to this Note Purchase
                      Deed.

                

        

      

      
        
          	2.	
                  Issue of the Notes

                

        

      

      
        
          	2.1	
                  Agreement to Issue

                

        

      

      Subject to the terms and conditions set out in this Note Purchase Deed, the Issuer agrees to issue
          to the Note Purchasers an aggregate of US$10,500,000 in principal amount of floating rate notes (the Notes).

      
        
          	2.2	
                  Issue Price

                

        

      

      Each Note will be issued to the Note Purchasers in consideration for an amount equal to 100 per cent
          of the principal amount of such Note as is to be funded on the Closing Date as determined in accordance with clause 4.1(a) (Note Issuance).

      
        
          	2.3	
                  Form of Note

                

        

      

      
        
          	

                	(a)	
                  Each Note shall be issued by the Issuer in registered form without coupons or talons and shall be:

                

        

      

      
        
          	

                	(i)	
                  represented by a Note Certificate executed by, or on behalf of, the Issuer;

                

        

      

      
        
          	

                	(ii)	
                  denominated in US Dollars;

                

        

      

      
        
          	

                	(iii)	
                  dated the Closing Date;

                

        

      

      
        
          	

                	(iv)	
                  payable to the order of the Note Purchasers; and

                

        

      

      
        
          	

                	(v)	
                  transferable in accordance with the provisions of clauses 19.1 (Voluntary Transfers by Note Purchasers) and 19.2 (Transfer Procedure).

                

        

      

      to this Note Purchase Deed.

      
        
          	

                	(b)	
                  Entry in the Register of a Note Purchaser as the Note Purchaser of a Note is, in the absence of manifest error, conclusive evidence of its title to and
                      ownership of such Note. Any Note Certificate will be evidence of entitlement only. In the event of any inconsistency between a Note Certificate or other evidence of title and an entry in the Register, the entry in the Register shall
                      always govern. Title to a Note will pass upon registration of the transfer in the Register.

                

        

      

      
        
          	2.4	
                  Constitution of the Notes and authentication of Certificated
                        Notes

                

        

      

      
        2

        
          

      

      

      

      
        
          	

                	(a)	
                  The Issuer hereby constitutes each of the Notes and covenants in favour of the Note Purchasers that it will pay to the Note Purchasers the principal amount
                      of each Note on the Final Maturity Date of such Note and that it will duly perform and comply with the other terms and conditions of the Notes.

                

        

      

      
        
          	

                	(b)	
                  The covenant set forth in sub-clause (a) above shall take effect as a deed poll for the benefit of the Note Purchasers from time to time and shall enure to
                      the benefit of the Note Purchasers who shall be entitled severally to enforce the covenant set forth in sub-clause (a) above.

                

        

      

      
        
          	

                	(c)	
                  The Issuer shall deliver the unauthenticated Certificated Note to or to the order of the Registrar for authentication by an authorised signatory by or on
                      behalf of the Registrar and the Registrar shall authenticate Certificated Notes pursuant to this Note Purchase Deed.

                

        

      

      
        
          	2.5	
                  Lost, stolen and mutilated Certificated Notes

                

        

      

      Upon receipt of written notice from each Note Purchaser of any Certificated Note of the loss, theft,
          destruction or mutilation of such Certificated Note, the Issuer will make and deliver a new Certificated Note, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Certificated Note.

      
        
          	3.	
                  Agreement of the Note Purchasers

                

        

      

      
        
          	3.1	
                  Subscription and Purchase

                

        

      

      Subject to the terms and conditions set out in this Note Purchase Deed, each Note Purchaser agrees
          to subscribe for and purchase Notes denominated in US Dollars.

      
        
          	3.2	
                  Rights

                

        

      

      The rights of each Finance Party under this Note Purchase Deed are separate and independent rights
          and any debt arising under this Note Purchase Deed to a Finance Party from an Obligor shall be a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights.

      
        
          	3.3	
                  Obligations

                

        

      

      The obligations (if any) of each Finance Party under this Note Purchase Deed are several. Failure by
          a Finance Party to perform its obligations (if any) under this Note Purchase Deed does not affect the obligations of any other party hereunder and no Finance Party is responsible for the obligations of any other Finance Party hereunder.

      
        3

        
          

      

      

      

      
        
          	4.	
                  Note Issuance and Use of Proceeds

                

        

      

      
        
          	4.1	
                  Note Issuance

                

        

      

      
        
          	

                	(a)	
                  Subject to the terms and conditions of this Note Purchase Deed, the Issuer shall offer to issue the Notes by delivering to each Note Purchaser, not later
                      than 1:00 p.m. three (3) Business Days prior to the Closing Date, a duly completed Note Issue Notice. The Note Issue Notice shall be irrevocable and shall, among other things:

                

        

      

      
        
          	

                	(i)	
                  specify the principal amount of the Notes denominated in US Dollars, after giving effect to the Note Issue Notice;

                

        

      

      
        
          	

                	(ii)	
                  certify that the applicable conditions in clauses 7.1 (Conditions

                        Precedent to Issue of Notes) and 7.2 (Notice of satisfaction of conditions) have been satisfied; and

                

        

      

      
        
          	

                	(iii)	
                  specify the Closing Date and the Final Maturity Date of the Notes.

                

        

      

      
        
          	4.2	
                  Payment

                

        

      

      Subject to the terms of this Note Purchase Deed (in particular but not limited to the satisfaction
          or waiver of the conditions in clauses 7.1 (Conditions Precedent to Issue of Notes) and 7.2 (Notice of satisfaction of conditions)) each Note Purchaser will pay to the applicable Account an amount equal to the principal amount of the Note in US Dollars as at the Closing Date, in
          immediately available funds as early as reasonably practicable on the Closing Date.

      
        
          	4.3	
                  Use of Proceeds

                

        

      

      The Issuer shall use the proceeds of the Notes only in or towards assisting the Issuer to refinance
          all amounts owing under the Existing Loan Facility. No Finance Party is bound to monitor or verify the application of any proceeds of Notes issued pursuant to this Note Purchase Deed.

      
        
          	5.	
                  Representations and Warranties

                

        

      

      
        
          	5.1	
                  Representations and Warranties by the Obligors

                

        

      

      The Obligors represent and warrant to the Finance Parties on the date of this Note Purchase Deed and
          the Closing Date, in each case by reference to the facts and circumstances subsisting on such dates on the terms of each of the representations and warranties set out in Schedule 3 (Representations and Warranties of the Obligors).

      
        
          	5.2	
                  Relevance

                

        

      

      
        4

        
          

      

      

      

      The Issuer and the Guarantor acknowledge that the representations and warranties set out in clause
          5.1 (Representations and Warranties by the Obligors) are being made or will be made, as the case may be, with a view to inducing the Finance
          Parties to enter into the Transaction Documents to which they are, respectively, a party and undertake the transactions contemplated thereby, and have caused and will cause each Finance Party and to as applicable, enter into the relevant
          Transaction Documents, and undertake the relevant transactions and to take other actions in relation thereto. Such persons will rely upon such representations and warranties for all such purposes notwithstanding any information in fact possessed
          or discoverable by or otherwise disclosed to any of them.

      
        
          	5.3	
                  Representations by the Note Purchasers

                

        

      

      Each Note Purchaser, severally and not jointly, represents and warrants to the Issuer with respect
          to only itself that, as of the date hereof and as of the date of issuance of the Notes:

      
        
          	

                	(a)	
                  No Public Sale or Distribution. Such Note Purchaser
                      is acquiring each Note (i) in reliance upon the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the 1933 Act), and Rule 506(b) of Regulation D (Regulation D) as promulgated by the United States
                      Securities and Exchange Commission (the SEC) under the 1933 Act and (ii) for its own account and not with a view towards, or for
                      resale in connection with, the public sale or distribution thereof in violation of applicable securities laws, except pursuant to sales registered or exempted under the 1933 Act; provided, however, by making the representations herein, such Note Purchaser does not agree, or make any representation or warranty, to hold any of the Notes for any minimum or other
                      specific term and reserves the right to dispose of the Notes at any time in accordance with or pursuant to a registration statement or an exemption from registration under the 1933 Act. Such Note Purchaser does not presently have any
                      agreement or understanding, directly or indirectly, with any person to distribute any of the Notes in violation of applicable securities laws.

                

        

      

      
        
          	

                	(b)	
                  Accredited Investor Status. Such Note Purchaser is
                      an “accredited investor” as that term is defined in Rule 501(a) of Regulation D.

                

        

      

      
        
          	

                	(c)	
                  Reliance on Exemptions. Such Note Purchaser
                      understands that the Notes are being offered and sold to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that the Issuer is relying in part upon the truth
                      and accuracy of, and such Note Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Note Purchaser set forth herein in order to determine the availability of such
                      exemptions and the eligibility of such Note Purchaser to acquire the Notes.

                

        

      

      
        5

        
          

      

      

      

      
        
          	

                	(d)	
                  Information. Such Note Purchaser and its advisors,
                      if any, have been furnished with all materials relating to the business, finances and operations of the Issuer and materials relating to the offer and sale of the Notes that have been requested by such Note Purchaser. Such Note
                      Purchaser and its advisors, if any, have been afforded the opportunity to ask questions of the Issuer. Neither such inquiries nor any other due diligence investigations conducted by such Note Purchaser or its advisors, if any, or its
                      representatives shall modify, amend or affect such Note Purchaser’s right to rely on the Obligors’ representations and warranties contained herein. Such Note Purchaser understands that its investment in the Notes involves a high
                      degree of risk. Such Note Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Notes.

                

        

      

      
        
          	

                	(e)	
                  No Governmental Review. Such Note Purchaser
                      understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Notes or the fairness or suitability of the investment in the
                      Notes nor have such authorities passed upon or endorsed the merits of the offering of the Notes.

                

        

      

      
        
          	

                	(f)	
                  No Registration. Such Note Purchaser understands
                      that (i) the Notes have not been and are not being registered under the 1933 Act or any state securities laws, and (ii) neither the Issuer nor any other Person is under any obligation to register the Notes under the 1933 Act or any
                      state securities laws or to comply with the terms and conditions of any exemption thereunder.

                

        

      

      
        
          	6.	
                  Obligor Covenants

                

        

      

      The Obligors covenant with and undertakes to the Finance Parties that, for so long as any of the
          Notes are outstanding, it will comply with each of the covenants set out in Schedule 4 (Covenants of the Obligors).

      
        
          	7.	
                  Conditions Precedent

                

        

      

      
        
          	7.1	
                  Condition Precedent to Issue of Notes:

                

        

      

      The issuance of the Notes under this Note Purchase Deed on the Closing Date and funding by the Note
          Purchasers is subject to the Agent, or its duly authorised representative, having received all of the documents and evidence listed below in form and substance satisfactory to the Agent:

      
        
          	

                	(a)	
                  Original Obligors’ corporate documents:

                

        

      

      
        6

        
          

      

      

      

      
        
          	

                	(i)	
                  A copy of the Constitutional Documents of each Original Obligor (other than the Charterer).

                

        

      

      
        
          	

                	(ii)	
                  A copy of a resolution of the board of directors of each Original Obligor other than the Charterer (or, if applicable, any committee of such board empowered
                      to approve and authorise the following matters):

                

        

      

      
        
          	

                	(A)	
                  approving the terms of, and the transactions contemplated by, the Transaction Documents to which it is a party (its Relevant Documents) and resolving that it will execute, deliver and perform the Relevant Documents to which it is a party;

                

        

      

      
        
          	

                	(B)	
                  authorising a specified person or persons to execute its Relevant Documents on its behalf; and

                

        

      

      
        
          	

                	(C)	
                  authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in
                      connection with its Relevant Documents.

                

        

      

      
        
          	

                	(iii)	
                  If applicable, a copy of a resolution of the board of directors of the relevant company, establishing any committee referred to in sub-clause 7.1(a)(ii)
                      above and conferring authority on that committee.

                

        

      

      
        
          	

                	(iv)	
                  A specimen of the signature of each person authorised by the resolution referred to in sub-clause 7.1(a)(ii) above in relation to its Relevant Documents and
                      related documents.

                

        

      

      
        
          	

                	(v)	
                  A copy of a resolution signed by all the holders of the issued shares in each Original Obligor (other than the Charterer), approving the terms of, and the
                      transactions contemplated by, its Relevant Documents.

                

        

      

      
        
          	

                	(vi)	
                  A copy of a resolution of the board of directors of each corporate shareholder of each Original Obligor (other than the Charterer) approving the terms of
                      the resolution referred to in sub-clause 7.1(a)(v) above.

                

        

      

      
        
          	

                	(vii)	
                  A certificate of the Guarantor (signed by a director) confirming that borrowing or guaranteeing or securing, as appropriate, the Notes would not cause any
                      borrowing, guarantee, security or similar limit binding on any Original Obligor (other than the Charterer) to be exceeded.

                

        

      

      
        
          	

                	(viii)	
                  A copy of any power of attorney under which any person is appointed by any Original Obligor (other than the Charterer) to execute any of its Relevant
                      Documents on its behalf.

                

        

      

      
        7

        
          

      

      

      

      
        
          	

                	(ix)	
                  A certificate of an authorised signatory of each relevant Original Obligor (other than the Charterer) certifying that each copy document relating to it is
                      correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Note Purchase Deed and that any such resolutions or power of attorney have not been revoked.

                

        

      

      
        
          	

                	(x)	
                  A goodstanding certificate from the Marshall Islands competent authority in respect of the Issuer and the Guarantor (not more than 14 days before the
                      proposed Closing Date).

                

        

      

      
        
          	

                	(b)	
                  Legal opinions: The following legal opinions, each
                      addressed to the Agent, the Security Agent and the Note Purchaser and capable of being relied upon by any persons who become a Note Purchaser pursuant to the transfer by the Note Purchaser of any Notes in accordance with the terms of
                      this Note Purchase Deed:

                

        

      

      
        
          	

                	(i)	
                  A legal opinion of Norton Rose Fulbright LLP addressed to the Security Agent and the Agent on matters of English law, substantially in the form approved by
                      the Agent prior to signing this Note Purchase Deed.

                

        

      

      
        
          	

                	(ii)	
                  A legal opinion of the legal advisers to the Security Agent and the Agent on matters of law in each jurisdiction in which an (A) Obligor is incorporated and
                      (B) Account opened at the relevant time is established, substantially in the form approved by the Agent prior to signing this Note Purchase Deed.

                

        

      

      
        
          	

                	(iii)	
                  A legal opinion of the legal advisers to the Security Agent and the Agent in each jurisdiction (other than England and Wales) in which is or is to be the
                      Flag State of the Collateral Ship, substantially in the form approved by the Agent prior to signing this Note Purchase Deed.

                

        

      

      
        
          	

                	(c)	
                  Other documents and evidence:

                

        

      

      
        
          	

                	(i)	
                  Evidence that any process agent referred to in clause 28.2 (Service

                        of process) or any equivalent provision of any other Finance Document entered into on or before the date of this Note Purchase Deed, if not an Original Obligor, has accepted its appointment.

                

        

      

      
        
          	

                	(ii)	
                  A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary (if it has notified the Issuer
                      accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.

                

        

      

      
        8

        
          

      

      

      

      
        
          	

                	(d)	
                  Collateral documents: each Collateral Document (and
                      any notices and acknowledgements thereunder) are duly executed.

                

        

      

      
        
          	

                	(e)	
                  Delivery and registration of Ship: evidence that the
                      relevant Ship:

                

        

      

      
        
          	

                	(i)	
                  is legally and beneficially owned by the Guarantor and registered in the name of the Guarantor through the Registry as a ship under the laws and flag of the
                      Flag State;

                

        

      

      
        
          	

                	(ii)	
                  is classed with the Classification free of all requirements and recommendations of the Classification Society;

                

        

      

      
        
          	

                	(iii)	
                  is insured in the manner required by the Finance Documents;

                

        

      

      
        
          	

                	(iv)	
                  has been delivered, and accepted for service, under its Charter; and

                

        

      

      
        
          	

                	(v)	
                  is free of any other charter commitment which would require approval under the Finance Documents.

                

        

      

      
        
          	

                	(f)	
                  Mortgage registration: evidence that the Mortgage
                      has been registered against the Collateral Ship through the Registry under the laws and flag of the Flag State.

                

        

      

      
        
          	

                	(g)	
                  Insurance: in relation to the Insurances:

                

        

      

      
        
          	

                	(i)	
                  an opinion from insurance consultants appointed by the Agent on such Insurances;

                

        

      

      
        
          	

                	(ii)	
                  evidence that such Insurances have been placed in accordance with paragraph 6 (Insurance) of Schedule 4 (Covenants of the Obligors); and

                

        

      

      
        
          	

                	(iii)	
                  evidence that approved brokers, insurers and/or associations have issued or will issue letters of undertaking in favour of the Security Agent in an approved
                      form in relation to the Insurances.

                

        

      

      
        
          	

                	(h)	
                  ISM and ISPS Code: copies of:

                

        

      

      
        
          	

                	(i)	
                  the document of compliance issued in accordance with the ISM Code to the person who is the operator of the Collateral Ship for the purposes of that code;

                

        

      

      
        
          	

                	(ii)	
                  the safety management certificate in respect of the Collateral Ship issued in accordance with the ISM Code;

                

        

      

      
        
          	

                	(iii)	
                  the international ship security certificate in respect of the Collateral Ship issued under the ISPS Code; and

                

        

      

      
        9

        
          

      

      

      

      
        
          	

                	(iv)	
                  if so requested by the Agent, any other certificates issued under any applicable code required to be observed by the Collateral Ship or in relation to its
                      operation under any applicable law.

                

        

      

      
        
          	

                	(i)	
                  Deed of Amendment: the Deed of Amendment to the
                      Subordination Deed duly executed by all parties to it.

                

        

      

      
        
          	

                	(j)	
                  Management Agreement: where a manager of the
                      Collateral Ship has been approved in accordance with paragraph 4.9 (Manager) of Schedule 4 (Covenants of the Obligors), a copy, certified by an approved person to be a true and complete copy, of the agreement between the Guarantor and the manager
                      relating to the appointment of the manager.

                

        

      

      
        
          	

                	(k)	
                  Bank Account: evidence that any Account required to
                      be established under paragraph 8 (Bank accounts) of Schedule 4 (Covenants of the Obligors), has been opened and established by the Issuer and the Guarantor, respectively, that any Account Security in respect of each such Account has been executed and
                      delivered by the Issuer and the Guarantor, respectively, and that any notice required to be given to an Account Bank under that Account Security has been given to it and acknowledged by it in the manner required by that Account
                      Security and that an amount has been credited to it.

                

        

      

      
        
          	

                	(l)	
                  Know your customer information: such documentation
                      and information as any Finance Party may reasonably request through the Agent to comply with “know your customer” or similar identification procedures under all laws and regulations applicable to that Finance Party.

                

        

      

      
        
          	

                	(m)	
                  Disclosed persons: evidence in form and substance
                      satisfactory to the Agent of who are the persons controlling the Issuer as at the date of this Note Purchase Deed, including written evidence of their identity.

                

        

      

      
        
          	

                	(n)	
                  Post-delivery financing: evidence in form and
                      substance satisfactory to the Agent of the Issuer having agreed with third party financiers committed post-delivery financing for the Eco California Ship and the Eco Marina Del Ray Ship.

                

        

      

      
        
          	

                	(o)	
                  Family Trading Facility: evidence in form and
                      substance satisfactory to the Agent, which shall include a certified true and complete copy of the Family Trading Facility agreement, that under the terms of the Family Trading Facility agreement the Issuer:

                

        

      

      
        
          	

                	(i)	
                  can draw an amount in dollars of not less than $25,000,000 at any time;

                

        

      

      
        
          	

                	(ii)	
                  cannot repay the Family Trading Facility before the Final Maturity Date,

                

        

      

      
        10

        
          

      

      

      

      save as otherwise permitted in this Note Purchase Deed (including, for the avoidance of doubt, as set
          out in paragraph 9.12 (Family Trading Facility) of Schedule 4 (Covenants of the Obligors).

      
        
          	

                	(p)	
                  No Default or Event of Default under Existing Loan Facility:
                      no Default or Event of Default (each as defined in the Existing Loan Facility) under the Existing Loan Facility has occurred and no event exists, or would occur from the issuance of the Notes.

                

        

      

      
        
          	

                	(q)	
                  Representations: all of the representations set out
                      in Schedule 3 (Representations and Warranties of the Obligors) are true.

                

        

      

      
        
          	7.2	
                  Notice of satisfaction of conditions

                

        

      

      The Agent shall notify the Note Purchasers and the Issuer promptly after receipt by it of the
          documents and evidence referred to in clause 7.1 (Conditions Precedent to Issue of Notes) in form and substance satisfactory to it. Other than
          to the extent that the Note Purchasers notify the Agent in writing to the contrary before the Agent gives any such notification, the Note Purchasers authorise (but do not require) the Agent to give that notification. The Agent shall not be liable
          for any damages, costs or losses whatsoever as a result of giving any such notification.

      
        
          	7.3	
                  Waiver

                

        

      

      The Finance Parties acting collectively may waive compliance with the whole or any part of this
          clause 7 (Conditions Precedent).

      
        
          	8.	
                  Interest and Redemption

                

        

      

      
        
          	8.1	
                  Interest

                

        

      

      
        
          	

                	(a)	
                  Interest Payment Date: Each Note bears interest on
                      its Principal Balance from (and including) the Closing Date, payable in arrear in US Dollars on each Interest Payment Date for the relevant Interest Period; provided that the first Interest Payment Date shall be 4 June 2019 for the
                      first Interest Period.

                

        

      

      
        
          	

                	(b)	
                  Interest Periods: Each Interest Period shall have a
                      duration of three months and shall begin on the day immediately following the last day of the immediately preceding Interest Period, provided that:

                

        

      

      
        
          	

                	(i)	
                  the first Interest Period shall begin on the Closing Date and end on 4 June 2019; and

                

        

      

      
        
          	

                	(ii)	
                  no Interest Period shall extend beyond the Final Maturity Date.

                

        

      

      
        11

        
          

      

      

      

      
        
          	

                	(c)	
                  Interest Rate: The rate of interest payable from
                      time to time in respect of the Principal Balance of each Note (the Interest Rate) for each Interest Period is the percentage rate
                      per annum which is aggregate of the applicable:

                

        

      

      
        
          	

                	(i)	
                  Margin; and

                

        

      

      
        
          	

                	(ii)	
                  LIBOR for the relevant Interest Period.

                

        

      

      
        
          	

                	(d)	
                  Determination of Rates of Interest and Interest Amounts: With

                      respect to the Notes, the Agent shall, on each Determination Date, determine and by no later than 11:00 a.m. notify to the Issuer:

                

        

      

      
        
          	

                	(i)	
                  the Interest Rate applicable with respect to the Principal Balance of each Note for the relevant Interest Period;

                

        

      

      
        
          	

                	(ii)	
                  the aggregate amount of interest due on the Principal Balance of each Note for the relevant Interest Period which shall be an amount equal to:

                

        

      

      
        
          	

                	(A)	
                  an amount equal to the product of (1) the Interest Rate applicable to such Principal Balance and (2) the Principal Balance of such Note on the first day of
                      the relevant Interest Period (after giving effect to any Note principal payments made on that date),

                

        

      

      divided by

      
        
          	

                	(B)	
                  the applicable Day Count Convention (the Interest Amount).

                

        

      

      The resulting figure shall be rounded up to the nearest US Dollar; and

      
        
          	

                	(iii)	
                  any fees payable to each Note Purchaser (including pursuant to clause 8.2(k) (Termination Fee) below) or otherwise payable to Amsterdam Trade Bank N.V. in any other capacity under the Finance Documents.

                

        

      

      
        
          	

                	(e)	
                  Default Interest

                

        

      

      
        
          	

                	(i)	
                  If an Obligor fails to pay any amount payable by it under a Finance Document to a Finance Party on its due date, interest shall accrue on the overdue amount
                      from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to sub-clause 8.1(e)(iii) below, is 2 per cent per annum higher than the rate which would have been payable if the overdue
                      amount had, during the period of non-payment, constituted a Note for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).

                

        

      

      
        12

        
          

      

      

      

      
        
          	

                	(ii)	
                  Any interest accruing under this clause 8.1(e) shall be immediately payable by the Obligor on demand by the Agent.

                

        

      

      
        
          	

                	(iii)	
                  If any overdue amount consists of all or part of a Note which became due on a day which was not the last day of an Interest Period relating to that Note:

                

        

      

      
        
          	

                	(A)	
                  the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Note;
                      and

                

        

      

      
        
          	

                	(B)	
                  the rate of interest applying to the overdue amount during that first Interest Period shall be 2 per cent per annum higher than the rate which would have
                      applied if the overdue amount had not become due.

                

        

      

      
        
          	

                	(iv)	
                  Default interest payable under this clause 8.1(e) (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each
                      Interest Period applicable to that overdue amount but will remain immediately due and payable.

                

        

      

      
        
          	

                	(f)	
                  Changes to the calculation of interest

                

        

      

      
        
          	

                	(i)	
                  Unavailability of Screen Rate: If no Screen Rate is available for LIBOR for an Interest Period, LIBOR shall be the Interpolated Screen Rate for a period
                      equal in length to that Interest Period. If no Screen Rate is available for LIBOR for (A) dollars or (B) the relevant Interest Period and it is not possible to calculate the Interpolated Screen Rate, there shall be no LIBOR for that
                      Interest Period and sub-clause 8.1(f)(iii) shall apply for that interest period.

                

        

      

      
        
          	

                	(ii)	
                  Market disruption: If before close of business in London on the Determination Date for an Interest Period the Agent receives notifications from a Note
                      Purchaser that the cost to it of funding its participation in that Note from whatever source it may reasonably select would be in excess of LIBOR then sub-clause 8.1(f)(iii) shall apply to that Note for the relevant Interest Period.

                

        

      

      
        
          	

                	(iii)	
                  Cost of funds:

                

        

      

      
        
          	

                	(A)	
                  If this sub-clause 8.1(f)(iii) applies, the Interest Rate on the Note for the Interest Period shall be the percentage rate per annum which is the sum of:

                

        

      

      
        
          	

                	(1)	
                  the Margin; and

                

        

      

      
        
          	

                	(2)	
                  the rate notified to the Agent by that Note Purchaser as soon as practicable and in any event within ten Business Days of the first day of that Interest
                      Period (or, if earlier, on the date falling ten Business

                

        

      

      
        13

        
          

      

      

      

      Days before the date on which interest is due to be paid in respect of that
          Interest Period), to be that which expresses as a percentage rate per annum the cost to the relevant Note Purchaser of funding its participation in that Note from whatever source it may reasonably select.

      
        
          	

                	(B)	
                  If this sub-clause 8.1(f)(iii) applies and the Agent or the Issuer so require, the Agent and the Issuer shall enter into negotiations (for a period of not
                      more than 30 days) with a view to agreeing a substitute basis for determining the Interest Rate.

                

        

      

      
        
          	

                	(C)	
                  Any alternative basis agreed pursuant to sub-clause 8.1(f)(iii)(A)(2) above shall, with the prior written consent of all of the Note Purchasers and the
                      Issuer, be binding on the Parties.

                

        

      

      
        
          	

                	(D)	
                  If this sub-clause 8.1(f)(iii) applies pursuant to sub-clause 8.1(f)(ii) above, and: (A) a Note Purchaser’s Funding Rate is less than LIBOR; or (B) a Note
                      Purchaser does not supply a quotation by the time specified in sub-clause 8.1(f)(iii)(B) above, the cost to that Note Purchaser of funding its participation in the Notes for that Interest Period shall be deemed, for the purposes of
                      sub-clause 8.1(f)(iii)(A)(1) above, to be LIBOR.

                

        

      

      
        
          	

                	(iv)	
                  Notification to the Issuer: if sub-clause 8.1(f)(iii) above applies, the Agent shall, as soon as is practicable, notify the Issuer and provide to the Issuer
                      evidence of the cost in relation to a Note Purchaser of funding its participation in the Notes for the purpose of determining the Interest Rate under sub-clause 8.1(f)(iii)(D) (such evidence to not be contested by the Issuer).

                

        

      

      
        
          	

                	(v)	
                  Break Costs:

                

        

      

      
        
          	

                	(A)	
                  The Issuer shall, within five Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a
                      Note being paid by the Issuer on a day other than the last day of an Interest Period for such Note.

                

        

      

      
        
          	

                	(B)	
                  Each Note Purchaser shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount and basis of
                      calculation of its Break Costs for any Interest Period in which they accrue.

                

        

      

      
        
          	8.2	
                  Redemption

                

        

      

      
        14

        
          

      

      

      

      
        
          	

                	(a)	
                  Final Redemption: Unless previously redeemed in full
                      and cancelled, each Note will be redeemed at its Principal Balance, together with interest accrued thereon, on its Final Maturity Date, subject as provided in this clause 8.2 (Redemption).

                

        

      

      The Issuer may not redeem the Notes in whole or in part prior to that date
          except as provided in this clause 8.2 (Redemption).

      
        
          	

                	(b)	
                  Mandatory Redemption: if after the date of this Note
                      Purchase Deed, the Issuer:

                

        

      

      
        
          	

                	(i)	
                  raises equity capital from its shareholders (other than by means of converting any then current Financial Indebtedness, excluding any Notes issued pursuant
                      to this Note Purchase Deed, into common shares in the Issuer or preferred shares in the Issuer not paying any cash dividend) or otherwise, it shall make a prepayment of the Notes in an aggregate amount in dollars equal to the lesser
                      of (A) the Principal Balance outstanding of the Notes at the time and (B) the higher of (I) 25 per cent of the equity capital so raised and (II) the amount by which the Family Trading Facility is reduced by the proceeds of any such
                      equity capital so raised; or

                

        

      

      
        
          	

                	(ii)	
                  incurs any Financial Indebtedness (other than (A) from its shareholders, (B) debt finance incurred for the sole purpose of refinancing any existing
                      indebtedness of the Group and secured by means of a mortgage over a Fleet Vessel and (C) debt finance incurred for the purposes of paragraph 9.13 (Capital Expenditures) of Schedule 4 (Covenants of the Obligors), it shall make a prepayment of the Notes in an
                      aggregate amount equal to the lesser of (I) the Principal Balance of the Notes outstanding at the time and (II) the Financial Indebtedness so incurred.

                

        

      

      Each such prepayment shall be made rateably among the Note Purchasers. Any
          redemption under this clause 8.2(b) (Mandatory Redemption) shall reduce the Principal Balance outstanding of the Notes rateably. Where such
          prepayment is pursuant to clause 8.2(b)(i) above, the Issuer shall make a written offer to the Note Purchasers to apply the redemption monies in respect of the relevant Notes in subscription or purchase of further equity capital on the same terms
          as the offer to shareholders. The Note Purchasers shall notify the Issuer in writing within 5 Business Days of receipt of the terms of the offer as to whether they wish to accept in whole or in part.

      
        
          	

                	(c)	
                  Optional Redemption for tax gross-up or increased costs:
                      If:

                

        

      

      
        
          	

                	(i)	
                  any sum payable for any Note Purchaser by an Obligor is required to be increased under clause 9.2 (Tax gross-up); or

                

        

      

      
        
          	

                	(ii)	
                  any Note Purchaser claims indemnification from the Issuer under clause 9.3 (Tax indemnity) or clause 10 (Increased Costs),

                

        

      

      
        15

        
          

      

      

      

      the Issuer may, on the first Interest Payment Date to occur at least 30 days after the date on
          which the Agent confirms to the Issuer that they are satisfied that such event has occurred, redeem all, but not some only, of the Notes at their Principal Balance together with interest and other amounts (if any) accrued to the date fixed for
          redemption (which must be an Interest Payment Date); provided that:

      
        
          	

                	(A)	
                  the Issuer has given not more than 30 nor less than 20 days’ notice to the Registrar, the Agent and the Note Purchaser(s); and

                

        

      

      
        
          	

                	(B)	
                  the Issuer has delivered to the Agent prior to the giving of the notice referred to it sub-clause 8.2(c)(i) a certificate signed by two directors of the
                      Issuer to the effect that it will have sufficient funds, not subject to the interest of any other person, available to pay the Principal Balance of all the Notes together with interest and other amounts accrued to the date fixed for
                      redemption and to discharge any amounts required under the Pre-Enforcement Payment Mechanics to be paid in priority to, or pari passu with, the Notes on the date fixed for redemption.

                

        

      

      
        
          	

                	(d)	
                  Optional Redemption in Full: The Issuer may redeem
                      all, but not some only, of the Notes at their Principal Balance together with interest and other amounts (if any) accrued to the date fixed for redemption (which must be an Interest Payment Date); provided that:

                

        

      

      
        
          	

                	(i)	
                  the Issuer has given not more than 30 nor less than 20 days’ notice to the Registrar, the Agent and the Note Purchaser(s);

                

        

      

      
        
          	

                	(ii)	
                  the Issuer has delivered to the Agent prior to the giving of the notice referred to it sub-clause 8.2(d)(i) a certificate signed by two directors of the
                      Issuer to the effect that it will have sufficient funds, not subject to the interest of any other person, available to pay the Principal Balance of all the Notes together with interest and other amounts if any, accrued to the date
                      fixed for redemption and to discharge any amounts required under the Pre-Enforcement Payment Mechanics to be paid in priority to, or pari passu with, the Notes on the date fixed for redemption.

                

        

      

      
        
          	

                	(e)	
                  Optional Redemption in Part: The Issuer may prepay
                      the Principal Balance of the Notes in part on any Interest Payment Date; provided that:

                

        

      

      
        
          	

                	(i)	
                  the Principal Balance after giving effect to such redemption is at least $500,000 and in multiples of $500,000;

                

        

      

      
        
          	

                	(ii)	
                  the Issuer notifies the Agent of the principal amount of such prepayment by no later than two (2) Business Days prior to the relevant Interest Payment Date;
                      and

                

        

      

      
        16

        
          

      

      

      

      
        
          	

                	(iii)	
                  the Issuer has delivered to the Agent prior to the giving of the notice referred to it sub-clause 8.2(e)(i) a certificate to the effect that the Issuer will
                      have sufficient funds, not subject to the interest of any other person, available to pay the Principal Balance of such prepayment together with interest and other amounts, if any, accrued to the date fixed for redemption and to
                      discharge any amounts required under the Pre-Enforcement Payment Mechanics to be paid in priority to, or pari passu with, such prepayment on the date fixed for redemption.

                

        

      

      Each such notice shall (x) specify the aggregate amount and currency of the
          prepayment to be made and (y) specify the Interest Payment Date on which the Issuer will make such prepayment. Each such prepayment shall be made rateably among the Note Purchasers. Any redemption under this clause 8.2(e) (Optional Redemption in Part) shall reduce the Principal Balance outstanding of the Notes rateably.

      
        
          	

                	(f)	
                  Redemption due to Illegality: If, in any applicable
                      jurisdiction, it becomes unlawful for a Note Purchaser to perform any of its obligations as contemplated by this Note Purchase Deed or to hold the Notes or it becomes unlawful for any Affiliate of a Note Purchaser for that Note
                      Purchaser to do so:

                

        

      

      
        
          	

                	(i)	
                  that Note Purchaser shall promptly notify the Agent upon becoming aware of that event;

                

        

      

      
        
          	

                	(ii)	
                  upon the Agent notifying the Issuer, the Issuer shall repay the Principal Balance of that Note Purchaser’s Notes on the last day of the Interest Period
                      occurring after the Agent has notified the Issuer or, if earlier, the date specified by the relevant Note Purchaser in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by
                      law).

                

        

      

      
        
          	

                	(g)	
                  Note principal payments and Principal Balance: On each Determination Date, the Agent shall:

                

        

      

      
        
          	

                	(i)	
                  determine the Principal Balance of each Note after giving effect to any Note principal payment to be made on the Interest Payment Date immediately following
                      such Determination Date; and

                

        

      

      
        
          	

                	(ii)	
                  cause each determination of the Principal Balance and, if any, the amount of any Note principal payment (if any) for the Notes due on the Interest Payment
                      Date immediately following such Determination Date to be notified to the Issuer.

                

        

      

      
        
          	

                	(h)	
                  Notice of Redemption: A notice of redemption under
                      this clause 8.2 (Redemption) shall be irrevocable and the Issuer shall be bound to redeem the Notes on the relevant redemption
                      date in accordance with such notice.

                

        

      

      
        17

        
          

      

      

      

      
        
          	

                	(i)	
                  Cancellation: All Notes redeemed in full pursuant to
                      this clause 8.2 (Redemption) will be cancelled upon redemption and may not be resold or re-issued.

                

        

      

      
        
          	

                	(j)	
                  Related Payments: Each prepayment of all or a
                      portion of the Principal Balance (whether optional or mandatory) must be accompanied by a payment of any accrued and unpaid Interest Amount on the amount prepaid, and any other amounts due hereunder in respect of such prepayment or
                      otherwise due at such time.

                

        

      

      
        
          	

                	(k)	
                  Termination Fee: In the event that the Notes are
                      redeemed pursuant to clauses 8.2(d) (Optional Redemption in Full) or 8.2(e) (Optional Redemption in Part) on a date prior to the date which is six (6) months following the date of this Note Purchase Deed, the Issuer shall pay to Amsterdam Trade Bank N.V. a
                      termination fee in an amount of $52,500 on such redemption date.

                

        

      

      
        
          	9.	
                  Tax Gross-Up and Indemnities

                

        

      

      
        
          	9.1	
                  Definitions

                

        

      

      In this Note Purchase Deed:

      Protected Party means a Finance Party or, in relation to clause 11.3 (Indemnity concerning security) and clause
          11.6 (Interest) insofar as it relates to interest on any amount demanded by that Indemnified Person under clause 11.3 (Indemnity concerning security), any Indemnified Person, which is or will be subject to any liability, or required to make any payment, for or on account of Tax in
          relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.

      Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document other than a FATCA Deduction.

      Unless a contrary indication appears, in this clause 9 (Tax Gross-Up and Indemnities) a reference to determines

          or determined means a determination made in the absolute discretion of the person making the determination.

      
        
          	9.2	
                  Tax gross-up

                

        

      

      
        
          	

                	(a)	
                  Each Obligor shall make all payments to be made by it under any Finance Document without any Tax Deduction, unless a Tax Deduction is required by law.

                

        

      

      
        
          	

                	(b)	
                  The Issuer shall, promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax
                      Deduction), notify the Agent accordingly. Similarly, a Note Purchaser shall notify the Agent on becoming so aware in respect of a payment payable to that Note Purchaser. If the Agent receives such notification from a Note Purchaser it
                      shall notify the Issuer and that Obligor.

                

        

      

      
        18

        
          

      

      

      

      
        
          	

                	(c)	
                  If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor under the relevant Finance Document shall be
                      increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.

                

        

      

      
        
          	

                	(d)	
                  If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction
                      within the time allowed and in the minimum amount required by law.

                

        

      

      
        
          	

                	(e)	
                  Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall
                      deliver to the Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing
                      authority.

                

        

      

      
        
          	9.3	
                  Tax indemnity

                

        

      

      
        
          	

                	(a)	
                  Each Obligor who is a Party shall (within five Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost
                      which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

                

        

      

      
        
          	

                	(b)	
                  Clause 9.3(a) above shall not apply:

                

        

      

      
        
          	

                	(i)	
                  with respect to any Tax assessed on a Finance Party:

                

        

      

      
        
          	

                	(A)	
                  under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance
                      Party is treated as resident for tax purposes; or

                

        

      

      
        
          	

                	(B)	
                  under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that
                      jurisdiction,

                

        

      

      if that Tax is imposed on or calculated by reference to the net income received
          or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or

      
        
          	

                	(ii)	
                  to the extent a loss, liability or cost:

                

        

      

      
        
          	

                	(A)	
                  is compensated for by an increased payment under clause 9.2 (Tax gross-up); or

                

        

      

      
        
          	

                	(B)	
                  relates to a FATCA Deduction required to be made by a Party or any Obligor which is not a Party.

                

        

      

      
        19

        
          

      

      

      

      
        
          	

                	(c)	
                  A Protected Party making, or intending to make a claim under clause 9.3(a) above shall promptly notify the Agent of the event which will give, or has given,
                      rise to the claim, following which the Agent shall notify the Issuer.

                

        

      

      
        
          	

                	(d)	
                  A Protected Party shall, on receiving a payment from an Obligor under this clause 9.3 (Tax indemnity), notify the Agent.

                

        

      

      
        
          	9.4	
                  Indemnities on after Tax basis

                

        

      

      
        
          	

                	(a)	
                  If and to the extent that any sum payable to any Protected Party by the Issuer under any Finance Document by way of indemnity or reimbursement proves to be
                      insufficient, by reason of any Tax suffered thereon, for that Protected Party to discharge the corresponding liability to a third party, or to reimburse that Protected Party for the cost incurred by it in discharging the corresponding
                      liability to a third party, the Issuer shall pay that Protected Party such additional sum as (after taking into account any Tax suffered by that Protected Party on such additional sum) shall be required to make up the relevant
                      deficit.

                

        

      

      
        
          	

                	(b)	
                  If and to the extent that any sum (the Indemnity Sum)
                      constituting (directly or indirectly) an indemnity to any Protected Party but paid by the Issuer to any person other than that Protected Party, shall be treated as taxable in the hands of the Protected Party, the Issuer shall pay to
                      that Protected Party such sum (the Compensating Sum) as (after taking into account any Tax suffered by that Protected Party on the
                      Compensating Sum) shall reimburse that Protected Party for any Tax suffered by it in respect of the Indemnity Sum.

                

        

      

      
        
          	

                	(c)	
                  For the purposes of clauses 9.4(a) and 9.4(b) above, a sum shall be deemed to be taxable in the hands of a Protected Party if it falls to be taken into
                      account in computing the profits or gains of that Protected Party for the purposes of Tax and, if so, that Protected Party shall be deemed to have suffered Tax on the relevant sum at the rate of Tax applicable to that Protected
                      Party’s profits or gains for the period in which the payment of the relevant sum falls to be taken into account for the purposes of such Tax.

                

        

      

      
        
          	9.5	
                  Stamp taxes: The Issuer shall pay and, within five
                      Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

                

        

      

      
        
          	9.6	
                  Value added tax

                

        

      

      
        
          	

                	(a)	
                  All amounts expressed in a Finance Document to be payable by any party to a Finance Party which (in whole or in part) constitute the consideration for any
                      supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to clause 9.6(b) below, if VAT is or becomes chargeable on any

                

        

      

      
        20

        
          

      

      

      

      supply made by any Finance Party to any party under a Finance Document, and such Finance Party is
          required to account to the relevant tax authority for the VAT, that party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such
          Finance Party must promptly provide an appropriate VAT invoice to that party).

      
        
          	

                	(b)	
                  If VAT is or becomes chargeable on any supply made by any Finance Party (the Supplier) to any other Finance Party (the Recipient) under a Finance Document, and any party to a
                      Finance Document other than the Recipient (the Subject Party) is required by the terms of any Finance Document to pay an amount
                      equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

                

        

      

      
        
          	

                	(i)	
                  (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Subject Party must also pay to the Supplier (at the
                      same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this sub-clause 9.6(b)(i) applies) promptly pay to the Subject Party an amount equal to any credit or repayment the
                      Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and

                

        

      

      
        
          	

                	(ii)	
                  (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Subject Party must promptly, following demand from the
                      Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in
                      respect of that VAT.

                

        

      

      
        
          	

                	(c)	
                  Where a Finance Document requires any party to it to reimburse or indemnify a Finance Party for any cost or expense, that party shall reimburse or indemnify
                      (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT save to the extent that such Finance Party reasonably determines that it is entitled to credit or
                      repayment in respect of such VAT from the relevant tax authority.

                

        

      

      
        
          	

                	(d)	
                  Any reference in this clause 9.6 (Value added tax)
                      to any party shall, at any time when such party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the representative member of such group at such
                      time (the term representative member to have the same meaning as in the Value Added Tax Act 1994).

                

        

      

      
        
          	

                	(e)	
                  In relation to any supply made by a Finance Party to any party under a Finance Document, if reasonably requested by such Finance Party, that party must
                      promptly

                

        

      

      
        21

        
          

      

      

      

      provide such Finance Party with details of that party’s VAT registration and such other information
          as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such supply.

      
        
          	9.7	
                  FATCA information

                

        

      

      
        
          	

                	(a)	
                  Subject to clause 9.7(c) below, each Party shall, within ten Business Days of a reasonable request by another Party:

                

        

      

      
        
          	

                	(i)	
                  confirm to that other Party whether it is (A) a FATCA Exempt Party; or (B) not a FATCA Exempt Party;

                

        

      

      
        
          	

                	(ii)	
                  supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for
                      the purposes of that other Party’s compliance with FATCA; and

                

        

      

      
        
          	

                	(iii)	
                  supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes
                      of that other Party’s compliance with any other law, regulation, or exchange of information regime.

                

        

      

      
        
          	

                	(b)	
                  If a Party confirms to another Party pursuant to sub-clause 9.7(a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not
                      or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

                

        

      

      
        
          	

                	(c)	
                  Sub-clause 9.7(a)(i) above shall not oblige any Finance Party to do anything, and sub-clause 9.7(a)(iii) above shall not oblige any other Party to do
                      anything, which would or might in its reasonable opinion constitute a breach of:

                

        

      

      
        
          	

                	(i)	
                  any law or regulation;

                

        

      

      
        
          	

                	(ii)	
                  any fiduciary duty; or

                

        

      

      
        
          	

                	(iii)	
                  any duty of confidentiality.

                

        

      

      
        
          	

                	(d)	
                  If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with
                      sub-clauses 9.7(a)(i) or 9.7(a)(ii) above (including, for the avoidance of doubt, where sub-clause 9.7(c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is
                      not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

                

        

      

      
        22

        
          

      

      

      

      
        
          	

                	(e)	
                  If the Issuer is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any other applicable law or regulation require it,
                      each Note Purchaser shall, within ten Business Days of:

                

        

      

      
        
          	

                	(i)	
                  where the Issuer is a US Tax Obligor and the Note Purchaser is the Original Note Purchaser, the date of this Note Purchase Deed;

                

        

      

      
        
          	

                	(ii)	
                  where the Issuer is a US Tax Obligor on a date on which any other Note Purchaser becomes a Party as a Note Purchaser, that date; or

                

        

      

      
        
          	

                	(iii)	
                  where the Issuer is not a US Tax Obligor, the date of a request from the Agent, 

                   

                    

                  supply to the Agent:

                

        

      

      
        
          	

                	(A)	
                  a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

                

        

      

      
        
          	

                	(B)	
                  any withholding statement or other document, authorisation or waiver as the Agent may require to certify or establish the status of such Note Purchaser
                      under FATCA or that other law or regulation.

                

        

      

      
        
          	

                	(f)	
                  The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Note Purchaser pursuant to
                      clause 9.7(e) above to the Issuer.

                

        

      

      
        
          	

                	(g)	
                  If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent by a Note Purchaser pursuant to clause 9.7(e)
                      above is or becomes materially inaccurate or incomplete, that Note Purchaser shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is
                      unlawful for the relevant Note Purchaser to do so (in which case the relevant Note Purchaser shall promptly notify the Agent). The Agent shall provide any such updated withholding certificate, withholding statement, document,
                      authorisation or waiver to the Issuer.

                

        

      

      
        
          	

                	(h)	
                  The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Note Purchaser pursuant to
                      clauses 9.7(e) or 9.7(g) above without further verification. The Agent shall not be liable for any action taken by it under or in connection with clauses 9.7(e), 9.7(f) or 9.7(g) above.

                

        

      

      
        
          	10.	
                  Increased Costs

                

        

      

      
        
          	10.1	
                  Increased costs

                

        

      

      
        23

        
          

      

      

      

      
        
          	

                	(a)	
                  Subject to clause 10.3 (Exceptions), the Issuer
                      shall, within five (5) Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Cost incurred by that Finance Party or any of its Affiliates which:

                

        

      

      
        
          	

                	(i)	
                  arises as a result of (A) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (B)
                      compliance with any law or regulation made after the date of this Note Purchase Deed; and/or

                

        

      

      
        
          	

                	(ii)	
                  is a Basel III Increased Cost; and/or

                

        

      

      
        
          	

                	(iii)	
                  is a Reformed Basel III Increased Cost.

                

        

      

      
        
          	

                	(b)	
                  In this Note Purchase Deed, Increased Costs means:

                

        

      

      
        
          	

                	(i)	
                  a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s) overall capital;

                

        

      

      
        
          	

                	(ii)	
                  an additional or increased cost; or

                

        

      

      
        
          	

                	(iii)	
                  a reduction of any amount due and payable under any Finance Document,

                

        

      

      which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is
          attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.

      
        
          	10.2	
                  Increased cost claims

                

        

      

      
        
          	

                	(a)	
                  A Finance Party intending to make a claim pursuant to clause 10.1 (Increased costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Issuer.

                

        

      

      
        
          	

                	(b)	
                  Each Finance Party shall, as soon as practicable after a demand by the Agent and/or the Issuer through the Agent, provide a certificate confirming the
                      amount of its Increased Costs and the basis of calculation of such amount.

                

        

      

      
        
          	10.3	
                  Exceptions

                

        

      

      
        
          	

                	(a)	
                  Clause 10.1 (Increased costs) does not apply to the
                      extent any Increased Cost is:

                

        

      

      
        
          	

                	(i)	
                  attributable to a Tax Deduction required by law to be made by an Obligor;

                

        

      

      
        
          	

                	(ii)	
                  attributable to a FATCA Deduction required to be made by a Party;

                

        

      

      
        24

        
          

      

      

      

      
        
          	

                	(iii)	
                  compensated for by clause 9.3 (Tax indemnity) (or
                      would have been compensated for under clause 9.3 (Tax indemnity) but was not so compensated solely because any of the exclusions
                      in clause 9.3(b) (Tax indemnity) applied);

                

        

      

      
        
          	

                	(iv)	
                  compensated for by the payment to a Note Purchaser under clause 11.9 (Mandatory Cost); and

                

        

      

      
        
          	

                	(v)	
                  attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

                

        

      

      
        
          	

                	(b)	
                  In clause 10.3(a) above, a reference to a Tax Deduction has the same meaning given to the term in clause 9.1 (Definitions).

                

        

      

      
        
          	11.	
                  Other Indemnities

                

        

      

      
        
          	11.1	
                  Other Indemnities

                

        

      

      The Issuer shall, within five Business Days of demand by a Finance Party, indemnify each Finance
          Party against any and all Losses incurred by that Finance Party as a result of:

      
        
          	

                	(a)	
                  the occurrence of any Event of Default; or

                

        

      

      
        
          	

                	(b)	
                  a Note (or part of a Note) not being prepaid in accordance with a notice of prepayment given by the Issuer.

                

        

      

      
        
          	11.2	
                  Indemnity to the Agent and the Security Agent

                

        

      

      The Issuer shall promptly indemnify the Agent and the Security Agent against:

      
        
          	

                	(a)	
                  any and all Losses (together with any applicable VAT) incurred by the Agent or the Security Agent (acting reasonably) as a result of:

                

        

      

      
        
          	

                	(i)	
                  investigating any event which it reasonably believes is a Default;

                

        

      

      
        
          	

                	(ii)	
                  acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;

                

        

      

      
        
          	

                	(iii)	
                  instructing lawyers, accountants, tax advisers, insurance consultants, ship managers, valuers, surveyors or other professional advisers or experts as
                      permitted under the Finance Documents; or

                

        

      

      
        
          	

                	(iv)	
                  any action taken by the Agent or the Security Agent or any of its or their representatives, agents or contractors in connection with any powers conferred by
                      any Security Document to remedy any breach of any Obligor’s obligations under the Finance Documents, and

                

        

      

      
        25

        
          

      

      

      

      
        
          	

                	(b)	
                  any and all Losses (including, without limitation, in respect of liability for negligence or any other category of liability whatsoever) (together with any
                      applicable VAT) incurred by the Agent or the Security Agent (otherwise than by reason of the Agent’s or the Security Agent’s gross negligence or wilful misconduct).

                

        

      

      
        
          	11.3	
                  Indemnity concerning security

                

        

      

      
        
          	

                	(a)	
                  The Issuer shall (or shall procure that another Obligor will) promptly indemnify each Indemnified Person against any and all Losses (together with any
                      applicable VAT) incurred by it as a result of:

                

        

      

      
        
          	

                	(i)	
                  any failure by the Issuer to comply with its obligations under clause 13 (Costs and Expenses) or any similar provision in any other Finance Document;

                

        

      

      
        
          	

                	(ii)	
                  acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;

                

        

      

      
        
          	

                	(iii)	
                  the taking, holding, protection or enforcement of the Transaction Security;

                

        

      

      
        
          	

                	(iv)	
                  the exercise or purported exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and/or any other Finance
                      Party and each Receiver and each Delegate by the Finance Documents or by law (otherwise, in each case, than by reason of the relevant Security Agent’s and/or other Finance Party’s, Receiver’s or Delegate’s gross negligence or wilful
                      misconduct);

                

        

      

      
        
          	

                	(v)	
                  any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents;

                

        

      

      
        
          	

                	(vi)	
                  any claim (whether relating to the environment or otherwise) made or asserted against the Indemnified Person which would not have arisen but for the
                      execution or enforcement of one or more Finance Documents (unless and to the extent it is caused by the gross negligence or wilful misconduct of that Indemnified Person);

                

        

      

      
        
          	

                	(vii)	
                  instructing lawyers, accountants, tax advisers, insurance consultants, ship managers, valuers, surveyors or other professional advisers or experts as
                      permitted under the Finance Documents; or

                

        

      

      
        
          	

                	(viii)	
                  (in the case of the Security Agent and/or any other Finance Party, any Receiver and any Delegate) acting as Security Agent and/or as holder of any of the
                      Transaction Security, Receiver or Delegate under the Finance Documents or which otherwise relates to the Charged Property (otherwise, in each case, than by reason

                

        

      

      
        26

        
          

      

      

      

      of the relevant Security Agent’s and/or other Finance Party’s, Receiver’s or Delegate’s gross
          negligence or wilful misconduct).

      
        
          	

                	(b)	
                  The Security Agent may, in priority to any payment to the other Finance Parties, indemnify itself out of the Charged Property in respect of, and pay and
                      retain, all sums necessary to give effect to the indemnity in this clause 11.3 (Indemnity concerning security) and shall have a
                      lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all moneys payable to it.

                

        

      

      
        
          	11.4	
                  Continuation of indemnities

                

        

      

      The indemnities by the Issuer in favour of any Indemnified Persons contained in this Note Purchase
          Deed shall continue in full force and effect notwithstanding any breach by any Finance Party or the Issuer of the terms of this Note Purchase Deed, the repayment or prepayment of the Notes or the repudiation by any Finance Party or the Issuer of
          this Note Purchase Deed.

      
        
          	11.5	
                  Third Parties Act

                

        

      

      
        
          	

                	(a)	
                  Each Indemnified Person may rely on the terms of clause 11.3 (Indemnity concerning security) and clauses 9 (Tax Gross-Up and Indemnities) and 11.6 (Interest) insofar as it relates to interest on, or the calculation of, any amount demanded by that Indemnified Person under clause 11.3 (Indemnity concerning security), subject to paragraph 4 of Schedule 8 (Definitions and Interpretation) and the provisions of the Third Parties Act.

                

        

      

      
        
          	

                	(b)	
                  Where an Indemnified Person (other than a Finance Party) (the Relevant Beneficiary) who is:

                

        

      

      
        
          	

                	(i)	
                  appointed by a Finance Party under the Finance Documents;

                

        

      

      
        
          	

                	(ii)	
                  an Affiliate of any such person or that Finance Party; or

                

        

      

      
        
          	

                	(iii)	
                  an officer, director, employee, adviser, representative or agent of any of the above persons or that Finance Party,

                

        

      

      is entitled to receive any amount (a Third Party Claim) under any of the provisions referred to in clause 11.5(a) above:

      
        
          	

                	(A)	
                  the Issuer shall, at the same time as the relevant Third Party Claim is due to the Relevant Beneficiary, pay to that Finance Party a sum in the amount of
                      that Third Party Claim;

                

        

      

      
        27

        
          

      

      

      

      
        
          	

                	(B)	
                  payment of such sum to that Finance Party shall, to the extent of that payment, satisfy the corresponding obligations of the Issuer to pay the Third Party
                      Claim to the Relevant Beneficiary; and

                

        

      

      
        
          	

                	(C)	
                  if the Issuer pays the Third Party Claim direct to the Relevant Beneficiary, such payment shall, to the extent of that payment, satisfy the corresponding
                      obligations of the Issuer to that Finance Party under sub-clause 11.5(b)(iii)(A) above.

                

        

      

      
        
          	11.6	
                  Interest

                

        

      

      Moneys becoming due by the Issuer to any Indemnified Person under the indemnities contained in this
          clause 11 (Other Indemnities) or elsewhere in this Note Purchase Deed shall be paid on demand made by such Indemnified Person and shall be
          paid together with interest on the sum demanded from the date of demand therefor to the date of reimbursement by the Issuer to such Indemnified Person (both before and after judgment) at the rate referred to in clause 8.1(e) (Default Interest).

      
        
          	11.7	
                  Exclusion of liability

                

        

      

      Without prejudice to any other provision of the Finance Documents excluding or limiting the
          liability of any Indemnified Person, no Indemnified Person will be in any way liable or responsible to any Obligor (whether as mortgagee in possession or otherwise) who is a Party or is a party to a Finance Document to which this clause applies
          for any loss or liability arising from any act, default, omission or misconduct of that Indemnified Person, except to the extent caused by its own gross negligence or wilful misconduct. Any Indemnified Person may rely on this clause 11.7 (Exclusion of liability) subject to paragraph 4 of Schedule 8 (Definitions and Interpretation) and the provisions of the Third Parties Act.

      
        
          	11.8	
                  Sanctions

                

        

      

      
        
          	

                	(a)	
                  Each Obligor shall, within five Business Days of demand by a Finance Party, indemnify such Finance Party against any cost, loss or liability incurred by it
                      as a result of any civil penalty or fine against, and all costs and expenses (including counsel fees and disbursements) incurred in connection with the defence thereof by, the Agent or the relevant Finance Party as a result of conduct
                      of any Obligor or any of its partners, directors, officers, employees, agents or advisors, that violates any applicable Sanctions.

                

        

      

      
        
          	

                	(b)	
                  The indemnity in clause 11.8(a) shall cover any Losses incurred by each Finance Party in any jurisdiction arising or asserted under or in connection with
                      any law relating to any applicable Sanctions.

                

        

      

      
        
          	11.9	
                  Mandatory Cost

                

        

      

      
        28

        
          

      

      

      

      The Issuer shall, within five Business Days of demand by the Agent, pay to the Agent for the account
          of the relevant Note Purchaser, such amount which such Note Purchaser certifies in a notice to the Agent to be its good faith determination of the amount necessary to compensate it for complying with:

      
        
          	

                	(a)	
                  in the case of a Note Purchaser lending from a Facility Office in a Participating Member State, the minimum reserve requirements (or other requirements
                      having the same or similar purpose) of the European Central Bank or any other authority or agency which replaces all or any of its functions) in respect of loans made from that Facility Office; and

                

        

      

      
        
          	

                	(b)	
                  in the case of any Note Purchaser lending from a Facility Office in the United Kingdom, any reserve asset, special deposit or liquidity requirements (or
                      other requirements having the same or similar purpose) of the Bank of England (or any other governmental authority or agency) and/or paying any fees to the Financial Conduct Authority and/or the Prudential Regulation Authority (or any
                      other governmental authority or agency which replaces all or any of their functions),

                

        

      

      which is, in each case, referable to that Note Purchaser’s holding of the Note.

      
        
          	12.	
                  Mitigation by the Note Purchasers

                

        

      

      
        
          	12.1	
                  Mitigation

                

        

      

      
        
          	

                	(a)	
                  Each Finance Party shall, in consultation with the Issuer, take all reasonable steps to mitigate any circumstances which arise or any amount becoming
                      payable under or pursuant to, or cancelled pursuant to, any of, clause 9 (Tax Gross-Up and Indemnities), clause 10 (Increased Costs) or clause 11.9 (Mandatory

                        Cost) including (but not limited to) assigning its rights under the Finance Documents to another Affiliate or Facility Office.

                

        

      

      
        
          	

                	(b)	
                  Clause 12.1(a) above does not in any way limit the obligations of any Obligor under the Finance Documents.

                

        

      

      
        
          	12.2	
                  Limitation of liability

                

        

      

      
        
          	

                	(a)	
                  The Issuer shall promptly indemnify each Finance Party for all costs and expenses incurred by that Finance Party as a result of steps taken by it under
                      clause 12.1 (Mitigation).

                

        

      

      
        
          	

                	(b)	
                  A Finance Party is not obliged to take any steps under clause 12.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

                

        

      

      
        
          	13.	
                  Cost and Expenses

                

        

      

      
        
          	13.1	
                  Transaction expenses

                

        

      

      
        29

        
          

      

      

      

      The Issuer shall, promptly on demand, pay the Agent and the Security Agent the amount of all reasonable
          and documented costs and expenses (including fees, costs and expenses of lawyers, accountants, tax advisers, insurance consultants, ship managers, valuers, surveyors or other professional advisers or experts) (together with any applicable VAT)
          reasonably incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with the negotiation, preparation, printing, execution, registration and perfection and any release, discharge or reassignment
          of:

      
        
          	

                	(a)	
                  this Note Purchase Deed and any other documents referred to in this Note Purchase Deed and the Security Documents;

                

        

      

      
        
          	

                	(b)	
                  any other Finance Documents executed or proposed to be executed after the date of this Note Purchase Deed; or

                

        

      

      
        
          	

                	(c)	
                  any Security Interest expressed or intended to be granted by a Finance Document.

                

        

      

      
        
          	13.2	
                  Amendment costs

                

        

      

      If an Obligor requests an amendment, waiver or consent, the Issuer shall, within five days of demand,
          reimburse each of the Agent and the Security Agent for the amount of all reasonable and documented costs and expenses (including all reasonable and documented fees, costs and expenses of lawyers, accountants, tax advisers, insurance consultants,
          ship managers, valuers, surveyors or other professional advisers or experts) (together with any applicable VAT) reasonably incurred by the Agent and the Security Agent (and in the case of the Security Agent by any Receiver or Delegate) in
          responding to, evaluating, negotiating or complying with that request or requirement.

      
        
          	13.3	
                  Enforcement, preservation and other costs

                

        

      

      The Issuer shall, on demand by a Finance Party, pay to each Finance Party the amount of all documented
          costs and expenses (including fees, costs and expenses of lawyers, accountants, tax advisers, insurance consultants, ship managers, valuers, surveyors or other professional advisers or experts) (together with any applicable VAT) incurred by that
          Finance Party in connection with:

      
        
          	

                	(a)	
                  the enforcement of, or the preservation of any rights under, any Finance Document and the Transaction Security and any proceedings instituted by or against
                      any Indemnified Person as a consequence of taking or holding the Security Documents or enforcing those rights; or

                

        

      

      
        
          	

                	(b)	
                  any inspection carried out under paragraph 5.9 (Inspection
                        and notice of dry-docking) of Schedule 4 (Covenants of the Obligors), or any survey carried out under paragraph 5.17

                

        

      

      
        30

        
          

      

      

      

      (Survey

            report) of Schedule 4 (Covenants of the Obligors) at the times provided under each such paragraph that the relevant costs must be
          borne by the Issuer.

      
        
          	14.	
                  Guarantee and Indemnity

                

        

      

      
        
          	14.1	
                  Guarantee and indemnity

                

        

      

      The Guarantor irrevocably and unconditionally:

      
        
          	

                	(a)	
                  guarantees to the Security Agent (as trustee for the Finance Parties) and the other Finance Parties punctual performance by each other Obligor of all such
                      Obligor’s obligations under the Finance Documents;

                

        

      

      
        
          	

                	(b)	
                  undertakes with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that whenever another Obligor (other than the
                      Charterer) does not pay any amount when due under or in connection with any Finance Document, it shall immediately on demand pay that amount as if it was the principal obligor; and

                

        

      

      
        
          	

                	(c)	
                  agrees with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that if any obligation guaranteed by it is or becomes
                      unenforceable, invalid or illegal, it will, as an independent and primary obligation indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of another Obligor (other than the
                      Charterer) not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by such Obligor under any Finance Document on the date when it would have been due. The amount payable by the
                      Guarantor under this indemnity will not exceed the amount the Guarantor would have had to pay under this clause 14.1 (Guarantee and
                        indemnity) if the amount claimed had been recoverable on the basis of a guarantee.

                

        

      

      
        
          	14.2	
                  Continuing guarantee

                

        

      

      This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by
          any Obligor (other than the Charterer) under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.

      
        
          	14.3	
                  Reinstatement

                

        

      

      If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or
          any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or
          otherwise, without limitation, then the liability of the Guarantor under this clause 14 (Guarantee and Indemnity) will continue or be
          reinstated as if the discharge, release or arrangement had not occurred.

      
        31

        
          

      

      

      

      
        
          	14.4	
                  Waiver of defences

                

        

      

      The obligations of the Guarantor under this clause 14 (Guarantee and Indemnity) will not be affected by an act, omission, matter or thing (whether or not known to it or any Finance Party) which, but for this clause 14 (Guarantee and Indemnity), would reduce, release or prejudice any of its obligations under this clause 14 (Guarantee and Indemnity) including (without limitation):

      
        
          	

                	(a)	
                  any time, waiver or consent granted to, or composition with, any Obligor or other person;

                

        

      

      
        
          	

                	(b)	
                  the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any other Obligor;

                

        

      

      
        
          	

                	(c)	
                  the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security
                      over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

                

        

      

      
        
          	

                	(d)	
                  any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person;

                

        

      

      
        
          	

                	(e)	
                  any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or
                      any other document or security including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;

                

        

      

      
        
          	

                	(f)	
                  any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or

                

        

      

      
        
          	

                	(g)	
                  any insolvency or similar proceedings.

                

        

      

      
        
          	14.5	
                  Guarantor’s intent

                

        

      

      Without prejudice to the generality of clause 14.4 (Waiver of defences), the Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or
          addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents.

      
        
          	14.6	
                  Immediate recourse

                

        

      

      The Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or
          agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Guarantor under this clause 14 (Guarantee

      
        32

        
          

      

      

      

      and
            Indemnity). This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

      
        
          	14.7	
                  Appropriations

                

        

      

      Until all amounts which may be or become payable by the Obligors (other than the Charterer) under or
          in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may:

      
        
          	

                	(a)	
                  refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in
                      respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and

                

        

      

      
        
          	

                	(b)	
                  hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability under this clause 14 (Guarantee and Indemnity).

                

        

      

      
        
          	14.8	
                  Deferral of Guarantor’s rights

                

        

      

      
        
          	

                	(a)	
                  Until all amounts which may be or become payable by the Obligors (other than the Charterer) under or in connection with the Finance Documents have been
                      irrevocably paid in full and unless the Agent otherwise directs, the Guarantor will not exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount
                      being payable, or liability arising, under this clause 14 (Guarantee and Indemnity):

                

        

      

      
        
          	

                	(i)	
                  to be indemnified by another Obligor;

                

        

      

      
        
          	

                	(ii)	
                  to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance Documents;

                

        

      

      
        
          	

                	(iii)	
                  to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or
                      of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party;

                

        

      

      
        
          	

                	(iv)	
                  to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which the Guarantor has
                      given a guarantee, undertaking or indemnity under this clause 14 (Guarantee and Indemnity);

                

        

      

      
        
          	

                	(v)	
                  to exercise any right of set-off against any other Obligor; and/or

                

        

      

      
        33

        
          

      

      

      

      
        
          	

                	(vi)	
                  to claim or prove as a creditor of any other Obligor in competition with any Finance Party.

                

        

      

      
        
          	

                	(b)	
                  If the Guarantor receives any benefit, payment or distribution in relation to such rights it will promptly pay an equal amount to the Agent for application
                      in accordance with the Payment Mechanics. This only applies until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full.

                

        

      

      
        
          	14.9	
                  Additional security

                

        

      

      This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security
          now or subsequently held by any Finance Party.

      
        
          	15.	
                  Events of Default

                

        

      

      
        
          	15.1	
                  Determination of Event of Default; Acceleration and Security
                        Enforcement

                

        

      

      
        
          	

                	(a)	
                  At any time after the occurrence of an Event of Default, the Note Purchasers may, in their absolute discretion give a notice (a Note Acceleration Notice) to the Issuer (with a copy to the Security Agent) declaring all the Notes to be due and repayable and in addition may give
                      notice to the Security Agent directing it to enforce the Security in accordance with clause 15.2 (Enforcement).

                

        

      

      
        
          	

                	(b)	
                  Upon delivery of a Note Acceleration Notice, the Principal Balance of the Notes together with accrued interest up to (but excluding) the date on which all
                      principal and interest are paid in full and all other Secured Obligations payable to any and all of the Finance Parties shall immediately become due and repayable.

                

        

      

      
        
          	15.2	
                  Enforcement

                

        

      

      At any time after a Note Acceleration Notice has been given to the Issuer (or the Principal Balance
          of the Notes has otherwise become immediately due and payable pursuant to clause 15.1 (Determination of Event of Default; Acceleration and Security
            Enforcement)), the Note Purchasers shall have the right, subject to the terms of the Security Documents, to instruct the Security Agent to take enforcement steps in relation to the Security and the Note Purchasers shall provide the
          Security Agent with all notices and demands in relation to the Notes in accordance with the Security Documents.

      
        
          	15.3	
                  Enforcement Instructions

                

        

      

      
        
          	

                	(a)	
                  The Security Agent may refrain from enforcing the Transaction Security unless instructed otherwise by Note Purchaser.

                

        

      

      
        34

        
          

      

      

      

      
        
          	

                	(b)	
                  Subject to the Transaction Security having become enforceable in accordance with its terms, the Note Purchasers may give or refrain from giving instructions
                      to the Security Agent to enforce or refrain from enforcing the Transaction Security as they see fit.

                

        

      

      
        
          	

                	(c)	
                  The Security Agent is entitled to rely on and comply with instructions given in accordance with this clause 15.3 (Enforcement Instructions).

                

        

      

      
        
          	15.4	
                  Manner of enforcement

                

        

      

      If the Transaction Security is being enforced pursuant to clause 15.3 (Enforcement Instructions), the Security Agent shall enforce the Transaction Security in such manner as the Note Purchasers shall instructor, in the absence of any such
          instructions, as the Security Agent considers in its discretion to be appropriate.

      
        
          	15.5	
                  Waiver of rights

                

        

      

      To the extent permitted under applicable law and subject to clause 15.3 (Enforcement Instructions), clause 15.4 (Manner of enforcement)
          and clause 16 (Application of Proceeds), each of the Finance Parties and the Obligors waives all rights it may otherwise have to require that
          the Transaction Security be enforced in any particular order or manner or at any particular time or that any amount received or recovered from any person, or by virtue of the enforcement of any of the Transaction Security or of any other security
          interest, which is capable of being applied in or towards discharge of any of the Secured Obligations is so applied.

      
        
          	15.6	
                  Non-petition

                

        

      

      The payment of all amounts expressed to be payable by the Issuer under and in respect of this
          Certificated Note is subject to certain limitations set out in the Transaction Documents. Each Note Purchaser shall be deemed to have notice of and be bound by all such limitations. 

      

      In particular, but without limitation, only the Security Agent may pursue the remedies available
          under the general law or under the Security Documents or any other Transaction Document to enforce Security Interests and no Note Purchaser shall be entitled to begin any insolvency proceedings directly against the Issuer to enforce Security
          Interests.

      

      
        
          	16.	
                  Application of Proceeds

                

        

      

      
        
          	16.1	
                  Order of application

                

        

      

      All Recoveries shall be held by the Security Agent on trust to apply them at any time as the
          Security Agent (in its discretion) sees fit, to the extent permitted by applicable law (and subject to the provisions of this clause 16 (Application
            of Proceeds)), in accordance with the Post-Enforcement Payment Mechanics.

      
        35

        
          

      

      

      

      
        
          	16.2	
                  Investment of cash proceeds

                

        

      

      Prior to the application of any Recoveries in accordance with clause 16.1 (Order of application) the Security Agent may, in its discretion, hold:

      
        
          	

                	(a)	
                  all or part of any Recoveries which are in the form of cash; and

                

        

      

      
        
          	

                	(b)	
                  any cash which is generated by holding, managing, exploiting, collecting, realising or disposing of any proceeds of the Security Property which are not in
                      the form of cash,

                

        

      

      in one or more interest bearing suspense or impersonal accounts in the name of the Security Agent
          with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the application from time to time of those moneys in the Security Agent’s
          discretion in accordance with the provisions of this clause 16 (Application of Proceeds).

      
        
          	16.3	
                  Currency conversion

                

        

      

      
        
          	

                	(a)	
                  For the purpose of, or pending the discharge of, any of the Secured Obligations the Security Agent may:

                

        

      

      
        
          	

                	(i)	
                  convert any moneys received or recovered by the Security Agent from one currency to another; and

                

        

      

      
        
          	

                	(ii)	
                  notionally convert the valuation provided in any opinion or valuation from one currency to another,

                

        

      

      in each case at the Security Agent’s spot rate of exchange for the purchase of that other currency
          with the currency in which the relevant moneys are received or recovered or the valuation is provided in the London foreign exchange market at or about 11:00 am (London time) on a particular day.

      
        
          	

                	(b)	
                  The obligations of any Obligor to pay in the due currency shall only be satisfied:

                

        

      

      
        
          	

                	(i)	
                  in the case of sub-clause 16.3(a)(i) above, to the extent of the amount of the due currency purchased after deducting the costs of conversion; and

                

        

      

      
        
          	

                	(ii)	
                  in the case of sub-clause 16.3(a)(ii) above, to the extent of the amount of the due currency which results from the notional conversion referred to in that
                      sub-clause.

                

        

      

      
        
          	16.4	
                  Permitted Deductions

                

        

      

      The Security Agent shall be entitled, in its discretion, (a) to set aside by way of reserve amounts
          required to meet and (b) to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required (pursuant to advice received by its advisers

      
        36

        
          

      

      

      

      (if any appointed at the time)) by any law or regulation to make from any distribution or payment
          made by it under this Note Purchase Deed, and to pay all Taxes which may be assessed against it in respect of any of the Charged Property, or as a consequence of performing its duties or exercising its rights, powers, authorities and discretions,
          or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Note Purchase Deed).

      
        
          	16.5	
                  Good discharge

                

        

      

      
        
          	

                	(a)	
                  Any distribution or payment to be made in respect of the Secured Obligations by the Security Agent may be made to the Agent on behalf of the Finance
                      Parties.

                

        

      

      
        
          	

                	(b)	
                  Any distribution or payment made as described in clause 16.5(a) above shall be a good discharge, to the extent of that payment or distribution, by the
                      Security Agent to the extent of that payment.

                

        

      

      
        
          	

                	(c)	
                  The Security Agent is under no obligation to make the payments to the Agent under clause 16.5(a) above in the same currency as that in which the Secured
                      Liabilities owing to the relevant Finance Party are denominated pursuant to the relevant Finance Document.

                

        

      

      
        
          	16.6	
                  Calculation of amounts

                

        

      

      For the purpose of calculating any person’s share of any amount payable to or by it, the Security
          Agent shall be entitled to:

      
        
          	

                	(a)	
                  notionally convert the Secured Liabilities owed to any person into a common base currency (decided in its discretion by the Security Agent), that notional
                      conversion to be made at the spot rate at which the Security Agent is able to purchase the notional base currency with the actual currency of the Secured Liabilities owed to that person at the time at which that calculation is to be
                      made; and

                

        

      

      
        
          	

                	(b)	
                  assume that all amounts received or recovered as a result of the enforcement or realisation of the Security Property are applied in discharge of the Secured
                      Liabilities in accordance with the terms of the Finance Documents under which those Secured Liabilities have arisen.

                

        

      

      
        
          	16.7	
                  Release to facilitate enforcement and realisation

                

        

      

      
        
          	

                	(a)	
                  Each Finance Party acknowledges that, for the purpose of any enforcement action by the Security Agent or a Receiver and/or maximising or facilitating the
                      realisation of the Charged Property, it may be desirable that certain rights or claims against an Obligor and/or under certain of the Transaction Security, be released.

                

        

      

      
        37

        
          

      

      

      

      
        
          	

                	(b)	
                  Each other Finance Party hereby irrevocably authorises the Security Agent (acting on the instructions of the Agent) to grant any such releases to the extent
                      necessary to effect such enforcement action and/or realisation including, to the extent necessary for such purpose, to execute release documents in the name of and on behalf of the other Finance Parties.

                

        

      

      
        
          	

                	(c)	
                  Where the relevant enforcement is by way of disposal of shares in the Issuer, the requisite release may include releases of all claims (including under
                      guarantees) of the Finance Parties and/or the Security Agent against the Issuer and of all Security Interests over the assets of the Issuer.

                

        

      

      
        
          	16.8	
                  Dealings with the Security Agent

                

        

      

      Each Finance Party shall deal with the Security Agent exclusively through the Agent.

      
        
          	16.9	
                  Disclosure between Finance Parties and Security Agent

                

        

      

      Notwithstanding any agreement to the contrary, each of the Obligors consents, as long as the Notes
          remain outstanding, to the disclosure by any Finance Party to each other (whether or not through the Agent or the Security Agent) of such information concerning the Obligors as any Finance Party shall see fit.

      
        
          	16.10	
                  Notification of prescribed events

                

        

      

      
        
          	

                	(a)	
                  If an Event of Default or Default either occurs or ceases to be continuing, the Agent shall, upon becoming aware of that occurrence or cessation, notify the
                      Security Agent.

                

        

      

      
        
          	

                	(b)	
                  If the Security Agent enforces, or takes formal steps to enforce, any of the Transaction Security it shall notify each other Finance Party of that action.

                

        

      

      
        
          	

                	(c)	
                  If any Finance Party exercises any right it may have to enforce, or to take formal steps to enforce, any of the Transaction Security it shall notify the
                      Security Agent and the Security Agent shall, upon receiving that notification, notify each other Finance Party of that action.

                

        

      

      
        
          	17.	
                  Conduct of Business by the Finance Parties

                

        

      

      
        
          	17.1	
                  Finance Parties tax affairs

                

        

      

      No provision of this Note Purchase Deed:

      
        
          	

                	(a)	
                  interferes with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

                

        

      

      
        38

        
          

      

      

      

      
        
          	

                	(b)	
                  obliges any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim;
                      or

                

        

      

      
        
          	

                	(c)	
                  obliges any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

                

        

      

      
        
          	18.	
                  Survival of Representations and Obligations

                

        

      

      The respective representations, warranties, agreements, undertakings and
          indemnities in this Note Purchase Deed shall continue in full force and effect notwithstanding completion of the arrangements for the purchase and issue of the Notes or any investigation made by or on behalf of any Finance Party or any of their
          respective controlling persons or any of their respective representatives, directors, officers, agents or employees or any of them and shall survive delivery of and payment for the Notes and/or termination or cancellation of this Note Purchase
          Deed.

      
        
          	19.	
                  Assignment and Transfers

                

        

      

      
        
          	19.1	
                  Voluntary Transfers by Note Purchasers

                

        

      

      
        
          	

                	(a)	
                  Each party hereto hereby agrees and consents that a Note Purchaser may transfer by novation any or all of its rights under, interest in, title to and
                      obligations (if any) under this Note Purchase Deed and the Notes (such Note Purchaser being the Note Transferor) to any of the
                      following persons (the Note Transferee):

                

        

      

      
        
          	

                	(i)	
                  any Affiliate of such Note Purchaser or of any Finance Party, or any Finance Party; and

                

        

      

      
        
          	

                	(ii)	
                  any bank or financial institution.

                

        

      

      Any such transfer shall only be effective if the procedures set out in clause
          19.2 (Transfer Procedure) are complied with.

      
        
          	

                	(b)	
                  Any Note Transferee shall be deemed to have irrevocably appointed the Registrar to act in accordance with clause 21.1 (Register of Notes).

                

        

      

      
        
          	

                	(c)	
                  Each Note Purchaser shall notify the Issuer of the name of each Note Transferee that will fund its purchase.

                

        

      

      
        
          	

                	(d)	
                  Neither a Note Transferor nor any other Finance Party is responsible to a Note Transferee for:

                

        

      

      
        
          	

                	(i)	
                  the execution, genuineness, validity, enforceability or sufficiency of any Transaction Documents or any other document;

                

        

      

      
        39

        
          

      

      

      

      
        
          	

                	(ii)	
                  the collectability of amounts payable under any Transaction Documents or the financial condition of or the performance of its obligations under Transaction
                      Documents by any Obligor; or

                

        

      

      
        
          	

                	(iii)	
                  the accuracy of any statements or information (whether written or oral) made in or in connection with or supplied in connection with any Transaction
                      Documents.

                

        

      

      
        
          	

                	(e)	
                  Each Note Transferee confirms to the Note Transferor and the other Finance Parties that it:

                

        

      

      
        
          	

                	(i)	
                  has made its own independent investigation and assessment of the financial condition and affairs of the Issuer and the Guarantor and their related entities
                      in connection with its participation in this Note Purchase Deed and has not relied on any information provided to it by the Note Transferor or any other Finance Party in connection with any Transaction Documents;

                

        

      

      
        
          	

                	(ii)	
                  will continue to make its own independent appraisal of the creditworthiness of the Issuer and the Guarantor and their related entities.

                

        

      

      
        
          	

                	(f)	
                  Nothing in any Transaction Documents obliges a Note Transferor to:

                

        

      

      
        
          	

                	(i)	
                  accept a re-transfer from a Note Transferee of any rights and obligations novated in accordance with this clause 19.1 (Voluntary Transfers by Note Purchasers); or

                

        

      

      
        
          	

                	(ii)	
                  support any losses incurred by the Note Transferee by reason of the nonperformance by the Issuer or the Guarantor of their respective obligations under any
                      Transaction Documents or otherwise.

                

        

      

      
        
          	

                	(g)	
                  A Note Purchaser may only transfer its rights hereunder and under the Notes by novation pursuant to this clause 19.1 (Voluntary Transfers by Note Purchasers) and clause 19.2 (Transfer

                        Procedure).

                

        

      

      
        
          	

                	(h)	
                  All costs and expenses in connection with a transfer pursuant to this clause 19.1 (Voluntary Transfers by Note Purchasers) shall be solely those of the Note Transferor and/or the Note Transferee and the Issuer shall not have any obligations to any person for any such costs and
                      expenses.

                

        

      

      
        
          	

                	(i)	
                  The Issuer and the Guarantor each agrees that in no event shall any of them provide any Note Transferee, directly or indirectly, any benefit, agreement or
                      arrangement that would be more favourable than the benefits, agreements and arrangements applicable to the existing Note Purchaser under the Transaction Documents.

                

        

      

      
        
          	19.2	
                  Transfer Procedure:

                

        

      

      
        40

        
          

      

      

      

      
        
          	

                	(a)	
                  A novation is effected if:

                

        

      

      
        
          	

                	(i)	
                  the Note Transferor and the Note Transferee deliver to the Registrar, with a copy to the Issuer and the Guarantor, a transfer notice (in the form of Appendix A to Schedule 5 (Form of
                        Deed of Accession)) attached hereto executed by the Note Transferor and the Note Transferee and a duly executed deed of accession in the form attached hereto as Schedule 5 (Form of Deed of Accession) (a Deed of Accession); and

                

        

      

      
        
          	

                	(ii)	
                  the Registrar executes the Deed of Accession.

                

        

      

      
        
          	

                	(b)	
                  To the extent that they are expressed to be the subject of the novation in the Deed of Accession:

                

        

      

      
        
          	

                	(i)	
                  the Issuer and the Note Transferor will be released from further obligations to each other under the Notes and the Transaction Documents and their
                      respective rights against one another under the Transaction Documents shall be cancelled (the Discharged Rights and Obligations);

                

        

      

      
        
          	

                	(ii)	
                  the Issuer and the Note Transferee will assume obligations towards each other and/or acquire rights against one another under the Notes and the Transaction
                      Documents which differ from the Discharged Rights and Obligations only insofar as the Issuer and the Note Transferee have assumed and/or acquired the same in place of the Issuer and the Note Transferor;

                

        

      

      
        
          	

                	(iii)	
                  each Finance Party and the Issuer, and the Note Transferee shall acquire the same rights and assume the same obligations between themselves as they would
                      have acquired and assumed had the Note Transferee been an original Note Purchaser with the rights, and/or obligations acquired or assumed by it as a result of the transfer and to that extent each Finance Party and the Issuer and the
                      Note Transferor shall each be released from further obligations to each other under the Transaction Documents; and

                

        

      

      
        
          	

                	(iv)	
                  the Note Transferor shall, if it holds Certificated Notes, deliver its relevant Note Certificates to the Registrar and the Registrar shall:

                

        

      

      
        
          	

                	(A)	
                  if the Note Transferor is transferring in whole the Principal Balance of its Notes, cancel any relevant Note Certificates and shall issue new Note
                      Certificates to the Note Transferee in a maximum amount equal to the maximum Principal Balance of such cancelled Note Certificates and the Registrar shall record such transfer and (if applicable) issue on the Register (on the date of
                      execution by it of the Deed of Accession); or

                

        

      

      
        41

        
          

      

      

      

      
        
          	

                	(B)	
                  if the Transferor is transferring part only of the Principal Balance (such part of the Principal Balance which is being transferred the Transferred Amount) of its Notes, record the new and reduced Principal Balance on the Register and (if applicable) the Note
                      Transferor’s relevant Note Certificates and shall (if applicable) issue new Note Certificates to the Note Transferee in a maximum amount equal to the Transferred Amount and the Registrar shall record a transfer of Notes with a
                      Principal Balance equal to the Transferred Amount and (if applicable) such issue on the Register (on the date of execution by it of the Deed of Accession); and

                

        

      

      
        
          	

                	(C)	
                  deliver an acknowledgments and confirmation of transfer letter (in the form of Appendix B to Schedule 5 (Form of Deed of Accession)) to the Note Transferor and Note Transferee,

                

        

      

      and the transfer shall be effective on the later of the date of execution by
          the Registrar of the Deed of Accession or, if later, the date specified in the Deed of Accession.

      
        
          	19.3	
                  Assignments and Transfer by the Issuer

                

        

      

      The Issuer may not assign, novate, sub-participate or otherwise transfer any of
          its rights or obligations hereunder.

      
        
          	19.4	
                  Registrar and Deed of Accession

                

        

      

      Upon receipt of a duly completed and executed Deed of Accession which appears
          on the face of it to comply with the terms of this Note Purchase Deed, the Registrar will execute such Deed of Accession, and notify the Issuer in writing of the accession of the relevant persons(s) to this Note Purchase Deed.

      
        
          	19.5	
                  Interpretation Following a Transfer

                

        

      

      Following a transfer which is effected in accordance with this Note Purchase
          Deed, references in this Note Purchase Deed to a Note Purchaser shall be to the relevant Note Transferee, as appropriate.

      
        
          	20.	
                  Roles of Agent, Security Agent and Registrar

                

        

      

      
        
          	20.1	
                  Appointment of the Agent, Security Agent and Registrar

                

        

      

      
        
          	

                	(a)	
                  Each other Finance Party (other than the Security Agent) appoints:

                

        

      

      
        
          	

                	(i)	
                  the Agent to act as its agent under and in connection with the Finance Documents; and

                

        

      

      
        42

        
          

      

      

      

      
        
          	

                	(ii)	
                  the Security Agent to act as its agent and as trustee under the Security Documents.

                

        

      

      
        
          	

                	(b)	
                  The Issuer appoints the Registrar to act as its agent under and in connection with this Note Purchase Deed.

                

        

      

      
        
          	20.2	
                  Security Agent as trustee

                

        

      

      The Security Agent declares that it holds the Security Property on trust for
          itself and the other Finance Parties on the terms contained in this Note Purchase Deed.

      
        
          	20.3	
                  Authorisation of the Agent, Registrar and Security Agent

                

        

      

      Each of the Finance Parties authorises the Agent, the Registrar and the
          Security Agent:

      
        
          	

                	(a)	
                  to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent, the
                      Registrar or (as the case may be) the Security Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions; and

                

        

      

      
        
          	

                	(b)	
                  to execute each of the Security Documents and all other documents that may be approved by the Note Purchasers for execution by it.

                

        

      

      
        
          	20.4	
                  Duties of the Agent and the Security Agent

                

        

      

      
        
          	

                	(a)	
                  The Agent’s, the Registrar’s and the Security Agent’s duties under the Finance Documents are solely mechanical and administrative in nature.

                

        

      

      
        
          	

                	(b)	
                  The Agent, the Registrar or (as the case may be) the Security Agent shall promptly:

                

        

      

      
        
          	

                	(i)	
                  (in the case of the Security Agent) forward to the Agent a copy of any document received by the Security Agent from any Obligor under any Finance Document;
                      and

                

        

      

      
        
          	

                	(ii)	
                  forward to a Party the original or a copy of any document which is delivered to the Agent or (as the case may be) the Security Agent for that Party by any
                      other Party.

                

        

      

      
        
          	

                	(c)	
                  Except where a Finance Document specifically provides otherwise, neither the Agent nor the Security Agent is obliged to review or check the adequacy,
                      accuracy or completeness of any document it forwards to another Party.

                

        

      

      
        
          	

                	(d)	
                  If the Agent, the Registrar or the Security Agent receives notice from a Party referring to this Note Purchase Deed, describing an Event of Default and
                      stating that the circumstance described is an Event of Default, it shall promptly notify the other Finance Parties.

                

        

      

      
        43

        
          

      

      

      

      
        
          	

                	(e)	
                  If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or the
                      Registrar or the Security Agent for their own account) under this Note Purchase Deed, it shall promptly notify the other Finance Parties.

                

        

      

      
        
          	

                	(f)	
                  The Agent, the Registrar and the Security Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents
                      to which it is expressed to be a party (and no others shall be implied).

                

        

      

      
        
          	20.5	
                  No duty to account

                

        

      

      None of the Agent, the Security Agent or the Registrar shall be bound to
          account to any other Finance Party for any sum or the profit element of any sum received by it for its own account.

      
        
          	20.6	
                  No duty to monitor

                

        

      

      Neither the Agent, the Registrar nor the Security Agent shall be bound to enquire:

      
        
          	

                	(a)	
                  whether or not any Event of Default has occurred;

                

        

      

      
        
          	

                	(b)	
                  as to the performance, default or any breach by any Party or any Obligor of its obligations under any Finance Document; or

                

        

      

      
        
          	

                	(c)	
                  whether any other event specified in any Finance Document has occurred.

                

        

      

      
        
          	20.7	
                  Exclusion of liability

                

        

      

      
        
          	

                	(a)	
                  Without limiting clause 20.7(b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the
                      Agent, the Registrar, the Security Agent, any Receiver or Delegate), none of the Agent, the Registrar, the Security Agent, any Receiver nor any Delegate will be liable (including, without limitation, for negligence or any other
                      category of liability whatsoever) for:

                

        

      

      
        
          	

                	(i)	
                  any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action
                      under or in connection with any Finance Document or the Security Property, unless directly caused by its gross negligence or wilful misconduct;

                

        

      

      
        
          	

                	(ii)	
                  exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, the Security Property
                      or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Security Property;

                

        

      

      
        44

        
          

      

      

      

      
        
          	

                	(iii)	
                  any shortfall which arises on the enforcement or realisation of the Security Property; or

                

        

      

      
        
          	

                	(iv)	
                  without prejudice to the generality of paragraphs sub-clauses (i) to (iii) above, any damages, costs, losses, any diminution in value or any liability
                      whatsoever arising as a result of:

                

        

      

      
        
          	

                	(A)	
                  any act, event or circumstance not reasonably within its control; or

                

        

      

      
        
          	

                	(B)	
                  the general risks of investment in, or the holding of assets in, any jurisdiction,

                

        

      

      including (in each case and without limitation) such damages, costs, losses,
          diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of
          transactions or the value of assets (including any Disruption Event), breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection
          or revolution; or strikes or industrial action.

      
        
          	

                	(b)	
                  No Party (other than the Agent, the Registrar, the Security Agent, that Receiver or that Delegate (as applicable)) may take any proceedings against any
                      officer, employee or agent of the Agent, the Security Agent, the Registrar, a Receiver or a Delegate in respect of any claim it might have against the Agent, the Registrar, the Security Agent, a Receiver or a Delegate or in respect of
                      any act or omission of any kind by that officer, employee or agent in relation to any Transaction Document or any Security Property and any officer, employee or agent of the Agent, the Registrar, the Security Agent, a Receiver or a
                      Delegate may rely on this clause subject to paragraph 4 of Schedule 8 (Definitions and Interpretation) and the provisions of the
                      Third Parties Act.

                

        

      

      
        
          	

                	(c)	
                  Neither the Agent, the Registrar or the Security Agent will be liable for any delay (or any related consequences) in crediting an account with an amount
                      required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by
                      it for that purpose.

                

        

      

      
        
          	

                	(d)	
                  Nothing in any Finance Document shall oblige the Agent, the Security Agent or the Registrar to carry out:

                

        

      

      
        
          	

                	(i)	
                  any “know your customer” or other checks in relation to any person; or

                

        

      

      
        45

        
          

      

      

      

      
        
          	

                	(ii)	
                  any check on the extent to which any transaction contemplated by any of the Finance Documents might be unlawful for any Finance Party or for any Affiliate
                      of any Finance Party,

                

        

      

      on behalf of any other Finance Party and each other Finance Party confirms to
          the Agent, the Security Agent and the Registrar that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent, the Security Agent or the
          Registrar.

      
        
          	

                	(e)	
                  Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Agent, the Registrar, the Security Agent, any Receiver
                      or any Delegate, any liability of the Agent, the Registrar, the Security Agent, any Receiver or any Delegate arising under or in connection with any Finance Document or the Security Property shall be limited to the amount of actual
                      loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Agent, the Registrar, the Security Agent, Receiver or Delegate (as the case may be) or, if later, the
                      date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent, the Registrar, the Security Agent, Receiver or Delegate (as the case may be) at any time
                      which increase the amount of that loss. In no event shall the Agent, the Registrar, the Security Agent, any Receiver or any Delegate be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving,
                      or for special, punitive, indirect or consequential damages, whether or not the Agent, the Security Agent, Receiver or Delegate (as the case may be) has been advised of the possibility of such loss or damages.

                

        

      

      
        
          	20.8	
                  Indemnity to the Agent and the Security Agent

                

        

      

      The Issuer agrees to indemnify and keep indemnified the Agent, the Security
          Agent, every Receiver and every Delegate, within three (3) Business Days of demand, against any Losses (including, without limitation, for negligence or any other category of liability whatsoever) incurred by any of them (otherwise than by reason
          of the relevant Agent’s, Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful misconduct) (or, in the circumstances contemplated pursuant to paragraph 1(j) (Disruption to Payment Systems etc.) of Schedule 10 (Payment Mechanics), notwithstanding the Agent’s
          negligence, gross negligence, or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent, Security Agent, Receiver or Delegate under, or exercising any authority conferred under,
          the Finance Documents (unless the relevant Agent, Security Agent, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document).

      
        
          	20.9	
                  Resignation of the Agent, the Registrar or the Security
                        Agent

                

        

      

      
        46

        
          

      

      

      

      
        
          	

                	(a)	
                  The Agent, the Registrar or the Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and
                      the Issuer.

                

        

      

      
        
          	

                	(b)	
                  Alternatively the Agent or the Security Agent may resign by giving 30 days’ notice to the other Finance Parties and the Issuer, in which case the Note
                      Purchasers may appoint a successor Agent, Registrar or Security Agent.

                

        

      

      
        
          	21.	
                  Registrar

                

        

      

      
        
          	21.1	
                  Register of Notes

                

        

      

      
        
          	

                	(a)	
                  The Registrar, as agent of the Issuer, shall keep an up-to-date register (the Register) in which it shall record:

                

        

      

      
        
          	

                	(i)	
                  an entry in the Register (a Register Entry) for each
                      Note recording the indebtedness of the Issuer to each Note Purchaser (including the Principal Balance and the amounts of principal and interest payable and paid to such Note Purchaser, in each case in the relevant denomination of US
                      Dollars), updated from time to time during the tenor of such Note upon any change in any of the details in respect of such Note required to be included in such Register Entry;

                

        

      

      
        
          	

                	(ii)	
                  the registration of each Certificated Note issued;

                

        

      

      
        
          	

                	(iii)	
                  the registration of transfers of Notes evidenced by a Register Entry; and

                

        

      

      
        
          	

                	(iv)	
                  the cancellation of each redeemed Note.

                

        

      

      
        
          	

                	(b)	
                  Immediately upon receipt by the Issuer of the proceeds of the issuance of a Note, the Registrar shall, on behalf of the Issuer, make a Register Entry in
                      respect of such Note, which Register Entry shall contain the following details in respect of such Note as at the Closing Date:

                

        

      

      
        
          	

                	(i)	
                  the identity of the Note Purchasers;

                

        

      

      
        
          	

                	(ii)	
                  the serial number;

                

        

      

      
        
          	

                	(iii)	
                  the Closing Date;

                

        

      

      
        
          	

                	(iv)	
                  the Final Maturity Date;

                

        

      

      
        
          	

                	(v)	
                  the denomination; and

                

        

      

      
        
          	

                	(vi)	
                  the Principal Balance, in US Dollars.

                

        

      

      
        47

        
          

      

      

      

      
        
          	

                	(c)	
                  The Registrar’s Register Entries of, among other things, the Principal Balance and the date and amount of each payment of principal and interest by the
                      Issuer shall be conclusive evidence thereof absent manifest error; provided that the failure by the Registrar to make any
                      Register Entries in the Register shall not affect the obligations of the Issuer under this Note Purchase Deed or under the Notes.

                

        

      

      
        
          	

                	(d)	
                  The Registrar shall supply each Note Purchaser with a copy of the Register on request. The parties to this Note Purchase Deed may rely, for all purposes, on
                      the Register including, for the purposes of identifying the Note Purchasers from time to time.

                

        

      

      
        
          	21.2	
                  In acting in connection with the Notes, the Registrar:

                

        

      

      
        
          	

                	(a)	
                  shall act solely as agent of the Issuer and shall have no fiduciary duty, obligation or relationship of agency or trust with any of the Note Purchasers and
                      need have no concern for the interests of the Note Purchasers or any other party;

                

        

      

      
        
          	

                	(b)	
                  shall be obliged to perform such duties and only such duties as are specifically set out in this Note Purchase Deed and any duties necessarily incidental to
                      them. No implied duties or obligations shall be read into this Note Purchase Deed and the Registrar shall not be obliged to perform any duties additional to or different from such duties resulting from any modification or supplement
                      after the date hereof to this Note Purchase Deed, unless it shall have previously agreed to perform such duties.

                

        

      

      
        
          	

                	(c)	
                  shall be under no obligation to take any action hereunder which it reasonably expects will result in any expense or liability of the Registrar the payment
                      of which within a reasonable time is not, in its opinion, assured to it, or to do anything which might in its opinion, constitute a breach of any law or regulation;

                

        

      

      
        
          	

                	(d)	
                  may assume that the terms of the Notes as issued are correct and shall be entitled, except as ordered by a court of competent jurisdiction or otherwise
                      required by law or otherwise instructed by the Issuer (and regardless of any notice of ownership, trust or any other interest therein, any writing on the certificate relating to any Note by any person (other than a duly executed form
                      of transfer) or any notice of any previous loss or theft thereof), to treat the registered holder of any Note as its absolute owner for all purposes;

                

        

      

      
        
          	

                	(e)	
                  may rely upon the terms of any notice, communication or other document reasonably believed by it to be genuine and shall be protected against any liability
                      for acting on any such notice, communication or other document;

                

        

      

      
        
          	

                	(f)	
                  may refer any question relating to the ownership of any Note or the adequacy or sufficiency of any evidence supplied in connection with the replacement of
                      any Note to the Issuer for determination by the Issuer and rely upon any determination so made;

                

        

      

      
        48

        
          

      

      

      

      
        
          	

                	(g)	
                  may, at the Issuer’s expense, engage the advice or services of any lawyers or other experts whose advice or services the Registrar considers necessary and
                      rely upon any advice so obtained (and shall be protected and shall incur no liability in respect of any action taken, or suffered to be taken, in accordance with such advice);

                

        

      

      
        
          	

                	(h)	
                  may, without prejudice to its obligations under this Note Purchase Deed, enter into any transaction (including, without limitation, any depository, trust or
                      agency transaction) with any Note Purchasers or with any other party hereto in the same manner as if it had not been appointed as the agent of the Issuer in relation to the Notes.

                

        

      

      
        
          	21.3	
                  For the avoidance of doubt, the Issuer and the Guarantor shall do or cause to be done all such acts, matters and things and shall make available all such
                      documents or information as shall be necessary or desirable to enable the Registrar to fully comply with and carry out its duties and obligations hereunder and the Registrar shall be under no obligation to take any steps to ascertain
                      whether any relevant event has occurred or to monitor or supervise the functions of any other person under the Transaction Documents or any other agreement or document relating to the transactions herein or therein contemplated.

                

        

      

      
        
          	21.4	
                  Indemnity

                

        

      

      
        
          	

                	(a)	
                  The Registrar shall not be liable to any party for any Losses incurred as a result of any act or omission by it in connection with this Note Purchase Deed
                      or any Note except as a result of its own gross negligence, wilful default, or fraud and, notwithstanding any provision of this Note Purchase Deed to the contrary, the Registrar shall not be liable for special, indirect, punitive or
                      consequential loss or damage of any kind whatsoever (including but not limited to loss of profit, loss of contract or opportunity, loss of goodwill or reputation), whether or not foreseeable even if the Registrar has been advised of
                      the likelihood of such loss or damage and regardless of whether the claim for such loss or damage is made in negligence, for breach of contract, breach of trust, breach of fiduciary obligation or otherwise.

                

        

      

      
        
          	

                	(b)	
                  The Issuer agrees to indemnify and keep indemnified the Registrar against any Losses (including, without limitation, for negligence or any other category of
                      liability whatsoever) which it may incur or which may be made against it arising out of or in relation to or in connection with its appointment or the exercise of its rights and duties hereunder, except such as may result from its
                      gross negligence or wilful misconduct. This indemnity shall continue in full force and effect notwithstanding the termination of this Note Purchase Deed or the resignation, revocation or termination of the Registrar’s appointment.

                

        

      

      
        
          	22.	
                  Time; Payments

                

        

      

      
        
          	22.1	
                  Time

                

        

      

      
        49

        
          

      

      

      

      Any time, date or period specified in this Note Purchase Deed may be postponed
          or extended by mutual agreement among the parties to this Note Purchase Deed but as regards any time, date or period originally fixed on or postponed or extended, time shall be of the essence.

      
        
          	22.2	
                  Payments to Note Purchaser

                

        

      

      
        
          	

                	(a)	
                  Unless otherwise specified in the Transaction Documents, all interest, principal and other amounts from time to time payable on the Notes held by each Note
                      Purchaser shall be payable into the relevant account or accounts as are specified to the Issuer by such Note Purchaser with respect to such Note Purchaser Group; provided that notice in writing of such account must be provided at least two (2) Business Days before the due date for the relevant payment.

                

        

      

      
        
          	

                	(b)	
                  In order to provide for the payment of principal and interest in respect of the Notes, on any day the same becomes due and payable the Issuer shall, on such
                      date, pay to each Note Purchaser or otherwise cause it to receive, an amount equal to the aggregate amount payable with respect to the Note(s) for the relevant Note Purchaser.

                

        

      

      
        
          	22.3	
                  Manner and time of payment

                

        

      

      Each amount payable by the Issuer under clause 22.2 (Payments to Note Purchaser) shall be paid unconditionally by credit transfer in currency in which the relevant Note is denominated and in freely transferable,
          cleared funds not later than 11:00 a.m. on the relevant day to such account with such bank in London as the relevant Note Purchaser may from time to time by notice to the Issuer specify for such purpose. The account details for each Note
          Purchaser shall be notified to the Agent and Issuer not less than 10 Business Days prior to any due date for any payment to be made under or in connection with the Finance Documents.

      
        
          	23.	
                  Notices

                

        

      

      
        
          	23.1	
                  Communications in writing

                

        

      

      Any communication to be made under or in connection with the Finance Documents
          shall be made in writing and, unless otherwise stated, may be made by letter.

      
        
          	23.2	
                  Addresses

                

        

      

      The address (and the department or officer, if any, for whose attention the
          communication is to be made) of each Obligor or Finance Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:

      
        
          	23.3	
                  The Issuer:

                

        

      

      c/o Central Mare Inc.

          1, Vas. Sofias Street & Meg. Alexandrou, 151 24 Maroussi, Greece

      
        50

        
          

      

      

      

      Attn:     Andreas Louka

          Email:  louka@loukapartners.com

          Tel:      +30 210 812 8320

      The Guarantor:

      c/o Central Mare Inc.

          1, Vas. Sofias Street & Meg. Alexandrou, 151 24 Maroussi, Greece

          Attn:     Andreas Louka

          Email:  louka@loukapartners.com

          Tel:      +30 210 812 8320

      Agent and Registrar:

      Non-administrative
              matters:

      World Trade Center

          Tower I, Level 6

          Strawinskylaan 1939

          1077 XX Amsterdam The Netherlands

          Attn: Vassilis Kolovos / Mingli Zhu

          Email:  v.kolovos@atbank.nl / m.zhu@atbank.nl

          Cc: shipping.finance@atbank.nl

          Telephone No.:  +31 (0) 205 209 204 / +31 (0) 205 209 277

      Administrative matters:

      World Trade Center Tower
            I, Level 6

          Strawinskylaan 1939

          1077 XX Amsterdam The Netherlands Attn: Liujun Zhou

          Email:  shipping.finance@atbank.nl

          Cc: v.kolovos@atbank.nl / m.zhu@atbank.nl

          Telephone No.: +31 (0) 205 209 248 / +31 (0) 205 209 204 / +31 (0) 205 209 277

      The Security Agent:

      Non-administrative
              matters:

      World Trade Center

          Tower I, Level 6 Strawinskylaan 1939

          1077 XX Amsterdam

          The Netherlands

          Attn: Vassilis Kolovos / Mingli Zhu

          Email:  v.kolovos@atbank.nl / m.zhu@atbank.nl

          Cc:  shipping.finance@atbank.nl

            Telephone No.: +31 (0) 205 209 204 / +31 (0) 205 209 277

      Administrative matters:

      World Trade Center

          Tower I, Level 6 Strawinskylaan 1939

          1077 XX Amsterdam

          The Netherlands

          Attn:     Ruben Paniry

          Email:  shipping.finance@atbank.nl

          Cc:  i.tsirigotis@atbank.nl / v.kolovos@atbank.nl

          Telephone No.: +31 (0) 205 209 247 / +31 (0) 205 209 404 / +31 (0) 205 209 204

      
        51

        
          

      

      

      

      The Note Purchaser:

      World Trade Center

          Tower I, Level 6 Strawinskylaan 1939

          1077 XX Amsterdam

          he Netherlands

          Attn:     Vassilis Kolovos / Mingli Zhu

          Email:  v.kolovos@atbank.nl / m.zhu@atbank.nl

          Cc: shipping.finance@atbank.nl

          Telephone No.: +31 (0) 205 209 204 / +31 (0) 205 209 277

      or, in each case, any substitute address, or department or officer as an Obligor or Finance Party
          may notify to the Agent (or the Agent may notify to the other Finance Parties and the Obligors who are Parties, if a change is made by the Agent) by not less than five Business Days’ notice.

      
        
          	23.4	
                  Delivery

                

        

      

      
        
          	

                	(a)	
                  Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective when it
                      has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address and, if a particular department or officer is specified as part of its
                      address details provided under clause 23.2 (Addresses), if addressed to that department or officer.

                

        

      

      
        
          	

                	(b)	
                  Any communication or document to be made or delivered to the Agent or the Security Agent will be effective only when actually received by the Agent or the
                      Security Agent and then only if it is expressly marked for the attention of the department or officer identified above (or any substitute department or officer as the Agent or the Security Agent shall specify for this purpose).

                

        

      

      
        
          	

                	(c)	
                  All notices from or to an Obligor shall be sent through the Agent.

                

        

      

      
        
          	

                	(d)	
                  Any communication or document made or delivered to the Issuer in accordance with this clause 23.3 (Delivery) will be deemed to have been made or delivered to each of the Obligors.

                

        

      

      
        
          	

                	(e)	
                  Any communication or document which becomes effective, in accordance with clauses 23.3(a) to 23.3(d) above, after 5:00 p.m. in the place of receipt shall be
                      deemed only to become effective on the following day.

                

        

      

      
        
          	23.5	
                  Notification of address

                

        

      

      Promptly upon changing its address, the Agent shall notify the other Parties.

      
        
          	23.6	
                  Electronic communication

                

        

      

      
        52

        
          

      

      

      

      
        
          	

                	(a)	
                  Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic
                      means (including, without limitation, by way of posting to a secure website) if those two Parties:

                

        

      

      
        
          	

                	(i)	
                  notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means;
                      and

                

        

      

      
        
          	

                	(ii)	
                  notify each other of any change to their address or any other such information supplied by them by not less than five Business Days’ notice.

                

        

      

      
        
          	

                	(b)	
                  Any such electronic communication as specified in clause 23.5(a) above to be made between an Obligor and a Finance Party may only be made in that way to the
                      extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication.

                

        

      

      
        
          	

                	(c)	
                  Any such electronic communication as specified in clause 23.5(a) above made between any two Parties will be effective only when actually received (or made
                      available) in readable form and, in the case of any electronic communication made by a Party to the Agent or the Security Agent, only if it is addressed in such a manner as the Agent or the Security Agent shall specify for this
                      purpose.

                

        

      

      
        
          	

                	(d)	
                  Any electronic communication which becomes effective, in accordance with clause 23.5(c) above, after 5:00 p.m. in the place in which the Party to whom the
                      relevant communication is sent or made available has its address for the purpose of this Note Purchase Deed or any other Finance Document shall be deemed only to become effective on the following day.

                

        

      

      
        
          	

                	(e)	
                  Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in
                      accordance with this clause 23.5 (Electronic communication).

                

        

      

      
        
          	23.7	
                  English language

                

        

      

      
        
          	

                	(a)	
                  Any notice given under or in connection with any Finance Document must be in English.

                

        

      

      
        
          	

                	(b)	
                  All other documents provided under or in connection with any Finance Document must be:

                

        

      

      
        
          	

                	(i)	
                  in English; or

                

        

      

      
        
          	

                	(ii)	
                  if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail
                      unless the document is a constitutional, statutory or other official document.

                

        

      

      
        53

        
          

      

      

      

      
        
          	24.	
                  Calculations and Certificates

                

        

      

      
        
          	24.1	
                  Accounts

                

        

      

      In any litigation or arbitration proceedings arising out of or in connection with a Finance
          Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate.

      
        
          	24.2	
                  Day Count Convention

                

        

      

      Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is
          calculated on the basis of the Day Count Convention.

      
        
          	25.	
                  Miscellaneous

                

        

      

      
        
          	25.1	
                  Amendments and Waivers

                

        

      

      Any term of this Note Purchase Deed may be amended only with the consent of the parties hereto or
          waived only with the consent of the parties hereto (other than the party seeking the waiver) and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

      
        
          	25.2	
                  Certificates and Determinations

                

        

      

      Any certification or determination by a Note Purchaser of a rate or amount under this Note Purchase
          Deed including the Principal Balance and interest payable with respect to Notes is, in the absence of manifest error, conclusive evidence of the matters to which it relates and the Registrar may rely on any such certification or determination.

      
        
          	25.3	
                  Conduct of Business by the Finance Parties

                

        

      

      No provision of this Note Purchase Deed shall:

      
        
          	

                	(a)	
                  interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

                

        

      

      
        
          	

                	(b)	
                  oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

                

        

      

      
        
          	

                	(c)	
                  oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of tax.

                

        

      

      
        
          	25.4	
                  Partial invalidity

                

        

      

      
        54

        
          

      

      

      

      If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable
          in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way
          be affected or impaired.

      
        
          	25.5	
                  Set-off

                

        

      

      A Finance Party may whilst an Event of Default is continuing set off any matured obligation due from
          an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either
          obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

      
        
          	25.6	
                  Counterparts

                

        

      

      This Note Purchase Deed may be executed in any number of counterparts. Each counterpart, when duly
          exchanged or delivered, is an original but the counterparts together are one and the same agreement.

      
        
          	26.	
                  Confidential Information

                

        

      

      
        
          	26.1	
                  Confidential Information

                

        

      

      Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it
          to anyone, save to the extent permitted by clause 26.2 (Disclosure of Confidential Information), or as required by SEC or NASDAQ regulations
          and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.

      
        
          	26.2	
                  Disclosure of Confidential Information

                

        

      

      Any Finance Party may disclose:

      
        
          	

                	(a)	
                  to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and
                      Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this clause 26.2(a) is informed in writing of its
                      confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to
                      maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

                

        

      

      
        55

        
          

      

      

      

      
        
          	

                	(b)	
                  to any person:

                

        

      

      
        
          	

                	(i)	
                  to (or through) whom it assigns (or may potentially assign) all or any of its rights and/or obligations under one or more Finance Documents or which
                      succeeds (or which may potentially succeed) it as Agent or Security Agent and, in each case, to any of that person’s Affiliates, Related Funds, Representatives, professional advisers and partners;

                

        

      

      
        
          	

                	(ii)	
                  with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other
                      transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Related Funds, Representatives, professional advisers
                      and partners;

                

        

      

      
        
          	

                	(iii)	
                  appointed by any Finance Party or by a person to whom sub-clauses 26.2(b)(i) or 26.2(b)(ii) above applies to receive communications, notices, information or
                      documents delivered pursuant to the Finance Documents on its behalf;

                

        

      

      
        
          	

                	(iv)	
                  who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in sub-clauses
                      26.2(b)(i) or 26.2(b)(ii) above;

                

        

      

      
        
          	

                	(v)	
                  to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other
                      regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;

                

        

      

      
        
          	

                	(vi)	
                  to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other
                      investigations, proceedings or disputes;

                

        

      

      
        
          	

                	(vii)	
                  to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so);

                

        

      

      
        
          	

                	(viii)	
                  who is a Party; or

                

        

      

      
        
          	

                	(ix)	
                  with the consent of the Issuer;

                

        

      

      
        
          	

                	(c)	
                  to any person appointed by that Finance Party or by a person to whom sub-clauses 26.2(b)(i) or 26.2(b)(ii) above applies to provide administration or
                      settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to
                      be disclosed to enable such service provider to provide

                

        

      

      
        56

        
          

      

      

      

      
        
          	

                	

                	
                  any of the services referred to in this clause 26.2(c) if the service provider to whom the Confidential Information is to be given has entered into a
                      confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Issuer and
                      the relevant Finance Party; and

                

        

      

      
        
          	

                	(d)	
                  to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to
                      carry out its normal rating activities in relation to the Finance Documents and/or the Obligors.

                

        

      

      
        
          	26.3	
                  Entire agreement

                

        

      

      This clause 26.3 (Entire agreement) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes
          any previous agreement, whether express or implied, regarding Confidential Information.

      
        
          	26.4	
                  Inside information

                

        

      

      Each of the Finance Parties acknowledges that some or all of the Confidential
          Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance
          Parties undertakes not to use any Confidential Information for any unlawful purpose.

      
        
          	26.5	
                  Nature of disclosure

                

        

      

      Each of the Finance Parties agrees (to the extent permitted by law and
          regulation) to inform the Issuer:

      
        
          	

                	(a)	
                  of the circumstances of any disclosure of Confidential Information made to any person to whom information is required or requested to be disclosed by any
                      court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body or the rules of any relevant stock exchange or pursuant to any applicable law or regulation pursuant to clause 26.2 (Disclosure of Confidential Information) except where such disclosure is made to any such person during the ordinary course of its
                      supervisory or regulatory function; and

                

        

      

      
        
          	

                	(b)	
                  upon becoming aware that Confidential Information has been disclosed in breach of this clause 26 (Confidential Information).

                

        

      

      
        
          	26.6	
                  Continuing obligations

                

        

      

      
        57

        
          

      

      

      

      The obligations in this clause 26 (Confidential Information) are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twenty four months from the earlier of:

      
        
          	

                	(a)	
                  the date on which all amounts payable by the Obligors under or in connection with the Finance Documents have been paid in full; and

                

        

      

      
        
          	

                	(b)	
                  the date on which such Finance Party otherwise ceases to be a Finance Party.

                

        

      

      
        
          	27.	
                  Governing Law

                

        

      

      This Note Purchase Deed and any non-contractual obligations connected with it
          are governed by English law

      
        
          	28.	
                  Jurisdiction

                

        

      

      
        
          	28.1	
                  Jurisdiction of English courts

                

        

      

      
        
          	

                	(a)	
                  The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Note Purchase Deed or any non-contractual
                      obligations connected with it (including a dispute regarding the existence, validity or termination of this Note Purchase Deed) (a Dispute).

                

        

      

      
        
          	

                	(b)	
                  The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the
                      contrary.

                

        

      

      
        
          	

                	(c)	
                  Notwithstanding clause 28.1(a) above, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with
                      jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.

                

        

      

      
        
          	28.2	
                  Service of process

                

        

      

      Without prejudice to any other mode of service allowed under any relevant law,
          any Obligor who is a Party:

      
        
          	

                	(a)	
                  irrevocably appoints:

                

        

      

      Top Properties (London) Limited

          247 Gray’s Inn Road

          London WC1X 8QZ

          United Kingdom

      
        58

        
          

      

      

      

      as that Obligor’s English process agent as its agent for service of process in
          relation to any proceedings before the English courts in connection with any Finance Document;

      
        
          	

                	(b)	
                  agrees that failure by an agent for service of process to notify the relevant Obligor of the process will not invalidate the proceedings concerned; and

                

        

      

      
        
          	

                	(c)	
                  if any person appointed as process agent for an Obligor is unable for any reason to act as agent for service of process, that Obligor must immediately (and
                      in any event within ten days of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose.

                

        

      

      
        59

        
          

      

      

      

      SIGNATURE PAGE TO THE NOTE PURCHASE DEED

      IN WITNESS WHEREOF
          the parties hereto have caused this Note Purchase Deed to be executed and delivered as a deed at the date and year first written above.

      THE ISSUER

      	
              EXECUTED and DELIVERED as a DEED by

            	
              )

            	
              /s/Alexandros Tsirikos

            	 
	
              TOP SHIPS INC.

            	
              )

            	
              Attorney-in-fact

            	 
	
              acting by:  Alexandros Tsirikos

            	
              )

            	 	 
	
              in the presence of:

            	
              )

            	 	 
	 	 	 	 

      

      

      	
              /s/ Karkaletsi S. Dimitra

            	 	 
	
              Witness name:  Karkaletsi S. Dimitra

            	 	 
	
              Address:  274, Leof, Salaminas – Salamina

                               Greece, Tel 2104654270

            	 	 
	
              Occupation:  Attorney-at-Law

            	 	 

      

      

      THE SECURITY AGENT

      	
              EXECUTED and DELIVERED as a DEED by

            	
              )

            	
              /s/ Ira Ulis Tsirigotis

            	 
	
              AMSTERDAM TRADE BANK N.V.

            	
              )

            	
              Authorised signatory

            	 
	
              acting by:

            	
              )

            	 	 
	 	
              )

            	
              /s/Harris Antoniou

            	 
	 	 	
              Authorised signatory

            	 

      

      

      THE AGENT AND THE REGISTRAR

      	
              EXECUTED and DELIVERED as a DEED by

            	
              )

            	
              /s/ Ira Ulis Tsirigotis

            	 
	
              AMSTERDAM TRADE BANK N.V.

            	
              )

            	
              Authorised signatory

            	 
	
              acting by:

            	
              )

            	 	 
	 	
              )

            	
              /s/Harris Antoniou

            	 
	 	 	
              Authorised signatory

            	 

      
        60

        
          

      

      

      

      THE NOTE PURCHASER

      	
              EXECUTED and DELIVERED as a DEED by

            	
              )

            	
              /s/ Ira Ulis Tsirigotis

            	 
	
              AMSTERDAM TRADE BANK N.V.

            	
              )

            	
              Authorised signatory

            	 
	
              acting by:

            	
              )

            	 	 
	 	
              )

            	
              /s/Harris Antoniou

            	 
	 	 	
              Authorised signatory

            	 

      

      

      THE GUARANTOR

      	
              EXECUTED and DELIVERED as a DEED by

            	
              )

            	
              /s/Alexandros Tsirikos

            	 
	
              ASTARTE INTERNATIONAL INC.

            	
              )

            	
              Attorney-in-fact

            	 
	
              acting by:  Alexandros Tsirikos

            	
              )

            	 	 
	
              in the presence of:

            	
              )

            	 	 
	 	 	 	 

      

      

      	
              /s/ Karkaletsi S. Dimitra

            	 	 
	
              Witness name:  Karkaletsi S. Dimitra

            	 	 
	
              Address:  274, Leof, Salaminas – Salamina

                               Greece, Tel 2104654270

            	 	 
	
              Occupation:  Attorney-at-Law

            	 	 

      

      

      
        61

        
          

      

      

      

      Schedule 1

      

      

      The Note Purchasers

      

      

      

      

      

      

      

      

      	
              Note Purchaser

            	
              Subscription

               

            	
              Note Purchaser Pro Rata Share

            
	
              Amsterdam Trade Bank N.V.

            	
              $10,500,000

            	
              100%

            

      

      

      

      

      

      

      

      

      
        62

        
          

      

      

      

      Schedule 2

      

      

      Form of Note Issue Notice

      

      

      To: Amsterdam Trade Bank N.V.

      From: Top Ships Inc.

      Copy: Amsterdam Trade Bank N.V. (as Registrar)

      Date: [                  ]

      TOP SHIPS INC.

      Note Purchase Deed dated 21 March 2019

          (the Deed)

       

        

      
        
          	1	
                  We refer to the Deed. Capitalised terms not defined herein shall have the meaning given to them in the Deed.

                

        

      

      
        
          	2	
                  This is a Note Issue Notice.

                

        

      

      
        
          	3	
                  We hereby request the subscription of Notes on the following terms:

                

        

      

      
        
          	

                	(a)	
                  Closing Date: [Specify date] or such other date as
                      agreed between the Note Purchasers and the Issuer.

                

        

      

      
        
          	

                	(b)	
                  US$10,500,000

                

        

      

      
        
          	

                	(c)	
                  Final Maturity Date: 31 March 2020 or such other date as agreed between the Note Purchasers and the Issuer.

                

        

      

      4     Our payment instructions are: [Include the applicable payment instructions]:

      5     Company contact details:

      c/o Central Mare Inc.

      1, Vas. Sofias Street & Meg. Alexandrou,

      151 24 Maroussi,

      Greece

      

      

      Attn:    Andreas Louka

      Email:  louka@loukapartners.com

      Tel:            +30 210 812 8320

       

        

      
        
          	6	
                  We confirm that each condition precedent under the Deed which must be satisfied on the date of this Note Issue Notice is or will be so satisfied.

                

        

      

      
        
          	7	
                  We hereby represent and warrant that:

                

        

      

      
        63

        
          

      

      

      

      
        
          	

                	(a)	
                  the representations and warranties set out in Schedule 3 (Representations and
                        Warranties of the Obligors) to the Deed are true and correct on the date hereof and will be true on the Closing Date, in each case by reference to the facts and circumstances subsisting on such dates; and

                

        

      

      
        
          	

                	(b)	
                  no Default or Event of Default (each as defined in the Existing Loan Facility) under the Existing Loan Facility has occurred and no event exists, or would
                      occur from the issuance of the Notes.

                

        

      

      8       This Note Issue Notice is irrevocable.

      9     The Note shall bear the following legend:

      THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF
          ANY STATE OR OTHER JURISDICTION. NEITHER THE NOTE NOR ANY INTEREST OR PARTICIPATION THEREIN MAY BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED: (I) IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE NOTE UNDER THE 1933 ACT OR
          APPLICABLE STATE SECURITIES LAWS; OR (II) IN THE ABSENCE OF AN OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE ISSUER, THAT REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT OR; (III) UNLESS SOLD, TRANSFERRED OR ASSIGNED PURSUANT TO RULE
          144 UNDER THE 1933 ACT OR REGULATIONS S OF THE 1933 ACT.

      

      

      By: ______________________________

      For and on behalf of Top Ships Inc.

       

        

       

        

       

        

      
        64

        
          

      

      

      

      Schedule 3

      Representations and Warranties of the Obligors

      
        
          	1.	
                  Representations and Warranties of the Obligors

                

        

      

      
        
          	1.1	
                  Status

                

        

      

      
        
          	

                	(a)	
                  Each Obligor is a corporation, duly incorporated and validly existing under the law of its Original Jurisdiction.

                

        

      

      
        
          	

                	(b)	
                  Each Obligor has power and authority to own its assets and to carry on its business as it is now being conducted within the scope of its purpose.

                

        

      

      
        
          	1.2	
                  Binding obligations

                

        

      

      Subject to the Legal Reservations:

      
        
          	

                	(a)	
                  the obligations expressed to be assumed by each Obligor in each Transaction Document to which it is, or is to be, a party are or, when entered into by it,
                      will be legal, valid, binding and enforceable obligations; and

                

        

      

      
        
          	

                	(b)	
                  (without limiting the generality of paragraph 1.2(a) above) each Security Document to which an Obligor is, or will be, a party, creates or will create the
                      Security Interests which that Security Document purports to create and those Security Interests are or will be valid and effective.

                

        

      

      
        
          	1.3	
                  Non-conflict

                

        

      

      The entry into and performance by each Obligor of, and the transactions contemplated by the
          Transaction Documents and the granting of the Transaction Security do not and will not conflict with:

      
        
          	

                	(a)	
                  any law or regulation applicable to any Obligor;

                

        

      

      
        
          	

                	(b)	
                  the Constitutional Documents of any Obligor; or

                

        

      

      
        
          	

                	(c)	
                  any agreement or other instrument binding upon any Obligor or its assets,

                

        

      

      or constitute a default or termination event (however described) under any such agreement or
          instrument or result in the creation of any Security Interest (save for a Permitted Security Interest or under a Security Document) on any Obligor’s assets, rights or revenues.

      
        
          	1.4	
                  Power and authority

                

        

      

      
        65

        
          

      

      

      

      
        
          	

                	(a)	
                  Each Obligor has the power to enter into, perform and deliver and comply with its obligations under, and has taken all necessary actions to authorise its
                      entry into, performance and delivery of, and compliance with, each Transaction Document to which it is, or is to be, a party and each of the transactions contemplated by those documents.

                

        

      

      
        
          	

                	(b)	
                  No limitation on any Obligor’s powers to borrow, create security or give guarantees will be exceeded as a result of any transaction under, or the entry into
                      any Transaction Document to which such Obligor is, or is to be, a party.

                

        

      

      
        
          	1.5	
                  Validity and admissibility in evidence

                

        

      

      
        
          	

                	(a)	
                  All Authorisations required:

                

        

      

      
        
          	

                	(i)	
                  to enable each Obligor lawfully to enter into, exercise its rights and comply with its obligations under each Transaction Document to which it is a party;

                

        

      

      
        
          	

                	(ii)	
                  to make each Transaction Document to which it is a party admissible in evidence in its Relevant Jurisdictions; and

                

        

      

      
        
          	

                	(iii)	
                  to ensure that the Transaction Security has the priority and ranking contemplated in the Security Documents,

                

        

      

      have been obtained or effected or (as the case may be) will be obtained or effected when required and
          are or (as the case may be) will be when required in full force and effect except any Authorisation or filing referred to in paragraph 1.13 (No
            filing or stamp taxes) below, which Authorisation or filing will be promptly obtained or effected within any applicable period.

      
        
          	

                	(b)	
                  All Authorisations necessary for the conduct of the business, trade and ordinary activities of each Obligor have been obtained or effected and are in full
                      force and effect, if failure to obtain or effect those Authorisations is reasonably likely to have a Material Adverse Effect.

                

        

      

      
        
          	1.6	
                  Governing law and enforcement

                

        

      

      
        
          	

                	(a)	
                  The choice of governing law of any Transaction Document will be recognised and enforced in each Obligor’s Relevant Jurisdictions.

                

        

      

      
        
          	

                	(b)	
                  Any judgment obtained in relation to any Transaction Document in the jurisdiction of the governing law of that Transaction Document will be recognised and
                      enforced in the relevant Obligor’s Relevant Jurisdictions.

                

        

      

      
        
          	1.7	
                  No misleading information

                

        

      

      
        66

        
          

      

      

      

      
        
          	

                	(a)	
                  Any factual information contained in the Information Package is true and accurate in all material respects as at the date of the relevant report or document
                      containing the information or (as the case may be) as at the date the information is expressed to be given.

                

        

      

      
        
          	

                	(b)	
                  Any financial projection or forecast contained in the Information Package has been prepared on the basis of recent historical information and on the basis
                      of reasonable assumptions and was fair (as at the date of the relevant report or document containing the projection or forecast) and arrived at after careful consideration.

                

        

      

      
        
          	

                	(c)	
                  The expressions of opinion or intention provided by or on behalf of an Obligor for the purposes of the Information Package were made after careful
                      consideration and (as at the date of the relevant report or document containing the expression of opinion or intention) were fair and based on reasonable grounds.

                

        

      

      
        
          	

                	(d)	
                  No event or circumstance has occurred or arisen and no information has been omitted from the Information Package and no information has been given or
                      withheld that results in the information, opinions, intentions, forecasts or projections contained in the Information Package being untrue or misleading in any material respect.

                

        

      

      
        
          	

                	(e)	
                  For the purposes of this paragraph 1.7, Information Package
                      means any information provided by any Obligor to any of the Finance Parties in connection with the Transaction Documents or the transactions referred to in them.

                

        

      

      
        
          	1.8	
                  Pari passu ranking

                

        

      

      Each Obligor’s (other than the Charterer’s) payment obligations under the Finance Documents to which
          it is, or is to be, a party rank at least pari passu with all its other present and future unsecured and unsubordinated payment obligations, except for obligations mandatorily preferred by law applying to companies generally.

      
        
          	1.9	
                  Ranking and effectiveness of security

                

        

      

      Subject to the Legal Reservations and any filing, registration or notice requirements which is
          referred to in any legal opinion delivered to the Agent under clause 7.1(b):

      
        
          	

                	(a)	
                  the Transaction Security has (or will have when the relevant Security Documents have been executed) the priority which it is expressed to have in the
                      Security Documents;

                

        

      

      
        
          	

                	(b)	
                  the Charged Property is not subject to any Security Interest other than Permitted Security Interests; and

                

        

      

      
        
          	

                	(c)	
                  the Transaction Security will constitute perfected security on the assets described in the Security Documents.

                

        

      

      
        67

        
          

      

      

      

      
        
          	1.10	
                  Centre of main interests and establishments

                

        

      

      For the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency
          Proceedings (the Regulation), each Obligor’s (other than the Charterer’s) centre of main interest (as that term is used in Article 3(1) of the
          Regulation) is situated in Greece and it has no “establishment” (as that term is used in Article 2(h) of the Regulation) in any other jurisdiction.

      
        
          	1.11	
                  Ownership of Charged Property

                

        

      

      Each Obligor (other than the Charterer) is the sole legal and beneficial owner of the Charged
          Property over which it purports to grant a Security Interest under the Security Documents.

      
        
          	1.12	
                  No insolvency

                

        

      

      No corporate action, legal proceeding or other procedure or step described in limb (g) (Insolvency proceedings) or creditors’ process described in limb (h) (Creditors’ process) of the definition of Event of Default has been taken or, to the knowledge of any Obligor, threatened in relation to a Group Member and none of the circumstances described in limb (f) (Insolvency) of the definition of Event of Default applies to any Obligor.

      
        
          	1.13	
                  No filing or stamp taxes

                

        

      

      Under the laws of each Obligor’s Relevant Jurisdictions it is not necessary that any Finance
          Document to which it is, or is to be, party be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to any such Finance
          Document or the transactions contemplated by the Finance Documents except registration of the Mortgage with the relevant Registry and any filing, recording or enrolling or any tax or fee payable in relation to any Finance Document which is
          referred to in any Legal Opinion and which will be made or paid promptly after the date of the relevant Finance Document.

      
        
          	1.14	
                  Deduction of Tax

                

        

      

      No Obligor (other than the Charterer) is required to make any Tax Deduction (as defined in clause
          9.1 (Definitions)) from any payment it may make under any Finance Document to which it is, or is to be, a party and no other party is required
          to make any such deduction from any payment it may make under any other Transaction Document.

      
        
          	1.15	
                  Tax compliance

                

        

      

      
        
          	

                	(a)	
                  No Obligor (other than the Charterer) is materially overdue in the filing of any Tax returns or overdue in the payment of any amount in respect of Tax
                      exceeding $500,000 (or its equivalent in any other currency).

                

        

      

      
        68

        
          

      

      

      

      
        
          	

                	(b)	
                  No claims or investigations are being, or are reasonably likely to be, made or conducted against any Obligor (other than the Charterer) with respect to
                      Taxes such that a liability of, or claim against, any Obligor (other than the Charterer) is reasonably likely to arise for an amount for which adequate reserves have not been provided and which are reasonably expected to have a
                      Material Adverse Effect.

                

        

      

      
        
          	

                	(c)	
                  Each Obligor (other than the Charterer) is resident for Tax purposes only in its Original Jurisdiction.

                

        

      

      
        
          	1.16	
                  Other Tax matters

                

        

      

      The execution or delivery or performance by any Party of the Finance Documents will not result in
          any Finance Party having or being deemed to have a place of business in any Relevant Jurisdiction of any Obligor.

      
        
          	1.17	
                  Pension exposure

                

        

      

      No Obligor (other than the Charterer) is, or may be, liable to contribute funds to any form of
          pension scheme or similar arrangement except as required under applicable law or regulation (other than a scheme or arrangement where the benefits conferred by it on its members are calculated solely by reference to a payment or payments made by
          the relevant member or by any other person in respect of that member).

      
        
          	1.18	
                  No Default

                

        

      

      
        
          	

                	(a)	
                  No Default is continuing or is reasonably expected to result from the issuance of the Notes or the entry into, the performance of, or any transaction
                      contemplated by, any Transaction Document.

                

        

      

      
        
          	

                	(b)	
                  No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any
                      determination or any combination of any of the foregoing, would constitute) a default or termination event (however described) under any other agreement or instrument which is binding on any Obligor or to which any Obligor’s assets
                      are subject which is likely to have a Material Adverse Effect.

                

        

      

      
        
          	1.19	
                  No proceedings

                

        

      

      
        
          	

                	(a)	
                  Except as advised in writing to the Agent prior to the date of this Note Purchase Deed, no litigation, arbitration or administrative proceedings or
                      investigations of, or before, any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect has or have (to the best of any Obligor’s knowledge and belief (having
                      made due and careful enquiry)) been started or threatened against any Obligor.

                

        

      

      
        69

        
          

      

      

      

      
        
          	

                	(b)	
                  No judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body which is
                      reasonably likely to have a Material Adverse Effect has (to the best of any Obligor’s knowledge and belief (having made due and careful enquiry)) been made against any Obligor or any other Group Member.

                

        

      

      
        
          	1.20	
                  No breach of laws

                

        

      

      
        
          	

                	(a)	
                  No Obligor or other Group Member has breached any law or regulation.

                

        

      

      
        
          	

                	(b)	
                  No labour dispute is current or, to the best of any Obligor’s knowledge and belief (having made due and careful enquiry), threatened against any Obligor or
                      other Group Member which is reasonably expected to have a Material Adverse Effect.

                

        

      

      
        
          	1.21	
                  Anti-corruption law

                

        

      

      Each Obligor has conducted its businesses in compliance with applicable anti-corruption laws and has
          instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

      
        
          	1.22	
                  Security and Financial Indebtedness

                

        

      

      
        
          	

                	(a)	
                  No Security Interest exists over all or any of the present or future assets of any Obligor in breach of this Note Purchase Deed.

                

        

      

      
        
          	

                	(b)	
                  No Obligor has any Financial Indebtedness outstanding in breach of this Note Purchase Deed.

                

        

      

      
        
          	1.23	
                  Shares

                

        

      

      
        
          	

                	(a)	
                  The shares of the Guarantor are fully paid and not subject to any option to purchase or similar rights.

                

        

      

      
        
          	

                	(b)	
                  The Constitutional Documents of the Guarantor do not and could not restrict or inhibit any transfer of those shares on creation or enforcement of the
                      Security Documents.

                

        

      

      
        
          	

                	(c)	
                  There are no agreements in force which provide for the issue or allotment of, or grant any person the right to call for the issue or allotment of, any share
                      or loan capital of the Guarantor (including any option or right of pre-emption or conversion).

                

        

      

      
        
          	1.24	
                  Ownership of Guarantor

                

        

      

      The Guarantor is a wholly owned direct Subsidiary of the Issuer.

      
        
          	1.25	
                  Listing

                

        

      

      
        70

        
          

      

      

      

      The shares of the Issuer are listed and trading on the NASDAQ Stock Exchange.

      
        
          	1.26	
                  Accounting Reference Date

                

        

      

      The Financial Year-end of each Obligor (other than the Charterer) is the Accounting Reference Date.

      
        
          	1.27	
                  No adverse consequences

                

        

      

      
        
          	

                	(a)	
                  It is not necessary under the laws of the Relevant Jurisdictions of any Obligor:

                

        

      

      
        
          	

                	(i)	
                  in order to enable any Finance Party to enforce its rights under any Finance Document to which it is, or is to be, a party; or

                

        

      

      
        
          	

                	(ii)	
                  by reason of the execution of any Finance Document or the performance by any Obligor of its obligations under any Finance Document, that any Finance Party
                      should be licensed, qualified or otherwise entitled to carry on business in any of such Relevant Jurisdictions.

                

        

      

      
        
          	

                	(b)	
                  No Finance Party is or will be deemed to be resident, domiciled or carrying on business in any Relevant Jurisdiction of any Obligor by reason only of the
                      execution, performance and/or enforcement of any Finance Document.

                

        

      

      
        
          	1.28	
                  Copies of documents

                

        

      

      The copies of the Constitutional Documents of the Obligors (other than the Charterer) delivered to
          the Agent under clause 7 (Conditions Precedent) will be true, complete and accurate copies of such documents and include all amendments and
          supplements to them as at the time of such delivery and no other agreements or arrangements exist between any of the parties to those Transaction Documents which would materially affect the transactions or arrangements contemplated by them or
          modify or release the obligations of any party under them.

      
        
          	1.29	
                  No breach, etc of any shipbuilding contract or related
                        refund guarantee

                

        

      

      
        
          	

                	(a)	
                  No Group Member nor (so far as the Obligors are aware) any other person is in breach of any shipbuilding contract to which it is a party nor has anything
                      occurred which entitles or may entitle any party to rescind or terminate it or decline to perform their obligations under it or which would render it illegal, invalid or unenforceable.

                

        

      

      
        
          	

                	(b)	
                  No dispute has occurred under any shipbuilding contract relating to the construction of any vessel of any Group Member or any Obligor’s Affiliate by the
                      relevant Builder or under any refund guarantee issued in respect of the obligations of the relevant Builder under that shipbuilding contract.

                

        

      

      
        71

        
          

      

      

      

      
        
          	1.30	
                  No immunity

                

        

      

      No Obligor or any of its assets is immune to any legal action or proceeding.

      
        
          	1.31	
                  Address commission

                

        

      

      There are no rebates, commissions or other payments in connection with the Charter other than those
          referred to in it.

      
        
          	1.32	
                  Sanctions

                

        

      

      
        
          	

                	(a)	
                  No Obligor, nor any of its Affiliates nor any of their respective directors, officers, employees, agents or representatives:

                

        

      

      
        
          	

                	(i)	
                  has breached any Sanctions;

                

        

      

      
        
          	

                	(ii)	
                  is a Restricted Person; or

                

        

      

      
        
          	

                	(iii)	
                  has received notice of or is aware of any claim, action, suit, proceeding or investigation against it with respect to Sanctions.

                

        

      

      
        
          	

                	(b)	
                  No proceeds of the Notes:

                

        

      

      
        
          	

                	(i)	
                  shall be made available, directly or indirectly, to or for the benefit of a Restricted Person nor shall they be otherwise directly or indirectly, applied in
                      a manner or for a purpose prohibited by applicable Sanctions; or

                

        

      

      
        
          	

                	(ii)	
                  will be used by any Obligor:

                

        

      

      
        
          	

                	(A)	
                  to finance equipment or sectors under embargo decisions of the United Nations or the World Bank; or

                

        

      

      
        
          	

                	(B)	
                  in breach of the provisions of any Sanctions.

                

        

      

      
        
          	1.33	
                  No Money Laundering

                

        

      

      In relation to the issuance by the Issuer of the Notes, the performance and discharge of the
          Obligors’ obligations and liabilities under the Finance Documents, and the transactions and other arrangements effected or contemplated by this Note Purchase Deed and the other Finance Documents, the Obligors are acting for their own account and
          the foregoing will not involve or lead to a contravention of any law, official requirement or other regulatory measure or procedure which has been implemented by any relevant regulatory authority or otherwise to combat Money Laundering (as
          defined in paragraph 3.6 (Bribery and corruption) of Schedule 4 (Covenants of the Obligors)).

      
        72

        
          

      

      

      

      
        
          	1.34	
                  Environmental matters

                

        

      

      
        
          	

                	(a)	
                  No Environmental Law applicable to any Fleet Vessel and/or any Obligor or other Group Member has been violated.

                

        

      

      
        
          	

                	(b)	
                  All consents, licences and approvals required under such Environmental Laws have been obtained and are currently in force.

                

        

      

      
        
          	

                	(c)	
                  No Environmental Claim has been made or, to the best of any Obligor’s knowledge and belief (having made due and careful enquiry), is threatened or pending
                      against any Obligor or other Group Member or any Fleet Vessel where that claim might have a Material Adverse Effect and there has been no Environmental Incident which has given, or is reasonably expected to give, rise to such a claim.

                

        

      

      
        
          	1.35	
                  No breach of any Charter Document

                

        

      

      No Obligor nor (so far as the Obligors are aware) any other person is in breach of any Charter
          Document to which it is a party nor has anything occurred which entitles or may entitle any party to rescind or terminate it or decline to perform its obligations under it.

      
        
          	1.36	
                  Collateral Ship status

                

        

      

      The Collateral Ship will on the first day of the Mortgage Period be:

      
        
          	

                	(a)	
                  registered in the name of the Guarantor through the relevant Registry as a ship under the laws and flag of the relevant Flag State;

                

        

      

      
        
          	

                	(b)	
                  operationally seaworthy and in every way fit for service;

                

        

      

      
        
          	

                	(c)	
                  classed with the relevant Classification free of all requirements and recommendations of the relevant Classification Society; and

                

        

      

      
        
          	

                	(d)	
                  insured in the manner required by the Finance Documents.

                

        

      

      
        
          	1.37	
                  Collateral Ship’s employment

                

        

      

      The Collateral Ship shall within five days of the Mortgage Period:

      
        
          	

                	(a)	
                  have been delivered, and accepted for service, under the relevant Charter; and

                

        

      

      
        
          	

                	(b)	
                  save for the relevant Charter, be free of any other charter commitment which, if entered into after that date, would require approval under the Finance
                      Documents.

                

        

      

      
        
          	1.38	
                  US Representations

                

        

      

      
        73

        
          

      

      

      

      
        
          	

                	(a)	
                  Issuance of the Notes. The issuance of the Notes are
                      duly authorized and upon issuance in accordance with the terms of this Note Purchase Deed shall be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, mortgages, defects, claims, liens,
                      pledges, charges, taxes, rights of first refusal, encumbrances, security interests and other encumbrances with respect to the issuance thereof. Subject to the accuracy of the representations and warranties of the Note Purchasers in
                      this Note Purchase Deed, the offer and issuance by the Issuer of the Notes is exempt from registration under the 1933 Act.

                

        

      

      
        
          	

                	(b)	
                  No General Solicitation. Neither the Issuer, nor any
                      of its Subsidiaries or affiliates, nor any person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the
                      Notes.

                

        

      

      
        
          	

                	(c)	
                  No Integrated Offering. None of the Issuer, its
                      Subsidiaries or any of their affiliates, nor any person acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require
                      registration of the issuance of any of the Notes under the 1933 Act, whether through integration with prior offerings or otherwise, or cause this offering of the Loan Notes to require approval of stockholders of the Issuer for
                      purposes of the 1933 Act or under any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation system on which any of the securities of the
                      Issuer are listed or designated for quotation. None of the Issuer, its Subsidiaries, their affiliates nor any person acting on their behalf will take any action or steps that would require registration of the issuance of any of the
                      Notes under the 1933 Act or cause the offering of any of the Notes to be integrated with other offerings of securities of the Issuer.

                

        

      

      
        
          	1.39	
                  Times when representations are made

                

        

      

      
        
          	

                	(a)	
                  All of the representations and warranties set out in this Schedule 3 (Representations and Warranties of the Obligors) are deemed to be made on the dates of:

                

        

      

      
        
          	

                	(i)	
                  this Note Purchase Deed;

                

        

      

      
        
          	

                	(ii)	
                  the first Note Issuance Notice; and

                

        

      

      
        
          	

                	(iii)	
                  the Closing Date.

                

        

      

      
        
          	

                	(b)	
                  The Repeating Representations are deemed to be made on the first day of each Interest Period.

                

        

      

      
        74

        
          

      

      

      

      
        
          	

                	(c)	
                  Each representation or warranty deemed to be made after the date of this Note Purchase Deed shall be deemed to be made by reference to the facts and
                      circumstances existing at the date the representation or warranty is deemed to be made.

                    

                  

                    

                  

                    

                  

                    

                

        

      

      
        75

        
          

      

      

      

      Schedule 4

      Covenants of the Obligor

      
        
          	1.	
                  Information Covenants

                

        

      

      
        
          	1.1	
                  Undertaking to comply

                

        

      

      Each Obligor who is a Party undertakes that this paragraph 1 (Information Covenants) will be complied with throughout term of the Notes except as approved by the Note Purchasers.

      
        
          	1.2	
                  Definitions

                

        

      

      In this paragraph 1 (Information Covenants):

      Annual

            Financial Statements means the financial statements for a Financial Year delivered pursuant to limb (a) of paragraph 1.3 (Financial
            Statements).

      Semi-annual

            Financial Statements means the financial statements for the first financial half-year of each Financial Year delivered pursuant to limb (b) of paragraph 1.3 (Financial Statements).

      
        
          	1.3	
                  Financial statements

                

        

      

      
        
          	

                	(a)	
                  The Issuer shall supply to the Agent as soon as the same become available, but in any event within 120 days after the end of each Financial Year (but
                      commencing with the Financial Year ending 31 December 2018) the audited consolidated financial statements of the Issuer for that Financial Year.

                

        

      

      
        
          	

                	(b)	
                  The Issuer shall supply to the Agent as soon as the same become available, but in any event within 90 days after the end of the first financial half-year of
                      each of its Financial Years (but commencing with the financial half-year ending 30 June 2019):

                

        

      

      
        
          	

                	(i)	
                  the unaudited (or audited if available) financial statements of the Issuer for that financial half-year; and

                

        

      

      
        
          	

                	(ii)	
                  the unaudited (or audited if available) consolidated financial statements of the Issuer for that financial half-year.

                

        

      

      
        
          	1.4	
                  Provision and contents of Compliance Certificate

                

        

      

      
        
          	

                	(a)	
                  The Issuer shall supply a Compliance Certificate to the Agent with each set of Annual Financial Statements and each set of Semi-Annual Financial Statements,
                      in each case, delivered pursuant to paragraph 1.3 (Financial Statements).

                

        

      

      
        76

        
          

      

      

      

      
        
          	

                	(b)	
                  Each Compliance Certificate shall set out (in reasonable detail) computations as to compliance with paragraph 2 (Financial Covenants).

                

        

      

      
        
          	

                	(c)	
                  Each Compliance Certificate shall be signed by a duly authorised signatory of the Issuer.

                

        

      

      
        
          	1.5	
                  Requirements as to financial statements

                

        

      

      
        
          	

                	(a)	
                  The Issuer shall procure that each set of Annual Financial Statements and Semi-annual Financial Statements includes a profit and loss account, a balance
                      sheet and a cashflow statement and that, in addition, each set of Annual Financial Statements shall be audited by the Auditors.

                

        

      

      
        
          	

                	(b)	
                  Each set of financial statements delivered pursuant to paragraph 1.3 (Financial Statements) shall:

                

        

      

      
        
          	

                	(i)	
                  be prepared in accordance with GAAP; and

                

        

      

      
        
          	

                	(ii)	
                  fairly present, and be certified by a director of the relevant company as fairly presenting, its financial condition and operations as at the date as at
                      which those financial statements were drawn up and, in the case of the Annual Financial Statements, shall be accompanied by any letter addressed to the management of the relevant company by the Auditors and accompanying those Annual
                      Financial Statements; and

                

        

      

      
        
          	

                	(iii)	
                  in the case of Annual Financial Statements, not be the subject of any qualification in the Auditors’ opinion.

                

        

      

      
        
          	1.6	
                  Year-end

                

        

      

      The Issuer shall procure that each Financial Year-end of each Obligor (other than the Charterer) and
          each Group Member falls on the Accounting Reference Date.

      
        
          	1.7	
                  Information: miscellaneous

                

        

      

      The Issuer shall supply to the Agent:

      
        
          	

                	(a)	
                  whilst an Event of Default is continuing and as soon as practicable after the time when they are dispatched, copies of all documents dispatched by any
                      Obligor to its creditors generally (or any class of them);

                

        

      

      
        
          	

                	(b)	
                  promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending
                      against any Obligor or other Group Member, and which, if adversely determined, might have a Material Adverse Effect;

                

        

      

      
        77

        
          

      

      

      

      
        
          	

                	(c)	
                  promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any
                      governmental or other regulatory body which is made against any Obligor or other Group Member and which is reasonably likely to have a Material Adverse Effect;

                

        

      

      
        
          	

                	(d)	
                  promptly upon becoming aware of them, the details of any claim, action, suit, proceeding or investigation with respect to Sanctions against any Obligor or
                      any of its Affiliates or any of its directors, officers, employees, agents or representatives;

                

        

      

      
        
          	

                	(e)	
                  promptly, such information as the Agent or the Security Agent may reasonably require about the Charged Property and compliance of the Obligors with the
                      terms of any Security Documents; and

                

        

      

      
        
          	

                	(f)	
                  promptly on request, such further information regarding the financial condition, assets and operations of any Obligor as any Finance Party through the Agent
                      may reasonably request,

                

        

      

      provided always that the supply of such information would not result in a breach of any
          confidentiality undertaking of an Obligor.

      
        
          	1.8	
                  Notification of Default

                

        

      

      
        
          	

                	(i)	
                  The Issuer shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon any Obligor becoming aware of its
                      occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).

                

        

      

      
        
          	

                	(ii)	
                  Promptly upon a request by the Agent, the Issuer shall supply to the Agent a certificate signed by two of its directors certifying that no Default is
                      continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).

                

        

      

      
        
          	1.9	
                  Sufficient copies

                

        

      

      The Issuer, if so requested by the Agent, shall deliver sufficient copies of each document to be
          supplied under the Finance Documents to the Agent to distribute to each of the Note Purchasers.

      
        
          	1.10	
                  “Know your customer” checks

                

        

      

      
        
          	

                	(a)	
                  If:

                

        

      

      
        
          	

                	(i)	
                  the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Note
                      Purchase Deed;

                

        

      

      
        78

        
          

      

      

      

      
        
          	

                	(ii)	
                  any change in the status of an Obligor or the composition of the shareholders of an Obligor after the date of this Note Purchase Deed; or

                

        

      

      
        
          	

                	(iii)	
                  a proposed assignment by a Note Purchaser of any of its rights under this Note Purchase Deed to a party that is not already a Note Purchaser prior to such
                      assignment,

                

        

      

      obliges the Agent or any Note Purchaser (or, in the case of paragraph 1.10(a)(iii) above, any
          prospective new Note Purchaser) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall within seven Business Days after the
          request of the Agent or any Note Purchaser supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Note Purchaser) or any Note Purchaser (for itself or, in
          the case of the event described in paragraph 1.10(a)(iii) above, on behalf of any prospective new Note Purchaser) in order for the Agent, such Note Purchaser or, in the case of the event described in paragraph 1.10(a)(iii) above, any prospective
          new Note Purchaser to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

      
        
          	

                	(b)	
                  Each Finance Party shall, promptly upon the request of the Agent or the Security Agent, supply, or procure the supply of, such documentation and other
                      evidence as is reasonably requested by the Agent or the Security Agent (for itself) in order for it to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable
                      laws and regulations pursuant to the transactions contemplated in the Finance Documents.

                

        

      

      
        
          	2.	
                  Financial Covenants

                

        

      

      
        
          	2.1	
                  Financial definitions

                

        

      

      In paragraphs 2.2 (Financial condition) and 2.3 (Financial testing) below:

      Cash
          and Cash Equivalents means, at any relevant time, the aggregate of:

      
        
          	

                	(a)	
                  cash in hand or on deposit with any bank; and

                

        

      

      
        
          	

                	(b)	
                  any other instrument, security or investment approved by the Note Purchasers,

                

        

      

      which are free from any Security Interest and/or restrictions (other than any restriction arising
          exclusively from any covenant to maintain a minimum level of free liquidity and/or for the purposes of any debt service reserve account) and to which any Group Member is beneficially entitled at that time and which are readily available to Group
          Members and capable of being

      
        79

        
          

      

      

      

      applied against Financial Indebtedness, as demonstrated by the then most recent Financial
          Statements.

      Chartered

            Vessel means, at any relevant time, any vessel chartered in (the charter-in commitment) by a Group Member for a period of six months
          or longer and which vessel at that time has not been chartered out by such Group Member to a third party on terms at least equal to the terms of the charter-in commitment for such vessel.

      Financial

            Statements means any of the Annual Financial Statements or the Semi-annual Financial Statements referred to and defined as such in paragraph 1.2 (Definitions) above.

      Fleet

            Market Value means, as of the date of calculation, the aggregate market value of all:

      
        
          	

                	(a)	
                  Fleet Vessels; and

                

        

      

      
        
          	

                	(b)	
                  JV Vessels, as adjusted to reflect the relevant ownership percentage in such JV Vessels of the relevant Group Member,

                

        

      

      in each case as most recently determined pursuant to valuations of such vessels provided to the
          Agent and made in accordance with the provisions of clause 27 (Minimum security value) of the Post-Delivery Facility Agreement which shall
          apply for the purposes of this definition mutatis mutandis to each Fleet Vessel and JV Vessel as if each such vessel were the “Ship” (as defined in the Post-Delivery Facility Agreement) save that such valuations may be set out in one valuation
          listing each one such vessel and prepared by one (1) Approved Valuer (as defined in the Post-Delivery Facility Agreement) nominated and appointed by the Issuer.

      Fleet

            Vessels means each vessel owned or leased under a capital lease by a Group Member from time to time.

      JV
            Vessel means each vessel owned by a Joint Venture into which a Group Member participates from time to time and Joint Vessels means
          all or any of them.

      Measurement

            Period means each Financial Year and the first financial half-year of each Financial Year for which Financial Statements are to be delivered to the Agent under paragraph 1.3 (Financial Statements).

      Total

            Debt means, at any time, the sum (without duplication) of:

      
        
          	

                	(a)	
                  the Group’s liabilities in respect of principal under any Financial Indebtedness (provided however that any principal under any Financial Indebtedness
                      incurred only by the Issuer which is not secured by security provided over an asset of the Group, shall not be taken into account); and

                

        

      

      
        80

        
          

      

      

      

      
        
          	

                	(b)	
                  all liabilities of all Joint Ventures in respect of principal under any Financial Indebtedness secured by security provided over a JV Vessel, each such
                      liability adjusted to reflect the relevant Group Member’s ownership percentage in such JV Vessel.

                

        

      

      Total

            Net Debt means, at any time and in relation to any Measurement Period, Total Debt in relation to that Measurement Period minus Cash and Cash Equivalents, each as demonstrated by the then most recent Financial Statements.

      
        
          	2.2	
                  Financial condition

                

        

      

      Each Obligor who is a Party shall ensure that:

      
        
          	

                	(a)	
                  Leverage ratio: the ratio of Total Net Debt to Fleet
                      Market Value shall, at all times during and in respect of each Measurement Period, be not higher than 0.75:1.00.

                

        

      

      
        
          	

                	(b)	
                  Minimum liquidity: at all times the Cash and Cash
                      Equivalents shall not be less than the aggregate of:

                

        

      

      
        
          	

                	(i)	
                  $750,000 multiplied by the number of the Fleet Vessels; and

                

        

      

      
        
          	

                	(ii)	
                  $500,000 multiplied by the number of the Chartered Vessels.

                

        

      

      
        
          	2.3	
                  Financial testing

                

        

      

      The financial covenants set out in paragraph 2.2 (Financial condition) shall be calculated in accordance with GAAP on a consolidated basis and tested by reference to each of the Financial Statements delivered pursuant to, and defined as
          such in, paragraph 1.3 (Financial Statements).

      
        
          	3.	
                  General undertakings

                

        

      

      
        
          	3.1	
                  Undertaking to comply

                

        

      

      Each Obligor who is a Party undertakes that this paragraph 3 (General undertakings) will be complied with by and in respect of each Obligor throughout the term of the Notes except as approved by the Note Purchasers.

      
        
          	3.2	
                  Use of proceeds

                

        

      

      The proceeds of Notes shall be used exclusively for the purposes specified in clause 4.3 (Use of Proceeds).

      
        
          	3.3	
                  Authorisations

                

        

      

      Each Obligor shall promptly:

      
        81

        
          

      

      

      

      
        
          	

                	(a)	
                  obtain, comply with and do all that is necessary to maintain in full force and effect; and

                

        

      

      
        
          	

                	(b)	
                  supply certified copies to the Agent of,

                

        

      

      any Authorisation required under any law or regulation of a Relevant Jurisdiction to:

      
        
          	

                	(i)	
                  enable it to perform its obligations under the Transaction Documents;

                

        

      

      
        
          	

                	(ii)	
                  ensure the legality, validity, enforceability or admissibility in evidence of any Transaction Document; and

                

        

      

      
        
          	

                	(iii)	
                  carry on its business where failure to do so has, or is reasonably likely to have, a Material Adverse Effect.

                

        

      

      
        
          	3.4	
                  Compliance with laws

                

        

      

      Each Obligor shall (and shall ensure that each other Group Member will), comply in all respects with
          all laws and regulations (including Environmental Laws) to which it may be subject. Each Obligor shall (and shall ensure that each other Group Member will), comply in all respects with all Sanctions to the extent applicable to them.

      
        
          	3.5	
                  Anti-corruption law

                

        

      

      
        
          	

                	(a)	
                  No Obligor shall (and shall ensure that no other Group Member will) directly or indirectly use the proceeds of the Notes for any purpose which would breach
                      the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in other jurisdictions.

                

        

      

      
        
          	

                	(b)	
                  Each Obligor shall:

                

        

      

      
        
          	

                	(i)	
                  conduct its businesses in compliance with applicable anti-corruption laws; and

                

        

      

      
        
          	

                	(ii)	
                  maintain policies and procedures designed to promote and achieve compliance with such laws.

                

        

      

      
        
          	3.6	
                  Bribery and corruption

                

        

      

      
        
          	

                	(a)	
                  No Obligor nor any of its agents, employees, directors or officers has engaged or shall engage (and shall ensure that none of its Affiliates nor any of its
                      agents, employees, directors or officers has engaged or will engage) in any Relevant Jurisdiction in:

                

        

      

      
        
          	

                	(i)	
                  Corrupt Practices, Fraudulent Practices, Collusive Practices or Coercive Practices, including the procurement or the execution of any contract for goods or
                      works relating to its functions;

                

        

      

      
        82

        
          

      

      

      

      
        
          	

                	(ii)	
                  Money Laundering or acted in breach of any applicable law relating to Money Laundering; or

                

        

      

      
        
          	

                	(iii)	
                  the Financing of Terrorism.

                

        

      

      
        
          	

                	(b)	
                  Without prejudice to the generality paragraph 3.6(a):

                

        

      

      
        
          	

                	(i)	
                  No Obligor nor any of its agents, employees, directors or officers will (and shall ensure that none of its Affiliates nor any of its agents, employees,
                      directors or officers will) directly or indirectly use the proceeds of the Notes for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in other
                      jurisdictions;

                

        

      

      
        
          	

                	(ii)	
                  each Obligor shall (and shall ensure that each of its Affiliates) and any of their agents, employees, directors or officers:

                

        

      

      
        
          	

                	(A)	
                  conducts its businesses in compliance with the Bribery Act 2010 and the United States Foreign Corrupt Practices Act of 1977; and

                

        

      

      
        
          	

                	(B)	
                  maintains policies and procedures designed to promote and achieve compliance with such laws.

                

        

      

      
        
          	

                	(c)	
                  For the purposes of this paragraph 3.6 and paragraph 1.33 (No

                        Money Laundering) of Schedule 3 (Representations and Warranties of the Obligors, the following definitions shall apply:

                

        

      

      Collusive

            Practice means an arrangement between two or more parties without the knowledge, but designed to improperly influence the actions, of another party.

      Corrupt

            Practice means the offering, giving, receiving, or soliciting, directly or indirectly, anything of value to improperly influence the actions of another party.

      Coercive

            Practice means impairing or harming or threatening to impair or harm, directly or indirectly, any party or its property or to improperly influence the actions of that party.

      Financing

            of Terrorism means the act of providing or collecting funds with the intention that they be used, or in the knowledge that they are to be used, in order to carry out terrorist acts.

      Fraudulent

            Practice means any action, including misrepresentation, to obtain a financial or other benefit or avoid an obligation, by deception.

      Money

            Laundering means:

      
        83

        
          

      

      

      

      
        
          	

                	(i)	
                  the conversion or transfer of property, knowing it is derived from a criminal offence, for the purpose of concealing or disguising its illegal origin or of
                      assisting any person who is involved in the commission of the crime to evade the legal consequences of its actions;

                

        

      

      
        
          	

                	(ii)	
                  the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of, property knowing that it
                      is derived from a criminal offence; or

                

        

      

      
        
          	

                	(iii)	
                  the acquisition, possession or use of property knowing at the time of its receipt that it is derived from a criminal offence.

                

        

      

      
        
          	3.7	
                  Tax compliance

                

        

      

      
        
          	

                	(a)	
                  Each Obligor (other than the Charterer) shall (and shall ensure that each other Group Member will) pay and discharge all Taxes imposed upon it or its assets
                      within the time period allowed without incurring penalties in excess of $500,000 (or its equivalent in any other currency) in aggregate, unless and only to the extent that:

                

        

      

      
        
          	

                	(i)	
                  such payment is being contested in good faith;

                

        

      

      
        
          	

                	(ii)	
                  adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements
                      delivered to the Agent under paragraph 1.3 (Financial Statements) above; and

                

        

      

      
        
          	

                	(iii)	
                  such payment can be lawfully withheld.

                

        

      

      
        
          	

                	(b)	
                  Except as approved by the Note Purchasers, each Obligor (other than the Charterer) shall maintain its residence for Tax purposes in its Original
                      Jurisdiction and ensure that it is not resident for Tax purposes in any other jurisdiction.

                

        

      

      
        
          	3.8	
                  Change of business

                

        

      

      Except as approved by the Note Purchasers, no substantial change will be made to the general nature
          of the business of any Obligor (other than the Charterer) from that carried on at the date of this Note Purchase Deed.

      
        
          	3.9	
                  Merger

                

        

      

      Except as approved by the Note Purchasers, no Obligor (other than the Charterer) shall enter into
          any amalgamation, demerger, merger, consolidation, redomiciliation, legal migration or corporate reconstruction.

      
        
          	3.10	
                  Pension exposure

                

        

      

      
        84

        
          

      

      

      

      No Obligor (other than the Charterer) is liable to contribute funds to any form of pension scheme or
          similar arrangement except as required by applicable law (other than a scheme or arrangement where the benefits conferred by it on its members are calculated solely by reference to a payment or payments made by the relevant member or by any other
          person in respect of that member).

      
        
          	3.11	
                  Further assurance

                

        

      

      
        
          	

                	(a)	
                  Each Obligor shall promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions)
                      as the Agent may reasonably specify (and in such form as the Agent or the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)):

                

        

      

      
        
          	

                	(i)	
                  to perfect the Security Interests created or intended to be created by that Obligor under, or evidenced by, the Security Documents (which may include the
                      execution of a mortgage, charge, assignment or other security over all or any of the assets which are, or are intended to be, the subject of the Security Documents) or for the exercise of any rights, powers and remedies of the
                      Security Agent and/or any other Finance Parties provided by or pursuant to the Finance Documents or by law;

                

        

      

      
        
          	

                	(ii)	
                  to confer on the Security Agent and/or any other Finance Parties Security Interests over any property and assets of that Obligor located in any jurisdiction
                      equivalent or similar to the Security Interest intended to be conferred by or pursuant to the Security Documents;

                

        

      

      
        
          	

                	(iii)	
                  to facilitate the realisation of the assets which are, or are intended to be, the subject of the Security Documents; and/or

                

        

      

      
        
          	

                	(iv)	
                  to facilitate the accession by a New Note Purchaser to any Security Document following an assignment in accordance with clause 19 (Assignment and Transfers).

                

        

      

      
        
          	

                	(b)	
                  Each Obligor shall take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the
                      creation, perfection, protection or maintenance of any Security Interest conferred or intended to be conferred on the Security Agent and/or any other Finance Parties by or pursuant to the Finance Documents.

                

        

      

      
        
          	3.12	
                  Negative pledge in respect of Charged Property and Obligor
                        shares

                

        

      

      Except as approved by the Note Purchasers and the Security Agent and other than for Permitted
          Security Interests, no Obligor will grant or allow to exist any Security Interest over any Charged Property or (except for the Transaction Security) the shares in any of the Obligors (other than the Issuer or the Charterer) or any rights deriving
          from, or related to, such shares.

      
        85

        
          

      

      

      

      
        
          	3.13	
                  Sanctions

                

        

      

      
        
          	

                	(a)	
                  Each Obligor shall, and shall procure that any Affiliate of each Obligor shall, ensure that none of their respective directors, officers, agents, employees
                      or persons acting on behalf of the foregoing, is a Restricted Person or acts directly or indirectly on behalf of a Restricted Person.

                

        

      

      
        
          	

                	(b)	
                  No Obligor shall, and shall procure that none of its Affiliates shall, use any revenue or benefit derived from any activity or dealing with a Restricted
                      Person in discharging any obligation due or owing to the Finance Parties.

                

        

      

      
        
          	

                	(c)	
                  Each Obligor shall not, and shall procure that each of its Affiliates will not, credit proceeds from any activity or dealing with a Restricted Person to any
                      bank account held with any Finance Party in its name or in the name of any other person.

                

        

      

      
        
          	

                	(d)	
                  Each Obligor shall, and shall ensure that each of its Affiliates take measures to ensure compliance with Sanctions.

                

        

      

      
        
          	

                	(e)	
                  Each Obligor shall, and shall procure that each of its Affiliates shall, to the extent permitted by law, promptly upon becoming aware of them, supply to the
                      Agent details of any claim, action, suit, proceedings or investigation against it with respect to Sanctions by any Sanctions Authority.

                

        

      

      
        
          	

                	(f)	
                  Without prejudice to this paragraph 3.13 and limb (s) (Sanctions)
                      of the definition of Event of Default, each Obligor shall, and shall procure that each of its Affiliates and the Collateral Ship shall, not do any business relating to Iran or any Iranian owned or incorporated, unless the Agent
                      approves so in writing.

                

        

      

      
        
          	3.14	
                  Environmental matters

                

        

      

      
        
          	

                	(a)	
                  The Agent will be notified as soon as reasonably practicable of any Environmental Claim being made against any Obligor or other Group Member or any Fleet
                      Vessel which, if successful to any extent, is reasonably expected to have a Material Adverse Effect and of any Environmental Incident which may give rise to such a claim and will be kept regularly and promptly informed in reasonable
                      detail of the nature of, and response to, any such Environmental Incident and the defence to any such claim.

                

        

      

      
        
          	

                	(b)	
                  Environmental Laws (and any consents, licences or approvals obtained under them) applicable to Fleet Vessels will not be violated.

                

        

      

      
        
          	4.	
                  Dealings with Collateral Ship

                

        

      

      
        
          	4.1	
                  Undertaking to comply

                

        

      

      
        86

        
          

      

      

      

      Each Obligor who is a Party undertakes that this paragraph 4 (Dealings with Collateral Ship) will be complied with in relation to the Collateral Ship throughout the Mortgage Period except, as otherwise approved by the Note
          Purchasers.

      
        
          	4.2	
                  Sale or other disposal of Collateral Ship

                

        

      

      Except with approval, the Guarantor will not sell, or agree to, transfer, abandon or otherwise
          dispose of the Collateral Ship or any share or interest in unless it is so permitted under the Post-Delivery Facility Agreement and the relevant Post-Delivery Finance Documents and then only in accordance with the Post-Delivery Facility Agreement
          and the relevant Post-Delivery Finance Documents.

      
        
          	4.3	
                  Chartering

                

        

      

      Except with approval, the Guarantor shall not enter into any charter commitment for the Collateral
          Ship (except for the Charter), which is:

      
        
          	

                	(a)	
                  a bareboat or demise charter or passes possession and operational control of the Collateral Ship to another person;

                

        

      

      
        
          	

                	(b)	
                  of a fixed duration exceeding 13 calendar months;

                

        

      

      
        
          	

                	(c)	
                  on terms as to payment or amount of hire which are materially less beneficial to it than the terms which at that time could reasonably be expected to be
                      obtained on the open market for vessels of the same age and type as the Collateral Ship under charter commitments of a similar type and period; or

                

        

      

      
        
          	

                	(d)	
                  to another Obligor or Group Member.

                

        

      

      
        
          	

                	(e)	
                  Further, without prejudice to the rights of the Finance Parties under the provisions of this paragraph 4.3 and any other provisions of the Finance
                      Documents, the Guarantor shall advise the Agent promptly of any proposed charter commitment in respect of the Collateral Ship of a fixed duration exceeding 13 calendar months, and:

                

        

      

      
        
          	

                	(i)	
                  deliver a copy of each such charter commitment to the Agent forthwith after it has been entered into;

                

        

      

      
        
          	

                	(ii)	
                  forthwith following a demand made by the Agent (acting on the instructions of the Note Purchasers):

                

        

      

      
        
          	

                	(A)	
                  execute a charter assignment in the form similar to the relevant Charter Assignment of any such charter commitment in favour of the Security Agent and any
                      notice of assignment required in connection therewith; and

                

        

      

      
        87

        
          

      

      

      

      
        
          	

                	(B)	
                  procure the service of any such notice of assignment on the relevant charterer and, unless expressly freely assignable, the acknowledgement of such notice
                      by the relevant charterer;

                

        

      

      
        
          	

                	(iii)	
                  deliver to the Agent such documents and evidence of the type referred to in Schedule 3 (Conditions precedent) of the Post-Delivery Facility Agreement, in relation to any such charter assignment or any other related matter referred to in this paragraph 4.3(e)(iii) as the Agent (acting
                      on the instructions of the Note Purchasers in their sole discretion) shall require; and

                

        

      

      
        
          	

                	(iv)	
                  pay on the Agent’s demand all documented legal costs and other costs incurred by the Agent and/or any other Finance Party in connection with or in relation
                      to any such charter assignment or any other related matter referred to in this paragraph 4.3(e)(iv).

                

        

      

      
        
          	4.4	
                  Sharing of Earnings

                

        

      

      Except with approval, the Guarantor shall not enter into any arrangement under which its Earnings
          may be shared with anyone else.

      
        
          	4.5	
                  Payment of Earnings

                

        

      

      
        
          	

                	(a)	
                  The Guarantor’s Earnings from the Collateral Ship shall be paid in the way required by the General Assignment.

                

        

      

      
        
          	

                	(b)	
                  If any Earnings in respect of the Collateral Ship are held by brokers or other agents, they shall be paid to the Security Agent, if it requires this after
                      the Earnings have become payable to it under the General Assignment.

                

        

      

      
        
          	4.6	
                  Evidence of payments

                

        

      

      The Agent shall be allowed proper and reasonable access to those accounting records when it
          reasonably requests it and, when it reasonably requires it, shall be given satisfactory evidence of the payments made by the Issuer and/or the Guarantor during the term of the Notes.

      
        
          	4.7	
                  Collateral Ship’s name and registration

                

        

      

      
        
          	

                	(a)	
                  The Collateral Ship’s name shall only be changed with the prior written consent of the Agent.

                

        

      

      
        
          	

                	(b)	
                  The Collateral Ship shall be registered with the relevant Registry under the laws of its Flag State. Except with approval, the Collateral Ship shall not be
                      registered under any other flag or at any other port or fly any other flag (other than that of its Flag State). If that registration is for a limited period, it shall be renewed at least 45 days before the date it is

                

        

      

      
        88

        
          

      

      

      

       due to expire and the Agent shall be notified of that renewal at least 30 days before that date.

      
        
          	

                	(c)	
                  Nothing will be done and no action will be omitted if that might result in such registration being forfeited or imperilled or the Collateral Ship being
                      required to be registered under the laws of another state of registry.

                

        

      

      
        
          	4.8	
                  Lay up

                

        

      

      Except with approval, the Collaterals Ship shall not be laid up or deactivated.

      
        
          	4.9	
                  Manager

                

        

      

      A manager of the Collateral Ship shall not be appointed unless that manager and the terms of its
          appointment are approved (such approval not to be unreasonably withheld) (which approval of such manager shall not be required for as long as such manager is Central Shipping Inc.) by the Note Purchasers and that manager has delivered a duly
          executed Manager’s Undertaking to the Security Agent. There shall be no material change to the terms of appointment of a manager whose appointment has been approved unless such change is also approved.

      
        
          	4.10	
                  Copy of Mortgage on board

                

        

      

      A properly certified copy of the Mortgage shall be kept on board the Collateral Ship with its papers
          and shown to anyone having business with the Collateral Ship which might create or imply any commitment or Security Interest over or in respect of the Collateral Ship (other than a lien for crew’s wages and salvage) and to any representative of
          the Agent or the Security Agent.

      
        
          	4.11	
                  Notice of Mortgage

                

        

      

      Subject to the terms of the Mortgage, a framed printed notice of the Mortgage shall be prominently
          displayed in the navigation room and in the Master’s cabin of the Collateral Ship. Subject to the terms of the Mortgage, the notice must be in plain type and read as follows:

      “NOTICE OF MORTGAGE

      This Ship is subject to a second mortgage in favour of [here insert name of mortgagee] of [here insert address of mortgagee]. Under the
          said mortgage and related documents, neither the owner nor any charterer nor the Master of this Ship has any right, power or authority to create, incur or permit to be imposed upon this Ship any commitments or encumbrances whatsoever other than
          for crew’s wages and salvage”.

      No-one will have any right, power or authority to create, incur or permit to be imposed upon the
          Collateral Ship any lien whatsoever other than for crew’s wages and salvage.

      
        89

        
          

      

      

      

      
        
          	4.12	
                  Conveyance on default

                

        

      

      Where the Collateral Ship is (or is to be) sold in exercise of any power conferred by the Security
          Documents, the Guarantor shall, upon the Agent’s request, immediately execute such form of transfer of title to the Collateral Ship as the Agent may require.

      
        
          	5.	
                  Condition and operation of Collateral Ship

                

        

      

      
        
          	5.1	
                  Undertaking to comply

                

        

      

      Each Obligor who is a Party undertakes that this paragraph 5 (Condition and operation of Collateral Ship) will be complied with in relation to the Collateral Ship throughout the Mortgage Period except as approved by the Note
          Purchasers.

      
        
          	5.2	
                  Defined terms

                

        

      

      In this paragraph 5 (Condition and operation of Collateral Ship):

      applicable

            code means any code or prescribed procedures required to be observed by the Collateral Ship or the persons responsible for its operation under any applicable law (including but not limited to those currently known as the ISM Code and
          the ISPS Code).

      applicable

            law means all laws and regulations applicable to vessels registered in the Flag State or which for any other reason apply to the Collateral Ship or to its condition or operation at any relevant time.

      applicable

            operating certificate means any certificates, vessel response plans, or other document relating to the Collateral Ship or its condition or operation required to be in force under any applicable law or any applicable code.

      
        
          	5.3	
                  Repair

                

        

      

      The Collateral Ship shall be kept in a good, safe and efficient state of repair. The quality of
          workmanship and materials used to repair the Collateral Ship or replace any damaged, worn or lost parts or equipment shall be sufficient to ensure that the Collateral Ship’s value is not reduced.

      
        
          	5.4	
                  Modification

                

        

      

      Except with approval, the structure, type or performance characteristics of the Collateral Ship
          shall not be modified in a way which materially alters the Collateral Ship or materially reduces its value.

      
        
          	5.5	
                  Removal of parts

                

        

      

      
        90

        
          

      

      

      

      Except with approval, no material part of the Collateral Ship or any equipment shall be removed from
          the Collateral Ship if to do so would materially reduce its value (unless at the same time it is replaced with equivalent parts or equipment owned by the Guarantor free of any Security Interests except under the Security Documents).

      
        
          	5.6	
                  Third party owned equipment

                

        

      

      Except with approval, equipment owned by a third party shall not be installed on the Collateral Ship
          if it cannot be removed without risk of causing damage to the structure or fabric of the Collateral Ship or incurring significant expense.

      
        
          	5.7	
                  Maintenance of class; compliance with laws and codes

                

        

      

      The Collateral Ship’s class shall be the relevant Classification. The Collateral Ship and every
          person who owns, operates or manages the Collateral Ship shall comply with all applicable laws and the requirements of all applicable codes. There shall be kept in force and on board the Collateral Ship or in such person’s custody any applicable
          operating certificates which are required by applicable laws or applicable codes to be carried on board the Collateral Ship or to be in such person’s custody.

      
        
          	5.8	
                  Surveys

                

        

      

      The Collateral Ship shall be submitted to any surveys which are required for it to maintain the
          Classification as its class. Copies of reports of those surveys shall be provided promptly to the Agent if it so requests.

      
        
          	5.9	
                  Inspection and notice of dry-docking

                

        

      

      The Agent and/or surveyors or other persons appointed by it for such purpose shall be allowed to
          board the Collateral Ship at all reasonable times to inspect it without interfering with the Collateral Ship’s operation or trading and after giving reasonable advance notice to the Guarantor in writing and given all proper facilities needed for
          that purpose. The Agent shall be given reasonable advance notice of any intended dry-docking of the Collateral Ship (whatever the purpose of that dry-docking). The Guarantor shall bear the cost of only one such inspection per calendar year so
          long as there is no Event of Default which is continuing in which case, the cost of all such inspections shall be borne by the Guarantor.

      
        
          	5.10	
                  Prevention of arrest

                

        

      

      All debts, damages, liabilities and outgoings (due and payable and not contested by the Guarantor in
          good faith) which have given, or are reasonably expected to give, rise to maritime, statutory or possessory liens on, or claims enforceable against, the Collateral Ship, its Earnings

      
        91

        
          

      

      

      

      or Insurances shall be paid as soon as reasonably practicable and, in any event, discharged by their
          respective due dates.

      
        
          	5.11	
                  Release from arrest

                

        

      

      The Collateral Ship, its Earnings and Insurances shall be released from any arrest, detention,
          attachment or levy, and any legal process against the Collateral Ship shall be discharged, by whatever action is required to achieve that release or discharge in each case within 5 Business Days of the occurrence of any such event.

      
        
          	5.12	
                  Information about Collateral Ship

                

        

      

      The Agent shall promptly be given any information which it may reasonably require about the
          Collateral Ship or its employment, position, use or operation, including details of towages and salvages, and copies of all its charter commitments entered into by or on behalf of any Obligor whose duration exceeds three months and copies of any
          applicable operating certificates.

      
        
          	5.13	
                  Notification of certain events

                

        

      

      The Agent shall promptly be notified of:

      
        
          	

                	(a)	
                  any damage to the Collateral Ship where the cost of the resulting repairs is reasonably likely to exceed the relevant Major Casualty Amount;

                

        

      

      
        
          	

                	(b)	
                  any occurrence which is reasonably likely to result in the Collateral Ship becoming a Total Loss;

                

        

      

      
        
          	

                	(c)	
                  any requisition of the Collateral Ship for hire;

                

        

      

      
        
          	

                	(d)	
                  any Environmental Incident involving the Collateral Ship and Environmental Claim being made in relation to such an incident;

                

        

      

      
        
          	

                	(e)	
                  any withdrawal of any applicable operating certificate;

                

        

      

      
        
          	

                	(f)	
                  the receipt of notification that any application for such a certificate has been refused;

                

        

      

      
        
          	

                	(g)	
                  any requirement or recommendation made in relation to the Collateral Ship by any insurer or the relevant Classification Society or by any competent
                      authority which is not, or cannot be, complied with in the manner or time required or recommended; and

                

        

      

      
        
          	

                	(h)	
                  any arrest or detention of the Collateral Ship or any exercise or purported exercise of a lien or other claim on the Collateral Ship or its Earnings or
                      Insurances.

                

        

      

      
        
          	5.14	
                  Payment of outgoings

                

        

      

      
        92

        
          

      

      

      

      All tolls, dues and other outgoings whatsoever in respect of the Collateral Ship and its Earnings
          and Insurances shall be paid promptly. Proper accounting records shall be kept of the Collateral Ship and its Earnings.

      
        
          	5.15	
                  Evidence of payments

                

        

      

      The Agent shall be allowed proper and reasonable access to those accounting records when it
          reasonably requests it and, when it reasonably requires it, shall be given satisfactory evidence that:

      
        
          	

                	(a)	
                  the wages and allotments and the insurance and pension contributions of the Collateral Ship’s crew are being timely and regularly paid;

                

        

      

      
        
          	

                	(b)	
                  all deductions from its crew’s wages in respect of any applicable Tax liability are being properly accounted for; and

                

        

      

      
        
          	

                	(c)	
                  the Collateral Ship’s master has no claim for disbursements other than those incurred by him or her in the ordinary course of trading on the voyage then in
                      progress.

                

        

      

      
        
          	5.16	
                  Repairers’ liens

                

        

      

      The Collateral Ship shall not be put into any other person’s possession for work to be done on the
          Collateral Ship if the cost of that work will exceed or is likely to exceed the Major Casualty Amount for the Collateral Ship unless the Guarantor has established to the reasonable satisfaction of the Agent that it has sufficient reserves with
          the Account Bank to pay for such works or that person gives the Security Agent a written undertaking in approved terms not to exercise any lien on the Collateral Ship or its Earnings for any of the cost of such work.

      
        
          	5.17	
                  Survey report

                

        

      

      As soon as reasonably practicable after the Agent requests it, the Agent shall be given a report on
          the seaworthiness condition and/or safe operation of the Collateral Ship, from approved surveyors or inspectors appointed by the Agent. If any recommendations are made in such a report they shall be complied with in the way and by the time
          recommended in the report if failure to do so could result in breach of any Finance Document. The Guarantor shall bear the costs of only one such report of the Collateral Ship per calendar year unless there is an Event of Default.

      
        
          	5.18	
                  Lawful use

                

        

      

      The Collateral Ship shall not be employed:

      
        
          	

                	(a)	
                  in any way or in any activity which is unlawful under international law or the domestic laws of any relevant country;

                

        

      

      
        93

        
          

      

      

      

      
        
          	

                	(b)	
                  in carrying illicit or prohibited goods;

                

        

      

      
        
          	

                	(c)	
                  in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated; or

                

        

      

      
        
          	

                	(d)	
                  if there are hostilities in any part of the world (whether war has been declared or not), in carrying contraband goods,

                

        

      

      and the persons responsible for the operation of the Collateral Ship shall take all necessary and
          proper precautions to ensure that this does not happen, including participation in industry or other voluntary schemes available to the Collateral Ship and in which leading operators of ships operating under the same flag or engaged in similar
          trades generally participate at the relevant time.

      
        
          	5.19	
                  War zones

                

        

      

      The Collateral Ship shall not enter or remain in any zone which has been declared a war zone by any
          government entity or the Collateral Ship’s war risk insurers unless the Guarantor has satisfied any requirements of the Collateral Ship’s insurers necessary to ensure that the Collateral Ship remains properly insured in accordance with the
          Finance Documents (including any requirement for the payment of extra insurance premiums) and has provided to the Agent in advance a report prepared by BankServe Insurance Services Ltd. confirming that the Collateral Ship is properly insured as
          set out in this paragraph 5.19. The cost of such report shall be borne by the Guarantor.

      
        
          	6.	
                  Insurance

                

        

      

      
        
          	6.1	
                  Undertaking to comply

                

        

      

      Each Obligor who is a Party undertakes that this paragraph 6 (Insurance) shall be complied with in relation to the Collateral Ship and its Insurances throughout the Mortgage Period except as approved by the Note Purchasers.

      
        
          	6.2	
                  Insurance terms

                

        

      

      In this paragraph 6 (Insurance):

      excess

            risks means the proportion (if any) of claims for general average, salvage and salvage charges not recoverable under the hull and machinery insurances of the Collateral Ship in consequence of the value at which the Collateral Ship is
          assessed for the purpose of such claims exceeding its insured value.

      
        94

        
          

      

      

      

      Excess war risk P&I cover means cover for claims only in excess of amounts recoverable under the usual war risk cover including (but not limited to) hull and machinery, crew and protection and
          indemnity risks.

      Hull
            cover means insurance cover against the risks identified in paragraph 6.3(a) below.

      Minimum

            hull cover means an amount equal at the relevant time to 120 per cent of the Collateral Loan at the relevant time.

      P&I

            risks means the usual risks (including liability for oil pollution, excess war risk P&I cover) covered by a protection and indemnity association which is a member of the International Group of protection and indemnity associations
          (or, if the International Group ceases to exist, any other leading protection and indemnity association or other leading provider of protection and indemnity insurance) (including, without limitation, the proportion (if any) of any collision
          liability not covered under the terms of the hull cover).

      
        
          	6.3	
                  Coverage required

                

        

      

      The Collateral Ship shall at all times be insured:

      
        
          	

                	(a)	
                  against fire and usual marine risks (including excess risks) and war risks (including war protection and indemnity risks and terrorism risks) on an agreed
                      value basis, for at least its minimum hull cover and no less than its market value;

                

        

      

      
        
          	

                	(b)	
                  against P&I risks for the highest amount then available in the insurance market for vessels of similar age, size and type as the Collateral Ship (but,
                      in relation to liability for oil pollution, for an amount of not less than $1,000,000,000);

                

        

      

      
        
          	

                	(c)	
                  against such other risks (excluding loss of hire) and matters which the Agent notifies it that it considers reasonable for a prudent shipowner or operator
                      to insure against at the time of that notice (having regard to general insurance market practice and law at the time but always excluding any loss of earnings cover); and

                

        

      

      
        
          	

                	(d)	
                  on terms which comply with the other provisions of this paragraph 6 (Insurance).

                

        

      

      
        
          	6.4	
                  Placing of cover

                

        

      

      The insurance coverage required by paragraph 6.3 above shall be:

      
        
          	

                	(a)	
                  in the name of the Guarantor and no other person (other than the Security Agent (and any other Finance Party required by the Agent) if required by the
                      Agent) (unless such other person is approved and, if so required by the Agent, has duly executed and delivered a second priority assignment of its interest in the Collateral Ship’s Insurances to the Security Agent (and any other
                      Finance Party required by the Agent) in an approved

                

        

      

      
        95

        
          

      

      

      

      form and provided such supporting documents and opinions in relation to that assignment as the Agent
          requires);

      
        
          	

                	(b)	
                  if the Agent so requests, in the joint names of the Guarantor and the Security Agent (and any other Finance Party required by the Agent) (and, to the extent
                      reasonably practicable in the insurance market, without liability on the part of the Security Agent or such Finance Party for premiums or calls);

                

        

      

      
        
          	

                	(c)	
                  in dollars or another approved currency;

                

        

      

      
        
          	

                	(d)	
                  arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks associations;

                

        

      

      
        
          	

                	(e)	
                  in full force and effect; and

                

        

      

      
        
          	

                	(f)	
                  on approved terms and with approved insurers or associations.

                

        

      

      
        
          	6.5	
                  Deductibles

                

        

      

      The aggregate amount of any excess or deductible under the Collateral Ship’s hull cover shall not
          exceed the Major Casualty Amount.

      
        
          	6.6	
                  Mortgagee’s insurance

                

        

      

      The Guarantor shall within 5 Business Days reimburse to the Agent the cost (as conclusively
          certified by the Agent) of taking out and keeping in force in respect of the Collateral Ship on approved terms, or in considering or making claims under:

      
        
          	

                	(a)	
                  a mortgagee’s interest insurance and a mortgagee’s additional perils (all P&I risks) cover for the benefit of the Finance Parties for an amount up to
                      120 per cent of the Collateral Loan; and

                

        

      

      
        
          	

                	(b)	
                  any other insurance cover which the Agent reasonably requires (having regard to general insurance market practice and law at the time) in respect of any
                      Finance Party’s interests and potential liabilities (whether as mortgagee of the Collateral Ship or beneficiary of the Security Documents).

                

        

      

      
        
          	6.7	
                  Fleet liens, set off and cancellations

                

        

      

      If the Collateral Ship’s hull cover also insures other vessels, the Security Agent shall either be
          given an undertaking in approved terms by the brokers or (if such cover is not placed through brokers or the brokers do not, under any applicable laws or insurance terms, have such rights of set off and cancellation) the relevant insurers that
          the brokers or (if relevant) the insurers will not:

      
        96

        
          

      

      

      

      
        
          	

                	(a)	
                  set off against any claims in respect of the Collateral Ship any premiums due in respect of any of such other vessels insured; or

                

        

      

      
        
          	

                	(b)	
                  cancel that cover because of non-payment of premiums in respect of such other vessels,

                

        

      

      or the Guarantor shall ensure that hull cover for the Collateral Ship is provided under a separate
          policy from any other vessels.

      
        
          	6.8	
                  Payment of premiums

                

        

      

      All premiums, calls, contributions or other sums payable in respect of the Insurances shall be paid
          punctually and the Agent shall be provided with all relevant receipts or other evidence of payment upon request.

      
        
          	6.9	
                  Details of proposed renewal of Insurances

                

        

      

      At least 14 days (or such shorter period acceptable to the Agent) before any of the Insurances are
          due to expire, the Agent shall be notified of the names of the brokers, insurers and associations proposed to be used for the renewal of such Insurances and the amounts, risks and terms in, against and on which the Insurances are proposed to be
          renewed.

      
        
          	6.10	
                  Instructions for renewal

                

        

      

      At least seven days (or such shorter period acceptable to the Agent) before any of the Insurances
          are due to expire, instructions shall be given to brokers, insurers and associations for them to be renewed or replaced on or before their expiry.

      
        
          	6.11	
                  Confirmation of renewal

                

        

      

      The Insurances shall be renewed upon their expiry in a manner and on terms which comply with this
          paragraph 6 (Insurance) and confirmation of such renewal given by approved brokers or insurers to the Agent at least five days (or such
          shorter period as may be approved) before such expiry.

      
        
          	6.12	
                  P&I guarantees

                

        

      

      Any guarantee or undertaking required by any protection and indemnity or war risks association in
          relation to the Collateral Ship shall be provided when required by the association.

      
        
          	6.13	
                  Insurance documents

                

        

      

      The Agent shall be provided with pro forma copies of all insurance policies and other documentation
          issued by brokers, insurers and associations in connection with the Insurances as soon as they are available after they have been placed or renewed and all insurance policies

      
        97

        
          

      

      

      

      and other documents relating to the Insurances shall be deposited with any approved brokers or (if
          not deposited with approved brokers) the Agent or some other approved person.

      
        
          	6.14	
                  Letters of undertaking

                

        

      

      Unless otherwise approved where the Agent is satisfied that equivalent protection is afforded by the
          terms of the relevant Insurances and/or any applicable law and/or a letter of undertaking provided by another person, on each placing or renewal of the Insurances, the Agent shall be provided promptly with letters of undertaking in an approved
          form (having regard to general insurance market practice and law at the time of issue of such letter of undertaking) from the relevant brokers, insurers and associations.

      
        
          	6.15	
                  Insurance Notices and Loss Payable Clauses

                

        

      

      The interest of the Security Agent as assignee of the Insurances shall be endorsed on all insurance
          policies and other documents by the incorporation of a Loss Payable Clause and an Insurance Notice in respect of the Collateral Ship and its Insurances signed by the Guarantor and, unless otherwise approved, each other person assured under the
          relevant cover (other than the Security Agent if it is itself an assured).

      
        
          	6.16	
                  Insurance correspondence

                

        

      

      If so required by the Agent, the Agent shall promptly be provided with copies of all written
          communications between the assureds and brokers, insurers and associations relating to any of the Insurances as soon as they are available.

      
        
          	6.17	
                  Qualifications and exclusions

                

        

      

      All requirements applicable to the Insurances shall be complied with and the Insurances shall only
          be subject to approved exclusions or qualifications.

      
        
          	6.18	
                  Independent report

                

        

      

      If the Agent asks the Guarantor for a detailed report from an approved independent firm of marine
          insurance brokers giving their opinion on the adequacy of the Insurances then the Agent shall be provided promptly with such a report at no cost to the Agent or (if the Agent obtains such a report itself) the Guarantor shall reimburse the Agent
          for the cost of obtaining that report. The Guarantor shall not bear the cost of more than one such report per calendar year, unless there is an Event of Default.

      
        
          	6.19	
                  Collection of claims

                

        

      

      
        98

        
          

      

      

      

      All documents and other information and all assistance required by the Agent to assist it and/or the
          Security Agent in trying to collect or recover any claims under the Insurances shall be provided promptly (having regard to general market practice and law at the time).

      
        
          	6.20	
                  Employment of Collateral Ship

                

        

      

      The Collateral Ship shall only be employed or operated in conformity with the terms of the
          Insurances (including any express or implied warranties) and not in any other way (unless the insurers have consented and any additional requirements of the insurers have been satisfied).

      
        
          	6.21	
                  Declarations and returns

                

        

      

      If any of the Insurances are on terms that require a declaration, certificate or other document to
          be made or filed before the Collateral Ship sails to, or operates within, an area, those terms shall be complied with within the time and in the manner required by those Insurances.

      
        
          	6.22	
                  Application of recoveries

                

        

      

      All sums paid under the Insurances to anyone other than the Security Agent shall be applied in
          repairing the damage and/or in discharging the liability in respect of which they have been paid except to the extent that the repairs have already been paid for and/or the liability already discharged.

      
        
          	6.23	
                  Settlement of claims

                

        

      

      Any claim under the Insurances for a Total Loss or Major Casualty shall only be settled, compromised
          or abandoned with prior approval.

      
        
          	6.24	
                  Change in insurance requirements

                

        

      

      If the Agent gives notice to the Guarantor to change the terms and requirements of this paragraph 6
          (Insurance) (which the Agent may only do, in such manner as it reasonably considers appropriate, as a result of changes of circumstances or
          practice after the date of this Note Purchase Deed), this paragraph 6 (Insurance) shall be modified in the manner so notified by the Agent on
          the date 14 days after such notice from the Agent is received.

      
        
          	7.	
                  Chartering undertakings

                

        

      

      
        
          	7.1	
                  Undertaking to comply

                

        

      

      Each Obligor who is a Party undertakes that this paragraph 7 (Charter Undertakings) will be complied with in relation to the Collateral Ship and its Charter Documents throughout the Mortgage Period except as approved by the Note
          Purchasers.

      
        99

        
          

      

      

      

      
        
          	7.2	
                  Variations

                

        

      

      Except with approval, the Charter Documents shall not be materially varied.

      
        
          	7.3	
                  Releases and waivers

                

        

      

      Except with approval, there shall be no release by the Guarantor (and the Guarantor shall procure
          that there will be no release by the Charterer) of any obligation of any other person under the Charter Documents (including by way of novation or assignment), no waiver of any breach of any such obligation and no consent to anything which would
          otherwise be such a breach.

      
        
          	7.4	
                  Termination of Charter

                

        

      

      Except with approval, the Guarantor shall not (and it shall procure that the Charterer will not)
          terminate or rescind any Charter Document or withdraw the Collateral Ship from service under the Charter or take any similar action.

      
        
          	7.5	
                  Charter performance

                

        

      

      The Guarantor shall (and it shall procure that the Charterer will) perform its obligations under the
          Charter Documents and it shall (and it shall procure that the Charterer will) use its best endeavours to ensure that each other party to them performs its obligations under the Charter Documents.

      
        
          	7.6	
                  Payment of Charter Earnings

                

        

      

      All Earnings which the Guarantor or (as the case may be) the relevant Charterer is entitled to
          receive under the Charter Documents shall be paid in the manner required by the relevant Security Documents in relation to the Collateral Ship.

      
        
          	7.7	
                  Notice of assignment

                

        

      

      The Guarantor shall give notice of assignment of the Charter Documents to the other parties to them
          in the form specified by the Charter Assignment and:

      
        
          	

                	(a)	
                  subject to paragraph 7.7(b) below, shall ensure that the Agent receives a copy of that notice acknowledged by the relevant addressee; or

                

        

      

      
        
          	

                	(b)	
                  if such Charter Documents are freely assignable, the Guarantor shall (and it shall procure that the Charterer will) use commercially reasonable efforts to
                      ensure that the Agent receives a copy of that notice acknowledged by the relevant addressee,

                

        

      

      in each case, in the form specified therein as soon as practically possible after the Charter
          Assignment has been executed.

      
        100

        
          

      

      

      

      
        
          	8.	
                  Bank accounts

                

        

      

      
        
          	8.1	
                  Undertaking to comply

                

        

      

      Each Obligor who is a Party undertakes that this paragraph 8 (Bank accounts) will be complied with throughout the term of the Notes except as approved by the Note Purchasers.

      
        
          	8.2	
                  Operating Account

                

        

      

      
        
          	

                	(a)	
                  The Issuer and the Guarantor shall each be the holder of one Account with an Account Bank which is designated as the “Operating Account” for the purposes of
                      the Finance Documents.

                

        

      

      
        
          	

                	(b)	
                  The Earnings of the Guarantor shall be paid by the persons from whom they are due to the Operating Account of the Guarantor and any dividends and capital
                      returns payable by the Guarantor to the Issuer shall be paid to the Operating Account of the Issuer unless, in each case, required to be paid to the Security Agent under the relevant Finance Documents.

                

        

      

      
        
          	

                	(c)	
                  The Issuer shall not withdraw amounts standing to the credit of its Operating Account except as permitted by paragraph 8.2(e) below.

                

        

      

      
        
          	

                	(d)	
                  The Guarantor shall not withdraw amounts standing to the credit of its Operating Account except as permitted by paragraph 8.2(e) below.

                

        

      

      
        
          	

                	(e)	
                  If there is no continuing Event of Default, the Issuer may withdraw the following amounts from the relevant Operating Account for:

                

        

      

      
        
          	

                	(i)	
                  payments then due to Finance Parties under the Finance Documents (other than payments due in respect of a prepayment (unless it is a voluntary prepayment
                      under clause 8.2(d) (Optional Redemption in Full) or 8.2(e) (Optional Redemption in Part)); and

                

        

      

      
        
          	

                	(ii)	
                  payments in the ordinary course of its business which are permitted (or not prohibited) by this Note Purchase Deed and/or the other Finance Documents.

                

        

      

      
        
          	

                	(f)	
                  If there is no continuing Event of Default, the Guarantor may withdraw any amounts from the relevant Operating Account for any purpose which is permitted
                      (or not prohibited) by this Note Purchase Deed and the relevant Post-Delivery Finance Documents.

                

        

      

      
        
          	8.3	
                  Other provisions

                

        

      

      
        
          	

                	(a)	
                  An Account may only be designated for the purposes described in this paragraph 8 (Bank accounts) if:

                

        

      

      
        101

        
          

      

      

      

      
        
          	

                	(i)	
                  such designation is made in writing by the Agent and acknowledged by the relevant Account Holder(s) and specifies the name and address of the Account Bank
                      and the number and any designation or other reference attributed to the Account;

                

        

      

      
        
          	

                	(ii)	
                  an Account Security has been duly executed and delivered by the relevant Account Holder(s) in favour of the Security Agent (and any other Finance Party
                      required by the Agent);

                

        

      

      
        
          	

                	(iii)	
                  any notice required by the Account Security to be given to an Account Bank has been given to, and acknowledged by, the Account Bank in the form required by
                      the relevant Account Security; and

                

        

      

      
        
          	

                	(iv)	
                  the Agent, or its duly authorised representative, has received such documents and evidence it may require in relation to the Account and the relevant
                      Account Security including documents and evidence of the type referred to in clause 7 (Conditions Precedent) in relation to the
                      Account and the relevant Account Security.

                

        

      

      
        
          	

                	(b)	
                  The rates of payment of interest and other terms regulating any Account will be a matter of separate agreement between the relevant Account Holder(s) and an
                      Account Bank.

                

        

      

      
        
          	

                	(c)	
                  If an Account is a fixed term deposit account, the relevant Account Holder(s) may select the terms of deposits until the relevant Account Security has
                      become enforceable and the Security Agent directs otherwise.

                

        

      

      
        
          	

                	(d)	
                  The relevant Account Holder(s) shall not close any Account or alter the terms of any Account from those in force at the time it is designated for the
                      purposes of this paragraph 8 (Bank accounts) or waive any of its rights in relation to an Account except with approval.

                

        

      

      
        
          	

                	(e)	
                  The relevant Account Holder(s) shall deposit with the Security Agent all certificates of deposit, receipts or other instruments or securities relating to
                      any Account, notify the Security Agent of any claim or notice relating to an Account from any other party and provide the Agent with any other information it may reasonably request concerning any Account.

                

        

      

      
        
          	

                	(f)	
                  Each of the Agent and the Security Agent agrees that if it is an Account Bank in respect of an Account then there will be no restrictions on creating a
                      Security Interest over that Account as contemplated by this Note Purchase Deed and it shall not (except with the approval of the Note Purchasers) exercise any right of combination, consolidation or setoff which it may have in respect
                      of that Account in a manner adverse to the rights of the other Finance Parties.

                

        

      

      
        102

        
          

      

      

      

      
        
          	9.	
                  Business restrictions

                

        

      

      
        
          	9.1	
                  Undertaking to comply

                

        

      

      Except as otherwise approved the Note Purchasers, each Obligor who is a Party undertakes that this
          paragraph 9 (Business restrictions) will be complied with by and in respect of each person to which each relevant provision of this paragraph
          is expressed to apply throughout the term of the Notes.

      
        
          	9.2	
                  General negative pledge

                

        

      

      
        
          	

                	(a)	
                  In this paragraph 9.2, Quasi-Security means an
                      arrangement or transaction described in paragraph 9.3 (Financial indebtedness) below.

                

        

      

      
        
          	

                	(b)	
                  The Issuer shall not create or permit to subsist any Security Interest over any of its shares in the Guarantor.

                

        

      

      
        
          	

                	(c)	
                  (Without prejudice to paragraphs 9.3 (Financial
                        indebtedness) and 9.7 (Disposals) below), the Issuer shall not:

                

        

      

      
        
          	

                	(i)	
                  sell, transfer, factor or otherwise dispose of any of its receivables on recourse terms;

                

        

      

      
        
          	

                	(ii)	
                  enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts;
                      or

                

        

      

      
        
          	

                	(iii)	
                  enter into any other preferential arrangement having a similar effect,

                

        

      

      in circumstances where the arrangement or transaction is entered into primarily
          as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

      
        
          	

                	(d)	
                  Paragraphs 9.2(b) and 9.2(c) above do not apply to any Security Interest or (as the case may be) Quasi-Security, those granted or expressed to be granted by
                      any of the Security Documents;

                

        

      

      
        
          	9.3	
                  Financial Indebtedness

                

        

      

      The Issuer shall not incur or permit to exist, any Financial Indebtedness owed by it to anyone else
          except:

      
        
          	

                	(a)	
                  Financial Indebtedness incurred under the Finance Documents;

                

        

      

      
        
          	

                	(b)	
                  Financial Indebtedness incurred under the Family Trading Facility or any other shareholders’ loan, provided always that such Financial Indebtedness:

                

        

      

      
        103

        
          

      

      

      

      
        
          	

                	(i)	
                  is not guaranteed by any Group Member (other than the Issuer) nor is it secured by means of a Security Interest over an asset of a Group Member (including a
                      Fleet Vessel);

                

        

      

      
        
          	

                	(ii)	
                  is subject to a duly executed subordination agreement between the Finance Parties and the relevant creditor(s) in an agreed form;

                

        

      

      
        
          	

                	(iii)	
                  without prejudice to the generality of sub-paragraph (ii) above:

                

        

      

      
        
          	

                	(A)	
                  is fully subordinate in all respects to this Note Purchase Deed;

                

        

      

      
        
          	

                	(B)	
                  does not provide under its terms for any cash repayment or prepayment obligations of the relevant Group Member prior to the Final Maturity Date (other than
                      the prepayment obligation/right set out in paragraph 9.12 (Family Trading Facility) below);

                

        

      

      
        
          	

                	(C)	
                  does not provide for the payment of interest in cash or preferred shares which provide for the payment of cash dividends, in each case prior to the Final
                      Maturity Date; and

                

        

      

      
        
          	

                	(D)	
                  does not provide for its conversion into preferred shares of the Issuer or of any other Group Member on terms which provide for such preferred shares paying
                      a cash dividend to their holders, in each case prior to the Final Maturity Date;

                

        

      

      
        
          	

                	(iv)	
                  Financial Indebtedness permitted under paragraph 9.4 (Guarantees)
                      below; and

                

        

      

      
        
          	

                	(v)	
                  Financial Indebtedness permitted under paragraph 9.5 (Loans
                        and credit) below.

                

        

      

      
        
          	9.4	
                  Guarantees

                

        

      

      The Guarantor shall not give or permit to exist, any guarantee by it in respect of indebtedness of
          any person or allow any of its indebtedness to be guaranteed by anyone other than in the normal course of chartering the Collateral Ship. The Issuer shall not give or permit to exist, any guarantee by it in respect of indebtedness of any person
          or allow any of its indebtedness to be guaranteed by anyone other than in the normal course of its business and/or in relation to financing obtained by a Group Member in connection with its Fleet Vessel.

      
        
          	9.5	
                  Loans and credit

                

        

      

      The Issuer shall not be a creditor in respect of Financial Indebtedness other than in respect of
          trade credit on normal commercial terms in the ordinary course of its trading activities.

      
        
          	9.6	
                  Bank accounts, operating leases and other financial
                        transactions

                

        

      

      
        104

        
          

      

      

      

      The Guarantor shall not:

      
        
          	

                	(a)	
                  maintain any current or deposit account with a bank or financial institution except for the relevant Operating Account and the deposit of money, operation
                      of current accounts and the conduct of electronic banking operations through the relevant Operating Account;

                

        

      

      
        
          	

                	(b)	
                  hold cash in any account (other than the relevant Operating Account) over or in respect of which any set-off, combination of accounts, netting or Security
                      Interest exists;

                

        

      

      
        
          	

                	(c)	
                  enter into any obligations under operating leases relating to assets; or

                

        

      

      
        
          	

                	(d)	
                  be party to any transaction, whether on or off balance sheet, that is not expressly permitted under this Note Purchase Deed.

                

        

      

      
        
          	9.7	
                  Disposals

                

        

      

      The Guarantor shall not enter into a single transaction or a series of transactions, whether related
          or not and whether voluntarily or involuntarily, to sell, lease, transfer or otherwise dispose of any asset.

      
        
          	9.8	
                  Contracts and arrangements with Affiliates

                

        

      

      The Issuer shall not be party to any arrangement or contract with any of its Affiliates unless such
          arrangement or contract is on an arm’s length basis or has been disclosed in writing to the Agent prior to the date of this Note Purchase Deed or any cash payment due under such arrangement or contract is payable after Final Maturity Date.

      
        
          	9.9	
                  Acquisitions and investments

                

        

      

      The Guarantor shall not acquire any person, business, assets or liabilities or make any investment
          in any person or business or undertaking or enter into any joint-venture arrangement except:

      
        
          	

                	(a)	
                  the incurrence of liabilities in the ordinary course of its business; and

                

        

      

      
        
          	

                	(b)	
                  pursuant to any Finance Document.

                

        

      

      
        
          	9.10	
                  Reduction of capital

                

        

      

      The Issuer shall not redeem or purchase or otherwise reduce any of its equity or any other share
          capital or any uncalled or unpaid liability in respect of any of them or reduce the amount (if any) for the time being standing to the credit of its share premium account or capital redemption or other undistributable reserve in any manner.

      
        
          	9.11	
                  Increase in capital

                

        

      

      
        105

        
          

      

      

      

      The Guarantor shall not issue shares or other equity interests to anyone who is not the Issuer.

      
        
          	9.12	
                  Family Trading Facility

                

        

      

      Each time that the Issuer, after the date of this Note Purchase Deed, raises equity capital from its
          shareholders (other than through the conversion of debt to common or preferred shares of the Issuer, provided any such preferred shares do not provide for the payment of cash dividends prior to the Final Maturity Date) or otherwise, it shall make
          a prepayment of the amounts outstanding under the Family Trading Facility at the time (including for the avoidance of doubt, principal, interest and fees) in an aggregate amount in dollars equal to the lesser of (i) the aggregate of the amounts
          outstanding at the time under the Family Trading Facility and (ii) 25 per cent of the equity capital so raised. Furthermore, the Issuer may, at its sole discretion, further reduce the amount outstanding under the Family Trading Facility at the
          time by making a prepayment thereunder of an additional amount in dollars equal to 25 per cent of the equity capital so raised.

      
        
          	9.13	
                  Capital Expenditures

                

        

      

      The Issuer shall (or shall procure that its subsidiaries will) have committed financing instruments
          in place, readily available and unutilised to cover any capital expenditures of the Group incurred pursuant to contracts entered into after the date of this Note Purchase Deed but due for payment (to the extent due) prior to Final Maturity Date.
          For the avoidance of doubt:

      
        
          	

                	(a)	
                  any cash at hand of the Group accumulated over time in the ordinary course of business shall be excluded from any assessment to be made as regards the
                      existence or not of committed financing instruments; and

                

        

      

      
        
          	

                	(b)	
                  an increase in the amount available under the Family Trading Facility shall be deemed to satisfy the requirement of having committed financing instruments
                      in place.

                

        

      

      
        
          	9.14	
                  Distributions and other payments

                

        

      

      Neither the Issuer nor the Guarantor shall:

      
        
          	

                	(a)	
                  declare or pay (including by way of set-off, combination of accounts or otherwise) any dividend, charge, fee or other distribution (or interest on any
                      unpaid dividend, charge, fee or other distribution) (whether in cash or in kind (other than in the form of common or preferred shares of the Issuer, provided any such common or preferred shares do not provide for the payment of cash
                      dividends prior to Final Maturity Date)) on or in respect of its share capital (or any class of its share capital) or any warrants for the time being in issue, provided however that the Issuer shall be entitled to declare, but not to
                      pay to its shareholders, a cash dividend for the Financial Year ending on 31 December 2019;

                

        

      

      
        106

        
          

      

      

      

      
        
          	

                	(b)	
                  repay or distribute any dividend or share premium reserve;

                

        

      

      
        
          	

                	(c)	
                  pay any management, advisory or other fee to or to the order of any its shareholders, unless such fee has been disclosed in writing to the Agent prior to
                      the date of this Note Purchase Deed;

                

        

      

      
        
          	

                	(d)	
                  redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so; or

                

        

      

      
        
          	

                	(e)	
                  make any payment (including by way of set-off, combination of accounts or otherwise) by way of interest, or repayment, redemption, purchase or other
                      payment, in respect of any shareholder loan, loan stock or similar instrument, other than in accordance with paragraph 9.3(a) (Financial
                        Indebtedness),

                

        

      

      to any other person.

      

      

      
        107

        
          

      

      

      

      Schedule 5

      Form of Deed of Accession

      THIS NOTE PURCHASE DEED
            OF ACCESSION is made on the [•] day of [•]

      BETWEEN

      
        
          	(1)	
                  [(a) [●] (the New Note Purchaser);;

                

        

      

      (a New

            Finance Party); and]

      
        
          	(2)	
                  [•], in its capacity as the Registrar (the Registrar)
                      under the Note Purchase Deed (the Note Purchase Deed) dated 21 March 2019 and entered into between, inter alios, Top Ships Inc. as the Issuer and the Registrar.

                

        

      

      IT IS HEREBY AGREED AS FOLLOWS:

      This is a Deed of Accession.

      Terms defined in the Note Purchase Deed shall bear the same meaning herein.

      For the purposes of this Note Purchase Deed of Accession, the Note Transferor is: [●] and the Note Transferee is: [●].

      Reference is made to clauses 19.1 (Voluntary Transfers by Note Purchasers) and 19.2 (Transfer Procedure) of the Note Purchase Deed:

      
        
          	

                	(f)	
                  The Note Transferor and the Note Transferee agree to the Note Transferor transferring to the Note Transferee by novation all or part of the Note
                      Transferor’s Commitment, rights and obligations referred to in the Schedule hereto in accordance with 19.1 (Voluntary Transfers by Note
                        Purchasers) of the Note Purchase Deed.

                

        

      

      
        
          
            	

                  	(g)	
                    The proposed date for the novation to take effect is: [●].

                  

          

        

      

      In consideration of [the/each] New Finance Party being accepted as a Note Purchaser to the Note Purchase Deed,
          [the/each] New Finance Party agrees to be bound by all of the provisions of (i) the Note Purchase Deed, as a Note Purchaser thereunder and (ii) the Master Definitions and Framework Deed, as if it had been an original party thereto. [The New Note
          Purchaser hereby confirms it is [not] a Conduit Purchaser.]

      Notice details for [the/each] New Finance Party for the purposes of clause 23 (Notices) are set forth on the schedule attached hereto.

      This Note Purchase Deed of Accession and any non-contractual obligations arising out of or in connection with it shall
          be governed by and construed in accordance with English law.

      
        108

        
          

      

      

      

      

      

      IN WITNESS WHEREOF this

          Note Purchase Deed of Accession has been executed and delivered by the parties hereto as a deed on the date above mentioned.

      	
              EXECUTED AS A DEED by

            	
              )

            	 
	 	
              )

            	 
	
              [appropriate execution clause for the

            	
              )

            	 
	
              Note Transferor] in the presence of:

            	 	 

      

      

      Witness:

          Name:

      Address:

      

      

      

      

      	
              EXECUTED AS A DEED by

            	
              )

            	 
	 	
              )

            	 
	
              [appropriate execution clause for [the

            	
              )

            	 
	
              / each] New Finance Party] in the

              presence of:

            	
              )

            	 

      

      

      

      

      	
              SIGNED as a Deed on behalf of

            	
              )

            	 
	
              [●]

            	
              )

            	 
	
              as the Registrar acting by its

            	
              )

            	 
	
              Authorized signatory under its authority

            	
              )

            	 
	
              in the presence of

            	
              )

            	 

      

      

      Witness:

          Name:

      Address:

      
        109

        
          

      

      

      

      Schedule to Deed of Accession

      [details of rights and obligations being transferred]

      NOTICE DETAILS

      [details to be inserted]

       

        

       

        

      
        110

        
          

      

      

      

      APPENDIX A

      Form of Notice of Transfer

      To: [●] as Registrar

      [Date] Dear Sirs,

      Re: TOP SHIPS INC. – Note Purchase Deed dated 21 March 2019

      [We hereby give notice to you that pursuant to and subject to the terms of a Deed of Accession dated [●], the whole of
          the Principal Balance of the Note registered in the Register in the name of [●] (the Note Transferor) is to be transferred to [●] (the Note Transferee) and request that you:

      

        
          
            	(a)	
                    [cancel such Note Certificate representing such Note; and

                  

          

        

      

      
        
          	(b)	
                  issue a new Note Certificate to the Note Transferee in an amount equal to the Principal Balance of such cancelled Note Certificate and] record such transfer
                      [and issue] on the Register (on the date of execution by you of the Deed of Accession)]

                

        

      

      or

      [We hereby give notice to you that pursuant to and subject to the terms of a Deed of Accession dated [●], [US$][●] of
          the Principal Balance(the Transferred Amount) of the Note registered in the Register in the name of [●] (the Note Transferor) is to be transferred to [●] (the Note Transferee)
          and request that you:

      
        
          	(a)	
                  record the new and reduced Principal Balance on the Register; [and

                

        

      

      
        
          	(b)	
                  issue a new Note Certificate to the Note Transferee in an amount equal to the
                        Transferred Amount and record such issue on the Register (on the date of execution by you of the Deed of Accession); ]and

                

        

      

      
        
          	(c)	
                  record such transfer of part of the Principal Balance equal to the Transferred Amount on the Register (on the date of execution by you of the Deed of Accession).

                

        

      

      The Note Transferor hereby confirms that it is duly authorised to make this transfer, and the Note Transferee hereby confirms that it is duly authorised to become such transferee of such Notes.

      We hereby request you to register the transfer of such Notes in the Register upon execution by you of the Deed of
          Accession.

      Terms used herein shall have the same meaning as in the Note Purchase Deed.

      This Note Purchase Deed of Accession and any non-contractual obligations arising out of or in connection with it shall
          be governed by and construed in accordance with English law.

      
        111

        
          

      

      

      

      Please acknowledge receipt of the present
            letter and confirm that registration of the transfer described herein has been made in the Register by notifying the Note Transferor and the Note Transferee at
            the addresses specified below.

      Yours faithfully

      ___________________________________________

          [name, address and signature of the Note Transferor]

      

      

      ___________________________________________

           [name, address and signature of the Note Transferee]

      
        112

        
          

      

      

      

      APPENDIX B

      Form of Acknowledgement and Confirmation of Transfer

      To:    [name and address of transferor]

                  [name and address of transferee]
      [Date]

      Dear Sirs,

      Re: TOP SHIPS INC – Note Purchase Deed dated 21 March 2019

      We hereby acknowledge receipt of your letter dated [●] and confirm that the transfer of the Note referred to therein
          has been entered in the Register, so that [[●] is at the date hereof the registered holder of a new Note in an amount equal to the Principal Balance of the Note formerly held by the Note Transferor] or [[●] is at the date hereof the registered
          holder of a new Note in an amount equal to the Transferred Amount (as defined in the letter referred to above].

      Terms used herein shall have the same meaning as used in the Note Purchase Deed.

      Please find attached hereto a copy of the Register at the present date evidencing the transfer.

      Yours faithfully

      [●] as Registrar

      
        113

        
          

      

      

      

      Schedule 6

      Form of Compliance Certificate

      To:    Amsterdam Trade Bank N.V. as Agent

      From:  TOP SHIPS INC. as Issuer

      Dated:  [•]

      Dear Sirs

      $10,500,000 Note issued pursuant to the

          Note Purchase Deed dated 21 March 2019 (the Note Purchase Deed)

      
        
          	1	
                  We refer to the Note Purchase Deed. This is a Compliance Certificate. Terms defined in the Note Purchase Deed have the same meaning when used in this
                      Compliance Certificate unless given a different meaning in this Compliance Certificate.

                

        

      

      
        
          	2	
                  We confirm that:

                

        

      

      
        
          	

                	(a)	
                  Leverage: the ratio of Total Net Debt to Fleet Market
                      Value in respect of the Group was [•]:1.00, calculated as shown in [Appendix A] versus a maximum required ratio of 0.75:1.00 [attach
                        relevant evidence]; and

                

        

      

      
        
          	

                	(b)	
                  Minimum liquidity: the Group’s Cash and Cash Equivalents were [•] calculated as shown in [Appendix B] versus a minimum required aggregate amount of (i) $750,000 per Fleet Vessel and (ii) $500,000 per Chartered Vessel [attach relevant evidence].

                

        

      

      
        
          	3	
                  [We confirm that no Default is continuing.] [If this statement cannot be made, the certificate should identify any Default that is continuing and the steps,
                      if any, being taken to remedy it.]

                

        

      

      Signed by:

      

      

      .................................................

          TOP SHIPS INC.

      
        114

        
          

      

      

      

      Schedule 7

      Form of Note Certificate

      Note Certificate

      THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS
          OF ANY STATE OR OTHER JURISDICTION. NEITHER THE NOTE NOR ANY INTEREST OR PARTICIPATION THEREIN MAY BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED: (I) IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE NOTE UNDER THE 1933 ACT OR
          APPLICABLE STATE SECURITIES LAWS; OR (II) IN THE ABSENCE OF AN OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE ISSUER, THAT REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT OR; (III) UNLESS SOLD, TRANSFERRED OR ASSIGNED PURSUANT TO RULE
          144 UNDER THE 1933 ACT OR REGULATIONS S OF THE 1933 ACT.

      Serial Number: [ ]

      Note Certificate

      representing

      up to US$ 10,500,000 Notes due 31 March 2020

      issued by

      TOP SHIPS INC.

      (Incorporated as a company with limited liability in the Republic of the Marshall Islands and registered under number
          3571) (the Issuer)

      
        
          	1	
                  Note Certificate

                

        

      

      This is a Note Certificate issued pursuant to and subject to the Note Purchase Deed entered into on
          21 March 2019 (the Note Purchase Deed) between, among others, Top Ships Inc. and Amsterdam Trade Bank N.V. as Security Agent.

      This Note Certificate is in respect of a duly authorised issue of a Note, designated as specified in
          the title of this Note Certificate (the Certificated Note) and constituted by the Note Purchase Deed.

      
        
          	2	
                  Interpretation

                

        

      

      Terms and expressions defined in (including by incorporation by reference) the Note Purchase Deed
          shall bear the same meanings when used in this Note Certificate.

      
        115

        
          

      

      

      

      
        
          	3	
                  Certificate of Entitlement of Registered Note Purchaser

                

        

      

      This is to certify that Amsterdam Trade Bank N.V. is the person registered in the register
          maintained by the Registrar in relation to the Note (the Register) as the duly registered Note Purchaser of a Note, the outstanding principal
          amount (the Principal Balance) of which is as set out in the Register. This Note Certificate is evidence of entitlement only and is not a
          document of title. Entitlements are determined by the Registrar by reference to the Register and only the relevant Note Purchaser is entitled to payment in respect of the Certificated Note.

      
        
          	4	
                  Security and Guarantee

                

        

      

      The payment obligations of the Issuer under this Certificated Note are secured in favour of
          Amsterdam Trade Bank N.V. (the Security Agent) pursuant to the Collateral Documents and guaranteed by Astarte International Inc. pursuant to
          clause 14 (Guarantee and Indemnity) of the Note Purchase Deed.

      
        
          	5	
                  Non-petition

                

        

      

      The payment of all amounts expressed to be payable by the Issuer under and in respect of this
          Certificated Note is subject to certain limitations set out in the Transaction Documents. Each Note Purchaser shall be deemed to have notice of and be bound by all such limitations.

      In particular, but without limitation, only the Security Agent may pursue the remedies available
          under the general law or under the Deed of Charge or any other Transaction Document to enforce Security and no Note Purchaser shall be entitled to begin any insolvency proceedings directly against the Issuer to enforce Security.

      
        
          	6	
                  Transfer of interests in the Certified Note

                

        

      

      Title to the Certificated Note passes only on due registration in the Register maintained by the
          Registrar and only the duly registered Note Purchaser or if more than one person is so registered, the first-named of such persons is entitled to payment in respect of the Certificated Note.

      
        
          	7	
                  Taxes

                

        

      

      All payments in respect of this Certificated Note will be made without withholding or deduction for
          or on account of any present or future taxes, duties or charges of whatsoever nature unless the Issuer is required by the law of the jurisdiction of the tax residency of the Issuer to make any payment in respect of the Certificated Note subject
          to any withholding or deduction for or on account of any such taxes, duties or charges. In that event, the Issuer shall make such payment after such withholding or deduction has been made and shall account to the relevant

      
        116

        
          

      

      

      

      authorities for the amount so withheld or deducted. The Issuer will not be obliged to make any
          additional payments to the Note Purchasers in respect of such withholding or deduction except as expressly provided in the Note Purchase Deed.

      
        
          	8	
                  Governing Law

                

        

      

      This Note Certificate and any non-contractual obligations arising out of or in connection with it is
          governed by, and shall be construed in accordance with, English law.

      IN WITNESS WHEREOF the

          Issuer has caused this Note Certificate to be signed manually or in facsimile by a person duly authorised on its behalf.

      	
              Executed by:

            	
              TOP SHIPS INC.

                

            
	 	 
	 	
              acting by:

            
	 	 
	 	
              By:

            
	 	
              Name:

            
	 	
              Director:

            
	 	 
	
              Authenticated by:

            	
              AMSTERDAM TRADE BANK N.V.

            
	 	 
	 	
              acting by:

            
	 	
              By:

            
	 	
              Name:

            
	 	 

      
        117

        
          

      

      

      

      Schedule 8

      Definitions and Interpretation

      
        
          	1	
                  Definitions

                

        

      

      In this Note Purchase Deed and (unless otherwise defined in the relevant Finance Documents, the
          other Finance Documents):

      1933
            Act has the meaning given to it in clause 5.3(a).

      Account

          means any bank account, deposit or certificate of deposit opened, made or established in accordance with paragraph 8 (Bank accounts) of
          Schedule 4 (Covenants of the Obligors).

      Account

            Holder means, in relation to any Account, each Obligor in whose name that Account is held.

      Account

            Security means, in relation to an Account, a first priority (or, in the case of an Account of the Guarantor, second priority) deed or other instrument executed by the relevant Account Holder(s) in favour of the Security Agent in an
          agreed form conferring a Security Interest over that Account.

      Accounting

            Reference Date means 31 December or such other date as may be approved by the Note Purchasers.

      Affiliate

          means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

      Agent
          includes any person who may be appointed as such under the Finance Documents.

      Annual Financial Statements has the meaning given to it in paragraph 1.2 (Definitions) of Schedule 4 (Covenants of the Obligors).

      Authorisation

          means any authorisation, consent, concession, approval, resolution, licence, exemption, filing, notarisation or registration.

      Basel

            II Accord means the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 as updated prior to, and in the form existing on, the
          date of this Agreement, excluding any amendment thereto arising out of the Basel III Accord or Reformed Basel III.

      Basel

            II Approach means, in relation to any Finance Party, either the Standardised Approach or the relevant Internal Ratings Based Approach (each as defined in the Basel II Regulations

      
        118

        
          

      

      

      

      applicable to such Finance Party) adopted by that Finance Party (or any of its Affiliates) for the
          purposes of implementing or complying with the Basel II Accord.

      Basel

            II Regulation means:

      
        
          	

                	(a)	
                  any law or regulation in force as at the date hereof implementing the Basel II Accord, (including the relevant provisions of CRD IV and CRR) to the extent
                      only that such law or regulation re-enacts and/or implements the requirements of the Basel II Accord but excluding any provision of such law or regulation implementing the Basel III Accord; and

                

        

      

      
        
          	

                	(b)	
                  any Basel II Approach adopted by a Finance Party or any of its Affiliates.

                

        

      

      Basel

            III Increased Cost means an Increased Cost which is attributable to the implementation or application of or compliance with any Basel III Regulation in force as at the date hereof (whether such implementation, application or compliance
          is by a government, regulator, Finance Party or any of its Affiliates).

      Basel

            III Regulation means any law or regulation implementing the Basel III Accord (including the relevant provisions of CRD IV and CRR) save to the extent that such law or regulation reenacts a Basel II Regulation and excluding any such law
          or regulation which implements Reformed Basel III.

      Break

            Costs means the amount (if any) by which:

      
        
          	

                	(a)	
                  the interest (excluding the Margin) which a Note Purchaser should have received for the period from the date of receipt of all or any part the Note to the
                      last day of the current Interest Period in respect of that, had the relevant principal amount received been paid on the last day of that Interest Period;

                    

                

           

          

           exceeds: 

        

      

      
        
          	

                	(b)	
                  the amount which that Note Purchaser would be able to obtain by placing an amount equal to the relevant principal amount received by it on deposit with a
                      leading bank for a period starting on the Business Day following receipt or recovery and ending on the last day of that Interest Period.

                

        

      

      Builder

          means, in relation to the vessels set out in Schedule 9 (Ship Information), the person specified as such in Schedule 9 (Ship Information).

      Business

            Day means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Amsterdam and New York.

      Cash
            and Cash Equivalents has the meaning given to it in paragraph 2.1 (Financial definitions) of Schedule 4 (Covenants of the Obligors).

      
        119

        
          

      

      

      

      

      

      Certificated

            Note means a Note represented by a Note Certificate.

      Charged

            Property means all of the assets of the Obligors which from time to time
            are, or are expressed or intended to be, the subject of the Transaction Security.

      Charter

          means the charter commitment for the Collateral Ship details of which are
            provided in Schedule 9 (Ship Information).

      Charter

          means the charter commitment for the Collateral Ship details of which are
            provided in Schedule 9 (Ship Information).

      Charter

            Assignment means a second priority assignment by the Guarantor of its
            interest in the Charter Documents in favour of the Security Agent in the agreed form.

      Charter

            Documents means the Charter, any documents supplementing it and any guarantee or security given by any person to the Guarantor for the Charterer’s obligations under it.

      Chartered

            Vessel has the meaning given to it in paragraph 2.1 (Financial definitions) of Schedule 4 (Covenants of the Obligors).

      Charterer

          means the entity details of which are provided in Schedule 9 (Ship Information) as charterer of the Collateral Ship.

      Classification

          means the classification specified in respect of the Collateral Ship in
            Schedule 9 (Ship Information) or another classification
            approved by the Note Purchasers as its Classification Society, at the request of the Guarantor.

      Classification

            Society means the classification society specified in respect of the
            Collateral Ship in Schedule 9 (Ship Information) or
            another classification society approved by the Note Purchasers as its Classification Society, at the request of the Guarantor.

      Closing

            Date means the date specified as such in the Note Issue Notice or such other date agreed by the Issuer and Amsterdam Trade Bank N.V.

      Code
          means the US Internal Revenue Code of 1986.

      Coercive

            Practices has the meaning given to it in paragraph 3.6(c) of Schedule 4 (Covenants of the Obligors).

      Collateral

            Documents means, together the Mortgage, the General Assignment, the Account Security by the Guarantor, the Charter Assignment, the Share Security and the Manager’s Undertaking.

      Collateral

            Ship means the vessel described as such Schedule 9 (Ship Information) and owned by the Guarantor.

      
        120

        
          

      

      

      

      Collusive

            Practices has the meaning given to it in paragraph 3.6(c) of Schedule 4 (Covenants of the Obligors).

      Compensating

            Sum has the meaning given to it in clause 9.4(b).

      Compliance

            Certificate means a certificate substantially in the form set out in Schedule 6 (Form of Compliance Certificate) or otherwise
          approved.

      Confidential

            Information means all information relating to an Obligor (other than the Charterer), the Group, the Finance Documents or the Notes of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance
          Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Notes from either:

      
        
          	

                	(a)	
                  any member of the Group or any of its advisers; or

                

        

      

      
        
          	

                	(b)	
                  another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers,

                

        

      

      in whatever form, and includes information given orally and any document, electronic file or any
          other way of representing or recording information which contains or is derived or copied from such information but excludes:

      (i)   information that:

      
        
          	

                	(A)	
                  is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of clause 0 (Confidential Information); or

                

        

      

      
        
          	

                	(B)	
                  is identified in writing or orally if given orally at the time of delivery as non-confidential by any member of the Group or any of its advisers; or

                

        

      

      
        
          	

                	(C)	
                  is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by
                      that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is
                      not otherwise subject to, any obligation of confidentiality; and (ii)any Funding Rate.

                

        

      

      Constitutional

            Documents means, in respect of an Obligor (other than the Charterer), such Obligor’s articles of incorporation, bye-laws or other constitutional documents including as referred to in any certificate relating to an Obligor delivered
          pursuant to clause 7 (Conditions Precedent).

      
        121

        
          

      

      

      

      Corrupt

            Practices has the meaning given to it in paragraph 3.6(c) of Schedule 4 (Covenants of the Obligors).

      CRD
            IV means the directive 2013/36/EU of the European Union on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.

      CRR
          means the regulation 575/2013 of the European Union on prudential requirements for credit institutions and investment firms.

      Day
            Count Convention means the actual number of days elapsed divided by 360 or, in any case where the practice in the Interbank Market differs, in accordance with that market practice.

      Deed
            of Accession means the a deed of accession substantially in the form as set out in Schedule 5 (Form of Deed of Accession).

      Default

          means an Event of Default or any event or circumstance specified in the definition Event of Default which would (with the expiry of a
          grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

      Delegate

          means any delegate, agent, attorney, additional trustee or co-trustee appointed by the Security Agent under the terms of the Finance Documents.

      Determination

            Date means the date which is 10 Business Days following the immediately preceding Interest Payment Date.

      Discharged

            Rights and Obligations has the meaning given to it in clause 19.2(b).

      Dispute

          has the meaning given to it in clause 28.1 (Jurisdiction of English courts).

      Disruption

            Event means either or both of:

      
        
          	

                	(a)	
                  a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for
                      payments to be made in connection with the Notes (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties;
                      or

                

        

      

      
        
          	

                	(b)	
                  the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party
                      preventing that, or any other Party:

                

        

      

      
        
          	

                	(i)	
                  from performing its payment obligations under the Finance Documents; or

                

        

      

      
        122

        
          

      

      

      

      
        
          	

                	(ii)	
                  from communicating with other Parties in accordance with the terms of the Finance Documents,

                

        

      

      and which (in either such case) is not caused by, and is beyond the control of,
          the Party whose operations are disrupted.

      Earnings means:

      
        
          	

                	(a)	
                  in relation to the Issuer, all money at any time payable to the Issuer for or in relation to its operation or otherwise including dividends or damages for
                      breach and payments for termination or variation of any contractual commitment or otherwise; and

                

        

      

      
        
          	

                	(b)	
                  in relation to the Collateral Ship and a person, all money at any time payable to that person for or in relation to the use or operation of the Collateral
                      Ship, including freight, hire and passage moneys, money payable to that person for the provision of services by or from the Collateral Ship or under any charter commitment, requisition for hire compensation, remuneration for salvage
                      and towage services, demurrage and detention moneys and damages for breach and payments for termination or variation of any charter commitment.

                

        

      

      Eco California Ship means the vessel described as such Schedule 9 (Ship Information).

      Eco Marina Del Ray Ship means the vessel described as such Schedule 9 (Ship Information).

      Environmental Claim means:

      
        
          	

                	(a)	
                  enforcement, clean-up, removal or other governmental or regulatory action or orders or claims instituted or made pursuant to any Environmental Laws or
                      resulting from a Spill; or

                

        

      

      
        
          	

                	(b)	
                  any claim made by any other person relating to a Spill.

                

        

      

      Environmental Incident means any Spill from any vessel in circumstances where:

      
        
          	

                	(a)	
                  any Fleet Vessel or its owner, operator or manager is liable for Environmental Claims arising from the Spill (other than Environmental Claims arising and
                      fully satisfied before the date of this Note Purchase Deed); and/or

                

        

      

      
        
          	

                	(b)	
                  any Fleet Vessel is arrested or attached in connection with any such Environmental Claim.

                

        

      

      Environmental Laws means all laws, regulations and conventions concerning pollution or protection of human health or the environment.

      Event of Default means each of the events or circumstances set out below:

      
        123

        
          

      

      

      

      
        
          	

                	(a)	
                  Non payment: an Obligor does not pay on the due date
                      any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless:

                

        

      

      
        
          	

                	(i)	
                  its failure to pay is caused by administrative or technical error or by a Disruption Event; and

                

        

      

      
        
          	

                	(ii)	
                  payment is made within three (3) Business Days of its due date.

                

        

      

      
        
          	

                	(b)	
                  Financial covenants: the Obligors do not comply with
                      paragraph 2 of Schedule 4 (Covenants of the Obligors).

                

        

      

      
        
          	

                	(c)	
                  Other obligations:

                

        

      

      
        
          	

                	(i)	
                  An Obligor does not comply with any provision of the Finance Documents (other than those referred to in paragraphs (a) and (b) above, and the other
                      provisions of this definition “Event of Default”).

                

        

      

      
        
          	

                	(ii)	
                  No Event of Default under paragraph (i) above will occur if the Agent considers that the failure to comply is capable of remedy and the failure is remedied
                      within five Business Days of the earlier of (A) the Agent giving notice to the Issuer and (B) the Issuer or any other Obligor becoming aware of the failure to comply.

                

        

      

      
        
          	

                	(d)	
                  Misrepresentation: any representation or statement
                      made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any
                      material respect when made or deemed to be made.

                

        

      

      
        
          	

                	(e)	
                  Cross default:

                

        

      

      
        
          	

                	(i)	
                  Any Financial Indebtedness of any Obligor (other than the Charterer) is not paid when due nor within any originally applicable grace period.

                

        

      

      
        
          	

                	(ii)	
                  Any Financial Indebtedness of any Obligor (other than the Charterer) is declared to be or otherwise becomes due and payable prior to its specified maturity
                      as a result of an event of default (however described).

                

        

      

      
        
          	

                	(iii)	
                  Any commitment for any Financial Indebtedness of any Obligor (other than the Charterer) is cancelled or suspended by a creditor of that Obligor as a result
                      of an event of default (however described).

                

        

      

      
        
          	

                	(iv)	
                  The counterparty to a Treasury Transaction entered into by the Issuer becomes entitled to terminate that Treasury Transaction early by reason of an event of
                      default (however described).

                

        

      

      
        124

        
          

      

      

      

      
        
          	

                	(v)	
                  An Event of Default will only occur under this paragraph (e) if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness
                      falling within this paragraph (e) is more than $5,000,000 (or its equivalent in any other currency).

                

        

      

      
        
          	

                	(vi)	
                  Any creditor of any Obligor (other than the Charterer) becomes entitled to declare any Financial Indebtedness of that Obligor due and payable prior to its
                      specified maturity as a result of an event of default (however described).

                

        

      

      
        
          	

                	(f)	
                  Insolvency:

                

        

      

      
        
          	

                	(i)	
                  An Obligor:

                

        

      

      
        
          	

                	(A)	
                  is unable or admits inability to pay its debts as they fall due;

                

        

      

      
        
          	

                	(B)	
                  is deemed to, or is declared to, be unable to pay its debts under applicable law;

                

        

      

      
        
          	

                	(C)	
                  suspends without the consent of the affected creditor(s) or threatens to suspend making payments on any of its debts; or

                

        

      

      
        
          	

                	(D)	
                  by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its
                      capacity as such) with a view to rescheduling all or substantially all of its Financial Indebtedness.

                

        

      

      
        
          	

                	(ii)	
                  The value of the assets of any Obligor (other than the Charterer) is less than its Total Debt.

                

        

      

      
        
          	

                	(iii)	
                  A moratorium is declared in respect of any indebtedness of any Obligor exceeding $1,500,000 (or its equivalent in any other currency) in aggregate.

                

        

      

      
        
          	

                	(g)	
                  Insolvency proceedings:

                

        

      

      
        
          	

                	(i)	
                  Any corporate action, legal proceedings or other procedure or step is taken in relation to:

                

        

      

      
        
          	

                	(A)	
                  the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement,
                      scheme of arrangement or otherwise) of any Obligor;

                

        

      

      
        
          	

                	(B)	
                  a composition, compromise, assignment or arrangement with any creditor of any Obligor;

                

        

      

      
        125

        
          

      

      

      

      
        
          	

                	(C)	
                  the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any Obligor or
                      any of its assets (including the directors of any Obligor requesting a person to appoint any such officer in relation to it or any of its assets); or

                

        

      

      
        
          	

                	(D)	
                  enforcement of any Security Interest over any assets of any Obligor (having in the case of the Issuer a value in excess of $1,500,000 (or its equivalent in
                      any other currency) in aggregate),

                

        

      

      or any analogous procedure or step is taken in any jurisdiction.

      
        
          	

                	(ii)	
                  Paragraph (i) above shall not apply to any winding-up petition (or analogous procedure or step) which is frivolous or vexatious and is discharged, stayed or
                      dismissed within seven days of commencement or, if earlier, the date on which it is advertised.

                

        

      

      
        
          	

                	(h)	
                  Creditors’ process:

                

        

      

      
        
          	

                	(i)	
                  Any expropriation, attachment, sequestration, distress, execution or any other analogous process or enforcement action (including enforcement by a landlord)
                      affects any asset or assets of any Obligor (other than the Charterer) (having in the case of the Issuer a value in excess of $1,500,000 (or its equivalent in any other currency) in aggregate) and is not discharged within seven days.

                

        

      

      
        
          	

                	(ii)	
                  Any judgment or order is made against any Obligor (other than the Charterer) or any other Group Member and is not stayed or complied with within fifteen
                      days.

                

        

      

      
        
          	

                	(i)	
                  Unlawfulness and invalidity:

                

        

      

      
        
          	

                	(i)	
                  It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents or any Transaction Security ceases to be effective.

                

        

      

      
        
          	

                	(ii)	
                  Any obligation or obligations of any Obligor under any Finance Documents are not (subject to the Legal Reservations) or cease to be legal, valid, binding or
                      enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Note Purchasers under the Finance Documents.

                

        

      

      
        
          	

                	(iii)	
                  Any Finance Document or any Transaction Security ceases to be in full force and effect or ceases to be legal, valid, binding, enforceable or effective or is
                      alleged by a party to it (other than a Finance Party) to be ineffective for any reason.

                

        

      

      
        
          	

                	(iv)	
                  Any Security Document does not create legal, valid, binding and enforceable security over the assets charged under that Security Document or the ranking or
                      priority of such security is adversely affected.

                

        

      

      
        126

        
          

      

      

      

      
        
          	

                	(j)	
                  Cessation of business: any Obligor suspends or
                      ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business unless, in the case of the manager of the Collateral Ship from time to time, such manager is substituted by another manager
                      approved in accordance with paragraph 4.9 (Manager) of Schedule 4 (Covenants of the Obligors).

                

        

      

      
        
          	

                	(k)	
                  Ownership of the Guarantor: the Guarantor is not or
                      ceases to be a wholly-owed direct Subsidiary of the Issuer.

                

        

      

      
        
          	

                	(l)	
                  Expropriation: the authority or ability of any
                      Obligor or any other Group Member to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental,
                      regulatory or other authority or other person in relation to any Obligor or any other Group Member or any assets of any Obligor or any other Group Member unless, in the case of the manager of the Collateral Ship from time to time,
                      such manager is substituted by another manager approved in accordance with paragraph 4.9 (Manager) of Schedule 4 (Covenants of the Obligors).

                

        

      

      
        
          	

                	(m)	
                  Repudiation and rescission of the Finance Documents:
                      an Obligor rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or any of the Transaction Security or evidences an intention to rescind or repudiate a Finance Document or any Transaction Security.

                

        

      

      
        
          	

                	(n)	
                  Litigation: Either:

                

        

      

      
        
          	

                	(i)	
                  any litigation, alternative dispute resolution, arbitration or administrative, governmental, regulatory or other investigations, proceedings or disputes are
                      commenced or threatened; or

                

        

      

      
        
          	

                	(ii)	
                  any judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body is made,

                

        

      

      in relation to any Transaction Document or the transactions contemplated in the Transaction
          Documents or against any Obligor or any of its assets, rights or revenues which has or might have a Material Adverse Effect.

      
        
          	

                	(o)	
                  Material Adverse Effect: any event or circumstance
                      (including any change of law) occurs which the Note Purchasers reasonably believe has, or is reasonably likely to have, a Material Adverse Effect.

                

        

      

      
        
          	

                	(p)	
                  Security enforceable: any Security Interest (other
                      than a Permitted Maritime Lien) in respect of Charged Property becomes enforceable.

                

        

      

      
        127

        
          

      

      

      

      
        
          	

                	(q)	
                  Political risk:

                

        

      

      
        
          	

                	(i)	
                  Either (1) any Relevant Jurisdiction of an Obligor becomes involved in hostilities or civil war or (2) there is a seizure of power in any such Relevant
                      Jurisdiction by unconstitutional means and (in either such case) in the opinion of the Agent such event or circumstance, has or is reasonably likely to have, a Material Adverse Effect.

                

        

      

      
        
          	

                	(ii)	
                  No Event of Default under paragraph (i) above will occur if:

                

        

      

      
        
          	

                	(A)	
                  in the opinion of the Agent it is practicable for action to be taken by the Issuer to prevent the relevant event or circumstance having a Material Adverse
                      Effect; and

                

        

      

      
        
          	

                	(B)	
                  the Issuer takes such action to the Agent’s satisfaction within 14 days of notice from the Agent (specifying the relevant action to be taken) to do so.

                

        

      

      
        
          	

                	(r)	
                  Post-Delivery Event: a Post-Delivery Event occurs.

                

        

      

      
        
          	

                	(s)	
                  Sanctions:

                

        

      

      
        
          	

                	(i)	
                  Any of the Obligors or any Affiliate of any of them or any of their respective directors, officers, agents, employees or other persons acting on behalf of
                      the foregoing, becomes a Restricted Person or becomes owned or controlled by, or acts directly or indirectly on behalf of, a Restricted Person or any of such persons becomes the owner or controller of a Restricted Person; or

                

        

      

      
        
          	

                	(ii)	
                  Any proceeds of the Loan are made available, directly or indirectly, to or for the benefit of a Restricted Person or otherwise is, directly or indirectly,
                      applied in a manner or for a purpose prohibited by applicable Sanctions; or

                

        

      

      
        
          	

                	(iii)	
                  Any Obligor or any of their respective Affiliates or any of their respective directors, officers, agents, employees or other persons acting on behalf of the
                      foregoing, is not in compliance with all applicable Sanctions.

                

        

      

      
        
          	

                	(t)	
                  Insurance:

                

        

      

      
        
          	

                	(i)	
                  The Insurances of the Collateral Ship are not placed and kept in force in the manner required by paragraph 6 (Insurance) of Schedule 4 (Covenants of the Obligors).

                

        

      

      
        
          	

                	(ii)	
                  Any insurer either: (A) cancels any such Insurances; or (B) (ii) disclaims liability under them or asserts that its liability under them is or should be
                      reduced by reason of any mis-statement or failure or default by any person.

                

        

      

      
        128

        
          

      

      

      

      
        
          	

                	(u)	
                  De-listing or suspension of trading: the shares of
                      the Issuer are de-listed from, or suspended from trading (whether permanently or temporarily for a period of at least five (5) consecutive days) on the NASDAQ Stock Exchange.

                

        

      

      
        
          	

                	(v)	
                  Total Loss or sale: the Collateral Ship is sold or
                      becomes a Total Loss.

                

        

      

      Existing

            Loan Facility means the loan facility made to the Issuer as “Borrower” by Amsterdam Trade Bank N.V. as “Lender” in accordance with the terms set out in the facility agreement dated 28 January 2019.

      Facility

            Office means:

      
        
          	

                	(a)	
                  in respect of a Note Purchaser, the office or offices notified by that Note Purchaser to the Agent in writing on or before the date it becomes a Note
                      Purchaser (or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this Note Purchase Deed; or

                

        

      

      
        
          	

                	(b)	
                  in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes.

                

        

      

      Family

            Trading Facility means the term loan agreement dated 23 December 2015 (as amended, supplemented and/or restated from time to time) made between the Issuer and Family Trading Inc. for an amount not less than $25,000,000.

      FATCA

          means:

      
        
          	

                	(a)	
                  sections 1471 to 1474 of the Code or any associated regulations;

                

        

      

      
        
          	

                	(b)	
                  any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in
                      either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or

                

        

      

      
        
          	

                	(c)	
                  any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue
                      Service, the US government or any governmental or taxation authority in any other jurisdiction.

                

        

      

      FATCA

            Deduction means a deduction or withholding from a payment under a Finance Document required by FATCA.

      FATCA

            Exempt Party means a Party that is entitled to receive payments free from any FATCA Deduction.

      Final

            Maturity Date means 31 March 2020 or such other date as agreed by the Issuer and Amsterdam Trade Bank N.V.

      
        129

        
          

      

      

      

      Finance

            Documents means the Notes, this Note Purchase Deed, the Security Documents, the Subordination Deed and any deed of accession supplemental to it and any other document designated as such by the Agent and the Issuer.

      Finance

            Party means the Agent, the Security Agent, or a Note Purchaser.

      Financial

            Indebtedness means any indebtedness for or in respect of:

      
        
          	

                	(a)	
                  moneys borrowed and debit balances at banks or other financial institutions;

                

        

      

      
        
          	

                	(b)	
                  any amount raised under any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent);

                

        

      

      
        
          	

                	(c)	
                  any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

                

        

      

      
        
          	

                	(d)	
                  the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP be treated as a finance or capital lease;

                

        

      

      
        
          	

                	(e)	
                  receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for de-recognition
                      under GAAP);

                

        

      

      
        
          	

                	(f)	
                  any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the marked to market value (or, if any actual amount is due as
                      a result of the termination or close-out of that Treasury Transaction, that amount) shall be taken into account);

                

        

      

      
        
          	

                	(g)	
                  any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a
                      bank or financial institution;

                

        

      

      
        
          	

                	(h)	
                  in respect of the Issuer only, any amount raised by the issue of shares which are redeemable (other than at the option of the issuer) before the Final
                      Maturity Date or are otherwise classified as borrowings under GAAP);

                

        

      

      
        
          	

                	(i)	
                  any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise
                      finance or to finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than 180 days after the date of supply;

                

        

      

      
        
          	

                	(j)	
                  any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) of a type not
                      referred to in any

                

        

      

      
        130

        
          

      

      
        
          
            	

                  	

                  	
                    other paragraph of this definition having the commercial effect of a
                        borrowing or otherwise classified as borrowings under GAAP; and

                  

          

        

      

      
        
          	

                	(k)	
                  the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (j) above.

                

        

      

      Financial

            Statements has the meaning given to it in paragraph 1.2 (Definitions) of Schedule 4 (Covenants of the Obligors).

      Financial

            Year means the annual accounting period of the Issuer ending on the Accounting Reference Date in each year.

      Financing

            of Terrorism has the meaning given to it in paragraph 3.6(c) of Schedule 4 (Covenants of the Obligors).

      Flag
            State means the country specified in respect of the Collateral Ship in Schedule 9 (Ship Information) or such other state or
          territory as may be approved by the Note Purchasers, at the request of the Guarantor, as being the “Flag State” of the Collateral Ship for the purposes of the Finance Documents.

      Fleet

            Market Value has the meaning given to it in paragraph 2.1 (Financial definitions) of Schedule 4 (Covenants of the Obligors).

      Fleet

            Vessel means the Collateral Ship, the vessels listed in Schedule 9 (Ship Information) and any other vessel owned by any Group
          Member.

      Fraudulent

            Practices has the meaning given to it in paragraph 3.6(c) of Schedule 4 (Covenants of the Obligors).

      Funding

            Rate means any individual rate notified by a Note Purchaser to the Agent pursuant to clause 8.1(f)(iii) (Cost of funds).

      GAAP
          means general accounting principles and standards as applying in the United States of America from time to time.

      General

            Assignment means a second priority assignment of, and/or (as the case may be) a second priority deed of covenant in relation to the Insurances, Earnings of the Collateral Ship and Requisition Compensation by the Guarantor in favour of
          the Security Agent in the agreed form.

      Group

          means the Issuer and its Subsidiaries for the time being and, for the purposes of paragraphs 1.3 (Financial statements) and 2 (Financial covenants) of Schedule 4 (Covenants of
            the Obligors), any other entity required to be treated as a subsidiary in its consolidated accounts in accordance with GAAP and/or any applicable law.

      
        131

        
          

      

      

      

      Group

            Member means any Obligor and any other entity which is part of the Group.

      Guarantor

          means Astarte International Inc., a company incorporated under the laws of the Republic of the Marshall Islands, registered number 89977, whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
          Islands MH9696.

      Holding

            Company means, in relation to a person, any other person in respect of which it is a Subsidiary.

      Increased

            Costs has the meaning given to it in clause 10.1(b).

      Indemnified

            Person means:

      
        
          	

                	(a)	
                  each Finance Party, each Receiver, any Delegate and any attorney, agent or other person appointed by them under the Finance Documents;

                

        

      

      
        
          	

                	(b)	
                  each Affiliate of those persons; and

                

        

      

      
        
          	

                	(c)	
                  any officers, directors, employees, advisers, representatives or agents of any of the above persons.

                

        

      

      Indemnity

            Sum has the meaning given to it in clause 9.4(b).

      Information

            Package has the meaning given to it in paragraph 1.7(e) of Schedule 3 (Representations and Warranties of the Obligors).

      Insolvency

            Event in relation to any entity means that the entity:

      
        
          	

                	(a)	
                  is dissolved (other than pursuant to a consolidation, amalgamation or merger);

                

        

      

      
        
          	

                	(b)	
                  becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due;

                

        

      

      
        
          	

                	(c)	
                  makes a general assignment, arrangement or composition with or for the benefit of its creditors;

                

        

      

      
        
          	

                	(d)	
                  institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory
                      jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or
                      insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official;

                

        

      

      
        
          	

                	(e)	
                  has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other
                      similar law affecting

                

        

      

      
        132

        
          

      

      

      

      creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of
          any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and:

      
        
          	

                	(i)	
                  results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding up or liquidation; or

                

        

      

      
        
          	

                	(ii)	
                  is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;

                

        

      

      
        
          	

                	(f)	
                  has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);

                

        

      

      
        
          	

                	(g)	
                  seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official
                      for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in
                      paragraph (d) above);

                

        

      

      
        
          	

                	(h)	
                  has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other enforcement
                      action or legal process levied, enforced, taken or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each
                      case within 30 days thereafter;

                

        

      

      
        
          	

                	(i)	
                  causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events
                      specified in paragraphs (a) to (h) above; or

                

        

      

      
        
          	

                	(j)	
                  takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.

                

        

      

      Insurances

          means:

      
        
          	

                	(a)	
                  all policies and contracts of insurance; and

                

        

      

      
        
          	

                	(b)	
                  all entries in a protection and indemnity or war risks or other mutual insurance association,

                

        

      

      in the name of the Guarantor or the joint names of the Guarantor and any other person in respect of
          or in connection with the Collateral Ship and/or its Earnings and includes all benefits thereof (including the right to receive claims and to return of premiums).

      
        133

        
          

      

      

      

      Insurance

            Notice means a notice of assignment in the form scheduled to the General Assignment or in another approved form.

      Interest

            Amount has the meaning given to it in clause 8.1(d)(ii).

      Interest

            Payment Date means the last day of each Interest Period.

      Interest

            Period means each period determined in accordance with clause 8.1(b) (Interest Periods).

      Interest

            Rate has the meaning given to it in clause 8.1(c) (Interest Rate).

      Interpolated

            Screen Rate means, in relation to LIBOR for an Interest Period with respect to any Note, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis
          between:

      
        
          	

                	(a)	
                  the applicable Screen Rate for the longest period (for which that Screen Rate is available)

                      which is less than the relevant Interest Period; and

                

        

      

      
        
          	

                	(b)	
                  the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the relevant Interest Period,

                

        

      

      each as of 11:00 a.m. on the relevant Quotation Day.

      Issuer

          means Top Ships Inc., a company incorporated under the laws of the Republic of the Marshall Islands, registered number 3571, whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
          MH9696.

      Interbank

            Market means the London interbank market.

      Joint

            Venture means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity.

      JV
            Vessel has the meaning given to it in paragraph 2.1 (Financial definitions) of Schedule 4 (Covenants of the Obligors).

      Joint

            Vessels has the meaning given to it in paragraph 2.1 (Financial definitions) of Schedule 4 (Covenants of the Obligors).

      Legal

            Opinion means any legal opinion delivered to the Agent under clause 7.1(b)

      Legal

            Reservations means:

      
        134

        
          

      

      

      

      
        
          	

                	(a)	
                  the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to
                      insolvency, reorganisation and other laws generally affecting the rights of creditors;

                

        

      

      
        
          	

                	(b)	
                  the time barring of claims under the Limitation Act 1980 and the Foreign Limitation Periods Act 1984, the possibility that an undertaking to assume
                      liability for, or indemnify a person against, non-payment of UK stamp duty may be void and defences of set-off or counterclaim; and

                

        

      

      
        
          	

                	(c)	
                  similar principles, rights and defences under the laws of any Relevant Jurisdiction.

                

        

      

      LIBOR

          means, in relation to any Note:

      
        
          	

                	(a)	
                  the applicable Screen Rate as of 11:00 a.m. on the relevant Quotation Day for a period equal in length to the Interest Period of that Note; or

                

        

      

      
        
          	

                	(b)	
                  as otherwise determined pursuant to clause 8.1(f)(i) (Unavailability

                        of Screen Rate), 

                    

                

        

      

       and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero. 

      LMA
          means the Loan Market Association.

      Loss
            Payable Clause means the provisions concerning payment of claims under the Collateral Ship’s Insurances in the form scheduled to the General Assignment or in another approved form.

      Losses

          means any costs, expenses, payments, charges, losses, demands, liabilities, claims, actions, proceedings, penalties, fines, damages, judgments, orders or other sanctions.

      Major

            Casualty means any casualty to the Collateral Ship for which the total insurance claim, inclusive of any deductible, exceeds or is reasonably expected to exceed the Major Casualty Amount.

      Major

            Casualty Amount means the amount specified as such against the name of the Collateral Ship in Schedule 9 (Ship Information) or the
          equivalent in any other currency.

      Manager’s

            Undertaking means a second priority undertaking by any manager of the Collateral Ship to the Security Agent in the agreed form pursuant to paragraph 4.9 (Manager) of Schedule 4 (Covenants of the Obligors).

      Margin means 6 per cent. per annum.

      Material

            Adverse Effect means, in the reasonable opinion of the Note Purchasers, a material adverse effect on:

      
        135

        
          

      

      

      

      
        
          	

                	(a)	
                  the business or financial condition of an Obligor; or

                

        

      

      
        
          	

                	(b)	
                  the ability of an Obligor to perform its obligations under the Finance Documents; or

                

        

      

      
        
          	

                	(c)	
                  the legality, validity or enforceability of, or the effectiveness or ranking of any Security Interest granted or purporting to be granted pursuant to any
                      of, the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents.

                

        

      

      Measurement

            Period has the meaning given to it in paragraph 2.1 (Financial definitions) of Schedule 4 (Covenants of the Obligors).

      Money

            Laundering has the meaning given to it in paragraph 3.6(c) of Schedule 4 (Covenants of the Obligors).

      Mortgage

          means a second preferred or (as the case may be) a second priority mortgage of the Collateral Ship in the agreed form by the Guarantor in favour of the Security Agent and/or the Finance Parties.

      Mortgage

            Period means the period from the date the Mortgage is executed and registered until the date such Mortgage is released and discharged or, if earlier, its Total Loss Date.

      Note
          means a note issued pursuant to and in accordance with the conditions of this Note Purchase Deed.

      Note
            Acceleration Notice means the note acceleration notice given pursuant to clause 15.1(a).

      Note
            Certificate means a note certificate in a form substantially similar to that set out in Schedule 7 (Form of Note Certificate).

      Note
            Issue Notice means the note acceleration notice given pursuant to clause 4.1 (Note Issuance) and in a form substantially similar to
          that set out in Schedule 2 (Form of Note Issue Notice).

      Note
            Purchaser means the entities set out in Schedule 1 (the Note Purchasers), together with any other person to whom a Note Purchaser
          assigns all or any portion of its Notes in accordance with clause 19 (Assignment and Transfers) of this Note Purchase Deed].

      Note
            Transferee has the meaning given to it in clause 19.1 (Voluntary Transfers by Note Purchasers).

      Note
            Transferor has the meaning given to it in clause 19.1 (Voluntary Transfers by Note Purchasers).

      Obligors

          means the parties to the Finance Documents (other than the Finance Parties) and Obligor means any one of them.

      
        136

        
          

      

      

      

      Operating

            Account means any Account designated as an “Operating Account” under paragraph 8 (Bank accounts) of Schedule 4 (Covenants of the Obligors).

      Original

            Jurisdiction means, in relation to an Original Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the date of this Note Purchase Deed or, in the case of any other Obligor, as at the date on which that Obligor
          becomes an Obligor.

      Original

            Obligor means each party to this Note Purchase Deed and the Original Security Documents (other than a Finance Party).

      Original Security Documents means:

      
        
          	

                	(a)	
                  the Share Security;

                

        

      

      
        
          	

                	(b)	
                  the Account Security in relation to each Operating Account;

                

        

      

      
        
          	

                	(c)	
                  the Mortgage;

                

        

      

      
        
          	

                	(d)	
                  the General Assignment;

                

        

      

      
        
          	

                	(e)	
                  the Charter Assignment; and

                

        

      

      
        
          	

                	(f)	
                  any Manager’s Undertaking if required under paragraph 4.9 (Manager)
                      of Schedule 4 (Covenants of the Obligors).

                

        

      

      Participating

            Member State means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

      Party

          means a party to this Note Purchase Deed.

      Payment

            Mechanics means the Pre-Enforcement Payment Mechanics and the Post-Enforcement Payment Mechanics.

      Permitted Maritime Lien means:

      
        
          	

                	(a)	
                  any ship repairer’s or outfitter’s possessory lien in respect of the Collateral Ship for an amount not exceeding the Major Casualty Amount;

                

        

      

      
        
          	

                	(b)	
                  any lien on the Collateral Ship for master’s, officer’s or crew’s wages outstanding in the ordinary course of its trading;

                

        

      

      
        
          	

                	(c)	
                  any lien on the Collateral Ship for salvage or general average; and

                

        

      

      
        
          	

                	(d)	
                  any other lien on the Collateral Ship arising by operation of law for claims incurred in the ordinary course of the operation, repair or maintenance of the
                      Collateral Ship and which

                

        

      

      
        137

        
          

      

      

        
          
            	

                  	

                  	
                    are outstanding for not longer than thirty (30) days or for
                        an aggregate amount not exceeding the Major Casualty Amount.

                  

          

        

      

      Permitted

            Security Interests means, in relation to, any Security Interest over the Collateral Ship which is:

      
        
          	

                	(a)	
                  granted by the Finance Documents; or

                

        

      

      
        
          	

                	(b)	
                  approved by the Note Purchasers; or

                

        

      

      
        
          	

                	(c)	
                  a Permitted Maritime Lien; or

                

        

      

      
        
          	

                	(d)	
                  granted by the Post-Delivery Facility Agreement and any Post-Delivery Finance Documents.

                

        

      

      Pollutant

          means and includes crude oil and its products, any other polluting, toxic or hazardous substance and any other substance whose release into the environment is regulated or penalised by Environmental Laws.

      Post-Delivery

            Event means each one of the events described in clauses 7.1 (Illegality), 7.7 (Total Loss), 7.9 (Mandatory Cancellation) and 31 (Events of Default) of the Post-Delivery Facility Agreement.

      Post-Delivery

            Facility Agreement means the facility agreement dated 5 September 2017 (as amended and/or supplemented from time to time) between (among others) the Guarantor as borrower, the financial institutions listed therein as lenders and
          Amsterdam Trade Bank N.V. as agent and security agent in respect of a loan of up to $23,500,000.

      Post-Delivery

            Finance Documents has the meaning given to “Finance Documents” in the Post-Delivery Facility Agreement.

      Post-Enforcement

            Payment Mechanics means the priority of payment set out in paragraph 2 (Post-Enforcement Payment Mechanics) of Schedule 10 (Payment Mechanics).

      Pre-Enforcement

            Payment Mechanics means the payment mechanics set out in paragraph 1 (Pre-Enforcement Payment Mechanics) of Schedule 10 (Payment Mechanics).

      Principal

            Balance means, with respect to any Note, the original principal amount of such Note, as such amount may be reduced from time to time by principal payments on such Note paid from distributions made pursuant to the Payment Mechanics;
          provided that if such Principal Balance shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Principal Balance shall be increased by the
          amount of such rescinded or returned distribution, as though it had not been received in respect of such Note.

      
        138

        
          

      

      

      

      Protected

            Party has the meaning given to it in clause 9.1 (Definitions).

      Quasi-Security

          has the meaning given to it in paragraph 9.2 (General negative pledge) of Schedule 4 (Covenants of the Obligors).

      Quotation

            Day means, in relation to any period for which an interest rate is to be determined, two Business Days before the first day of that period unless market practice in the Interbank Market differs, in which case the Quotation Day shall be
          determined by the Agent in accordance with market practice in the Interbank Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).

      Receiver

          means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property appointed under any Security Document.

      Recipient

          has the meaning given to it in clause 9.6 (Value added tax).

      Recoveries

          has the meaning given to it in paragraph 2 (Post-Enforcement Payment Mechanics) of Schedule 10 (Payment Mechanics).

      Reformed

            Basel III means the agreements contained in “Basel III: Finalising post-crisis reforms” published by the Basel Committee on Banking Supervision in December 2017, as amended, supplemented or restated.

      Reformed

            Basel III Increased Cost means an Increased Cost which is attributable to the implementation or application of or compliance with any other law or regulation which implements Reformed Basel III (whether such implementation, application
          or compliance is by a government, regulator, Finance Party or any of its Affiliates).

      Register

          has the meaning given to it in clause 21.1(a).

      Register

            Entry has the meaning given to it in clause 21.1(a)(i).

      Registrar

          includes any person who may be appointed as such under the Finance Documents.

      Registry

          means such registrar, commissioner or representative of the relevant Flag State who is duly authorised and empowered to register the Collateral Ship, the Guarantor’s title to the Collateral Ship and the Mortgage under the laws of its Flag
          State.

      Regulation

          has the meaning given to it in paragraph 1.10 (Centre of main interests and establishments) of Schedule 3 (Representations and Warranties of the Obligors).

      Regulation

            D has the meaning given to it in 5.3(a) (Representations by the Note Purchaser).

      Related

            Fund in relation to a fund (the first fund), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a

      
        139

        
          

      

      

      

      different investment manager or investment adviser, a fund whose investment manager or investment
          adviser is an Affiliate of the investment manager or investment adviser of the first fund.

      Relevant

            Beneficiary has the meaning given to it in 11.5(b) (Third Parties Act).

      Relevant

            Documents has the meaning given to it in 7.1(a)(ii)(A).

      Relevant

            Jurisdiction means, in relation to an Obligor:

      
        
          	

                	(a)	
                  its Original Jurisdiction;

                

        

      

      
        
          	

                	(b)	
                  any jurisdiction where any Charged Property owned by it is situated;

                

        

      

      
        
          	

                	(c)	
                  any jurisdiction where it conducts its business; and

                

        

      

      
        
          	

                	(d)	
                  any jurisdiction whose laws govern the perfection of any of the Security Documents entered into by it.

                

        

      

      Repeating

            Representations means the representations set out in paragraphs 1.1 to 1.10 of Schedule 3 (Representations and Warranties of the Obligors).

      Representative

          means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

      Requisition

            Compensation means any compensation paid or payable by a government entity for the requisition for title, confiscation or compulsory acquisition of the Collateral Ship.

      Restricted

            Person means a person that:

      
        
          	

                	(a)	
                  is listed on any Sanctions List (whether designated by name or by reason of being included in a class of person) or otherwise a target of Sanctions;

                

        

      

      
        
          	

                	(b)	
                  is domiciled, registered as located or having its main place of business in, or is incorporated under the laws of or, such country or territory which is, or
                      whose government is, subject to Sanctions broadly prohibiting dealings with such government, country or territory;

                

        

      

      
        
          	

                	(c)	
                  is directly or indirectly owned by or controlled by a person referred to in (a) and/or (b) above; or

                

        

      

      
        
          	

                	(d)	
                  owns or controls a person referred to in (a) and/or (b) above.

                

        

      

      Sanctions

          means any economic sanctions laws, sanctions regulations, embargoes or restrictive measures administered enacted or enforced by:

      
        140

        
          

      

      

      

      
        
          	

                	(a)	
                  the United States of America;

                

        

      

      
        
          	

                	(b)	
                  the United Nations Security Council;

                

        

      

      
        
          	

                	(c)	
                  the United Kingdom;

                

        

      

      
        
          	

                	(d)	
                  the European Union or any of its member states;

                

        

      

      
        
          	

                	(e)	
                  any country to which any Obligor or any Affiliate of any of them is bound; or

                

        

      

      
        
          	

                	(f)	
                  the respective governmental institutions and agencies of any of the foregoing, including without limitation, the Office of Foreign Assets Control of the US
                      Department of Treasury (OFAC), the United States Department of State and Her Majesty’s Treasury (HMT) (each a Sanctions Authority and together Sanctions Authorities).

                

        

      

      Sanctions

            List means the “Specially Designated Nationals and Blocked Persons” list issued by OFAC, the “Consolidated List of Financial Sanctions Targets and Investment Ban List” issued by HMT, the “Consolidated Sanctions List” (including the
          “Sectoral Sanctions Identifications” list) both issued by OFAC, or any similar list issued or maintained or made public by any of the Sanctions Authorities.

      Screen

            Rate means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for dollars and the relevant period displayed (before any
          correction, recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate), or on the appropriate page of such other information
          service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate with the agreement of the Issuer and each
          Note Purchaser.

      SEC
          has the meaning given to it in has the meaning given to it in 5.3(a) (Representations by the Note Purchaser).

      Secured

            Liabilities means all indebtedness and obligations at any time of any Obligor to any Finance Party (whether for its own account or as agent or trustee for itself and/or other Finance Parties) under, or related to, the Finance Documents.

      Secured

            Obligations means all the Secured Liabilities and all other indebtedness and obligations at any time due, owing or incurred by each Obligor to any Finance Party under the Finance Documents.

      Security

            Agent includes any person as may be appointed as such under the Finance Documents.

      
        141

        
          

      

      

      

      Security

            Documents means:

      
        
          	

                	(a)	
                  the Original Security Documents; and

                

        

      

      
        
          	

                	(b)	
                  any other document as may be executed to guarantee and/or secure any amounts owing to the Finance Parties under this Note Purchase Deed or any other Finance
                      Document.

                

        

      

      Security

            Interest means a mortgage, charge, pledge, lien, assignment, trust, hypothecation or other security interest of any kind securing any obligation of any person or any other agreement or arrangement having a similar effect.

      Security Property means:

      
        
          	

                	(a)	
                  the Transaction Security expressed to be granted in favour of the Security Agent as trustee for the Finance Parties and all proceeds of that Transaction
                      Security;

                

        

      

      
        
          	

                	(b)	
                  all obligations expressed to be undertaken by any Obligor to pay amounts in respect of the Secured Liabilities to the Security Agent as trustee for the
                      Finance Parties and secured by the Transaction Security together with all representations and warranties expressed to be given by an Obligor in favour of the Security Agent as trustee for the Finance Parties; and

                

        

      

      
        
          	

                	(c)	
                  any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or contingent, which the Security Agent is required by
                      the terms of the Finance Documents to hold as trustee on trust for the Finance Parties.

                

        

      

      Semi-annual

            Financial Statements has the meaning given to it in paragraph 1.2 (Definitions) of Schedule 4 (Covenants of the Obligors).

      Share

            Security means the document constituting a second Security Interest executed by the Issuer in favour of the Security Agent in the agreed form in respect of all of the shares in the Guarantor.

      Spill

          means any actual or threatened spill, release or discharge of a Pollutant into the environment.

      Subordination

            Deed means the subordination agreement between (inter alios) the Finance Parties and Family Trading Inc. dated 28 January 2019 and as amended from time to time.

      Subject

            Party has the meaning given to it in clause 9.6(b).

      Subsidiary

          of a person means any other person:

      
        
          	

                	(a)	
                  directly or indirectly controlled by such person; or

                

        

      

      
        142

        
          

      

      

      

      
        
          	

                	(b)	
                  of whose dividends or distributions on ordinary voting share capital such person is beneficially entitled to receive more than 50 per cent,

                

        

      

      and a person is a “wholly-owned Subsidiary” of another person if it has no members except that other person and that other person’s wholly-owned Subsidiaries or persons acting on behalf of that other person or its wholly-owned
          Subsidiaries.

      Supplier

          has the meaning given to it in clause 9.6(b).

      Tax
          or Taxes means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

      Tax
            Deduction has the meaning given to it in clause 9.1 (Definitions).

      Third

            Party Claim has the meaning given to it in clause 11.5(b).

      Third

            Parties Act has the meaning given to it in paragraph 4 below.

      Total

            Debt has the meaning given to it in paragraph 2.1 (Financial definitions) of Schedule 4 (Covenants of the Obligors).

      Total

            Loss means, in relation to the Collateral Ship, its:

      
        
          	

                	(a)	
                  actual, constructive, compromised or arranged total loss; or

                

        

      

      
        
          	

                	(b)	
                  requisition for title, confiscation or other compulsory acquisition by a government entity; or

                

        

      

      
        
          	

                	(c)	
                  hijacking, theft, condemnation, capture, seizure, arrest or detention for more than 90 days or in the case of piracy for more than 180 days.

                

        

      

      Total

            Loss Date means:

      
        
          	

                	(a)	
                  in the case of an actual total loss, the date it happened or, if such date is not known, the date on which the Collateral Ship was last reported;

                

        

      

      
        
          	

                	(b)	
                  in the case of a constructive, compromised, agreed or arranged total loss, the earliest of:

                

        

      

      
        
          	

                	(i)	
                  the date notice of abandonment of the Collateral Ship is given to its insurers; or

                

        

      

      
        
          	

                	(ii)	
                  if the insurers do not admit such a claim, the date later determined by a competent court of law to have been the date on which the total loss happened; or

                

        

      

      
        
          	

                	(iii)	
                  the date upon which a binding agreement as to such compromised or arranged total loss has been entered into by the Collateral Ship’s insurers;

                

        

      

      
        143

        
          

      

      

      

      
        
          	

                	(c)	
                  in the case of a requisition for title, confiscation or compulsory acquisition, the date it happened; and

                

        

      

      
        
          	

                	(d)	
                  in the case of hijacking, theft, condemnation, capture, seizure, arrest or detention, the date 90 days after the date upon which it happened or in the case
                      of piracy, the date falling 180 days after the date it happened.

                

        

      

      Total

            Net Debt has the meaning given to it in has the meaning given to it in paragraph 2.1 (Financial definitions) of Schedule 4 (Covenants of the Obligors).

      Transaction

            Document means:

      
        
          	

                	(a)	
                  each of the Finance Documents; and

                

        

      

      
        
          	

                	(b)	
                  each Charter Document.

                

        

      

      Transaction

            Security means the Security Interests created or evidenced or expressed to be created or evidenced under or pursuant to the Security Documents.

      Transferred

            Amount has the meaning given to it in clause 19.2(b).

      Treasury

            Transaction means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price.

      US means

          the United States of America.

      US
            Dollars means the lawful currency of the US.

      US
            Tax Obligor means:

      
        
          	

                	(a)	
                  the Issuer if it is resident for tax purposes in the US; or

                

        

      

      
        
          	

                	(b)	
                  an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US federal income tax purposes.

                

        

      

      VAT
          means:

      
        
          	

                	(a)	
                  any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and

                

        

      

      
        
          	

                	(b)	
                  any other tax of a similar nature, imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in
                      paragraph (a) above, or imposed elsewhere.

                

        

      

      
        
          	2	
                  Construction

                

        

      

      
        144

        
          

      

      

      

      
        
          	

                	(a)	
                  Unless a contrary indication appears, a reference in any of the Finance Documents to:

                

        

      

      
        
          	

                	(i)	
                  Sections, clauses and Schedules are to be construed as references to the Sections and clauses of, and the Schedules to, the relevant Finance Document and
                      references to a Finance Document include its Schedules;

                

        

      

      
        
          	

                	(ii)	
                  a Finance Document or any other agreement or
                      instrument is a reference to that Finance Document or other agreement or instrument as it may from time to time be amended, restated, novated or replaced, however fundamentally;

                

        

      

      
        
          	

                	(iii)	
                  words importing the plural shall include the singular and vice versa;

                

        

      

      
        
          	

                	(iv)	
                  a time of day is to London time;

                

        

      

      
        
          	

                	(v)	
                  any person includes its successors in title, permitted assignees or transferees;

                

        

      

      
        
          	

                	(vi)	
                  a document in agreed form means:

                

        

      

      
        
          	

                	(A)	
                  where a Finance Document has already been executed by all of the relevant parties, such Finance Document in its executed form;

                

        

      

      
        
          	

                	(B)	
                  prior to the execution of a Finance Document, the form of such Finance Document separately agreed in writing between the Agent and the Issuer as the form in
                      which that Finance Document is to be executed or another form approved at the request of the Issuer or, if not so agreed or approved, is in the form specified by the Agent;

                

        

      

      
        
          	

                	(vii)	
                  assets includes present and future properties,
                      revenues and rights of every description;

                

        

      

      
        
          	

                	(viii)	
                  charter commitment means, in relation to a vessel,
                      any charter or contract for the use, employment or operation of that vessel or the carriage of people and/or cargo or the provision of services by or from it and includes any agreement for pooling or sharing income derived from any
                      such charter or contract;

                

        

      

      
        
          	

                	(ix)	
                  control of an entity means:

                

        

      

      
        
          	

                	(A)	
                  the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

                

        

      

      
        
          	

                	(i)	
                  cast, or control the casting of, more than 50 per cent of the maximum number of votes that might be cast at a general meeting of that entity; or

                

        

      

      
        145

        
          

      

      

      

      
        
          	

                	(ii)	
                  appoint or remove all, or the majority, of the directors or other equivalent officers of that entity; or

                

        

      

      
        
          	

                	(iii)	
                  give directions with respect to the operating and financial policies of that entity with which the directors or other equivalent officers of that entity are
                      obliged to comply; or

                

        

      

      
        
          	

                	(B)	
                  the holding beneficially of more than 50 per cent of the issued share capital of that entity (excluding any part of that issued share capital that carries
                      no right to participate beyond a specified amount in a distribution of either profits or capital) (and, for this purpose, any Security Interest over share capital shall be disregarded in determining the beneficial ownership of such
                      share capital);

                

        

      

      and controlled shall be construed accordingly;

      
        
          	

                	(x)	
                  the term disposal or dispose means a sale, transfer or other disposal (including by way of lease or loan but not including by way of loan of money) by a person of all or part of
                      its assets, whether by one transaction or a series of transactions and whether at the same time or over a period of time, but not the creation of a Security Interest;

                

        

      

      
        
          	

                	(xi)	
                  the equivalent of an amount specified in a
                      particular currency (the specified currency amount) shall be construed as a reference to the amount of the other relevant currency
                      which can be purchased with the specified currency amount in the London foreign exchange market at or about 11 a.m. on the date the calculation falls to be made for spot delivery, as conclusively determined by the Agent (with the
                      relevant exchange rate of any such purchase being the Agent’s spot rate of exchange);

                

        

      

      
        
          	

                	(xii)	
                  a government entity means any government, state or
                      agency of a state;

                

        

      

      
        
          	

                	(xiii)	
                  a guarantee means (other than in clause 14 (Guarantee and indemnity)) any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation,
                      direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in
                      order to maintain or assist the ability of such person to meet its indebtedness;

                

        

      

      
        
          	

                	(xiv)	
                  indebtedness includes any obligation (whether
                      incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;

                

        

      

      
        146

        
          

      

      
      

      

      
        
          	

                	(xv)	
                  an obligation means any duty, obligation or
                      liability of any kind;

                

        

      

      
        
          	

                	(xvi)	
                  something being in the ordinary course of business of

                      a person means something that is in the ordinary course of that person’s current day-to-day operational business (and not merely anything which that person is entitled to do under its Constitutional Documents);

                

        

      

      
        
          	

                	(xvii)	
                  pay or repay in the Payment Mechanics includes by way of set-off, combination of accounts or otherwise;

                

        

      

      
        
          	

                	(xviii)	
                  a person includes any individual, firm, company,
                      corporation, government entity or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality);

                

        

      

      
        
          	

                	(xix)	
                  a regulation includes any regulation, rule,
                      official directive, request or guideline (whether or not having the force of law but if not having the force of law, one with which a person habitually complies) of any governmental, intergovernmental or supranational body, agency,
                      department or regulatory, self-regulatory or other authority or organisation and, in relation to any Note Purchaser, includes (without limitation) any Basel II Regulation or Basel III Regulation or any law or regulation which
                      implements Reformed Basel III, in each case which is applicable to that Note Purchaser;

                

        

      

      
        
          	

                	(xx)	
                  right means any right, privilege, power or remedy,
                      any proprietary interest in any asset and any other interest or remedy of any kind, whether actual or contingent, present or future, arising under contract or law, or in equity;

                

        

      

      
        
          	

                	(xxi)	
                  trustee, fiduciary and fiduciary duty has in each case the meaning given to
                      such term under applicable law;

                

        

      

      
        
          	

                	(xxii)	
                  (i) the liquidation, winding up, dissolution, or administration of person or (ii) a receiver or
                      administrative receiver or administrator

                      in the context of insolvency proceedings or security enforcement actions in respect of a person shall be construed so as to include any equivalent or analogous proceedings or any equivalent and analogous person or appointee
                      (respectively) under the law of the jurisdiction in which such person is established or incorporated or any jurisdiction in which such person carries on business including (in respect of proceedings) the seeking or occurrences of
                      liquidation, winding-up, reorganisation, dissolution, administration, arrangement, adjustment, protection or relief of debtors; and

                

        

      

      
        	

              	(xxiii)	
                a provision of law is a reference to that provision as amended or re-enacted.

              

      

      

      

      
        147

        
          

      

      

      

      
        
          	

                	(b)	
                  The determination of the extent to which a rate is “for a
                        period equal in length” to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Note Purchase Deed.

                

        

      

      
        
          	

                	(c)	
                  Where in this Note Purchase Deed a provision includes a monetary reference level in one currency, unless a contrary indication appears, such reference level
                      is intended to apply equally to its equivalent in other currencies as of the relevant time for the purposes of applying such reference level to any other currencies.

                

        

      

      
        
          	

                	(d)	
                  Section, clause and Schedule headings are for ease of reference only.

                

        

      

      
        
          	

                	(e)	
                  Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has
                      the same meaning in that Finance Document or notice as in this Note Purchase Deed.

                

        

      

      
        
          	

                	(f)	
                  A Default is continuing if it has not been remedied or waived.

                

        

      

      

        
          
            	3	
                    Currency symboils and definitions

                     

                      

                    $, USD and dollars denote the lawful currency of the United States
                        of America. 

                  

          

        

      

      4    Third party rights

      
        
          	

                	(a)	
                  Unless expressly provided to the contrary in a Finance Document for the benefit of a Finance Party or another Indemnified Person, a person who is not a
                      party to a Finance Document has no right under the Contracts (Rights of Third Parties) Act 1999 (the Third Parties Act) to enforce
                      or enjoy the benefit of any term of the relevant Finance Document.

                

        

      

      
        
          	

                	(b)	
                  Any Finance Document may be rescinded or varied by the parties to it without the consent of any person who is not a party to it (unless otherwise provided
                      by this Note Purchase Deed).

                

        

      

      
        
          	

                	(c)	
                  An Indemnified Person who is not a party to a Finance Document may only enforce its rights under that Finance Document through a Finance Party and if and to
                      the extent and in such manner as the Finance Party may determine.

                

        

      

      5         Finance Documents

      Where any other Finance Document provides that this paragraph 5 shall apply to that Finance
          Document, any other provision of this Note Purchase Deed which, by its terms, purports to apply to all or any of the Finance Documents and/or any Obligor shall apply to that Finance Document as if set out in it but with all necessary changes.

      6    Conflict of documents

      
        148

        
          

      

      

      

      The terms of the Finance Documents (other than as relates to the creation and/or perfection of
          security) are subject to the terms of this Note Purchase Deed and, in the event of any conflict between any provision of this Note Purchase Deed and any provision of any Finance Document (other than in relation to the creation and/or perfection
          of security) the provisions of this Note Purchase Deed shall prevail.

      7    Business Days

      
        
          	

                	(a)	
                  Interest Periods: If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business
                      Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

                

        

      

      
        
          	

                	(b)	
                  In the event that any date for payment (including, without limitation, an Interest Payment Date) or calculation date (including, without limitation, a
                      Determination Date) would otherwise be on a day which is not a Business Day, such date will instead be on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

                   

                    

                   

                    

                

        

      

      
        149

        
          

      

      

      

      Schedule 9

      Ship Information

      Eco California Ship

      	
              Owner:

            	
              PCH77 SHIPPING COMPANY LIMITED

            
	
              Builder:

            	
              Hyundai Mipo Dockyard Co., Ltd.

            
	
              Hull Number:

            	
              8218

            
	
              Scheduled Delivery Date:

            	
              31 January 2019

            
	
              IMO Number:

            	
              9843780

            

      

      

      Eco Marina Del Ray Ship

      	
              Owner:

            	
              PCH Dreaming Inc.

            
	
              Builder:

            	
              Hyundai Mipo Dockyard Co., Ltd.

            
	
              Hull Number:

            	
              8242

            
	
              Scheduled Delivery Date:

            	
              13 March 2019

            
	
              IMO Number:

            	
              9798349

            

      

      

      Eco Bel Air Ship

      	
              Owner:

            	
              South California Inc.

            
	
              Builder:

            	
              Hyundai Samho Heavy Industries Co., Ltd.

            
	
              Hull Number:

            	
              S874

            
	
              Scheduled Delivery Date:

            	
              5 April 2019

            
	
              IMO Number:

            	
              9794056

            

      

      

      Eco Beverly Hills Ship

      	
              Owner:

            	
              Malibu Warrior Inc.

            
	
              Builder:

            	
              Hyundai Samho Heavy Industries Co., Ltd.

            
	
              Hull Number:

            	
              S875

            
	
              Scheduled Delivery Date:

            	
              2 May 2019

            
	
              IMO Number:

            	
              9794068

            

      
        150

        
          

      

      

      

      Collateral Ship

      	
              Owner:

            	
              Astarte International Inc.

               

                

            
	
              Name of Ship:

            	
              Eco Palm Desert

               

                

            
	
              Flag State:

            	
              The Republic of the Marshall Islands

               

                

            
	
              Charter description:

            	
              “SHELLTIME 4” time charter dated 28 September 2017 made between Central Tankers Chartering
                  Inc. (CTC) as disponent owner and the Charterer, as time charterer as novated by CTC in favour of the Owner by means of a novation
                  agreement dated 1 December 2018 made between the Owner, CTC and the Charterer

               

                

            
	
              Charterer:

            	
              Shell Tankers Singapore Private Limited

               

                

            
	
              Classification:

            	
              +100A1, Double Hull Oil and Chemical Tanker, Ship Type 2 and Ship Type 3, ESP, CSR, +LMC,
                  UMS, *IWS, LI, SRM4, ECO (IHM, P), NAV1, IGS, ShipRight (CM, ACS(B)) with descriptive notes COW(LR), ETA, ShipRight (BWMP(S)), SERS, SCM, VECS)

               

                

            
	
              Classification Society:

            	
              Lloyds Register of Shipping

               

                

            
	
              Major Casualty Amount:

            	
              $500,000

               

                

            

      

      

      
        151

        
          

      

      

      

      Schedule 10

      Payment Mechanics

      
        
          	1	
                  Pre-Enforcement Payment Mechanics

                

        

      

      Prior to the delivery of a Note Acceleration Notice, the Parties shall make payments in accordance
          with this paragraph 1.

      
        
          	

                	(a)	
                  Payments to the Agent

                

        

      

      
        
          	

                	(i)	
                  On each date on which an Obligor or a Note Purchaser is required to make a payment under a Finance Document, that Obligor or Note Purchaser shall make the
                      same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in
                      the relevant currency in the place of payment.

                

        

      

      
        
          	

                	(ii)	
                  Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial
                      centre in such Participating Member State or London, as specified by the Agent) and with such bank as the Agent, in each case, specifies.

                

        

      

      
        
          	

                	(b)	
                  Distributions by the Agent

                

        

      

      Each payment received by the Agent under the Finance Documents for another Party shall, subject to
          paragraphs 1(c) (Distributions to an Obligor) and 1(d) (Clawback and pre-funding) below, be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Note Purchaser, for
          the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days’ notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in
          relation to euro, in the principal financial centre of a Participating Member State or London, as specified by that Party).

      
        
          	

                	(c)	
                  Distributions to an Obligor

                

        

      

      The Agent may (with the consent of the Obligor or in accordance with clause 25.5 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any
          amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

      
        
          	

                	(d)	
                  Clawback and pre-funding

                

        

      

      
        152

        
          

      

      

      

      
        
          	

                	(i)	
                  Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to
                      enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.

                

        

      

      
        
          	

                	(ii)	
                  Unless paragraph (iii) below applies, if the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received
                      that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to
                      the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

                

        

      

      
        
          	

                	(iii)	
                  If the Agent has notified the Note Purchasers that it is willing to make available amounts for the account of the Issuer before receiving funds from the
                      Note Purchasers then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Note Purchaser in respect of a sum which it paid to the Issuer:

                

        

      

      
        
          	

                	(A)	
                  the Agent shall notify the Issuer of that Note Purchaser’s identity and the Issuer shall on demand refund it to the Agent; and

                

        

      

      
        
          	

                	(B)	
                  the Note Purchaser by whom those funds should have been made available or, if that Note Purchaser fails to do so, the Issuer, shall on demand pay to the
                      Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Note Purchaser.

                

        

      

      
        
          	

                	(e)	
                  Partial Payments

                

        

      

      
        
          	

                	(i)	
                  If the Agent receives a payment for application against amounts due in respect of any Finance Documents that is insufficient to discharge all the amounts
                      then due and payable by an Obligor under those Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order:

                

        

      

      
        
          	

                	(A)	
                  first, in or towards payment pro rata of any unpaid amount owing to the Agent or the Security Agent for their own account under those Finance Documents;

                

        

      

      
        
          	

                	(B)	
                  secondly, in or towards payment to the Note Purchasers pro rata of all other amounts due to them but unpaid under the Finance Documents; and

                

        

      

      
        153

        
          

      

      

      

      
        
          	

                	(C)	
                  thirdly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

                

        

      

      
        
          	

                	(ii)	
                  The Agent shall, if so directed by all the Note Purchasers and with prior written notice to the Obligors, vary the order set out in paragraphs (B) to (C) of
                      paragraph (i) above.

                

        

      

      
        
          	

                	(iii)	
                  Paragraphs (i) and (ii) above will override any appropriation made by an Obligor.

                

        

      

      
        
          	

                	(f)	
                  No set-off by Obligors

                

        

      

      All payments to be made by an Obligor under the Finance Documents shall be calculated and be made
          without (and free and clear of any deduction for) set-off or counterclaim.

      
        
          	

                	(g)	
                  Business Days

                

        

      

      
        
          	

                	(i)	
                  Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same
                      calendar month (if there is one) or the preceding Business Day (if there is not).

                

        

      

      
        
          	

                	(ii)	
                  During any extension of the due date for payment of any principal under this Agreement interest is payable on the principal at the rate payable on the
                      original due date.

                

        

      

      
        
          	

                	(h)	
                  Currency of account

                

        

      

      
        
          	

                	(i)	
                  Subject to paragraphs (i) and (ii) below, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document.

                

        

      

      
        
          	

                	(ii)	
                  A repayment of all or part of a Note and each payment of interest shall be made in dollars on its due date.

                

        

      

      
        
          	

                	(iii)	
                  Each payment in respect of the amount of any costs, expenses or Taxes or other losses shall be made in dollars and, if they were incurred in a currency
                      other than dollars, the amount payable under the Finance Documents shall be the equivalent in dollars of the relevant amount in such other currency on the date on which it was incurred.

                

        

      

      
        
          	

                	(iv)	
                  All moneys received or held by the Security Agent or by a Receiver under a Security Document in a currency other than dollars may be sold for dollars and
                      the Obligor which executed that Security Document shall indemnify the Security Agent against the full cost in relation to the sale. Neither the Security Agent nor such Receiver will have any liability to that Obligor in respect of any
                      loss resulting from any fluctuation in exchange rates after the sale.

                

        

      

      
        154

        
          

      

      

      

      
        
          	

                	(i)	
                  Change of currency

                

        

      

      
        
          	

                	(i)	
                  Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the
                      lawful currency of that country, then:

                

        

      

      
        
          	

                	(A)	
                  any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated
                      into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Issuer); and

                

        

      

      
        
          	

                	(B)	
                  any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of
                      that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably).

                

        

      

      
        
          	

                	(ii)	
                  If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Issuer)
                      specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Interbank Market and otherwise to reflect the change in currency.

                

        

      

      
        
          	

                	(j)	
                  Disruption to payment systems etc.

                

        

      

      If either the Agent determines (acting reasonably) that a Disruption Event has occurred or the Agent
          is notified by the Issuer that a Disruption Event has occurred:

      
        
          	

                	(i)	
                  the Agent may, and shall if requested to do so by the Issuer, consult with the Issuer with a view to agreeing with the Issuer such changes to the operation
                      or administration of the Notes as the Agent may deem necessary in the circumstances;

                

        

      

      
        
          	

                	(ii)	
                  the Agent shall not be obliged to consult with the Issuer in relation to any changes mentioned in paragraph (i) above if, in its reasonable opinion, it is
                      not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;

                

        

      

      
        
          	

                	(iii)	
                  the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (i) above but shall not be obliged to do so if, in its
                      opinion, it is not practicable to do so in the circumstances;

                

        

      

      
        
          	

                	(iv)	
                  any such changes agreed upon by the Agent and the Issuer shall (whether or not it is finally determined that a Disruption Event has occurred) be binding
                      upon the

                

        

      

      
        155

        
          

      

      

      

       Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents
          notwithstanding the provisions of clause 25.1 (Amendments and Waivers);

      
        
          	

                	(v)	
                  the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without
                      limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or
                      in connection with this paragraph 1(j); and

                

        

      

      
        
          	

                	(vi)	
                  the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (iv) above.

                

        

      

      2    Post-Enforcement Payment Mechanics

      Following the delivery of a Note Acceleration Notice, all amounts from time to time received or
          recovered by the Security Agent pursuant to the terms of any Finance Document or in connection with the realisation or enforcement of all or any part of the Transaction Security (the Recoveries) shall be held by the Security Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law (and subject to the
          provisions of clause 16 (Application of Proceeds)), in the following order:

      
        
          	

                	(a)	
                  in discharging any sums owing to the Security Agent, any Receiver or any Delegate;

                

        

      

      
        
          	

                	(b)	
                  in discharging all costs and expenses incurred by any Finance Party in connection with any realisation or enforcement of the Transaction Security taken in
                      accordance with the terms of this Note Purchase Deed;

                

        

      

      
        
          	

                	(c)	
                  in payment or distribution to the Agent on its own behalf and on behalf of the other Finance Parties;

                

        

      

      
        
          	

                	(d)	
                  if none of the Obligors is under any further actual or contingent liability under any Finance Document, in payment or distribution to any person to whom the
                      Security Agent is obliged to pay or distribute in priority to any Obligor; and

                

        

      

      
        
          	

                	(e)	
                  the balance, if any, in payment or distribution to the relevant Obligor.

                

        

      

      

      

    

    156Exhibit 4.119

       

     
    

       

     
     
      

         

       
      EXECUTION VERSION

      ADDENDUM NO. 1

      to MOA dated

      29 June 2018 in respect of Hull No. 8242

      This addendum no. 1 (the “Addendum”)

          is made on 12 March 2019 by and among:

      
        
          	

                	1.	
                  Cargill International SA, a company
                      incorporated under the laws of Switzerland and having its registered office at 14 chemin de-Normandie, 1206 Geneva, Switzerland (the “Buyer”);

                

        

      

      
        
          	

                	2.	
                  PCH Dreaming Inc., a corporation duly
                      incorporated and validly existing under the laws of the Republic of the Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands, MH 96960
                      (the “Seller”); and

                

        

      

      
        
          	

                	3.	
                  Top Ships Inc., a company duly
                      incorporated and validly existing under the laws of the Republic of the Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands, MH 96960
                      (the “Guarantor”),

                

        

      

      (the Buyer, the Seller and the Guarantor, each a “Party” and together, the “Parties”).

      WHEREAS:

      
        
          	

                	(A)	
                  By a shipbuilding contract dated 9 January 2018 between the Seller and Hyundai Mipo Dockyard Co., Ltd. (“Builder”),

                      the Builder agreed to construct, or procure the construction of, the product / chemical tanker named or, as the case may be, to be named, “ECO MARINA DEL REY”, constructed, or, as the case may be, under construction, by the Builder
                      with Builder’s Hull No. 8242 and with IMO number 9798349 (“Vessel”) and the Seller agreed to buy the Vessel (as amended,
                      supplemented or otherwise modified from time to time, including by an agreement dated 28 March 2018 and an Addendum No.1 dated 14 May 2018, the “Shipbuilding Contract”).

                

        

      

      
        
          	

                	(B)	
                  By a memorandum of agreement dated 29 June 2018 (“MOA”) and entered into among the Buyer, the Seller and the Guarantor in respect of the Vessel, the Buyer agreed to buy, and the Seller agreed to sell, the Vessel.

                

        

      

      
        
          	

                	(C)	
                  The Parties now wish to make various amendments to the MOA, such amendments in the terms set out in this Addendum.

                

        

      

      
        
          

      

      NOW THEREFORE for
          good and valuable consideration, the receipt and adequacy of which is hereby acknowledged and agreed by the Parties, the Parties AGREE AS
            FOLLOWS:

      
        
          	1.	
                  Unless otherwise specified, capitalised terms and the interpretation of other terms used in this Addendum (including in its recitals) shall have the
                      meanings and interpretations specified in the MOA and such terms shall apply, mutatis mutandis, to this Addendum, as if set out in full herein.

                

        

      

      
        
          	2.	
                  As and with effect from the date of this Addendum:

                

        

      

      
        
          	

                	2.1	
                  The following new definitions shall be added to the ‘Definitions’ section of the MOA:

                

        

      

      
        
          	

                	2.1.1	
                  “‘Alpha

                        Bank’ means Alpha Bank A.E., with its registered address at 40 Stadiou Street, Athens, Greece.”;

                

        

      

      
        
          	

                	2.1.2	
                  “‘CISA

                        Payment Undertaking’ means an undertaking in the form and substance of the undertaking at Appendix K to be provided by
                        the Buyer to Alpha Bank to pay to Alpha Bank an amount equal to the Net Sales Proceeds upon receipt by the Buyer of a fully executed copy of the Notice of Re-Assignment and the Vessel having been delivered to, and accepted by, the
                        Delivery Entity under this Agreement or at such other time as provided for in the undertaking.”;

                

        

      

      
        
          	

                	2.1.3	
                  “‘Deed

                        of Assignment’ means the deed of assignment entered into between the Seller and Alpha Bank dated 12 July 2018 pursuant
                        to which the Seller agreed to, inter alia, assign its rights under the Shipbuilding Contract to Alpha Bank.”; and

                

        

      

      
        
          	

                	2.1.4	
                  “‘Notice

                        of Re-Assignment’ means a notice of re-assignment entered into, or, as the case may be, to be entered into by Alpha Bank
                        as regards the re-assignment to the Seller by Alpha Bank of, inter alia, the rights assigned to Alpha Bank under the Deed of Assignment, in a form and on terms acceptable to Alpha Bank and the Delivery Entity.”

                

        

      

      
        
          	

                	2.2	
                  The following definitions in the ‘Definitions’ section of the MOA shall be deleted in their entirety:

                

        

      

      
        
          	

                	2.2.1	
                  “‘Seller’s

                        Account’ means the following account at the Seller’s Bank: NL20 ABNA 0627 7819 69 (or such other account as the Seller
                        may nominate and the Buyer may approve (the Buyer’s approval always at the Buyer’s sole discretion) prior to the Time of Delivery).”

                

        

      

      
        
          	

                	2.2.2	
                  “‘Seller’s

                        Bank’ means ABN AMRO BANK, BIC/SWIFT: ABNANL2A or such other bank or financial institution as the Seller may nominate
                        and the Buyer may approve in writing (the Buyer’s approval always at the Buyer’s sole discretion) prior to the Time of Delivery.”;

                

        

      

      
        2

        
          

      

      
        
          	

                	2.3	
                  The definition of “Shipbuilding Contract Payment Amount” in the ‘Definitions’ section of the MOA shall be deleted in its entirety and be replaced
                      with “‘Shipbuilding Contract Payment Amount’ means an amount equal to United States Dollars Twenty Two Million Two Hundred
                      and Sixty Six Thousand Five Hundred (US$22,266,500).”;

                

        

      

      
        
          	

                	2.4	
                  The definition of “Transaction Fees Amount” in the ‘Definitions’ section of the MOA shall be deleted in its entirety and be replaced by:

                

        

      

      “‘Transaction Fees Amount’ means an amount equal to United States Dollars Five Hundred and Fourteen Thousand Seven Hundred and Twenty (US$271,720) representing the aggregate of:

      (A) an amount equal to United States Dollars Fifty Thousand (US$50,000) representing the legal fees payable
          by the Buyer to the Financier pursuant to the Agreement to Acquire in connection with, inter alia, the preparation, negotiation, execution and delivery of the Agreement to Acquire;

      (B) an amount equal to United States Dollars One Hundred and Twenty Nine Thousand Six Hundred (US$129,600),
          representing the Upfront Fee payable by the Buyer to the Financier pursuant to the Agreement to Acquire;

      (C) an amount equal to United States Dollars Forty Two Thousand One Hundred and Twenty (US$42,120),
          representing the Commitment Fee payable by the Buyer to the Financier pursuant to the Agreement to Acquire;

      (D) an amount equal to United States Dollars Fifty Thousand (US$50,000), representing the Buyer’s legal fees
          in connection with, inter alia, the preparation, negotiation, execution and delivery of this Agreement.”;

      
        
          	

                	2.5	
                  The words “United States Dollars thirty-two million four hundred thousand only (US$32,400,000)” in Clause 1 of the MOA shall be deleted in their
                      entirety and replaced by “United States Dollars thirty-two million three hundred and eighty six thousand five hundred only (US$32,386,500)”;

                

        

      

      
        
          	

                	2.6	
                  Clause 2.7 of the MOA shall be deleted in its entirety and be replaced by:

                

        

      

      “2.7 Save as otherwise agreed by the Buyer (such agreement in the Buyer’s sole discretion),
          and subject always to the terms and conditions of this Agreement, at the Time of Delivery, the Buyer shall:

      2.7.1 deliver to the Seller a dated original Release Instruction executed by the Buyer; and

      2.7.2 release to Alpha Bank a fully executed copy of the CISA Payment Undertaking.”;

      
        3

        
          

      

      
        
          	

                	2.7	
                  Clause 2.8 of the MOA shall be deleted in its entirety and be replaced by:

                

        

      

      “2.8 Save as otherwise agreed by the Buyer (such agreement in the Buyer’s sole discretion),
          delivery to the Seller of a dated original Release Instruction executed by the Buyer pursuant to Clause 2.7.1 and release to Alpha Bank of the fully executed copy of the CISA Payment Undertaking pursuant to Clause 2.7.2 shall constitute the full
          performance of the Buyer’s obligation to pay the Purchase Price under this Agreement.”;

      
        
          	

                	2.8	
                  Clause 2.9 of the MOA shall be deleted in its entirety and be replaced by:

                

        

      

      “2.9 Notwithstanding Clause 2.2, any costs and/or expenses (including, without limitation,
          any fees or charges of the Builder’s Bank) incurred by the Buyer by reason of:

      2.9.1 the remittance of the Shipbuilding Contract Payment Amount to the Builder’s Bank
          pursuant to Clause 2.5 (or pursuant to such other mechanism as the Buyer may agree (such agreement in the Buyer’s sole discretion)); and / or

      2.9.2 the payment by the Buyer of the Net Sales Proceeds pursuant to the CISA Payment
          Undertaking,

      shall be for the Seller’s account.”;

      
        
          	

                	2.9	
                  Clause 6.1.13 of the MOA shall be deleted in its entirety and be replaced by: “6.1.13 Two (2) originals of the Builder Protocol of Delivery and
                      Acceptance duly executed by an authorised signatory of the Builder and the Delivery Entity as the Seller’s nominee under the Shipbuilding Contract”;

                

        

      

      
        
          	

                	2.10	
                  Clause 6.1.15 (c) of the MOA shall be deleted in its entirety and be replaced by “the Protocol of Stores of Consumable Nature issued by the
                      Builder”;

                

        

      

      
        
          	

                	2.11	
                  Clause 6.1.23 of the MOA shall be deleted in its entirety and be replaced by “6.1.23 Any such additional documents which may be required by the
                      Delivery Entity to register the Vessel under the flag of the Buyer’s Nominated Flag State and/or to transfer ownership of and title to the Vessel to the Delivery Entity; and”

                

        

      

      
        
          	

                	2.12	
                  A new Clause 6.1.24 shall be added to the MOA: “6.1.24 a copy of the dated Notice of Re-Assignment duly executed by Alpha Bank, and which Notice of
                      Re-Assignment shall be fully effective at the time at which it is provided to the Buyer.”

                

        

      

      
        
          	

                	2.13	
                  The following words in Clause 6.4 of the MOA shall be deleted in their entirety “ten (10) Banking Days prior to the intended date of delivery of the
                      Vessel to the Delivery Entity under this Agreement as notified by the Seller pursuant to Clause 4.1, (failing which the Buyer may cancel this Agreement with immediate effect upon written notice to the Seller and without liability
                      whatsoever on the part of the Buyer)” and be replaced by “one (1) Banking Day prior to the Definite Delivery Date as notified by the Seller pursuant to

                

        

      

      
        4

        
          

      

      Clause 4.1, (failing which the Buyer may cancel this Agreement with immediate effect upon
          written notice to the Seller and without liability whatsoever on the part of the Buyer):”

      
        
          	

                	2.14	
                  Clause 6.4.13 of the MOA shall be deleted in its entirety and be replaced by:

                

        

      

      “6.4.13 (A) an original of a letter signed by an authorised signatory of the Seller setting
          out the details of the Seller’s account at Alpha Bank to which the payment of the Net Sales Proceeds is to be made (such payment subject always to Clause 2 and to the terms of the CISA Payment Undertaking) and confirming the contact details of an
          individual (for example a named individual from the Seller’s accounting department) duly authorised by the Seller, who can be contacted by the Buyer by telephone to confirm the details of such account, in a form and on terms satisfactory to the
          Buyer (such satisfaction always at the Buyer’s sole discretion); and (B) an original of a letter signed by an authorised signatory of Alpha Bank setting out the details of the account at Alpha Bank to which the payment of the Net Sales Proceeds
          is to be made (such payment subject always to Clause 2 and to the terms of the CISA Payment Undertaking) and confirming the contact details of an individual duly authorised by Alpha Bank, who can be contacted by the Buyer by telephone to confirm
          the details of such account, in a form and on terms satisfactory to the Buyer (such satisfaction always at the Buyer’s sole discretion); and”

      
        
          	

                	2.15	
                   Clause 6.4.14 of the MOA shall be deleted in its entirety and Clause 6.4.15 of the MOA shall be renumbered to be Clause 6.4.14 of the MOA;

                

        

      

      
        
          	

                	2.16	
                  Clause 6.7.1 of the MOA shall be deleted in its entirety and be replaced by: “6.7.1 any additional documents required by the Buyer to enable payment of the Net Sales Proceeds to the account set out in the CISA Payment Undertaking (such payment subject always to
                        the provisions of Clause 2 and to the terms of the CISA Payment Undertaking); and”;

                

        

      

      
        
          	

                	2.17	
                  Clause 6.8 of the MOA shall be deleted in its entirety and be replaced by: “6.8 The Buyer shall notify the Seller of any such additional documents required by the Buyer, or, as the case may be, the Financier pursuant to Clause 6.7 no later than one (1) Banking
                        Day prior to the Definite Delivery Date (as determined by the five (5) Banking Day definite notice of the Definite Delivery Date as notified by the Seller pursuant to Clause 4.1)”;

                

        

      

      
        
          	

                	2.18	
                  the copy of the Sub-Bareboat Charter attached at Appendix B to the MOA shall be deleted and replaced in its entirety by the document at Annex 1 to
                      this Addendum and all references in the MOA to the Sub-Bareboat Charter shall be read and construed accordingly;

                

        

      

      
        
          	

                	2.19	
                  the copy of the Vessel specifications attached at Appendix F to the MOA shall be deleted and replaced in their entirety by the documents at Annex 2
                      to this Addendum and all references in the MOA to the Specifications shall be read and construed accordingly; and

                

        

      

      
        5

        
          

      

      
        
          	

                	2.20	
                  the document at Annex 3 to this Addendum shall be appended to the MOA in a new Appendix K.

                

        

      

      
        
          	3.	
                  This Addendum shall be an integral part of the MOA and shall be an amendment and supplement thereto and as and with effect from the date of this
                      Addendum, the MOA shall be read and construed subject to and in accordance with the terms of this Addendum. Save those altered and changed pursuant to this Addendum, all other terms and/or conditions of the MOA, including Clause 25 (Guarantee) of the MOA, shall remain unaltered and are, and shall remain, in full force and effect.

                

        

      

      
        
          	4.	
                  Each Party hereby represents and warrants to the other Parties that its execution of this Addendum has been duly authorised and this Addendum
                      constitutes its legal and valid obligations binding on it in accordance with the terms of this Addendum.

                

        

      

      
        
          	5.	
                  This Addendum may be executed in any number of counterparts each of which when executed shall constitute an original of this Addendum, but all the
                      counterparts shall together constitute the same agreement. No counterpart shall be effective until each Party has executed at least one counterpart. A signed copy received in .pdf format shall be deemed to be an original.

                

        

      

      
        
          	6.	
                  This Addendum and any non-contractual obligations arising out of, or in connection with, it shall be governed by, and construed in accordance with,
                      English law. Any disputes arising out of, or in connection with, this Addendum shall be settled in accordance with Clause 27 of the MOA which shall apply, mutatis mutandis, to this Addendum, as if set out in full herein.

                

        

      

      IN WITNESS WHEREOF the

          Parties have caused this Addendum to be duly executed by their duly authorised officers and to be effective on the date and year first above written.

      [REMAINDER OF PAGE LEFT BLANK INTENTIONALLY]

      
        6

        
          

      

      

      

      	

            

      Annex 1 – Sub-Bareboat Charter

      ANNEX 1 TO MOA ADDENDUM NO.1

      BAREBOAT CHARTER AGREEMENT HULL NO. 8242

      Dated as of [●] 2019

      Between

      CARGILL INTERNATIONAL SA

          as Owner,

      and

      PCH DREAMING INC.

      as Charterer

      

      

      
        
          

      

      

      

      

      

      
        

        

        EXECUTION VERSION

        ADDENDUM NO. 1

        to MOA dated

            29 June 2018 in respect of Hull No. 8242

        This addendum no. 1 (the “Addendum”)

            is made on 12 March 2019 by and among:

        
          
            	

                  	1.	
                    Cargill International SA, a company
                        incorporated under the laws of Switzerland and having its registered office at 14 chemin de-Normandie, 1206 Geneva, Switzerland (the “Buyer”);

                  

          

        

        
          
            	

                  	2.	
                    PCH Dreaming Inc., a corporation
                        duly incorporated and validly existing under the laws of the Republic of the Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands, MH
                        96960 (the “Seller”); and

                  

          

        

        
          
            	

                  	3.	
                    Top Ships Inc., a company duly
                        incorporated and validly existing under the laws of the Republic of the Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands, MH 96960
                        (the “Guarantor”),

                  

          

        

        (the Buyer, the Seller and the Guarantor, each a “Party” and together, the “Parties”).

        WHEREAS:

        
          
            	

                  	(A)	
                    By a shipbuilding contract dated 9 January 2018 between the Seller and Hyundai Mipo Dockyard Co., Ltd. (“Builder”),

                        the Builder agreed to construct, or procure the construction of, the product / chemical tanker named or, as the case may be, to be named, “ECO MARINA DEL REY”, constructed, or, as the case may be, under construction, by the Builder
                        with Builder’s Hull No. 8242 and with IMO number 9798349 (“Vessel”) and the Seller agreed to buy the Vessel (as amended,
                        supplemented or otherwise modified from time to time, including by an agreement dated 28 March 2018 and an Addendum No.1 dated 14 May 2018, the “Shipbuilding Contract”).

                  

          

        

        
          
            	

                  	(B)	
                    By a memorandum of agreement dated 29 June 2018 (“MOA”) and entered into among the Buyer, the Seller and the Guarantor in respect of the Vessel, the Buyer agreed to buy, and the Seller agreed to sell, the Vessel.

                  

          

        

        
          
            	

                  	(C)	
                    The Parties now wish to make various amendments to the MOA, such amendments in the terms set out in this Addendum.

                  

          

        

        

        

        
          
            

        

        NOW THEREFORE for
            good and valuable consideration, the receipt and adequacy of which is hereby acknowledged and agreed by the Parties, the Parties AGREE AS
              FOLLOWS:

        
          
            	1.	
                    Unless otherwise specified, capitalised terms and the interpretation of other terms used in this Addendum (including in its recitals) shall have
                        the meanings and interpretations specified in the MOA and such terms shall apply, mutatis mutandis, to this Addendum, as if set out in full herein.

                  

          

        

        
          
            	2.	
                    As and with effect from the date of this Addendum:

                  

          

        

        
          
            	

                  	2.1	
                    The following new definitions shall be added to the ‘Definitions’ section of the MOA:

                  

          

        

        
          
            	

                  	2.1.1	
                    “‘Alpha

                          Bank’ means Alpha Bank A.E., with its registered address at 40 Stadiou Street, Athens, Greece.”;

                  

          

        

        
          
            	

                  	2.1.2	
                    “‘CISA

                          Payment Undertaking’ means an undertaking in the form and substance of the undertaking at Appendix K to be provided by
                          the Buyer to Alpha Bank to pay to Alpha Bank an amount equal to the Net Sales Proceeds upon receipt by the Buyer of a fully executed copy of the Notice of Re-Assignment and the Vessel having been delivered to, and accepted by, the
                          Delivery Entity under this Agreement or at such other time as provided for in the undertaking.”;

                  

          

        

        
          
            	

                  	2.1.3	
                    “‘Deed

                          of Assignment’ means the deed of assignment entered into between the Seller and Alpha Bank dated 12 July 2018 pursuant
                          to which the Seller agreed to, inter alia, assign its rights under the Shipbuilding Contract to Alpha Bank.”; and

                  

          

        

        
          
            	

                  	2.1.4	
                    “‘Notice

                          of Re-Assignment’ means a notice of re-assignment entered into, or, as the case may be, to be entered into by Alpha
                          Bank as regards the re-assignment to the Seller by Alpha Bank of, inter alia, the rights assigned to Alpha Bank under the Deed of Assignment, in a form and on terms acceptable to Alpha Bank and the Delivery Entity.”

                  

          

        

        
          
            	

                  	2.2	
                    The following definitions in the ‘Definitions’ section of the MOA shall be deleted in their entirety:

                  

          

        

        
          
            	

                  	2.2.1	
                    “‘Seller’s

                          Account’ means the following account at the Seller’s Bank: NL20 ABNA 0627 7819 69 (or such other account as the Seller
                          may nominate and the Buyer may approve (the Buyer’s approval always at the Buyer’s sole discretion) prior to the Time of Delivery).”

                  

          

        

        
          
            	

                  	2.2.2	
                    “‘Seller’s

                          Bank’ means ABN AMRO BANK, BIC/SWIFT: ABNANL2A or such other bank or financial institution as the Seller may nominate
                          and the Buyer may approve in writing (the Buyer’s approval always at the Buyer’s sole discretion) prior to the Time of Delivery.”;

                  

          

        

        

        

        
          2

          
            

        

        
          
            	

                  	2.3	
                    The definition of “Shipbuilding Contract Payment Amount” in the ‘Definitions’ section of the MOA shall be deleted in its entirety and be replaced
                        with “‘Shipbuilding Contract Payment Amount’ means an amount equal to United States Dollars Twenty Two Million Two
                        Hundred and Sixty Six Thousand Five Hundred (US$22,266,500).”;

                  

          

        

        
          
            	

                  	2.4	
                    The definition of “Transaction Fees Amount” in the ‘Definitions’ section of the MOA shall be deleted in its entirety and be replaced by:

                  

          

        

        “‘Transaction Fees Amount’ means an amount equal to United States Dollars Five Hundred and Fourteen Thousand Seven Hundred and Twenty (US$271,720) representing the aggregate of:

        (A) an amount equal to United States Dollars Fifty Thousand (US$50,000) representing the legal fees
            payable by the Buyer to the Financier pursuant to the Agreement to Acquire in connection with, inter alia, the preparation, negotiation, execution and delivery of the Agreement to Acquire;

        (B) an amount equal to United States Dollars One Hundred and Twenty Nine Thousand Six Hundred
            (US$129,600), representing the Upfront Fee payable by the Buyer to the Financier pursuant to the Agreement to Acquire;

        (C) an amount equal to United States Dollars Forty Two Thousand One Hundred and Twenty (US$42,120),
            representing the Commitment Fee payable by the Buyer to the Financier pursuant to the Agreement to Acquire;

        (D) an amount equal to United States Dollars Fifty Thousand (US$50,000), representing the Buyer’s legal
            fees in connection with, inter alia, the preparation, negotiation, execution and delivery of this Agreement.”;

        
          
            	

                  	2.5	
                    The words “United States Dollars thirty-two million four hundred thousand only (US$32,400,000)” in Clause 1 of the MOA shall be deleted in their
                        entirety and replaced by “United States Dollars thirty-two million three hundred and eighty six thousand five hundred only (US$32,386,500)”;

                  

          

        

        
          
            	

                  	2.6	
                    Clause 2.7 of the MOA shall be deleted in its entirety and be replaced by:

                  

          

        

        “2.7 Save as otherwise agreed by the Buyer (such agreement in the Buyer’s sole
            discretion), and subject always to the terms and conditions of this Agreement, at the Time of Delivery, the Buyer shall:

        2.7.1 deliver to the Seller a dated original Release Instruction executed by the Buyer;
            and

        2.7.2 release to Alpha Bank a fully executed copy of the CISA Payment Undertaking.”;

        

        

        
          3

          
            

        

        
          
            	

                  	2.7	
                    Clause 2.8 of the MOA shall be deleted in its entirety and be replaced by:

                  

          

        

        “2.8 Save as otherwise agreed by the Buyer (such agreement in the Buyer’s sole
            discretion), delivery to the Seller of a dated original Release Instruction executed by the Buyer pursuant to Clause 2.7.1 and release to Alpha Bank of the fully executed copy of the CISA Payment Undertaking pursuant to Clause 2.7.2 shall
            constitute the full performance of the Buyer’s obligation to pay the Purchase Price under this Agreement.”;

        
          
            	

                  	2.8	
                    Clause 2.9 of the MOA shall be deleted in its entirety and be replaced by:

                  

          

        

        “2.9 Notwithstanding Clause 2.2, any costs and/or expenses (including, without limitation,
            any fees or charges of the Builder’s Bank) incurred by the Buyer by reason of:

        2.9.1 the remittance of the Shipbuilding Contract Payment Amount to the Builder’s Bank
            pursuant to Clause 2.5 (or pursuant to such other mechanism as the Buyer may agree (such agreement in the Buyer’s sole discretion)); and / or

        2.9.2 the payment by the Buyer of the Net Sales Proceeds pursuant to the CISA Payment
            Undertaking,

        shall be for the Seller’s account.”;

        
          
            	

                  	2.9	
                    Clause 6.1.13 of the MOA shall be deleted in its entirety and be replaced by: “6.1.13 Two (2) originals of the Builder Protocol of Delivery and
                        Acceptance duly executed by an authorised signatory of the Builder and the Delivery Entity as the Seller’s nominee under the Shipbuilding Contract”;

                  

          

        

        
          
            	

                  	2.10	
                    Clause 6.1.15 (c) of the MOA shall be deleted in its entirety and be replaced by “the Protocol of Stores of Consumable Nature issued by the
                        Builder”;

                  

          

        

        
          
            	

                  	2.11	
                    Clause 6.1.23 of the MOA shall be deleted in its entirety and be replaced by “6.1.23 Any such additional documents which may be required by the
                        Delivery Entity to register the Vessel under the flag of the Buyer’s Nominated Flag State and/or to transfer ownership of and title to the Vessel to the Delivery Entity; and”

                  

          

        

        
          
            	

                  	2.12	
                    A new Clause 6.1.24 shall be added to the MOA: “6.1.24 a copy of the dated Notice of Re-Assignment duly executed by Alpha Bank, and which Notice
                        of Re-Assignment shall be fully effective at the time at which it is provided to the Buyer.”

                  

          

        

        
          
            	

                  	2.13	
                    The following words in Clause 6.4 of the MOA shall be deleted in their entirety “ten (10) Banking Days prior to the intended date of delivery of
                        the Vessel to the Delivery Entity under this Agreement as notified by the Seller pursuant to Clause 4.1, (failing which the Buyer may cancel this Agreement with immediate effect upon written notice to the Seller and without
                        liability whatsoever on the part of the Buyer)” and be replaced by “one (1) Banking Day prior to the Definite Delivery Date as notified by the Seller pursuant to

                  

          

        

        

        

        
          4

          
            

        

        Clause 4.1, (failing which the Buyer may cancel this Agreement with immediate effect upon
            written notice to the Seller and without liability whatsoever on the part of the Buyer):”

        
          
            	

                  	2.14	
                    Clause 6.4.13 of the MOA shall be deleted in its entirety and be replaced by:

                  

          

        

        “6.4.13 (A) an original of a letter signed by an authorised signatory of the Seller
            setting out the details of the Seller’s account at Alpha Bank to which the payment of the Net Sales Proceeds is to be made (such payment subject always to Clause 2 and to the terms of the CISA Payment Undertaking) and confirming the contact
            details of an individual (for example a named individual from the Seller’s accounting department) duly authorised by the Seller, who can be contacted by the Buyer by telephone to confirm the details of such account, in a form and on terms
            satisfactory to the Buyer (such satisfaction always at the Buyer’s sole discretion); and (B) an original of a letter signed by an authorised signatory of Alpha Bank setting out the details of the account at Alpha Bank to which the payment of
            the Net Sales Proceeds is to be made (such payment subject always to Clause 2 and to the terms of the CISA Payment Undertaking) and confirming the contact details of an individual duly authorised by Alpha Bank, who can be contacted by the Buyer
            by telephone to confirm the details of such account, in a form and on terms satisfactory to the Buyer (such satisfaction always at the Buyer’s sole discretion); and”

        
          
            	

                  	2.15	
                     Clause 6.4.14 of the MOA shall be deleted in its entirety and Clause 6.4.15 of the MOA shall be renumbered to be Clause 6.4.14 of the MOA;

                  

          

        

        
          
            	

                  	2.16	
                    Clause 6.7.1 of the MOA shall be deleted in its entirety and be replaced by: “6.7.1 any additional documents required by the Buyer to enable payment of the Net Sales Proceeds to the account set out in the CISA Payment Undertaking (such payment subject always to
                          the provisions of Clause 2 and to the terms of the CISA Payment Undertaking); and”;

                  

          

        

        
          
            	

                  	2.17	
                    Clause 6.8 of the MOA shall be deleted in its entirety and be replaced by: “6.8 The Buyer shall notify the Seller of any such additional documents required by the Buyer, or, as the case may be, the Financier pursuant to Clause 6.7 no later than one (1) Banking
                          Day prior to the Definite Delivery Date (as determined by the five (5) Banking Day definite notice of the Definite Delivery Date as notified by the Seller pursuant to Clause 4.1)”;

                  

          

        

        
          
            	

                  	2.18	
                    the copy of the Sub-Bareboat Charter attached at Appendix B to the MOA shall be deleted and replaced in its entirety by the document at Annex 1 to
                        this Addendum and all references in the MOA to the Sub-Bareboat Charter shall be read and construed accordingly;

                  

          

        

        
          
            	

                  	2.19	
                    the copy of the Vessel specifications attached at Appendix F to the MOA shall be deleted and replaced in their entirety by the documents at Annex
                        2 to this Addendum and all references in the MOA to the Specifications shall be read and construed accordingly; and

                  

          

        

        

        

        
          5

          
            

        

        
          
            	

                  	2.20	
                    the document at Annex 3 to this Addendum shall be appended to the MOA in a new Appendix K.

                  

          

        

        
          
            	3.	
                    This Addendum shall be an integral part of the MOA and shall be an amendment and supplement thereto and as and with effect from the date of this
                        Addendum, the MOA shall be read and construed subject to and in accordance with the terms of this Addendum. Save those altered and changed pursuant to this Addendum, all other terms and/or conditions of the MOA, including Clause 25
                        (Guarantee) of the MOA, shall remain unaltered and are, and shall remain, in full force and effect.

                  

          

        

        
          
            	4.	
                    Each Party hereby represents and warrants to the other Parties that its execution of this Addendum has been duly authorised and this Addendum
                        constitutes its legal and valid obligations binding on it in accordance with the terms of this Addendum.

                  

          

        

        
          
            	5.	
                    This Addendum may be executed in any number of counterparts each of which when executed shall constitute an original of this Addendum, but all the
                        counterparts shall together constitute the same agreement. No counterpart shall be effective until each Party has executed at least one counterpart. A signed copy received in .pdf format shall be deemed to be an original.

                  

          

        

        
          
            	6.	
                    This Addendum and any non-contractual obligations arising out of, or in connection with, it shall be governed by, and construed in accordance
                        with, English law. Any disputes arising out of, or in connection with, this Addendum shall be settled in accordance with Clause 27 of the MOA which shall apply, mutatis mutandis, to this Addendum, as if set out in full herein.

                  

          

        

        IN WITNESS WHEREOF the

            Parties have caused this Addendum to be duly executed by their duly authorised officers and to be effective on the date and year first above written.

        [REMAINDER OF PAGE LEFT BLANK INTENTIONALLY]

        

        

        
          6

          
            

        

        

        

        	

              

        Annex 1 – Sub-Bareboat Charter

        

        

        

        

        

        

        

        

        
          7

          
            

        

        ANNEX 1 TO MOA ADDENDUM NO.1

        BAREBOAT CHARTER AGREEMENT HULL NO. 8242

        Dated as of [●] 2019

        Between

        CARGILL INTERNATIONAL SA

            as Owner,

        and

        PCH DREAMING INC.

        as Charterer

        

        

        
          
            

        

        

        

        	
                TABLE OF CONTENTS

              	
                Page

              
	 	 	 
	
                1.

              	
                CONDITION PRECEDENT

              	
                 2

              
	 	 	 
	
                2.

              	
                TIME CHARTER

              	
                 2

              
	 	 	 
	
                3.

              	
                CHARTER TERM

              	
                 2

              
	 	 	 
	
                4.

              	
                DELIVERY; REDELIVERY

              	
                3

              
	 	
                (a)

              	
                Delivery

              	
                 3

              
	 	
                (b)

              	
                Redelivery

              	
                 4

              
	 	
                (c)

              	
                Survey, Inventory and Inspection

              	
                 4

              
	 	
                (d)

              	
                Redelivery – Condition

              	
                 6

              
	 	
                (e)

              	
                Redelivery – Certificates

              	
                 8

              
	 	
                (f)

              	
                Redelivery – Access

              	
                 8

              
	 	
                (g)

              	
                Redelivery Inventory

              	
                 8

              
	 	
                (h)

              	
                Documentation

              	
                 8

              
	 	 	 	 
	
                5.

              	
                CHARTER HIRE

              	
                8

              
	 	 	 
	 	
                (a)

              	
                Charter Hire

              	
                8

              
	 	
                (b)

              	
                Hell or High Water Charter Obligation

              	
                9

              
	 	 	 	 
	
                6.

              	
                USE; OPERATIONS

              	
                 10

              
	 	 	 
	
                7.

              	
                MAINTENANCE AND OPERATION

              	
                15

              
	 	
                (a)

              	
                Charterer’s Control and Expenses

              	
                 15

              
	 	
                (b)

              	
                Maintenance and Repairs

              	
                 15

              
	 	
                (c)

              	
                Reports and Rights of Inspections

              	
                 16

              
	 	
                (d)

              	
                Lay-up

              	
                 17

              
	 	 	 	 
	
                8.

              	
                ALTERATIONS

              	
                 17

              
	 	
                (a)

              	
                Structural Modifications

              	
                 17

              
	 	
                (b)

              	
                Alterations and Restoration

              	
                18

              
	 	
                (c)

              	
                Replacements

              	
                 18

              
	 	
                (d)

              	
                Required Modifications

              	
                 18

              
	 	
                (e)

              	
                Title to Modifications

              	
                 18

              
	 	
                (f)

              	
                Removal of Property

              	
                19

              
	 	
                (g)

              	
                Contest of Requirements of Law

              	
                 19

              
	 	 	 	 
	
                9.

              	
                INSURANCE -GENERAL

              	
                19

              
	 	
                (a)

              	
                Form of Insurance; Indemnity

              	
                 20

              
	 	
                (b)

              	
                Proof of Insurance

              	
                21

              
	 	
                (c)

              	
                Forced Insurance

              	
                 21

              
	 	
                (d)

              	
                Termination Due To Loss

              	
                 21

              
	 	
                (e)

              	
                Payments in Event of Total Loss

              	
                 21

              
	 	
                (f)

              	
                Limitation of Liability

              	
                 22

              
	 	
                (g)

              	
                Wreck Removal

              	
                 22

              
	 	
                (h)

              	
                Requisition

              	
                 22

              
	 	 	 	 
	
                10.

              	
                LIENS

              	
                 23

              

        

        

        

        

        

        

        
          
            

        

        

        

        	
                11.

              	
                MORTGAGES; FINANCING; SUBORDINATION

              	
                24

              
	 	 	 
	
                12.

              	
                END OF CHARTER AND OTHER OPTIONS

              	
                25

              
	 	 	 
	
                13.

              	
                REPRESENTATIONS AND WARRANTIES; OWNER COVENANTS

              	
                29

              
	 	 	 
	 	
                (a)

              	
                Charterer’s Representations

              	
                29

              
	 	
                (b)

              	
                Owner’s Representations and Covenants

              	
                29

              
	 	 	 	 
	
                14.

              	
                ASSIGNMENT; SUB-BAREBOAT CHARTER

              	
                30

              
	 	 	 
	
                15.

              	
                LOGO AND VESSEL NAMES

              	
                30

              
	 	 	 
	
                16.

              	
                NOTICES

              	
                30

              
	 	 	 
	
                17.

              	
                DEFAULTS; REMEDIES

              	
                31

              
	 	
                (a)

              	
                Events of Default

              	
                31

              
	 	
                (b)

              	
                Remedies

              	
                34

              
	 	 	 	 
	
                18.

              	
                INDEMNIFICATION, WITHHOLDING AND CERTAIN AGREEMENTS

              	
                36

              
	 	
                (a)

              	
                Owner’s Indemnification of the Charterer

              	
                36

              
	 	
                (b)

              	
                Charterer’s Indemnification of the Owner

              	
                37

              
	 	
                (c)

              	
                Charterer’s Withholding

              	
                37

              
	 	
                (d)

              	
                Survival

              	
                38

              
	 	
                (e)

              	
                No Limitation

              	
                38

              
	 	
                (f)

              	
                Consequential Damages

              	
                38

              
	 	 	 	 
	
                19.

              	
                INCOME TAX

              	
                40

              
	 	 	 	 
	
                20.

              	
                LAW AND JURISDICTION

              	
                40

              
	 	
                (a)

              	
                Governing Law

              	
                40

              
	 	
                (b)

              	
                Venue

              	
                40

              
	 	
                (c)

              	
                Jury Trial Waiver

              	
                40

              
	 	
                (d)

              	
                Service of Process

              	
                40

              
	 	 	 	 
	
                21.

              	
                SALVAGE

              	
                41

              
	 	 	 
	
                22.

              	
                WAR

              	
                41

              
	 	 	 
	
                23.

              	
                ASSIGNMENT OF INSURANCES

              	
                42

              
	 	
                (a)

              	
                Collateral

              	
                42

              
	 	
                (b)

              	
                No Obligation to Perform

              	
                42

              
	 	 	 	 
	
                24.

              	
                CHANGE OF THE OWNERSHIP

              	
                42

              
	 	 	 
	
                25.

              	
                WAIVER

              	
                42

              
	 	 	 
	
                26.

              	
                NO REMEDY EXCLUSIVE

              	
                43

              
	 	 	 
	
                27.

              	
                ENTIRE AGREEMENT; AMENDMENT

              	
                43

              
	 	 	 
	
                28.

              	
                COUNTERPARTS

              	
                43

              

        

        

        

        

        
          
            

        

        	
                29.

              	
                SEVERABILITY

              	
                43

              
	 	 	 
	
                30.

              	
                CAPTIONS

              	
                43

              
	 	 	 
	
                31.

              	
                BINDING EFFECT

              	
                43

              
	 	 	 

        

        

        Exhibits 

        Exhibit A - Basic Charter Hire

        Exhibit A-1 - Loss Value, Purchase Price and Profit Share Price Schedule

        Exhibit B – Notice of Assignment of Insurances

        Exhibit C – Agreed form of Time Charter

        

        

        
          
            

        

        BAREBOAT CHARTER
                AGREEMENT HULL NO. 8242

        This Bareboat Charter Agreement “Hull No. 8242” (the “Charter”) is made the [●] day of [●], 2019 by and between Cargill International SA, a company incorporated pursuant to the laws of Switzerland (the “Owner”),

            and PCH Dreaming Inc., a company incorporated in the Republic of the Marshall Islands (the “Charterer”).

        (The Owner and the Charterer, each a “Party”
            and together, the “Parties”) RECITALS

        WHEREAS, Hyundai Mipo Dockyard Co., Ltd. (as builder, “Builder”) and the Seller (as defined below) (as buyer)
            have entered into a shipbuilding contract dated 9 January 2018 (as amended by the agreement dated 28 March 2018 relating to the installation of a scrubber and by an Amendment No. 1 dated 14 May 2018 and as otherwise amended, modified and
            supplemented from time to time, the “Shipbuilding Contract”) whereby the Builder has agreed to construct and the Seller has agreed to purchase one (1) 50,000 dwt MR product/chemical tanker Hull No. 8242 named, or, as the case may be, to be
            named M/T “ECO MARINA DEL REY” with IMO number 9798349 (the “Vessel”) from the Builder under the terms and conditions set forth therein [and
            pursuant to which the Seller has nominated CFT Investments 1 LLC (the “Head Owner”) (as the nominee of the Seller) pursuant to a [nomination notice] dated [●] 201[9]
            to acquire title to, and take delivery of, the Vessel thereunder]1.

        WHEREAS, inter alios, the Charterer (as seller, the “Seller”) and the Owner (as buyer) have entered into a memorandum of agreement dated
            [●] 2018 (as amended, modified and supplemented from time to time, the “MOA”) whereby the Owner has agreed to purchase the Vessel from the Seller under the terms
            and conditions set forth therein and pursuant to which the Owner has nominated the Head Owner (as the nominee of the Owner) pursuant to a nomination notice dated [●] 2019 to acquire title to, and take delivery of, the Vessel thereunder.

        WHEREAS, the Owner, Sumitomo Mitsui Banking Corporation and the Head Owner, have entered into an Agreement to
            Acquire and Charter “Hull No. 8242” dated as of [●] 2018 (as amended, supplemented or otherwise modified from time to time, the “Agreement to Acquire”) whereby the Head Owner has agreed to acquire the Vessel and bareboat charter the Vessel to the Owner and the Owner has agreed
            to cause title to the Vessel to be transferred directly to the Head Owner.

        WHEREAS, the Owner, the Head Owner, the Time Charterer (as defined below) and the Charterer have entered into
            a multipartite agreement dated as of [●] 2019 (as amended, supplemented or otherwise modified from time to time, the “Multipartite Agreement”) whereby, inter alia, the Charterer agrees this
            Charter shall be subordinated to the Head Owner’s interests under the Bareboat Charter (as defined below).

        WHEREAS, immediately subsequent to delivery of the Vessel under this Charter, the Vessel will be duly
            documented in the name of the Head Owner as owner thereof under the

        

        

        

        

        

        1 TBC by Owner

        
          1

          
            

        

        

        

        laws and flag of the Republic of the Marshall Islands (the “Flag State”) under
            Official No. 8150.

        WHEREAS, the Head Owner has agreed to bareboat charter the Vessel to the Owner after its delivery on terms
            agreed between them (the “Bareboat Charter”) on the date of this Charter.

        WHEREAS, upon delivery of the Vessel to the Owner under the Bareboat Charter, the Owner and the Charterer
            desire for the Owner to sub-bareboat charter the Vessel to the Charterer to be used to carry oil and oil and chemical products.

        WHEREAS, the Owner and the Charterer desire for the Charterer to let the Vessel out on hire under a time
            charter dated as of [●] 2019 in the form appended at Exhibit C hereto (as amended, supplemented or otherwise modified from time to
            time, the “Time Charter”) to the Owner as time charterer (in such capacity, the “Time Charterer”) upon taking delivery of the Vessel hereunder,
            the Time Charter to be of equal duration to this Charter.

        WHEREAS, as security for the due and punctual performance of, inter alia, the Charterer’s obligations under this Charter, Top Ships Inc. a company incorporated in the Republic of the Marshall Islands (the “Guarantor”), has guaranteed, inter alia, the obligations of
            the Charterer under this Charter pursuant to a guarantee dated [●] 2019 in favour of the Owner (as may be amended, supplemented or
            otherwise modified from time to time, the “Guarantee”). The Guarantee and any Additional Security (as defined in Section 17(b)(viii)) together,
            the “Charter Security”). This Charter, the Multipartite Agreement and the Guarantee, together the “Transaction Documents”.

        NOW THEREFORE, in consideration of the mutual promises, covenants and conditions contained herein, and other good and valuable
            consideration, the receipt and sufficiency of which are hereby acknowledged, the Owner and the Charterer agree as follows:

        
          
            	1.	
                    Condition Precedent

                  

          

        

        It shall be a condition precedent to this Charter that the Head Owner shall have accepted and taken delivery
            of the Vessel under the MOA, and that the Owner shall have accepted and taken delivery of the Vessel under the Bareboat Charter failing which any and all obligations hereunder of either Party toward the other shall be null and void and of no
            effect.

        
          
            	2.	
                    Time Charter.

                  

          

        

        It is hereby agreed between the Parties that, upon the Owner’s confirmation to the Charterer of the delivery
            of the Vessel to the Owner under the Bareboat Charter, and the delivery of the Vessel hereunder, the Charterer and the Owner automatically without further action by either the Charterer or the Owner shall be deemed to have entered into the Time
            Charter.

        
          
            	3.	
                    Charter Term.

                  

          

        

        
          
            	

                  	(a)	
                    Subject to the terms and conditions of this Charter, the Owner hereby charters and demises to the Charterer and the Charterer hereby hires, and
                        takes on demise, from the Owner, the Vessel. Except as otherwise provided in this Charter, the term of this Charter (the “Charter Term”) shall continue from (x) the date of delivery of the Vessel to the Head Owner as nominee
                        of the Owner by the Builder and delivery by

                  

          

        

        
          2

          
            

        

        

        

        the Owner to the Charterer hereunder in accordance with the terms of Section 4(a) (the date of such occurrence
            being herein called the “Delivery Date”) up to and through (y) the date falling sixty (60) months following the Delivery Date.

        
          
            	

                  	(b)	
                    There shall be no extension of this Charter beyond the initial sixty (60) month term described in Section 3(a).

                  

          

        

        
          
            	4.	
                    Delivery; Redelivery.

                  

          

        

        
          
            	

                  	(a)	
                    Delivery.

                  

          

        

        (i) Delivery of the Vessel under this Charter will take place simultaneously with delivery of the Vessel by the Head Owner to
            the Owner under the Bareboat Charter. Delivery of the Vessel to the Owner by the Head Owner under the Bareboat Charter shall be deemed to constitute (i) full performance by the Owner of its obligations to deliver the Vessel to the Charterer
            hereunder (including, without limitation, in relation to the condition and/or class of the Vessel at delivery) and (ii) acceptance by the Charterer of the same. The Vessel shall be delivered to the Charterer with all documentation relating to
            the operation of the Vessel and its equipment that the Owner receives from the Seller pursuant to the MOA and/or the Builder pursuant to the Shipbuilding Contract and/or from the Head Owner pursuant to the Bareboat Charter, including, to the
            extent received by the Owner, technical and operating manuals, construction drawings, specifications, repair records, sea trial reports, classification reports, regulatory inspection records and approvals (collectively, the “Technical
              Documents”). During the Charter Term, the Charterer shall be entitled to possession of the Technical Documents; provided, however, that the Owner and its designees shall be allowed reasonable access to and may make copies
            of the Technical Documents.

        (ii) The Owner has been assigned all of the rights and interests (but not title) of the Owner (as buyer) with respect to the
            Vessel under the MOA (the “Owner’s Assigned Interests”). In addition, the Owner has been assigned all of the Seller’s rights and interests (but not title) from time to time arising under the Shipbuilding Contract (the “Seller’s
              Assigned Interests”) (the Owner’s Assigned Interests and the Seller’s Assigned Interests, together, the “Assigned Interests”). The Owner hereby assigns to the Charterer such rights and interests (but not title) as the Owner may
            have in the Assigned Interests and such assignment shall be co-extensive with the Charter Term. The Charterer shall use due diligence to assert and enforce all such rights and interests. Upon termination or expiration of this Charter (unless
            the Charterer acquires the Vessel pursuant to the terms and conditions of Section 12 of this Charter or, as the case may be, the Charterer (or, as the case may further be, the Charterer’s nominee) acquires the Vessel pursuant to the terms and
            conditions of clause 5.1 of the Multipartite Agreement), the Charterer shall be deemed to have automatically re-assigned all its rights, title and interest in the Assigned Interests to the Owner. The Charterer hereby re-assigns to the Owner any
            amounts payable to the Charterer by or for the account of the Seller as a result of the assignment made in the third sentence of this Section 4(a) (ii), all of which amounts shall be paid to the Owner, provided that any sums the Charterer shall
            have paid or agreed to pay third

        
          3

          
            

        

        

        

        parties for correcting damage, defects or deficiencies in the Vessel shall be excluded from such reassignment
            and such sums shall be paid to the Charterer.

        (iii) Without prejudice to Section 4(c), on the Delivery Date, the Vessel shall, or be deemed to, be in class without
            conditions or recommendations (other than as noted in the confirmation of class (or equivalent) delivered to the Owner and the Head Owner on the Delivery Date (for the avoidance of doubt, the Charterer agrees and acknowledges that such
            confirmation of class (or equivalent) shall be the same declaration of class or class maintenance certificate as delivered by the Seller to the Head Owner pursuant to clause 6.1.19 of the MOA) and notwithstanding any such conditions or
            recommendations of class that may exist on the Delivery Date) and shall be classed with DNV GL (“Classification Society”). During the Charter Term, the Vessel shall remain classed with the Classification Society or, with the prior written
            consent of the Owner, which consent shall not be withheld unreasonably, another classification society that is a member of the International Association of Class Societies, and in the event that the Owner gives such written consent, as from the
            date of the change in classification society all references to ‘Classification Society’ in this Charter shall be read and construed as meaning the Vessel’s new classification society as consented to by the Owner in such written consent.

        (iv) THE OWNER HEREBY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, BUT NOT LIMITED
            TO, TITLE OR THE DESIGN, CONDITION, MERCHANTABILITY, SEAWORTHINESS OF OR THE QUALITY OF THE MATERIAL, EQUIPMENT, OR WORKMANSHIP IN THE VESSEL, AS TO ITS FITNESS FOR A PARTICULAR PURPOSE OR ANY PARTICULAR TRADE, OR AS TO THE ABSENCE OF LATENT OR
            OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AND THE OWNER FURTHER DISCLAIMS ALL OTHER LIABILITIES (AT COMMON LAW OR IN CONTRACT OR IN ADMIRALTY OR TORT OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, STRICT LIABILITY OR NEGLIGENCE IN ANY DEGREE).
            THE VESSEL IS DELIVERED BY THE OWNER TO THE CHARTERER “AS IS, WHERE IS” AND WITH ALL FAULTS.

        
          
            	

                  	(b)	
                    Redelivery. The provisions respecting redelivery of the Vessel as set forth in Sections 4 (b), 4 (c)(ii), 4 (d), 4 (e), 4 (f) and 4 (g) shall not
                        be applicable in the event that the Charterer acquires the Vessel pursuant to the terms and conditions of Section 12 (a) or 12 (b), as the case may be, and/or clause 5 of the Multipartite Agreement.

                  

          

        

        The Charterer shall, at its own cost and expense, following the termination of this Charter in accordance with
            Section 17(b)(i), redeliver the Vessel to the Owner at a location designated by the Owner. Such location shall be an easily accessible location recognised as a safe port within the following ranges, dropping last outward sea pilot USAC, USG,
            Caribbean, UK/Continent, Mediterranean, AG-Japan with such location never to be within a Prohibited Country and always within International Navigation Limits. The Charterer shall redeliver all Technical Documents to the Owner with the Vessel.
            The

        

        

        
          4

          
            

        

        Charterer shall also provide to the Owner prior to redelivery evidence of the most recent drydocking,
            inspection and related repairs required by this Charter, together with written confirmation by the Charterer that to the best of its knowledge and belief there has been no subsequent damage, grounding, collision or other similar material event
            subsequent to such drydocking (or providing the details of any of such events that may have occurred).

        Commencing upon a determination pursuant to Section 17 that the Vessel will be redelivered, and through the
            completion of redelivery, the Charterer will (x) keep the Owner regularly apprised of the movements of the Vessel and its scheduled ports of call, and (y) allow for and assist in making the Vessel available for inspection at ports of call
            thereafter by potentially interested purchasers or charterers of the Vessel, as requested by the Owner. Any such inspection shall be without interference with or delay of the Vessel’s operations and without interference with the Vessel’s crew.

        
          
            	

                  	(c)	
                    Survey, Inventory and Inspection.

                  

          

        

        (i) On, or in the Owner’s option, prior to, the Delivery Date, the Charterer shall do a survey, at its own cost and expense,
            of the Vessel and its inventory. The Owner agrees to accept such survey (the “On-hire Survey”) as the benchmark for the condition of the Vessel and the amount of inventory on the Vessel at the commencement of the Charter Term. The
            Charterer hereby unconditionally agrees that the Vessel’s condition will be acceptable to it in all respects and in accordance with the terms of this Charter and the Charterer will have no claim against the Owner whatsoever in respect of any
            defects, damage or deficiencies and/or other items and/or matters resulting in and/or which are the subject of any recommendation or condition of class (“Deficiencies”) on the Delivery Date or otherwise identified during any UWI (as
            defined in Section 4 (c)(iv)) (which, for the purposes of the On-hire Survey, the Parties shall ignore) during and/or after the Charter Term and/or following purchase of the Vessel by the Charterer. If requested by the Owner, and at the
            Charterer’s expense, an underwater survey may be performed as part of the On-hire Survey. Purchase of bunkers and fuel oil on board the Vessel at the time of delivery will be made in accordance with the terms of the Time Charter.

        (ii) Following the termination of this Charter in accordance with Section 17(b)(i), the Owner shall appoint an independent
            marine surveyor, who is reasonably acceptable to the Charterer, for the purpose of determining and agreeing in writing the condition of the Vessel at the time of redelivery hereunder (the “Off-hire Survey”) as well as a plan to implement
            any correction of any deficiencies construed by the surveyor to exceed normal wear and tear. The expenses for the independent surveyor for such survey shall be paid by the Charterer. Such survey will include, but not be limited to, an inventory
            of all consumables, stores, spare parts and equipment on board the Vessel and ashore; a monetary valuation of such inventory; a general condition survey of the Vessel including photographic or videotape records; an inspection of class records;
            and an inspection of maintenance records. If requested by the Owner, and at the Charterer’s own cost and expense, an underwater survey may be performed as part of the Off-hire Survey.

        
          5

          
            

        

        

        

        (iii) The On-hire Survey report and the Off-hire Survey report (if any), when agreed, shall be deemed to be incorporated into
            this Charter by reference.

        (iv) At the request of the Owner, the Charterer shall at its own cost and expense arrange for an underwater inspection of the
            Vessel (the “UWI”) to be performed by a diver approved by the Classification Society prior to the Delivery Date at a place at which conditions are suitable for such underwater inspection (as determined by the Owner or the Classification
            Society). The UWI shall be carried out in the presence of a Classification Society surveyor arranged for by the Charterer and paid for by the Charterer. The Owner’s and the Head Owner’s representative(s) shall have the right to be present at
            the UWI as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. The extent of the UWI and the conditions under which it is performed shall be to the satisfaction of the Classification Society.
            Any Deficiencies discovered during the UWI shall be rectified by the Charterer pursuant to Section 7(b). If the Vessel’s rudder, propeller, bottom or other underwater parts are found broken, damaged or defective (but excluding any fouling or
            marine growth) during the UWI and such breakage, damage or defects do not constitute Deficiencies, the Charterer shall at the Charterer’s own cost and expense promptly remedy such breakage, damage or defect to the Owner’s and the Head Owner’s
            satisfaction (such satisfaction at the Owner’s and the Head Owner’s sole discretion) but without unreasonably interfering with the Time Charterer’s use or operation of the Vessel. If any fouling of and/or marine growth on the Vessel’s rudder,
            propeller, bottom or other underwater parts is discovered during the UWI, and the extent of such fouling and/or marine growth is greater than would reasonably be expected to have accumulated on a hull of similar type, size and age to the
            Vessel’s hull up to the date of the UWI, the Charterer shall, at the Charterer’s own cost and expense but without unreasonably interfering with the Time Charterer’s use or operation of the Vessel, promptly (and in all events at the next
            drydocking of the Vessel or such earlier date as required by the Classification Society and/or United States Coast Guard (as applicable and as the case may be)) clean such fouling and/or marine growth to the Owner’s and the Head Owner’s
            satisfaction (such satisfaction at the Owner’s and the Head Owner’s sole discretion).

        (v) During the Charter Term and without prejudice to Section 6, the Charterer shall take all prudent and necessary steps and
            actions to procure the Vessel’s, the Charterer’s and the Vessel manager’s compliance with the Oil Companies International Marine Forum (“OCIMF”) SIRE and CDI (where applicable) inspection requirements and “Tanker Management
            Self-Assessment” program as well as the SIGTTO guidelines. The Charterer shall at all times provide for and allow the Owner access to Q88 information for the Vessel (allowing the Owner to review SIRE reports of OCIMF in relation to it) and the
            SIRE report for the Vessel.

        
          
            	

                  	(d)	
                    Redelivery – Condition.

                  

          

        

        (i) The Charterer agrees that on redelivery of the Vessel, the Vessel, its tackle, apparel, equipment and other appurtenances
            shall be clean, suitable, and in the same or as good order and condition and in class as when

        
          6

          
            

        

        

        

        delivered, fair wear and tear excepted, not affecting class excepted, and in all respects shall be seaworthy.
            For the avoidance of doubt, any Deficiencies shall be rectified and made good in all respects by the Charterer as required by the Classification Society and in any event prior to the date of redelivery of the Vessel by the Charterer to the
            Owner and the Vessel shall be redelivered to the Owner in class without any recommendation or condition affecting class. The Charterer further agrees that on redelivery of the Vessel (A) the Vessel will be re-delivered cargo free with tanks and
            storage places cargo-free, clean, gas-free and ready to load cargo, (B) the Vessel shall be capable of carrying the highest possible quality cargo according to class and Vessel specifications, (C) all food storage and preparation areas will be
            cleaned, sanitized, dry and ready for immediate operation, and (D) the Vessel shall be capable of operating for its intended use as a vessel of its type, size and age and subject to any subsequent alterations as provided by Section 8.

        (ii) The Charterer agrees that upon redelivery of the Vessel (A) the Vessel shall have all valid trading, class and class
            related certificates in place and up to date, which shall have a minimum of eighteen (18) months’ remaining validity (B) there shall be not less than eighteen (18) months remaining prior to the next special survey and dry dockings of the Vessel
            as required by the Classification Society, such eighteen (18) month period being without any consideration to any extension granted by the Classification Society, (C) the Vessel shall have installed thereon all spares required by the
            Classification Society and by all regulatory authorities having jurisdiction over the Vessel, (D) the Vessel shall be accepted by each of the Oil Majors (as defined below) and be in compliance with all vetting requirements and (E) the Vessel
            shall be in full compliance with OCIMF SIRE and CDI (where applicable) inspection requirements and “Tanker Management Self-Assessment” program as well as the SIGTTO guidelines. The Charterer further agrees that in the event of the redelivery of
            the Vessel by the Charterer to the Owner, it is understood and agreed that the Vessel shall be redelivered after having successfully completed a five (5) year special survey prior to such redelivery and with her ballast water treatment system
            and scrubber installed and maintained in full compliance with the requirements of the Flag State, the Classification Society, any other applicable classification societies and/or certifying authorities, and/or any regulatory or governmental
            agencies or authorities having jurisdiction over the Vessel and its equipment (or the area where the Vessel is operating from time to time), including, if applicable, the United States Coast Guard. The Charterer further agrees that upon
            redelivery, the Vessel shall be in full compliance with all applicable International Maritime Organization rules and regulations, including all applicable sulfur emissions standards, with which the Vessel is required to comply at the time of
            redelivery.

        (iii) Without prejudice to the remedies available to the Owner pursuant to Section 17(b), the Charterer further agrees that
            upon redelivery of the Vessel by the Charterer to the Owner following the termination of this Charter in accordance with Section 17(b)(i), the Charterer shall fully indemnify the Owner against, and reimburse the Owner for, and the Charterer
            shall pay no later than fourteen (14) days after the Owner’s demand, the Owner for any and all costs incurred by the Owner (including, if applicable,

        

        

        
          7

          
            

        

        the resolution of any Deficiencies) in connection with: (A) the Vessel’s five (5) year special survey; and (B)
            the Vessel’s ballast water treatment system and scrubber to the extent that either or both does not comply with the requirements specified under Section 4(d)(ii) above.

        (iv) The Charterer agrees that upon re-delivery, the functional and operating integrity of all machinery and equipment of the
            Vessel shall be verified and approved by an independent marine surveyor designated by the Owner.

        
          
            	

                  	(e)	
                    Redelivery – Certificates. The Charterer agrees that upon redelivery the Vessel will meet the complete requirements of, and be certificated
                        at, RightShip 3-star level or any replacement thereof.

                  

          

        

        
          
            	

                  	(f)	
                    Redelivery – Access. Following the termination of this Charter in accordance with Section 17(b)(i), the Charterer shall permit access to
                        the Vessel at reasonable times to the Owner and to persons designated by the Owner, and shall permit the inspection of the Vessel by such persons.

                  

          

        

        
          
            	

                  	(g)	
                    Redelivery Inventory. The Charterer shall redeliver the Vessel with the same amount of unbroached provisions, paints, oils, ropes, spare
                        parts and equipment, and other unused consumable stores as are on board and ashore at the commencement of the Charter Term as determined pursuant to the inventory conducted as part of the On-hire Survey. In the event consumable
                        stores are greater at redelivery than at delivery, the Charterer may remove the excess. Notwithstanding any term or condition of the Time Charter, all bunkers and fuel oil onboard the Vessel at the time of redelivery shall remain
                        the property of the Owner. Title to lubricants on board the Vessel at the time of redelivery shall be deemed to transfer to the Owner at the time of redelivery and the Owner shall not be obliged to pay for such lubricants.

                  

          

        

        
          
            	

                  	(h)	
                    Documentation. The Parties agree that on the Delivery Date, the Vessel shall be duly documented in the name of the Head Owner as owner
                        thereof under the laws and flag of the Flag State. The Owner shall be responsible for such registration and the Charterer shall promptly provide all assistance required by the Owner for the purposes of such registration. The
                        Charterer shall be responsible for naming the Vessel and for paying for initial Flag State documentation and maintaining such due documentation throughout the Charter Term, at the Charterer’s own cost and expense, provided,
                        the Owner agrees that the Owner will reasonably cooperate with the Charterer in establishing and maintaining such Flag State documentation. The Charterer shall also pay all the Flag State fees associated with initial documentation
                        and any annual Flag State fees required to maintain documentation or the Head Owner’s foreign maritime entity status. The Charterer shall not suffer or permit anything to be done which might injuriously affect the entitlement of the
                        Vessel to be documented under the laws and regulations of the Flag State.

                  

          

        

        
          
            	5.	
                    Charter Hire.

                  

          

        

        
          
            	

                  	(a)	
                    Charter Hire.

                  

          

        

        
          8

          
            

        

        

        

        (i) Basic Charter Hire. The Charterer shall pay to the Owner charter hire for the Vessel during the Charter Term
            (“Basic Charter Hire”) at the applicable rate per day set forth in Exhibit A hereto (“Daily Charter Hire Rate”) on (y) each Charter Hire Payment Date; and (z) any other date as provided for under this Charter.

        (ii) Additional Hire. All amounts (other than Basic Charter Hire) to be paid by the Charterer to the Owner under this
            Charter, and all indemnities, fees, costs and other expenses whatsoever incurred by: (A) the Owner under, or in connection with, the Transaction Documents and the transactions contemplated thereby; and (B) by the Head Owner under, or in
            connection with, this Charter, the Bareboat Charter, the Multipartite Agreement and the transactions contemplated thereby, shall be deemed “Additional Hire”. Basic Charter Hire and Additional Hire are collectively called “Charter Hire”.

        (iii) Partial Months. If the Charterer is required by the terms of this Charter to pay Charter Hire to the Owner on a
            date other than a Charter Hire Payment Date defined in Section 5(a)(iv) below, the Charter Hire payable for the period from the immediately preceding Charter Hire Payment Date through such date shall be payable at a daily rate equal to the
            Daily Charter Hire Rate multiplied by the actual number of days for which Charter Hire is payable.

        (iv) Charter Hire Payments. Payments of Charter Hire shall be paid in United States currency to such account and in
            such manner as may be designated in writing by the Owner from time to time. Basic Charter Hire shall be paid monthly in arrears on the day numerically corresponding to the day of the Delivery Date occurring in each month during the Charter Term
            following the month in which the Delivery Date occurs (each, a “Charter Hire Payment Date”); and provided further that if the Charter Hire Payment Date does not fall on a day on which banks are open for business in London, New
            York, Geneva and Athens (a “Business Day”), the applicable Charter Hire Payment Date shall be the next following Business Day (unless that day would be in the next calendar month in which case it shall fall on the preceding Business
            Day).

        (v) Default Interest. In the event that any Basic Charter Hire or Additional Hire payable by the Charterer is not paid
            on the due date thereof, interest shall accrue on such unpaid amount from and including the due date thereof to and excluding the date of payment thereof at the Default Rate (as defined below). Any such accrued interest shall be Additional Hire
            and shall be payable upon demand.

        
          
            	

                  	(b)	
                    Hell or High Water Charter Obligation. This Charter may not be cancelled or terminated, except in accordance with the express provisions of
                        this Charter and the Multipartite Agreement, for any reason whatsoever. The Charterer shall have no right to be released, relieved or discharged from any obligation or liability hereunder except as set forth in explicit provisions
                        of this Charter. Except as hereinafter provided, the Charterer's obligation to pay Charter Hire hereunder shall be absolute during the term of this Charter irrespective of any contingency whatsoever, including, but not limited to
                        (i) any set-off,

                  

          

        

        

        

        
          9

          
            

        

        counterclaim, recoupment, defense or other right which either Party may have against the other; (ii) any
            failure of the Vessel to meet the required condition of delivery under the MOA and/or the Shipbuilding Contract or any failure of the Vessel to meet any operational standards set forth in the MOA and/or the Shipbuilding Contract; (iii) any
            damage to, destruction or taking of the Vessel, any requisition of use, any inability of the Vessel to trade in any particular trade, any temporary unavailability of the Vessel by reason of any damage to the Vessel, any lay-up of the Vessel,
            any failure of the Vessel to be duly documented in the Flag State, or any defect in the Owner's title to the Vessel; (iv) any failure on the part of any Party, whether with or without fault on its part, in performing or complying with any of
            the terms or covenants hereunder; (v) any insolvency, bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceeding by or against the Charterer or the Guarantor or any other person; (vi) any
            invalidity or unenforceability, or lack of due authorization of or defect in the execution, of this Charter; (vii) any War Risks; (viii) any event of force majeure or frustration, and (ix) any other reason whatsoever. Nothing contained in this
            Section 5(b) shall be deemed to hinder or prevent the Charterer from pursuing any claim the Charterer may have against the Owner for damages for the Owner's breach of its express obligations under this Charter.

        For the purposes of this Charter:

        “Default Rate” shall mean, for any day, a rate of interest per annum equal to the
            lesser of (i) LIBOR in effect on such day plus eight and one-half percent (8.5 %) and (ii) the maximum rate permitted by applicable law.

        “LIBOR” shall mean, as of any day, (i) the applicable 30-day London interbank
            offered rate per annum for deposits in U.S. Dollars appearing on Bloomberg LIBO Page as of 11:00 a.m., London time on such day for deposits in U.S. dollars or (ii) if such Bloomberg LIBO Page rate is not available at such time for any reason,
            or if the Bloomberg LIBO Page is not available, the applicable 30-day London interbank offered rate per annum for deposits in U.S. Dollars appearing on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters
            page which displays that rate on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters) as of 11:00 a.m., London time on such day for deposits in U.S. dollars. If such
            Thomson Reuters page or service ceases to be available or if such rate ceases to be available, the Owner may specify another page or service displaying the relevant rate or, as the case may be, a replacement rate after consultation with the
            Charterer. If LIBOR for any day determined pursuant to the preceding sentences is less than zero, LIBOR for that day shall be deemed to be zero.

        
          
            	6.	
                    Use; Operations

                  

          

        

        
          
            	

                  	(a)	
                    Subject to the provisions of Section 6(m), the Charterer may operate the Vessel worldwide, provided: (i) the Charterer shall only use the Vessel
                        in the territorial waters of nations which recognize the rights of vessels registered in the Flag State; (ii) the Vessel shall be used only in locations where the Vessel’s operating specifications allow it to operate safely; (iii)
                        the Vessel shall be employed only in lawful activities under the laws of the United States

                  

          

        

        

        

        
          10

          
            

        

        and any authority having jurisdiction over the Vessel; and (iv) the Vessel shall always be operated within its
            technical capacities and certification, manufacturer’s warranties, and within the limits of its insurance coverage.

        
          
            	

                  	(b)	
                    The Charterer shall comply with and satisfy (and to the extent required, have on board certificates evidencing its compliance with) all provisions
                        of any applicable law, treaty, convention, regulation, proclamation, rule or order applicable to the Vessel, its use, operation, maintenance, repair or condition, including, but not limited to, any financial responsibilities imposed
                        on the Charterer or the Vessel with respect to pollution by any state or nation or political subdivision thereof and shall maintain all certificates or other evidence of financial responsibility and a vessel spill response plan
                        required under United States law approved by the relevant authority and evidence of their approval by the appropriate United States government entity (including, but not limited to, the United States Coast Guard) as may otherwise be
                        required by any such law, treaty, convention, regulation, proclamation, rule or order with respect to the operations and trading in which the Vessel is from time to time engaged.

                  

          

        

        
          
            	

                  	(c)	
                    The Charterer (including by its Vessel managers) shall have sole responsibility as owner and as technical and commercial operator under all
                        Environmental Laws, and under certificates of financial responsibility and vessel spill response plans.

                  

          

        

        
          
            	

                  	(d)	
                    Without prejudice to the generality of Section 6(b) above, the Charterer and the Vessel shall comply with all Environmental Laws including but not
                        limited to all requirements of the United States Coast Guard (as amended from time to time).

                  

          

        

        
          
            	

                  	(e)	
                    If at any time during the Charter Term the Vessel is rejected by any Oil Major, the Charterer shall inform the Owner immediately in writing, and
                        the Charterer shall have forty-five (45) days in which to restore the Vessel’s Acceptability provided that the Vessel’s trading patterns and the relevant Oil Major’s rules permit a re-inspection (if required).

                  

          

        

        
          
            	

                  	(f)	
                    The Charterer shall use its best endeavours for the Vessel at all times to comply with each of the Oil Majors’ crew matrix requirements.

                  

          

        

        
          
            	

                  	(g)	
                    As at the Delivery Date the Charterer shall have:

                  

          

        

        (i)    completed the BP new build questionnaire on line;

        (ii)  made its best efforts to obtain a three (3) month approval Acceptability letter from BP Shipping;

        (iii) subject to Shell or Statoil (as the case may be) agreeing to inspect the Vessel and the availability of a SIRE inspector,
            made its best efforts to arrange for Shell or Statoil to inspect the Vessel at the Vessel’s first (first in time after the Delivery Date) load port; and

        (iv) ensured there is no unreasonable delay in answering and addressing any SIRE inspector’s comments and requested from the

        

        

        
          11

          
            

        

        inspecting entity under (iii) above that its report will be entered into the SIRE system promptly.

        
          
            	

                  	(h)	
                    The Charterer shall procure that a valid SIRE report will be registered on the SIRE system at all times throughout the Charter Term, provided that
                        it is agreed and understood that a full OCIMF SIRE inspection cannot be undertaken until the Vessel reaches her first (first in time after the Delivery Date) discharge port. Accordingly, and subject to the suitability of the
                        Vessel’s first (first in time after the Delivery Date) discharge port for carrying out OCIMF SIRE inspections and the availability of SIRE inspectors at such port, the Charterer shall, unless the Owner otherwise requests that the
                        OCIMF SIRE inspection be carried out at the Vessel’s first (first in time after the Delivery Date) loading port (and in the event of such request, the Charterer agrees to use best efforts to procure that such inspection be carried
                        out at such loading port), procure that an OCIMF SIRE inspection of the Vessel is completed at the Vessel’s first (first in time after the Delivery Date) discharge port. For the purposes of this Charter, a SIRE report will be deemed
                        to be valid if:

                  

          

        

        
          
            	

                  	(i)	
                    the SIRE report does not contain any finding or observation that BP Shipping would require one of its inspectors to report the Vessel as being “BP
                        High risk”, including but not limited to, the observations contained in the BP Shipping Vessel Vetting Service “High Risk” Observations List issued on 21 June 2007 (and as the same may be updated from time to time);

                  

          

        

        (i)   the SIRE report is no more than six (6) months old;

        (ii)  the Vessel’s “Technical Manager” listed in the SIRE report must not have changed;

        (iii) none of the “Certification and Documentation” listed in chapter 2 of the SIRE report will be/ have become out of date;
            and

        (iv) no Oil Major has rejected or not accepted the Vessel since the OCIMF SIRE inspection leading to the report, unless the
            Oil Major rejecting or not accepting the Vessel inspects the Vessel or otherwise rejects it or does not accept it for reasons other than detailed in the latest report held on the SIRE system.

        The Charterer will arrange and pay for the cost of only one (1) OCIMF SIRE inspection every six (6) months. In
            case the Owner requires more than one (1) OCIMF SIRE inspection in each six (6) month period, then the Charterer will arrange such OCIMF SIRE inspection and the Owner will reimburse the Charterer’s costs for the cost of the inspection.

        (v)  The Charterer shall further procure that:

        (vi) subject to Section 6 (j), the Vessel shall from the date falling six (6) months after the Delivery Date (or such later
            date as the Owner may agree if trading patterns and availability of OCIMF SIRE inspectors have not permitted at least one OCIMF SIRE inspection to have taken place within

        

        

        
          12

          
            

        

        such six (6) month period) and at all times thereafter throughout the Charter Term have Acceptability from at
            least three (3) Oil Majors; and

        (vii) No later than the date falling six (6) months after the Delivery Date, the Vessel has effective eligibility to be vetted
            by the remaining Oil Majors and subject to Section 6 (j), shall maintain the same throughout the Charter Term;

        
          
            	

                  	(j)	
                    If the Charterer becomes aware that the Vessel is unacceptable to any Oil Major or becomes aware of any information that could or does make the
                        Vessel unacceptable to any Oil Major including without limitation any incidents/accidents/casualties/structural problems/fleet holds, the Charterer shall advise the Owner immediately in writing. If the Charterer has become aware
                        that the Vessel is unacceptable to any Oil Major, or has become aware of any information as referred to above in this Section 6 (j) the Charterer must reinstate or ensure the Acceptability of the Vessel within forty-five (45) days
                        from the date on which the Charterer became aware of such unacceptability or information, as the case may be, provided that the Vessel’s trading patterns and/or the Oil Major’s rules permit a re-inspection, if required.

                  

          

        

        
          
            	

                  	(k)	
                    If, in order to obtain any Acceptability, it is necessary for an Oil Major to carry out an inspection of the Vessel, the cost of such an
                        inspection plus any time lost in order to effect, and as a result of, such inspection shall, for the avoidance of doubt, be for the Charterer’s account.

                  

          

        

        
          
            	

                  	(l)	
                    In the event of any disagreement between the Owner and the Charterer as to whether the Vessel has an Acceptability from any entity, the Charterer
                        shall immediately provide the Owner on its request with all correspondence exchanged with such entity, provided such entity agrees to the same. Any communication from such entity shall be deemed not to be an Acceptability if the
                        relevant entity issuing it states in writing that it needs to carry out its own physical inspection of the Vessel for it to give an Acceptability, unless the Vessel is conditionally accepted and the Charterer has demonstrated that
                        such conditions have been met. A communication by the relevant entity that it will refer to the registered valid SIRE report is, if such communication is in writing, evidence that such a physical inspection is not required but is
                        not evidence that the Vessel is acceptable to the relevant entity. However, is it not evidence that the Vessel is unacceptable to such entity either.

                  

          

        

        An Acceptability shall be considered no longer effective after the expiry of any period stated in it or in any
            communication as to the Acceptability from the relevant entity or the passing of any date stated in any communication as the date when the entity issuing the communication would need to make further enquiries with regard to the Vessel.

        An Acceptability shall not be deemed effective if following the date of the Acceptability or any communication
            as to the Acceptability (or the date of any physical inspection by the entity issuing the communication upon which the Acceptability was based) the technical management or Class of the Vessel has changed (any such change in Class subject always
            to the terms of this Charter), or the Vessel has been involved in any collision, or any accident causing damage requiring to be reported to Class, or general average is

        

        

        
          13

          
            

        

        declared for any reason ,or had any condition of Class imposed upon her that even if lifted would require the
            Vessel to be re-inspected, or been detained by any Port State Control.

        
          
            	

                  	(m)	
                    The Charterer covenants and agrees that the Vessel will not (i) be chartered (or sub-chartered) to a Prohibited Person unless authorized under a
                        specific license issued by the U.S. Treasury Department Office of Foreign Assets Control (“OFAC”), (ii) make voyages to or from any
                        Prohibited Country unless authorized under a specific license issued by OFAC, or (iii) be allowed to carry any cargo from or destined to a Prohibited Country unless authorized under a specific license issued by OFAC.

                  

          

        

        
          
            	

                  	(n)	
                    The Charterer covenants and agrees that it will conduct its businesses and manage its properties (including, but not limited to its operation of
                        the Vessel) in compliance with all applicable anti-money laundering laws, rules and regulations.

                  

          

        

        For the purposes of this Charter:

        “Acceptability” means a
            communication from an Oil Major (or other oil company, or terminal operator, or other major user of tonnage similar to the Vessel) which is reasonably understood to indicate that the Vessel is not unacceptable to the relevant entity issuing the
            communication;

        "Environmental Claim" means
            (a) enforcement, clean-up, removal or other governmental or regulatory action or orders or claims instituted or made pursuant to any Environmental Laws or resulting from a Spill; or (b) any claim, proceeding, formal notice or investigation by
            any other person in respect of any Environmental Law or relating to a Spill;

        "Environmental Incident" means
            any Spill from any vessel in circumstances where (a) the Vessel or its owner, operator or manager may be liable for Environmental Claims arising from the Spill (other than Environmental Claims arising and fully satisfied before the date of this
            Charter); or (b) the Vessel may be arrested or attached in connection with any such Environmental Claim;

        "Environmental Law" means all
            laws, regulations and conventions concerning pollution or protection of human health or the environment (including without limitation, International Convention on Civil Liability for Oil Pollution Damage, the United States Oil Pollution Act of
            1990, United States Comprehensive Environmental Responses, Compensation and Liability Act and any comparable United States federal laws or laws of the individual States of the United States of America);

        “Oil Major” means BP, Chevron,
            Exxon Mobil, Statoil, Shell and Total.

        “Prohibited Country” means (a)
            any state, country or jurisdiction which is subject to any United Nations Security Council Resolution, European Union Decision, United States or United Kingdom or other applicable law which would have the effect of prohibiting the sale, lease,
            charter, or voyage of the Vessel to or from such country or otherwise cause the Head Owner, the Owner or the Charterer, to be in contravention of any applicable law to which such party is subject; (b) any country to which voyages are not
            covered under the insurances required to be maintained by the Charterer herein; or (c) any country which the Owner determines now or in the future due to a change in law or circumstances that voyages to such

        

        

        
          14

          
            

        

        country would materially prejudice the Owner’s ability to repossess the Vessel, or enforce the remedies or realize the benefit of
            the liens and rights established under this Charter. The Owner hereby designates Cuba, Iran, Syria, Sudan and North Korea as Prohibited Countries, as of the date of this Charter.

        “Prohibited Person” means any
            individual or entity: (a) with whom the Head Owner or the Owner is prohibited or restricted in engaging in transactions or exporting goods or services to under applicable law; (b) who is a resident of, or organized under the laws of or doing
            business in any Prohibited Country; (c) who is designated on any United Nations Security Council Resolution or any European Union or United States or United Kingdom list, order, or other published designation of terrorists, narcotics
            traffickers, proliferators of weapons of mass destruction or other lists of barred or restricted entities or individuals including without limitation the U.S. Treasury Specially Designated Nationals List.

        “Rejection” means a nomination
            of the Vessel to an Oil Major by the Charterer or any sub-charterer and the Oil Major reviewing the Vessel by either a physical inspection or a report on the SIRE system or otherwise and rejecting the Vessel, and references to a company "not
            accepting" the Vessel shall be interpreted similarly.

        “Spill” means the leakage,
            spillage or discharge of oil or cargo.

        
          
            	7.	
                    Maintenance and Operation.

                  

          

        

        
          
            	

                  	(a)	
                    Charterer’s Control and Expenses. During the
                        Charter Term, the Charterer shall have exclusive control of the Vessel and shall be solely responsible for the maintenance and operation of the Vessel and, subject to the terms of this Charter, will operate, navigate, man and
                        victual the Vessel at its own cost and expense. The Charterer shall pay all charges and expenses of every kind and nature whatsoever incident to the use and operation of the Vessel under this Charter throughout the Charter Term.
                        Such costs and expenses shall include, but not be limited to, those relating to (w) customs duties, bonds, work permits, fees, licenses, clearances, pilotage fees, wharfage fees, canal fees and costs, or similar charges incurred in
                        connection with the importation, exportation, operation or navigation of the Vessel by the Charterer, (x) maintaining all the Vessel’s trading certificates necessary for its operations and all other certificates required by the Flag
                        State (or other governmental agencies or regulatory authorities having jurisdiction over the Vessel (or the area where the Vessel is operating from time to time) including, if applicable, the United States Coast Guard), (y)
                        maintaining the Vessel, the Vessel’s machinery, appurtenances and spare parts in the condition required under Section 7(b) and the requirements of any applicable classification societies and other regulatory agencies having
                        authority over the Vessel, and (z) supervision, management, victualing (including catering), supplies, parts service companies, port charges, dockage and wharfage, fuelling and lubrication.

                  

          

        

        
          
            	

                  	(b)	
                    Maintenance and Repairs. During the Charter
                        Term, the Charterer, at its own cost and expense, will maintain the Vessel as necessary to keep the Vessel in class, clean, painted and in good running order, repair and condition in accordance with good commercial practices, and in
                        any event, in a manner that a prudent ship owner of vessels similar in age, type and trade to the Vessel

                  

          

        

        

        

        
          15

          
            

        

        would do, so that the Vessel shall be, insofar as due diligence can make it so, tight, staunch, strong and
            well and sufficiently tackled, apparelled, furnished, equipped and in every respect seaworthy and in as good condition as when delivered hereunder, ordinary wear and tear excepted. In addition, the Charterer shall, at the earlier of the next
            dry docking of the Vessel or such earlier date as required by the Classification Society and / or the United States Coast Guard (as applicable and as the case may be) and at its own cost and expense, take all actions necessary to correct any
            Deficiencies. For the avoidance of doubt and notwithstanding any other term of this Charter, any and all costs and/or expenses whatsoever associated with satisfying and/or remedying any conditions or recommendations of class shall always be for
            the Charterer’s account. During the Charter Term, the Charterer will provide and pay for all such repairs, replacement parts, labor and materials as shall be necessary to keep and maintain the Vessel in such condition. The Charterer
            additionally will maintain the Vessel’s machinery in compliance with the requirements of any classification societies or regulatory agencies having authority over the Vessel and its equipment. Upon the written request of the Owner, the
            Charterer will inform the Owner of the location of the maintenance records for the Vessel which are not kept on the Vessel. The Charterer will notify the Owner and the Head Owner immediately of any accident involving the Vessel estimated to
            require repairs the cost of which will exceed United States Dollars Two Hundred and Fifty Thousand (US$250,000). The Charterer shall also notify the Owner in advance of any drydocking of the Vessel required by any classification society or
            regulatory agency having jurisdiction over the Vessel. The Owner may, at its sole risk and expense (but at the Charterer’s sole risk and expense if an Event of Default shall have occurred and be continuing) designate up to two persons to be
            present at any such drydocking, and the Charterer shall cooperate with the Owner to provide such persons reasonable access to the Vessel while in drydock. The Charterer agrees to deliver to the Owner and the Head Owner annually at the
            Charterer’s own cost and expense a certificate issued by the Classification Society confirming the Vessel remains in class.

        
          
            	

                  	(c)	
                    Reports and Rights of Inspections. The
                        Charterer will keep proper books of record and account in which full and correct entries will be made of all dealings or transactions of, or in relation to, the business and affairs of the Charterer respecting the Vessel in
                        accordance with US GAAP consistently applied on a consistent basis, and will furnish to the Owner or cause to be furnished to the Owner:

                  

          

        

        (i) Financial Statements of the
                Guarantor and the Charterer. The Charterer will cause the Guarantor to deliver the consolidated profit and loss statements, reconciliation of retained earnings statements and consolidated statements of funds flow of the Guarantor
            and its consolidated subsidiaries, including the Charterer. The Charterer agrees to furnish to the Owner (x) within one hundred and twenty (120) days after the close of each fiscal year, beginning with the close of the fiscal year 2017, the
            year-end audited consolidated financial statements of the Guarantor including balance sheet and related profit and loss and surplus statements certified by its auditors; (y) within ninety (90) days after the close of each fiscal half year, the
            unaudited semi-annual financial statements of the Guarantor containing profit and loss

        

        

        
          16

          
            

        

        statements and a balance sheet and certified by the Responsible Officer, subject to year-end audits for the
            Guarantor by the Guarantor’s auditors and for the Charterer by the Charterer’s auditors; and (z) such other financial or other information as the Owner may from time to time reasonably request relating to the financial condition of the
            Guarantor and the Charterer. Such financial statements shall be prepared in accordance with US GAAP, consistently applied on a consistent basis. For the purposes of this Section 7(c)(i), "Responsible Officer" shall mean an officer, the chief
            financial officer, treasurer, assistant treasurer or controller of the Guarantor.

        For the purposes of this Charter, “US GAAP” shall mean U.S. Generally Accepted Accounting Principles.

        (ii) Inspection Rights – Vessel.
            The Owner or any persons designated by the Owner shall have the right at any reasonable time, but will be under no obligation, to inspect (and make extracts from) all records maintained by the Classification Society respecting the Vessel and to
            inspect the Vessel to ascertain its condition, to satisfy itself that the Vessel is being properly maintained and repaired, and to otherwise confirm that the Charterer is in compliance with this Charter; provided, that prior to any such
            inspection the persons inspecting the Vessel shall execute a release of the Charterer, releasing the Charterer from liability for any personal claims arising during such inspection of the Vessel. The cost of such inspection shall be borne by
            the Owner if no Event of Default shall have occurred and be continuing, and otherwise such cost shall be borne by the Charterer.

        (iii) Inspection Rights – Generally.
            The Charterer will, upon request, furnish to the Owner such information as the Owner may reasonably request with respect to the condition, maintenance or insurance of the Vessel or its employment, position, use or operation and copies of any
            certificates or other documents relating to the Vessel or its condition or operation required to be in force under any applicable law or regulation, including, but not limited to copies of classification certificates and any certificates issued
            by the Flag State, and will permit the Owner or its representative at any reasonable time or times during normal business hours to inspect, audit and examine the books or records of the Vessel or of the Charterer relating to the condition,
            maintenance or insurance of the Vessel and to take extracts therefrom. The cost of any such inspection, audit, examination or copying shall be borne by the Owner if no Event of Default shall have occurred and be continuing, and otherwise such
            cost shall be borne by the Charterer.

        
          
            	

                  	(d)	
                    Lay-up. The Charterer shall be responsible for
                        laying the Vessel up in a safe and acceptable condition and location during such a time as the Vessel is not employed or seeking employment. During any such lay-up period, the Charterer shall ensure that the Vessel is adequately
                        supervised and manned at all times. The costs and expenses in any way related to such lay-up or any reactivation shall be paid by the Charterer.

                  

          

        

        
          
            	8.	
                    Alterations.

                  

          

        

        
          
            	

                  	(a)	
                    Structural Modifications. The Charterer will
                        not make any material structural or other changes in the Vessel (a “Modification”) without the prior written

                  

          

        

        

        

        
          17

          
            

        

        consent of the Head Owner and the Owner, which consent of the Head Owner and the Owner shall not be
            unreasonably withheld; provided that such Modification does not in the Owner’s reasonable opinion diminish (i) the fair market value of the Vessel or (ii) the useful economic life of the Vessel. No repairs or maintenance to the Vessel required
            by Section 7(b) above or 8(d) below shall constitute a Modification for the purposes of this Section 8. For the avoidance of doubt, all Modifications will be made at the expense of the Charterer.

        
          
            	

                  	(b)	
                    Alterations and Restoration. Subject to the
                        maintenance provisions of this Charter, the Charterer may at any time alter or remove items of equipment, or may fit additional items of equipment required to render the Vessel available for a customer’s purpose; provided the
                        Charterer absorbs the cost and time of such alterations and the Charterer restores prior to redelivery of the Vessel any items so altered or removed as the case may be. Such changes shall not be made without the appropriate approval
                        of the Classification Society and certifying authorities.

                  

          

        

        
          
            	

                  	(c)	
                    Replacements. The Charterer shall from time to
                        time during the Charter Term, at its own cost and expense, replace such items of equipment on the Vessel as shall be so damaged or worn as to be unfit for use. Any replacement items of equipment, to the extent they replace items of
                        equipment owned by the Owner or the Head Owner, shall without further action become property of the Owner or the Head Owner, as the case may be.

                  

          

        

        
          
            	

                  	(d)	
                    Required Modifications. Subject to Section 8(g)
                        below, the Charterer, at its own cost and expense, shall make all Modifications required by any applicable law or required by any governmental agency having jurisdiction over the Vessel, including, if applicable, the United States
                        Coast Guard, or required by the Classification Society.

                  

          

        

        
          
            	

                  	(e)	
                    Title to Modifications. Title to each
                        Modification shall vest as follows:

                  

          

        

        (i) in the case of each Modification which cannot be readily removed from the Vessel without causing material diminishment to
            the value, utility or remaining useful life of the Vessel (a “Nonseverable Modification”) whether or not the Owner shall have provided or
            arranged financing (in whole or in part) of the cost of such Modification, the Head Owner shall, without further act, effective on the date such Modification shall have been incorporated into the Vessel, acquire title to such Nonseverable
            Modification;

        (ii) in the case of each Modification which can be readily removed from the Vessel without causing material diminishment to
            the value, utility or remaining useful life of the Vessel (a “Severable Modification”) that is not required by applicable law or required by any
            governmental agency having jurisdiction over the Vessel or required by the Classification Society, the Charterer shall retain title to such Severable Modification;

        (iii) in the case of Severable Modifications required by applicable law or required by any governmental agency having
            jurisdiction over the Vessel or required by the Classification Society, title to such Modifications shall immediately vest in the Head Owner at no cost to the Head Owner and

        

        

        
          18

          
            

        

        without further action by the Charterer; provided, however, that the Charterer shall take such actions as may
            be reasonably required by the Owner and/or the Head Owner to evidence the transfer of title.

        Immediately upon title to a Modification vesting in the Head Owner pursuant to subparagraphs (i) or (iii) of
            this Section 8(e), such Modification shall, without further act, become subject to this Charter and be deemed part of the Vessel for all purposes of this Charter. Modifications, title to which remains in the Charterer pursuant to subparagraph
            (ii) of this Section 8(e), shall not be deemed a part of the Vessel.

        
          
            	

                  	(f)	
                    Removal of Property. Subject to compliance, in
                        all material respects, with applicable law and so long as no Event of Default shall have occurred and be continuing, the Charterer may remove any Severable Modification to which the Head Owner does not have title, and any other
                        property to which the Charterer shall have title as provided in this Section 8, provided that the Charterer, at its own cost and expense and prior to the end of the Charter Term, shall repair any damage to the Vessel (or any part
                        thereof) caused by such removal.

                  

          

        

        
          
            	

                  	(g)	
                    Contest of Requirements of Law. If, with
                        respect to requirement of applicable law or governmental agency having jurisdiction over the Vessel or requirement of the Classification Society (i) the Charterer is contesting diligently and in good faith by appropriate proceedings
                        such requirement or (ii) compliance with such requirement shall have been excused or exempted by a valid non-conforming use permit, waiver, extension or forbearance exempting the Charterer from such requirement or (iii) the
                        Charterer shall be making a good faith effort and shall be diligently taking the appropriate steps to comply with such requirement, then the failure by the Charterer to comply with such requirement shall not constitute an Event of
                        Default hereunder; provided, however,
                        that such contest or non-compliance does not involve (A) any danger of criminal liability being imposed on the Head Owner or the Owner or (B) any material risk of (1) the imminent arrest or sale of, or the creation of any lien
                        (other than a Permitted Lien) on, the Vessel or (2) material civil liability being imposed on the Owner or the Head Owner. The Charterer agrees to give prompt written notice to the Owner in detail sufficient to enable the Owner and
                        the Head Owner to ascertain whether such contest may have any material adverse effect of the type described in the above proviso.

                  

          

        

        
          
            	9.	
                    Insurance-General.

                  

          

        

        Subject to Section 23, below, the Charterer shall, at its own cost and expense, keep the Vessel insured
            against hull and machinery risks, protection and indemnity risks, pollution risks and war risks, in the forms and in the amounts (including deductibles) and with underwriters, companies or clubs, as are reasonably acceptable to the Owner and
            the Head Owner during the Charter Term or, where applicable, in such minimum amounts (including deductibles) as specified in this Charter. The Vessel hull and machinery insurance will be in an amount not less than the greater of (x) the full
            commercial value of the Vessel and (y) the Loss Value (as set forth in Exhibit A-1 hereto) then in effect. The Charterer shall also keep the Vessel entered into a Protection and Indemnity Club (“P&I Club”) that is a member of the
            International Association of Protection and Indemnity Clubs under standard P&I Club rules.

        

        

        
          19

          
            

        

        Pollution liability coverage shall be not less than United States Dollars One Billion (US$1,000,000,000). The
            Owner, Sumitomo Mitsui Banking Corporation (“Sumitomo”) and the Head Owner shall also be joint members of the P&I Club in respect of the
            Vessel, and the Charterer agrees to pay or reimburse the Owner, Sumitomo and the Head Owner, respectively, the costs of such entry, including any premium, club calls or assessments in connection therewith. In addition, the Charterer shall, at
            its own cost and expense, place innocent owner’s insurance , in form and in amount (including deductibles) and with underwriters, companies or clubs, as are reasonably acceptable to the Owner and/or the Head Owner (for the avoidance of doubt,
            such innocent owner’s insurance to name both the Owner and the Head Owner) during the Charter Term and, if the Charterer is unable to place such innocent owner’s insurance because insurance industry practice requires that the Owner or the Head
            Owner do so, the Owner or the Head Owner may place innocent owner’s insurance, in form and in amount (including deductibles) and with underwriters, companies or clubs, as are reasonably acceptable to the Owner or the Head Owner during the
            Charter Term. If the Owner or the Head Owner places innocent owner’s insurance in accordance with the foregoing, the Charterer agrees to pay or reimburse the Owner or the Head Owner, as applicable, the costs thereof, upon receipt of a demand
            accompanied by copies of the relevant invoices or other similar evidence of such costs.

        
          
            	

                  	(a)	
                    Form of Insurance; Indemnity. All insurance
                        required under this Section shall be in such form and with such underwriters, companies or clubs as the Owner and the Head Owner shall reasonably approve. All insurance contracts shall (i) provide that the insurer’s right of
                        subrogation against the Owner and/or Sumitomo and/or the Head Owner shall be waived; (ii) provide that such insurance shall be primary and without right of contribution from any other insurance which is carried by the Owner and/or
                        Sumitomo and/or the Head Owner; and (iii) be issued by underwriters or insurers with an A.M. Best Co. insurance rating upon issuance of the policy of “A-” (or higher), which underwriters or insurers may not be an affiliate of the
                        Owner or Charterer or any sub-bareboat charterer. The Owner (and if applicable, the Owner’s bank as mortgagee of the Vessel), Sumitomo and the Head Owner (and if applicable the Head Owner’s bank as mortgagee of the Vessel), in the
                        case of protection and indemnity coverage, shall be named as named assureds on all insurance required under this Section, but where commercially available without liability for premiums; and the Owner (and if applicable, the Owner’s
                        bank as mortgagee of the Vessel) and the Head Owner (and if applicable the Head Owner’s bank as mortgagee of the Vessel) in respect of hull and machinery insurance, shall be named as additional named assured and the loss payee(s); provided, however, that unless an
                        Event of Default shall have occurred and be continuing, the underwriters may pay any claims under such hull and machinery insurance not in excess of United States Dollars Five Hundred Thousand (US$500,000) directly to the Charterer
                        for the repair of the Vessel.

                  

          

        

        All policies shall provide that the Owner (and if applicable, the Owner’s bank as mortgagee of the Vessel) and
            the Head Owner (and if applicable the Head Owner’s bank as mortgagee of the Vessel) and the Charterer will be given at least fourteen (14) days’ notice of cancellation, non-renewal or material alteration, or such shorter notice period (if any)
            as may be available under relevant market or standard insurance practice and/or terms, where such

        

        

        
          20

          
            

        

        practice and/or terms do not provide for cancellation with such minimum fourteen (14) days’ notice, or such
            shorter notice period (if any) as may be available under relevant market or standard insurance practice and/or terms, where such practice and/or terms do not provide for cancellation with such minimum fourteen (14) days’ notice. Deductibles up
            to a maximum of United States Dollars Two Hundred and Fifty Thousand (US$250,000) are permitted without the prior written consent of the Owner. Any deductibles (save for deductibles in respect of innocent owner’s insurance) under such policies
            shall always be for the account of the Charterer. The Charterer agrees to indemnify and hold harmless the Owner and / or Sumitomo and/or the Head Owner (and if applicable the Head Owner’s bank as mortgagee of the Vessel) from and against any
            liability imposed on or incurred by the Owner, Sumitomo and/or the Head Owner (and if applicable the Head Owner’s bank as mortgagee of the Vessel) for any premiums, club calls or assessments with respect to any insurance required under this
            Section. For the avoidance of doubt, the Charterer’s indemnification obligations under Section 18 shall, subject to Section 18, include (i) all Claims (as defined below) and (ii) any Claim made against the Head Owner, the Owner and/or Sumitomo
            by the underwriters of the insurance required hereunder pursuant to rights of subrogation.

        
          
            	

                  	(b)	
                    Proof of Insurance. The Charterer shall furnish
                        the Owner and the Head Owner on the Delivery Date and, at such other times on request, and in any event at least annually, with copies of certificates of insurance (certificates of entry for Protection and Indemnity) evidencing all
                        insurance policies and showing the Owner, Sumitomo and the Head Owner as Joint Members on the Protection and Indemnity Insurance and the Owner and the Head Owner as loss payees (as set forth in the Attachments to Exhibit B hereto)
                        on the Hull & Machinery Coverage and cover notes or other documents evidencing the creation, renewal, amount and payment of the insurance maintained on the Vessel and for which period the insurance premiums are paid.

                  

          

        

        
          
            	

                  	(c)	
                    Forced Insurance. In the event the Charterer
                        fails to procure and maintain insurance in accordance with this Section 9, the Owner and/or the Head Owner may, but shall not be obligated to, effect and maintain the insurance or entries in a P&I Club (including on behalf of
                        Sumitomo) as required herein and to pay the premiums therefor and, upon the Owner’s giving written notice to the Charterer of the amounts of premiums and costs so incurred by either the Owner and/or the Head Owner, the Charterer
                        shall reimburse the Owner and/or the Head Owner, as applicable, for such amounts, together with interest thereon from the date of payment by the Owner and/or the Head Owner to the date of reimbursement, at the Default Rate, not
                        later than fifteen (15) days after such notice.

                  

          

        

        
          
            	

                  	(d)	
                    Termination Due To Loss. This Charter shall be
                        terminated due to a total or constructive total loss of the Vessel as determined by underwriters (“Total Loss”), and Charter Hire pursuant to Section 5 shall be payable until the date on which underwriters make a determination that
                        the event occurred which gave rise to the Total Loss (the “Loss Termination Date”). Termination shall occur only upon payment of all
                        amounts due under Section 9(e) below.

                  

          

        

        
          
            	

                  	(e)	
                    Payments in Event of Total Loss. In the event
                        of Total Loss of the Vessel, the Owner, in lieu of any and all other claims and damages, shall receive from the

                  

          

        

        
          21

          
            

        

        

        

        Charterer, and the Charterer shall pay to the Owner, an amount equal to the sum of (i) any accrued and unpaid
            Charter Hire payable in accordance with Section 5 calculated through and, if applicable, including, the Loss Termination Date; (ii) the Loss Value of the Vessel as of the date on Exhibit A-1 hereto that immediately precedes the Loss Termination
            Date (or, if the Loss Termination Date is a Charter Hire Payment Date, the Loss Value of the Vessel as of such Loss Termination Date as set out in Exhibit A-1); provided,  however, if the event that gives rise to a Total Loss of the Vessel occurs prior to the
            first date listed on Exhibit A-1, the Loss Value shall be the amount listed for the first date on such Exhibit A-1, (iii) interest on the amount referred to in Section 9(e)(ii) above from the Loss Termination Date until the date such amount is
            actually paid to, and received by, the Owner at the Default Rate, and (iv) any Additional Hire then due and owing. The Charterer’s obligation to pay amounts set forth in (i), (ii), (iii) and (iv) above shall be absolute and shall be due to the
            Owner upon the earlier of the Charterer’s receipt of insurance proceeds and one hundred and ten (110) days following the Loss Termination Date. The Owner may, subject to the Charterer’s consent, which consent shall not be unreasonably withheld,
            and at the Owner’s own expense, place additional total loss only coverage. Any proceeds paid under such additional total loss only insurance shall be paid directly by insurers to the Owner and shall not be included in the calculation set forth
            above. The Charterer, subject to the Owner's consent, may place, at the Charterer’s own cost and expense and as a separate policy from any insurances otherwise placed (or to be placed) in accordance with this Charter, Increased Value insurance
            (subject to the Owner's prior consent, and subject to such Increased Value insurance in no way prejudicing in any way whatsoever the recovery by the Head Owner and/or the Owner of any amount that would otherwise be payable under any other
            insurances placed in accordance with this Charter), the proceeds of which shall be paid directly by insurers to the Charterer and shall not be included in the calculation set forth above.

        
          
            	

                  	(f)	
                    Limitation of Liability. Nothing in this
                        Charter shall be construed or held to deprive the Owner, Sumitomo, the Charterer or the Vessel of any right to claim limitation of liability against third parties (other than the Head Owner) provided by any applicable statute of any
                        jurisdiction.

                  

          

        

        
          
            	

                  	(g)	
                    Wreck Removal. In the event the Vessel becomes
                        a wreck or obstruction to navigation, the Charterer shall, if required by applicable law, remove such wreck or obstruction and shall indemnify the Owner and the Head Owner against any sums whatsoever which the Owner and the Head
                        Owner shall become liable to pay or shall pay in consequence of the Vessel becoming a wreck or obstruction to navigation.

                  

          

        

        
          
            	

                  	(h)	
                    Requisition. In the event that the Vessel shall
                        be requisitioned for hire, or otherwise taken by any governmental agency on the basis of a bareboat or time charter (other than a requisition of title or a taking which constitutes a Total Loss), during the Charter Term, the
                        Charterer will continue to pay Charter Hire and will collect and retain the compensation, reimbursements or awards for such requisition, or other taking of the Vessel received. If the Owner receives the compensation, reimbursements
                        or awards, then, provided no Event of Default shall have occurred and be continuing, the Owner agrees that it will turn over forthwith to the Charterer all compensation,

                  

          

        

        
          22

          
            

        

        

        

        reimbursements or awards for such requisition or other taking of the Vessel received by the Owner. For the
            avoidance of doubt, if the Owner receives the compensation, reimbursements or awards and an Event of Default shall have occurred and be continuing, then the compensation, reimbursements or awards shall be applied in accordance with Section 17.

        
          
            	10.	
                    Liens.

                  

          

        

        
          
            	

                  	(a)	
                    Neither the Charterer nor any of its employees shall have any right, power or authority to create, incur or permit to be imposed upon the Vessel
                        any lien whatsoever during the Charter Term, except for (i) crew’s wages (including the master of the Vessel), or wages of stevedores when employed directly by the Charterer, any sub-charterer or the master or agent of the Vessel,
                        (ii) damages arising out of maritime tort, (iii) general average and salvage (including contract salvage), (iv) liens for taxes not yet due (provided that the Charterer has established appropriate reserves for the payment of such
                        taxes), (v) other maritime liens arising in the ordinary course of the Charterer’s business provided, such other maritime liens
                        shall be permitted only to the extent such amounts are not more than twenty five (25) days past due unless such amounts are being contested in good faith by appropriate legal proceedings diligently pursued and for which appropriate
                        reserves are established, and (vi) any mortgage executed by the Owner and/or the Head Owner (collectively, “Permitted Liens”). The
                        Charterer shall carry a copy of this Charter with the Vessel’s papers, and on demand will exhibit the same to any person having business with the Vessel which might give rise to any lien thereon, other than liens for crew’s wages,
                        general average and salvage. The Charterer will place and keep prominently displayed in the chart room and the captain’s cabin on the Vessel in a conspicuous place, a notice, framed under glass, printed in plain type of such size
                        that the paragraph of reading material shall cover a reasonable space acceptable to the Owner reading as follows:

                  

          

        

        “THIS VESSEL IS OWNED BY CFT INVESTMENTS 1 LLC AND IS UNDER CHARTER TO CARGILL INTERNATIONAL SA PURSUANT TO
            THE TERMS OF THE BAREBOAT CHARTER AGREEMENT DATED [●] 2019 (THE “CHARTER”) AND IS UNDER SUB-CHARTER TO PCH DREAMING INC. PURSUANT TO THE TERMS OF THE SUB-BAREBOAT CHARTER DATED [●] 2019 (THE “SUB-CHARTER”). UNDER THE TERMS OF THE CHARTER, WHICH
            IS A FINANCING CHARTER PURSUANT TO A SUPPLEMENT TO BAREBOAT CHARTER AGREEMENT DATED AS OF [●] 2019 (NEW YORK TIME) UNDER THE MARITIME LAWS OF THE REPUBLIC OF THE MARSHALL ISLANDS, AND THE SUB-CHARTER, NEITHER THE HEAD CHARTERER, THE
            SUB-CHARTERER NOR ANY OTHER SUB-CHARTERER, NOR THE MASTER, NOR ANY OTHER PERSON HAS THE RIGHT, POWER OR AUTHORITY TO CREATE, INCUR OR PERMIT TO BE PLACED OR IMPOSED UPON THIS VESSEL ANY LIEN WHATSOEVER OTHER THAN PERMITTED LIENS AS DEFINED IN
            THE CHARTER.”

        
          
            	

                  	(b)	
                    With respect to any claims and demands made by any person against the Owner or the Head Owner or the Vessel, except if the claim or demand has
                        been brought about as a result of an action or omission of the Owner or the Head Owner (as the case may be), the Charterer hereby agrees as follows:

                  

          

        

        

        

        
          23

          
            

        

        (i) the Charterer shall warrant and defend title to and possession of the Vessel and every part thereof;

        (ii) the Charterer shall pay and discharge, and forthwith remove or cause to be removed, any lien (other than a Permitted
            Lien) which shall be filed against or otherwise attach to the Vessel; provided, however, that, subject to subsection (c) of this Section, the Charterer need not pay and discharge or remove any lien that is being contested by the Charterer in good faith by appropriate legal
            proceedings being diligently pursued, and with respect to which the Charterer has posted an appropriate bond with a good and sufficient surety, or has deposited in escrow with the Owner cash in the amount claimed by the holder of such lien, to
            secure the payment thereof.

        
          
            	

                  	(c)	
                    Notwithstanding the foregoing provisions of this Section 10, if a libel shall be filed against the Vessel, or if the Vessel shall be seized,
                        arrested, levied upon and taken into custody or detained in any proceeding in any court or tribunal or by any government or under colour of authority, the Charterer shall forthwith give notice of such arrest and taking or detention
                        to the Owner and (except in connection with any taking or requisition of the title or use of the Vessel by any governmental authority or as a result of any action or omission of the Owner) cause the Vessel to be released therefrom
                        within twenty five (25) days from the date of such seizure, arrest or detention, or within such lesser time as may be necessary to avoid prejudice to the interests of the Owner with respect to the Vessel. Without limiting the
                        Charterer’s obligations under Section 18 of this Charter, the Charterer shall hold harmless, defend and indemnify the Owner, the Head Owner and the Vessel from and against any and all liabilities, obligations, losses, damages,
                        penalties, claims, actions, suits, judgments, costs and expenses, including attorneys’ fees, of whatsoever kind and nature, imposed on, incurred by or claimed against the Owner, the Head Owner or the Vessel, in any way relating to
                        or arising out of the assertion of a lien against the Vessel, including, without limitation, a Permitted Lien (but excluding any lien claimed by any person claiming the same by, through or under the Owner or as a result of any
                        action or omission of the Owner).

                  

          

        

        
          
            	11.	
                    Mortgages; Financing; Subordination.

                  

          

        

        
          
            	

                  	(a)	
                    The Charterer hereby agrees that should the Owner and/or the Head Owner wish to mortgage the Vessel or assign this Charter in connection with any
                        financing arrangements of the Owner and/or the Head Owner, the Charterer shall agree to post notices of the mortgage and the Charter as reasonably required, execute such documents reasonably acknowledging the terms and existence of
                        the mortgage, and the assignment of charter, and otherwise cooperate reasonably with the Owner and/or the Head Owner and any mortgagee in respect of such financing. Any such mortgage shall provide that the Charterer shall have the
                        right of quiet enjoyment in its use of the Vessel so long as no Event of Default has occurred and is continuing under this Charter and further that such mortgage shall not impede (if applicable) any purchase option of the Charterer
                        under the Multipartite Agreement (which will be confirmed in a separate letter of quiet enjoyment in favour of the Charterer), and that notice of any event of default under such mortgage shall be promptly given to the Charterer. Any
                        reasonable costs and expenses associated with such activity will be borne by the Owner. Any mortgagee of the Vessel shall be qualified under applicable law and regulations to hold a mortgage on the Vessel without jeopardizing the
                        Vessel’s

                  

          

        

        

        

        
          24

          
            

        

        registration with the Flag State. Any additional insurance costs arising from or related to any mortgage
            placed on the Vessel by the Owner and/or the Head Owner shall be the responsibility of the Owner.

        
          
            	

                  	(b)	
                    The Charterer hereby agrees that its right to use the Vessel and other rights related thereto, shall, in all respects, be subject, subordinate and
                        junior to the lien of any preferred mortgage or other security agreement created by the Owner and/or the Head Owner, and to the rights of the holder thereof, whether executed heretofore or hereafter (subject to the Charterer’s
                        rights of quiet enjoyment under this Section 11 and its further rights set forth in Sections 12 and 14). After notice of default in payment or performance under any such mortgage or security agreement, subject always to the
                        Charterer’s continued right of quiet enjoyment in its use of the Vessel, the Charterer may perform or pay Charter Hire for the Vessel to the holder of such security, and the same, to the extent of such payment, shall constitute
                        payment of Charter Hire as if it had been made to the Owner.

                  

          

        

        
          
            	

                  	(c)	
                    The Owner agrees and confirms that, so long as no Event of Default hereunder has occurred and is continuing, the Charterer shall have exclusive
                        possession, control, and quiet enjoyment in its use of the Vessel during the Charter Term, subject to the conditions of this Charter, without hindrance or molestation by the Owner, or any other person claiming by, through or under
                        the Owner.

                  

          

        

        
          
            	12.	
                    End of Charter and Other Options.

                  

          

        

        
          
            	

                  	(a)	
                    On the last day of the Charter Term, unless an Event of Default or a failure to pay the whole or part of any Charter Hire on the due date thereof
                        shall have occurred and be continuing, the Charterer shall purchase the Vessel for the respective Purchase Price as set forth below in Section 12(d) plus (w) Basic Charter Hire due through and including the date of purchase, (x) any
                        applicable taxes (other than any taxes based upon or measured by the income of the Owner), (y) expenses of sale (including the Owner’s and the Head Owner’s reasonable counsel fees), and (z) any Additional Hire then due hereunder;

                  

          

        

        
          
            	

                  	(b)	
                    Subject to the terms and conditions of this Section 12, upon written notice from the Charterer to the Owner (with a copy to the Head Owner)
                        setting forth the Charter Hire Payment Date on which the Charterer wishes to purchase the Vessel and pay to the Owner the Early Purchase Amount (as such term is defined below) (the “Purchase Option Notice”) (such Purchase Option Notice to be given not less than one hundred and thirty (130) days prior to the Charter Hire Payment Date during the Charter
                        Term on which the Charterer wishes to purchase the Vessel), the Charterer shall have the option to, unless an Event of Default or a failure to pay the whole or part of any Charter Hire on the due date thereof shall have occurred and
                        be continuing, purchase the Vessel on the Charter Hire Payment Date set forth in the Purchase Option Notice for (v) the respective Purchase Price set forth below in Section 12(d) plus (w) Charter Hire due through and including the
                        date of purchase (x) any applicable taxes (other than any taxes based upon or measured by the net income (however denominated) of the Owner) (y) expenses of sale (including the Owner’s and the Head Owner’s reasonable counsel fees)
                        and (z) either (i) plus any Arrangements Credit (as defined in Section 12(j)), or (ii) less any Arrangements Debit (as defined in Section 12(j)) and (zz) the amount due

                  

          

        

        

        

        
          25

          
            

        

        under clause 108 of the Time Charter (the aggregate total of (v), (w), (x), (y), (z) and (zz), the “Early Purchase Amount”).

        
          
            	

                  	(c)	
                    Not less than one hundred and seventy (170) days prior to the end of the Charter Term, the Charterer shall provide the Owner with irrevocable
                        written confirmation of its purchase of the Vessel pursuant to Section 12(b). Should the Charterer fail to provide such confirmation or a notice pursuant to Section 12(b), the Charterer shall be obliged to purchase the Vessel in
                        accordance with Section 12(a).

                  

          

        

        
          
            	

                  	(d)	
                    If the Charterer:

                  

          

        

        (i)  is obliged under this Charter to purchase the Vessel at the end of the Charter Term pursuant to Section 12(a); or

        (ii) elects to purchase the Vessel pursuant to Section 12(b),

        the purchase price of the Vessel at the relevant time (the "Purchase Price") shall be as is set forth in the “Purchase Price” column of Exhibit A-1 of this Charter for the relevant time.

        
          
            	

                  	(e)	
                    ANY SALE OF THE VESSEL TO THE CHARTERER (OR AS THE CHARTERER MAY DIRECT, A NOMINEE) PURSUANT TO THIS SECTION 12 SHALL BE MADE WITHOUT ANY
                        WARRANTIES BY THE OWNER OR THE HEAD OWNER WHATSOEVER, EITHER EXPRESS OR IMPLIED, EXCEPT THAT THE OWNER, OR, AS THE CASE MAY BE, THE HEAD OWNER, SHALL WARRANT THAT THE VESSEL IS FREE AND CLEAR OF ANY LIENS OR ENCUMBRANCES CREATED BY
                        OR THROUGH THE OWNER, OR, AS THE CASE MAY BE, THE HEAD OWNER AND ITS PREDECESSORS IN TITLE EXCEPT FOR THE BUILDER, THE SELLER OR THE CHARTERER (OR ANY SUBSIDIARY OR AFFILIATE THEREOF) AND THAT THE OWNER, OR, AS THE CASE MAY BE, THE
                        HEAD OWNER, IS TRANSFERRING WHATEVER TITLE IT ORIGINALLY RECEIVED. WITHOUT LIMITING THE FOREGOING, ANY SUCH SALE SHALL BE ON AN “AS IS, WHERE IS” BASIS WITH NO WARRANTIES, EITHER EXPRESS OR IMPLIED, AS TO TITLE (EXCEPT AS SET FORTH
                        IN THE PREVIOUS SENTENCE) OR THE DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, SEAWORTHINESS OR CONDITION OF THE VESSEL, OR ELIGIBILITY OF THE VESSEL TO ENGAGE IN ANY PARTICULAR TRADE. ALL SUCH WARRANTIES SHALL BE
                        EXPRESSLY WAIVED BY THE CHARTERER AT THE TIME OF SUCH SALE. ALL SALES, USE AND OTHER TAXES WHICH MAY BECOME DUE AS A RESULT OF THE SALE SHALL BE FOR THE SOLE ACCOUNT OF THE CHARTERER. UPON ITS RECEIPT IN GOOD COLLECTED FUNDS OF THE
                        AMOUNT PAYABLE PURSUANT TO SECTION 12(A) OR, AS THE CASE MAY BE, SECTION 12(B), THE OWNER AGREES TO EXECUTE AND DELIVER (OR, AS THE CASE MAY BE, PROCURE THAT THE HEAD OWNER EXECUTES AND DELIVERS) TO THE CHARTERER OR THE CHARTERER'S
                        NOMINEE ANY AND ALL DOCUMENTS REQUIRED BY THE LAW OF THE FLAG STATE FOR THE PURPOSE OF RE-REGISTERING THE VESSEL IN

                  

          

        

        

        

        
          26

          
            

        

        THE NAME OF THE CHARTERER (OR AS THE CHARTERER MAY DIRECT), INCLUDING, WITHOUT LIMITATION, A BILL OF SALE
            COVERING THE VESSEL IN FAVOR OF THE CHARTERER (OR AS THE CHARTERER MAY DIRECT, A NOMINEE) TRANSFERRING WHATEVER TITLE THE OWNER, OR AS THE CASE MAY BE, THE HEAD OWNER, HAS, WITHOUT ANY REPRESENTATION OR WARRANTY WHATSOEVER EXCEPT AS SET OUT IN
            THIS SECTION 12(E).

        
          
            	

                  	(f)	
                    For the purposes of establishing the Market Value (as such term is defined in Section 12(g) below) of the Vessel:

                  

          

        

        (A) if the Charterer does not exercise its early purchase option under Section 12(b), then no later than ninety (90) days prior to the last day of
            the Charter Term; or

        (B) if the Charterer exercises its early purchase option under Section 12(b), then no later than five (5) days after the date of the Purchase Option
            Notice,

        the Charterer and the Owner shall appoint a “Panel of Approved Brokers”
            in accordance with this Section 12(f):

        (i)   Each of the Charterer and the Owner shall appoint an Approved Broker (as such term is defined below) to be included on
            the Panel of Approved Brokers, and the Approved Brokers so appointed by the Charterer and the Owner (each an “Appointed Broker”) shall jointly
            select a third Approved Broker (the “Third Broker”).

        (ii)  In the event that either the Charterer or the Owner fails to appoint an Approved Broker on or before the date: in the
            case of (A) above, seventy (70) days prior to the last day of the Charter Term; or, in the case of (B) above, ten (10) days following the date on which the Purchase Option Notice is served, the Panel of Approved Brokers shall be comprised
            solely of the Approved Broker appointed by the Charterer or the Owner (as the case may be).

        (iii) Subject to Section 12(f)(iv), each of the Charterer and the Owner shall bear the cost and expense of their respective
            Appointed Broker, and the costs and expenses of the Third Broker shall be borne equally by the Charterer and the Owner.

        (iv) In the event that that Panel of Approved Brokers is constituted of a single Approved Broker in accordance with Section
            12(f)(ii) above, the costs and expenses of the valuation made by such Approved Broker shall be shared equally between the Charterer and the Owner.

        
          
            	

                  	(g)	
                    Subject to Section 12(f)(ii), each of the Charterer and the Owner shall instruct their respective Appointed Broker, and shall jointly instruct the
                        Third Broker, to consider the market value of the Vessel:

                  

          

        

        (A) if the Panel of Approved Brokers has been appointed pursuant to Section 12 (f)(A) on the date thirty (30)
            days prior to the last day of the Charter Term based on the then actual condition of the Vessel, on an arm’s length basis and free of charters,

        

        

        
          27

          
            

        

        and the average of the said valuations shall be the “Market Value” (as such term is used in this Section 12);
            and

        (B) if the Panel of Approved Brokers has been appointed pursuant to Section 12(f)(B) on the date twenty (20)
            days after the date of the Purchase Option Notice, based on the then actual condition of the Vessel, on an arm’s length basis and free of charters, and the average of the said valuations shall be the “Market Value” (as such term is used in this
            Section 12).

        
          
            	

                  	(h)	
                    In the event that the Market Value is greater than the Purchase Price, the Charterer shall pay to the Owner an amount equal to twenty five per
                        cent (25%) of the difference between the Market Value and the Profit Share Price (the “Profit Share Amount”). Any amount payable by
                        the Charterer to the Owner pursuant to this Section 12(h) shall become due and be paid concurrently with the amounts payable by the Charterer to the Owner pursuant to Section 12(a) or, as the case may be, Section 12(b), above,
                        including, but not limited to, the Purchase Price. For the avoidance of doubt, the Profit Share Amount shall be calculated without regard to any Arrangements Credit or Arrangements Debit or to any amount due under clause 108 of the
                        Time Charter.

                  

          

        

        For the purposes of this Section 12, the “Profit Share Price” shall mean the value as is set forth in the
            “Profit Share Price” column of Exhibit A-1 hereto applicable for the date on which the Panel of Approved Brokers considers the market value of the Vessel in accordance with Section 12 (g)(A), or, as the case may be, 12 (g)(B).

        
          
            	

                  	(i)	
                    For the purposes of this Section 12, the “Approved Brokers” shall be deemed to mean:

                  

          

        

        (1) Arrow Shipbroking Group;

        (2) Braemar ACM Shipbroking;

        (3) Clarksons Platou;

        (4) Howe Robinson & Co. Ltd.;

        (5) Galbraith’s Limited;

        (6) Fearnleys AS; and

        (7) such other internationally recognised shipbrokers as may be mutually agreeable to both the Charterer and the Owner,

        (and each of the Approved Brokers, an “Approved Broker”).

        
          
            	

                  	(j)	
                    If the Charterer exercises its early purchase option under Section 12(b) or if the Owner, by written notice to the Charterer, declares the
                        Charterer in default hereunder pursuant to Section 17 and the Event of Default in question is an Event of Default under the Bareboat Charter, and the Charterer is entitled to purchase the Vessel pursuant to the terms of clause 5 of
                        the Multipartite Agreement and the Vessel is to be acquired by the Charterer pursuant to such

                  

          

        

        

        

        
          28

          
            

        

        terms, no later than three (3) Business Days before the date of transfer of ownership of the Vessel to the
            Charterer, the Owner shall notify the Charterer of such amount as the Owner certifies that, as a result of the exercise by the Charterer of its early purchase option under Section 12(b) or the exercise by the Charterer of its option in
            accordance with clause 5 of the Multipartite Agreement, the Owner shall either be: (i) in credit (“Arrangements Credit”) or (ii) in debit (“Arrangements Debit”), as a result (including all the Owner’s losses, damages, liabilities, expenses and costs incurred by the Owner in association
            therewith) of terminating, reversing or unwinding any interest rate swap arrangements from or with other persons (including, but not limited to, the Head Owner).

        
          
            	

                  	(k)	
                    Unless and until all the applicable foregoing payments and performance set forth in this Section 12 have been made and/or performed in full by the
                        Charterer, the Charterer's obligations under this Charter, including, without limitation, the obligation to pay Charter Hire for the Vessel, shall continue in full force and effect.

                  

          

        

        
          
            	13.	
                    Representations and Warranties; Owner Covenants.

                  

          

        

        
          
            	

                  	(a)	
                    Charterer’s Representations. The Charterer
                        represents, warrants, covenants, and agrees to and with the Owner that: (i) the Charterer is a limited liability company duly organized, validly existing, and in good standing under the laws of the Republic of the Marshall Islands,
                        has the power to own its property and assets, and is duly qualified in each jurisdiction where the nature of its operations requires such qualification, (ii) the execution, delivery, and performance of this Charter are within the
                        Charterer’s power, have been duly authorized by all necessary limited liability company action, do not contravene the Charterer’s certificate of organization or regulations, or similar documents, or violate any judgment, order or
                        decree applicable to the Charterer, and do not contravene any law, any order of any court or other agency of government, or any agreement or instrument or contractual restriction binding on or affecting any of its property, or
                        constitute a default thereunder, and (iii) this Charter constitutes the legal, valid and binding obligation of the Charterer enforceable against the Charterer in accordance with its terms.

                  

          

        

        
          
            	

                  	(b)	
                    Owner’s Representations and Covenants. The
                        Owner represents, warrants, covenants, and agrees to and with the Charterer that (i) the Owner is a company organized, existing, and in good standing under the laws of the Switzerland, (ii) the Owner has the requisite limited
                        liability company power and authority to hold title to the Vessel and to enter into and carry out the transactions contemplated and to execute, deliver and perform under this Charter; (iii) the execution, delivery, and performance
                        of this Charter do not contravene the provisions of the certificate of organization or regulations, or similar documents, of the Owner, or violate any judgment, order or decree applicable to the Owner or result in any violation of,
                        or conflict with, or constitute a default under, or subject the Vessel to any lien of, any indenture, contract, agreement or other instrument applicable to the Owner, (iv) this Charter constitutes the legal, valid and binding
                        obligation of the Owner enforceable against the Owner in accordance with its terms, and (v) the Owner will not create or permit to exist, any lien or encumbrance on or against the Vessel that arises out of the express action or
                        omission of the Owner, other

                  

          

        

        
          29

          
            

        

        

        

        than a mortgage permitted under Section 11 (and the Owner will have sole responsibility for any such
            Mortgage).

        
          
            	14.	
                    Assignment; Sub-bareboat Charter.

                  

          

        

        
          
            	

                  	(a)	
                    The Charterer does not have the right to, and shall not, assign, pledge, or hypothecate this Charter (by operation of law or otherwise), in whole
                        or in part, or any interest herein, or any right, duty or obligation hereunder (collectively, an “u”) without the prior written consent of the Owner, which consent is subject to the consent of the Head Owner, in their absolute
                        discretion, and any purported Assignment without the Owner’s and the Head Owner’s prior written consent shall be void and unenforceable against the Owner and the Head Owner. The Owner will exercise reasonable endeavours to obtain
                        such consent from the Head Owner. The Charterer shall remain primarily liable under this Charter and the Guarantor will remain primarily liable under the Guarantee in the event of any permitted Assignment, which will in no event be
                        considered a novation of this Charter unless the Owner expressly agrees to the contrary in writing.

                  

          

        

        
          
            	

                  	(b)	
                    Notwithstanding the foregoing, the Charterer agrees that it shall not further sub-bareboat or sub-time charter or otherwise let or charter the
                        Vessel to any person without the prior written consent of the Owner and the Head Owner, except under the Time Charter. In the case of any permitted sub-bareboat charter of the Vessel, such sub-bareboat charter (i) shall state it is
                        subject and subordinate to the rights of the Owner and the Head Owner hereunder, (ii) shall not contain any terms and conditions which would prevent the Charterer from fulfilling its obligations under this Charter, (iii) shall
                        include an express prohibition against any further sub-bareboat charters without the prior written consent of the Owner and the Head Owner, and (iv) shall contain an acknowledgement by the sub-bareboat charterer stating that it
                        acknowledges the existence of this Charter and the Bareboat Charter and their priority over all of the terms of the sub-bareboat charter.

                  

          

        

        
          
            	15.	
                    Logo and Vessel Names.

                  

          

        

        The Owner agrees that the Charterer may display the Charterer’s logo and the Charterer’s designated name on the Vessel during the
            Charter Term. If the Owner retains ownership of the Vessel after the Charter Term, it agrees to change the Vessel’s name and not to display the Charterer’s logo. If the Owner sells the Vessel after the Charter Term it will require the purchaser
            to agree not to use the Charterer’s name or logo in connection with the Vessel.

        
          
            	16.	
                    Notices.

                  

          

        

        All notices and other communications required under this Charter shall be by email, by personal delivery or by international
            courier service, to each Party at its address stated below or such other address as it may declare from time to time pursuant to this notice provision. Any such notice or communication shall be deemed effective on the date of delivery, if by
            personal delivery, or on the second Business Day after deposit with an international courier service (all delivery fees prepaid) if sent by international courier service. If sent by email or other electronic means, notices shall be effective
            upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return email or other written acknowledgement), provided, that if such notice or communication is not
            sent during the normal business hours of the recipient, such

        
          30

          
            

        

        notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

        All notices and other communications to be sent to the Owner shall be sent by the Charterer as follows, unless the Owner shall
            give notice to the contrary:

        Address:

        

        

        Cargill International SA

            14 chemin de Normandie

            1206 Geneva, Switzerland

        

        

        Tel: +41-22-703-2111

        

        

        Email:George_wells@cargill.com

        Ann_shazell@cargill.com

            Bernd_Bachmann@cargill.com

            Keith_dawe@cargill.com

            olivier_josse@cargill.com

            james_ryder@cargill.com

        

        

        All notices and other communications to be sent to the Charterer shall be sent by the Owner as follows, unless the Charterer
            shall give notice to the contrary:

        Address: PCH Dreaming Inc. c/o Top Ships Inc,

        

        

        1 Vass Sofias, Marousi, 151 24 Greece

        

        

        Tel: +30 2108128180/ +30210 8128180

        

        

        Email: atsirikos@topships.org

        

        

        louka@loukapartners.com

        

        

        
          
            	17.	
                    Defaults; Remedies.

                  

          

        

        
          
            	

                  	(a)	
                    Events of Default. Any one or more of the
                        following is an Event of Default (“Event of Default”) by the Charterer:

                  

          

        

        (i)   the Charterer shall fail to pay the whole or part of any Basic Charter Hire specified in Section 5 on the due date
            thereof and such failure shall continue for five (5) Business Days following the due date thereof;

        (ii)  the Charterer shall fail to pay when due the whole or any part of the Loss Value of the Vessel in accordance with the
            terms and conditions of this Charter;

        (iii) the Charterer shall fail to carry and maintain insurance on or with respect to the Vessel in accordance with the
            provisions of Section 9;

        

        

        
          31

          
            

        

        (iv) the Charterer shall fail to perform or comply with the covenants contained in Sections 4(h), 6(a) (with the exception of
            Section 6(a)(ii)), 10 (c) (except in connection with any seizure, arrest, or detention of the Vessel that arises solely as a result of any express act or omission on the part of the Owner and / or the Head Owner (as the case may be)) or 14(a);

        (v) the Charterer shall fail to perform or comply in any material respect with any other covenant, condition, or agreement to
            be performed or observed by it hereunder or under the Multipartite Agreement, and the Charterer shall fail to cure such failure to perform or comply within ten (10) Business Days after the Owner shall have demanded in writing the cure thereof;

        (vi) any material representation or warranty made by the Charterer herein or under the Multipartite Agreement or by the
            Guarantor in the Guarantee shall prove to have been incorrect in any material respect as of the date on which made, or any material statement, report, schedule, notice, certificate or other writing furnished by the Charterer or, as the case may
            be, the Guarantor to the Owner in connection with this Charter or under the Multipartite Agreement or the Guarantee, as the case may be, shall prove to have been incorrect in any material respect as of the date on which the facts set forth
            therein are stated or certified, and, if in the reasonable opinion of the Owner such is capable of being cured, the Charterer or the Guarantor shall fail to cure such defect within ten (10) Business Days after the Owner shall have demanded in
            writing the cure thereof;

        (vii) the Charterer or the Guarantor shall become insolvent or bankrupt or shall cease paying or providing for the payment of
            its debts generally; the Charterer or the Guarantor, shall be dissolved, shall be adjudged a bankrupt by a court of competent jurisdiction, shall make a general assignment of all or substantially all of its assets for the benefit of its
            creditors, or shall lose its charter by forfeiture or otherwise; or a petition for an arrangement or for reorganization of the Charterer or the Guarantor under the bankruptcy laws of the relevant jurisdiction shall be filed by the Charterer or
            the Guarantor, or such petition shall be filed by creditors and the same shall be approved by a court of competent jurisdiction;

        (viii) an arrangement or reorganization of the Charterer or the Guarantor under the bankruptcy laws of the relevant jurisdiction
            shall be approved by a court, whether proposed by a creditor, a stockholder or any other party or person whatsoever; or a receiver or receivers of any kind whatsoever, whether appointed in admiralty, bankruptcy, common law or equity
            proceedings, shall be appointed by a decree of a court of competent jurisdiction with respect to the Vessel or all or substantially all of the property of the Charterer or the Guarantor;

        (ix) (A) the Guarantor shall fail to pay when due the whole or any part of any amount payable by it under the Guarantee; or
            (B) the Guarantor shall fail to perform or comply in any material respect with any other covenant, condition or agreement to be performed or observed by it under the Guarantee; or (C) the Guarantor shall repudiate the Guarantee; or (D) a breach
            by the Guarantor of the Guarantee shall occur;

        

        

        
          32

          
            

        

        (x)    the Charterer shall (A) enter into any transaction of merger or consolidation (unless the Charterer is the surviving
            entity thereof), (B) sell or transfer all, substantially all or any substantial portion of its assets to any other person or enter into a leveraged buyout, (C) dissolve, liquidate or cease or suspend the conduct of business, or cease to
            maintain its existence, or (D) change the form of organization of its business and such change either adversely affects the rights of the Owner or has the effect of modifying, lessening, impairing or altering in any away adverse to the Owner
            the duties and obligations of the Charterer hereunder;

        (xi)   a default shall occur with respect to any Debt owed by the Charterer or the Guarantor (as the case may be) to the Owner
            or any of its affiliates or to any third person in excess of United States Dollars Two Million Five Hundred Thousand (US$2,500,000), for which the Charterer or the Guarantor (as the case may be) fails to make any payment when due exceeding
            United States Dollars Five Hundred Thousand (US$500,000) or to perform any obligation thereunder, which default is not cured within any applicable grace period, and in any event within no more than twenty (20) Business Days;

        (xii)  without prejudice to Section 14(a) of this Charter, the Charterer shall assign and/or purport to assign any and/or all
            of its rights and/or interests in or arising under this Charter without having first received the prior written consent of the Owner in accordance with Section 14(a) of this Charter;

        (xiii) the Charterer or the Guarantor (as the case may be) shall fail to pay for more than thirty (30) days after it is due, any
            final, non-appealable judgment in excess of United States Dollars One Million (US$1,000,000) entered against the Charterer or the Guarantor (as the case may be) by any court having jurisdiction over the Charterer or the Guarantor (as the case
            may be) or the property of the Charterer or the Guarantor (as the case may be);

        (xiv)  the Charterer fails to pay to the Owner any amount due under clause 108 of the Time Charter;

        (xv)   the Charterer fails to provide Additional Security (as defined in Section 17(b)(viii) below) within five (5) days of the
            Owner’s request;

        (xvi)  any Charter Security and/or Additional Security ceases to be in full force and effect or ceases to be legal, valid,
            binding, enforceable, or effective or is alleged by a party to it (other than the Owner) to be ineffective;

        For the purposes of this Section 17(a), “Debt” means as to any person at any time (without duplication): (i)
            all obligations of such person for borrowed money, (ii) all obligations of such person evidenced by bonds, notes, debentures, or other similar instruments, (iii) all obligations of such person to pay the deferred purchase price of property or
            services, except trade accounts payable of such person arising in the ordinary course of business which are not past due by more than ninety (90) days, (iv) all obligations of such person under any lease which, in conformity with US GAAP, is
            required to be capitalized for balance sheet purposes, (v) all obligations of such person under guaranties, endorsements (other than for collection or deposit in the ordinary course of business), assumptions or other contingent obligations, in

        

        

        
          33

          
            

        

        respect of, or to purchase or otherwise acquire, any obligation or indebtedness of any other person, or any
            other obligation, contingent or otherwise, of such person directly or indirectly protecting the holder of any obligation or indebtedness of any other person against loss (whether by partnership arrangements, agreements to keep-well, to purchase
            assets, goods, securities, or services, to take-or-pay or otherwise), (vi) all obligations secured by a lien existing on property owned by such person, whether or not the obligations secured thereby have been assumed by such person or are
            non-recourse to the credit of such person, (vii) all reimbursement obligations of such person (whether contingent or otherwise) in respect of letters of credit, bankers’ acceptances, surety or other bonds and similar instruments, (viii) all
            liabilities of such person in respect of unfunded vested benefits under any employee benefit plan, and (ix) any other liability of such person that is classified as debt under US GAAP.

        
          
            	

                  	(b)	
                    Remedies. At any time that an Event of Default
                        has occurred and is continuing, the Owner, by written notice to the Charterer, may declare the Charterer in default hereunder, in which case the Owner shall be entitled to pursue all remedies available at law or in equity or in
                        admiralty, including, without limitation, the following remedies:

                  

          

        

        (i) By notice to the Charterer, the Owner may terminate this Charter, whereupon the Charterer will redeliver the Vessel to
            the Owner within ten (10) Business Days of receipt of such notice in accordance with the provisions of Sections 4(b)-4(g) above.

        (ii) The Owner or the Head Owner may re-take the Vessel wherever found, whether upon the high seas or at any port, harbour or
            other place and irrespective of whether the Charterer, any sub-charterer or any other person is in possession of the Vessel, all without prior demand and without legal process, the Charterer HEREBY WAIVING ANY AND ALL RIGHTS TO PRIOR NOTICE AND
            A JUDICIAL HEARING WITH RESPECT TO THE REPOSSESSION OF THE VESSEL BY THE OWNER, and for that purpose the Owner or the Head Owner or their respective agents may enter upon any dock, pier or other premises where the Vessel is and may take
            possession thereof, without the Owner or its agent incurring any liability by reason of such re-taking, whether for the restoration of damage to property caused by such re-taking or for damages of any kind for any reason to the Charterer or any
            person claiming under the Charterer.

        (iii) Recover from the Charterer, in addition to any Basic Charter Hire or Additional Hire due up to the date of default, the
            Loss Value amount calculated as of the Charter Hire Payment Date preceding the date that the event which resulted in the Event of Default occurred, as liquidated damages for loss of a bargain and not as a penalty.

        (iv) The Owner or the Head Owner may sell or otherwise dispose of the Vessel at public auction or by private sale, without
            prior notice to the Charterer, at such time or times and upon such terms as the Owner or the Head Owner (as applicable) may determine, for cash or credit, at such price as the Owner or the Head Owner shall deem fair, with the Vessel in its then
            condition or following any commercially reasonable preparation, or otherwise dispose of, hold, use, lay-up, operate, charter to others the Vessel, in a commercially reasonable manner, all free and clear of any rights of the

        
          34

          
            

        

        

        

        Charterer, including any right of redemption, and without any duty to account to the Charterer with respect to
            such action or inaction or for any proceeds with respect hereto; any disposition or holding of the Vessel shall not be deemed a retention by the Owner in satisfaction of the Charterer’s obligations under this Charter. Nothing contained herein
            shall require the Owner to sell or charter the Vessel at any time or take any action in mitigation of the Owner’s damages.

        (v) The Owner may, but shall not be required to, proceed by appropriate action for collection from the Charterer of all costs
            and expenses, including attorneys’ fees, court costs, and other expenses, incurred by the Owner in connection with the enforcement of this Charter and the exercise of remedies hereunder. Further, in addition to any other amounts to which the
            Owner may be entitled, the Charterer shall be liable for all costs and expenses incurred by the Owner, which shall include all insurance premiums, all demurrage, dockage, and anchorage charges, all legal fees, and all other costs and expenses
            whatsoever incurred by the Owner by reason of the occurrence of an Event of Default or by reason of the exercise by the Owner of any remedy hereunder, including, without limitation, any cost or expense incurred by the Owner in connection with
            any re-taking of the Vessel or putting the Vessel in the condition required herein.

        (vi) The proceeds of any sale, charter or other disposition of the Vessel received by the Owner, if any, pursuant to this
            Section 17(b) shall be applied in the following order of priority:

        
          
            	

                  	(1)	
                    to pay all of the Owner’s and the Head Owner’s costs, charges and expenses incurred in taking, moving, laying-up, holding, repairing, selling,
                        chartering or otherwise disposing of the Vessel;

                  

          

        

        
          
            	

                  	(2)	
                    to the extent not previously paid by the Charterer, to pay the Owner all sums (including the Loss Value as provided in Section 17(b)(iii) above)
                        due by the Charterer under this Charter;

                  

          

        

        
          
            	

                  	(3)	
                    to reimburse the Charterer for any Loss Value previously paid by the Charterer to the Owner in accordance with Section 17(b)(iii) above; and

                  

          

        

        
          
            	

                  	(4)	
                    any sums remaining shall be retained by the Owner.

                  

          

        

        The Charterer shall pay to the Owner any deficiency in (1) and (2) above.

        (vii) The Owner may recover from the Charterer any amount due under clause 108 of the Time Charter.

        (viii) If an Event of Default occurs in relation to the Charter Security or part thereof (as more particularly described at
            Section 17(a)(ix), (xv) and/or (xvi) above), the Owner may (but shall not be obliged to) request the Charterer to provide, and in which case the Charterer shall be obliged to

        

        

        
          35

          
            

        

        provide, such other additional security in form and substance reasonably satisfactory to the Owner which (in
            the opinion of the Owner) has a net realisable value (on an aggregate basis) equal to or greater than the applicable shortfall or deficiency in the Charter Security including, without limitation, a deposit of cash to such account as the Owner
            may nominate in an amount equivalent to the amount of any shortfall or deficiency in respect of the Charter Security (“Additional Security”).

        No remedy referred to in this Section 17(b) is intended to be exclusive, but each remedy shall be cumulative and in addition to,
            and may be exercised concurrently with, any other remedy which is referred to herein or which may otherwise be available to the Owner at law, in equity or in admiralty.

        
          
            	

                  	(c)	
                    Multipartite Agreement. If the Owner, by
                        written notice to the Charterer, declares the Charterer in default under this Charter pursuant to this Section 17 and the Event of Default in question is a Relevant Event of Default (as defined below), and the Charterer is entitled
                        to purchase the Vessel pursuant to the terms of clause 5 of the Multipartite Agreement and the Vessel is to be acquired by the Charterer pursuant to such terms, then prior to the Charterer’s purchase of the Vessel pursuant to the
                        terms of clause 5 of the Multipartite Agreement the Charterer shall pay to the Owner (v) Charter Hire due through and including the date of purchase, (w) any applicable taxes (other than any taxes based upon or measured by the net
                        income (however denominated) of the Owner), (x) expenses of sale (including the Owner’s and the Head Owner’s reasonable counsel fees), (y) the amount due under clause 108 of the Time Charter and (z) either (i) plus any Arrangements
                        Credit (as defined in Section 12(j)), or (ii) less any Arrangements Debit (as defined in Section 12(j)). For the purposes of this Charter, a “Relevant Event of Default” means an Event of Default under the Bareboat Charter which was
                        caused in whole or in part by the act or omission of the Charterer.

                  

          

        

        
          
            	

                  	(d)	
                    Notwithstanding any other provision of this Charter, in the event that this Charter is terminated pursuant to the terms of clause 4.6 of the
                        Multipartite Agreement, the Parties unconditionally and irrevocably agree that the following Sections shall survive (or as the case may be shall be deemed to survive) such termination of this Charter and are expressly made for the
                        benefit of, and shall be enforceable by, the Owner, its successors and assigns: Section 16 (Notices); Section 17 (Defaults; Remedies); Section 19 (Income Tax); Section 20 (Law and Jurisdiction); Section 25 (Waiver); and Section 26
                        (No Remedy Exclusive).

                  

          

        

        
          
            	18.	
                    Indemnification, Withholding and Certain Agreements.

                  

          

        

        
          
            	

                  	(a)	
                    Owner’s Indemnification of the Charterer. The
                        Owner agrees to indemnify, defend, and hold harmless the Charterer from all damages or costs arising as a result of (i) the Owner’s violation of any law or regulation of the jurisdiction in which the Owner is organized or maintains
                        its principal office (other than a violation that would not have occurred but for the use, operation or presence of the Vessel or any part thereof in the relevant jurisdiction or the failure of the Charterer to perform its
                        obligations under this Charter or any act or omission of the Charterer), (ii) the gross negligence or wilful misconduct of the Owner unless such gross negligence or wilful misconduct is imputed to the

                  

          

        

        

        

        
          36

          
            

        

        Owner as a result of any act or omission of the Charterer or any failure of the Charterer to perform its
            obligations under this Charter, or (iii) the failure of the Owner to pay any taxes which the Owner is required by law to pay.

        
          
            	

                  	(b)	
                    Charterer’s Indemnification of the Owner and the Head
                            Owner. The Charterer hereby assumes liability for, and shall defend, indemnify and hold harmless the Indemnified Parties (for the purposes of this Section 18, “Indemnified Parties” means: the Owner, the Head Owner and any of their affiliates and any mortgagee of the Vessel, whose identity the Owner has notified the Charterer of, and each of
                        their respective successors and assigns, and the directors, officers, employees, representatives, agents and servants of any of the foregoing, and each an “Indemnified Party”) from and against any and all Claims (as hereinafter
                        defined) which may be imposed on, incurred by or asserted against any of the Indemnified Parties or the Vessel (whether or not also indemnified against pursuant to any other agreement or by any other person), regardless of when
                        asserted (whether after or during the Charter Term) and in any way relating to or arising out of any of the following: the documentation, registry, possession, use, operation, lay-up, chartering, subchartering, condition,
                        maintenance, repair, each Acceptability, inspection, compliance with Environmental Laws and return of the Vessel. Notwithstanding the foregoing, the Charterer shall not be obligated to indemnify any Indemnified Party in respect of
                        any act or omission constituting gross negligence by such Indemnified Party, or its agents or representatives. The Charterer agrees to further indemnify, defend and hold harmless each Indemnified Party and the Vessel from and
                        against all liens created and imposed on the Vessel other than those caused by Owner's or, as the case may be, the Head Owner’s own actions, and in the event of the seizure of the Vessel under legal process to enforce such lien or
                        asserted lien, the Charterer shall secure the prompt release of the Vessel by payment of same or otherwise as may be appropriate. The Owner's right to Charter Hire as provided for in Section 5 of this Charter shall not be suspended
                        during any time when the Vessel is under seizure by legal process as a result of such liens or asserted liens. As used herein, "Claims" shall mean any and all liabilities, obligations, losses, damages, penalties, claims, actions,
                        suits, costs, expenses, fines, penalties and disbursements (including, without limitation, reasonable attorneys' fees, litigation expenses and investigatory fees and disbursements) of whatsoever kind and nature, including, without
                        limitation, (i) claims or penalties arising from any violation of the laws or regulations of any authority or country or political subdivision thereof, (ii) claims as the result of latent, patent or other defects, whether or not
                        discoverable by the Owner, the Head Owner or the Charterer, (iii) Environmental Claims, and (iv) tort claims of any kind, including, without limitation, claims for injury or damage caused by leakage, discharge or spillage of oil or
                        cargo, refuse or any hazardous substance, but excluding Taxes (as such term is defined in Section 18 (c) below).

                  

          

        

        
          
            	

                  	(c)	
                    Charterer’s Withholding. Notwithstanding
                        anything herein or in the Bareboat Charter to the contrary, the Charterer hereby covenants and agrees that it shall make all payments of Charter Hire and other amounts payable by the Charterer under this Charter to the Owner or any
                        Indemnified Party or any Tax Indemnitee (for the purposes of this Section 18, “Tax Indemnitee” means any

                  

          

        

        

        

        
          37

          
            

        

        of: the Owner and each of its affiliates that is included with the Owner in a consolidated, combined, unitary
            or other group Tax return) free and clear from, and without deduction or withholding of or by reason of, any taxes (including income, gross receipts, sales or use taxes), money transfer fees or other charges or withholdings of any nature
            whatsoever except to the extent that deduction or withholding of any Tax (for the purposes of this Section 18, “Tax” means all taxes (including income taxes, gross receipts taxes, sales taxes, use taxes, value added taxes, ad valorem taxes and
            other taxes), fees, duties, charges, assessments, and withholdings of whatever nature, imposed, assessed, levied or asserted by any governmental authority or other taxing authority (and any and all penalties, fines, interest and other charges
            relating thereto)) is required by law, in which event the Charterer shall (i) notify the person entitled to receive the payment (the “Payee”) of such requirement, (ii) make such deduction or withholding, (iii) if such Tax is an Indemnified Tax
            (as defined in Section 18(g)), pay on an after-Tax basis pursuant to Section 18(f) such additional amount as is necessary so that the Payee receives, after such deduction or withholding (including any deduction or withholding with respect to
            such additional amount) an amount equal to the amount that the Payee would have received if such deduction or withholding had not been made, (iv) pay the full amount deducted or withheld to the appropriate taxing authority in accordance with
            applicable law, and (v) deliver to the Payee promptly after making such payment an original receipt (or certified copy thereof) or other evidence reasonably satisfactory to the Payee evidencing payment of the tax withheld to the appropriate
            taxing authority.

        
          
            	

                  	(d)	
                    Survival. The obligations of the Owner and the
                        Charterer under this Section 18 shall survive the expiration or earlier termination or cancellation of this Charter and are expressly made for the benefit of, and shall be enforceable by, the party to which the obligations are owed,
                        and its successors and assigns.

                  

          

        

        
          
            	

                  	(e)	
                    No Limitation. Except as otherwise limited
                        herein, it is the intent of the Parties that all indemnity obligations or liabilities assumed by the Parties under this Charter be without limit and without regard to the cause or causes thereof (including pre-existing conditions),
                        the unseaworthiness of any vessel, strict liability or the negligence of any party or parties, whether such negligence be sole, joint or concurrent, active or passive.

                  

          

        

        
          
            	

                  	(f)	
                    Consequential Damages. Neither Party shall be
                        liable to the other Party for any consequential or special damages, arising out of, resulting from or relating in any way to this Charter, irrespective of the negligence or fault of any party.

                  

          

        

        Each payment or indemnity payable by the Charterer to or for the benefit of an Indemnified Party or a Tax
            Indemnitee pursuant to this Section 18 shall be paid on an after-Tax basis, which means that the Charterer must pay, in addition to such payment or indemnity, such additional amount or amounts as will, in the reasonable good faith determination
            of such Indemnified Party or Tax Indemnitee, leave such Indemnified Party or Tax Indemnitee and its affiliates (if any) in the same economic position as they would be in if such payment or indemnity were not subject to taxation, taking into
            account any Tax costs resulting from the such Indemnified Party’s or Tax Indemnitee’s actual or constructive receipt or accrual of the Charterer’s payment or indemnity and any Tax saving realized by such Indemnified Party or Tax

        
          38

          
            

        

        

        

        Indemnitee and its affiliates (if any) as a result of the allowance of any Tax credit, deduction or other Tax
            benefit for the Tax, liability or expense incurred by such Indemnified Party or Tax Indemnitee that gave rise to the Charterer’s obligation to pay such payment or indemnity pursuant to this Section 18.

        
          
            	

                  	(g)	
                    For the purposes of this Section 18, an “Indemnified

                          Tax” means all Taxes, regardless of how or when such Taxes are imposed, incurred or asserted (whether imposed on, incurred by or asserted against the Vessel or the Owner or the Charterer or otherwise) arising out of, in
                        connection with or otherwise relating to the Vessel or this Charter or any of the transactions contemplated in or done pursuant to this Charter (including the Owner’s chartering of the Vessel from the Head Owner, and chartering of
                        the Vessel during the term of this Charter), provided that the Charterer shall have no obligation under this Section 18 to indemnify a Tax Indemnitee for the following Taxes (“Excluded Taxes”):

                  

          

        

        (i)   any Tax imposed on or calculated by reference to the overall net income, overall gross income, overall profits, overall gains, capital or net
            worth of such Tax Indemnitee, provided that the exclusion in this Section 18 (g) (i) shall not apply to any Tax to the extent such Tax would not have been payable in the absence of the documentation, registry, delivery, use, presence or other
            connection of the Vessel or any part thereof or with, or any act or omission or other connection of the Charterer or any affiliate, agent, representative or contractor of the Charterer or any other person (other than the Owner, unless an Event
            of Default is continuing) using or having possession, custody or control of the Vessel or any part thereof in or with, the jurisdiction imposing such Tax;

        (ii)  any ad valorem Tax assessed on or with respect to the Vessel arising from the presence of the Vessel in the jurisdiction imposing the Tax after
            the Charterer has redelivered the Vessel to the Owner in accordance with the provisions of this Charter and has performed all of its obligations under the Charter, unless the Vessel is redelivered as a result of the occurrence of an Event of
            Default;

        (iii) any Tax imposed on or with respect to any sale or other transfer by the Owner of any of the Owner’s interest in the Vessel or the Charter to any
            person other than the Charterer, provided that the exclusion in this Section 18 (g)(iii) shall not apply to any such sale or transfer that occurs (1) in connection with or as a result of an Event of Default, an Event of Loss, or any
            maintenance, repair, overhaul, pooling, interchange, exchange, removal, replacement, substitution, modification, improvement, or alteration of the Vessel or any part thereof or (2) at the Charterer’s request or (3) pursuant to a requirement in
            this Charter;

        (iv) any Tax to the extent resulting from any act or event occurring after the Charterer has returned the Vessel and all Technical Documents to the
            Owner in compliance with the terms of this Charter and has performed all its obligations under this Charter (the “Return Compliance Time”),
            provided that the exclusion in this Section 18 (g) (iv) shall not apply to any Tax that (1) arises from any act, event or circumstance (or relates to any period of time)

        

        

        
          39

          
            

        

        occurring at or before the Return Compliance Time or (2) is imposed with respect to any payment by the
            Charterer pursuant to Charter or (3) is incurred in connection with the exercise of any rights or remedies of the Owner after the occurrence of an Event of Default;

        (v) any Tax if and
            to the extent that such Tax would be payable by such Tax Indemnitee in the absence of the transactions contemplated in this Charter;

        (vi) any Tax if and to the extent that such Tax is caused by, and would not be payable but for, (1) any gross negligence or willful misconduct of
            such Tax Indemnitee or (2) the inaccuracy or breach of any representation, warranty or covenant of the Owner in this Charter.

        
          
            	19.	
                    Income Tax

                  

          

        

        The Charterer agrees to take no tax position inconsistent with the fact that the Owner is the owner of the
            Vessel for tax purposes.

        
          
            	20.	
                    Law and Jurisdiction

                  

          

        

        
          
            	

                  	(a)	
                    Governing Law. This Charter is governed by and
                        interpreted in accordance with the general maritime laws of the United States and, to the extent they are not applicable, the internal laws of the State of New York (without regard to New York’s conflict of laws provisions).

                  

          

        

        
          
            	

                  	(b)	
                    Venue. All judicial actions by any Party to
                        enforce any provision of this Charter shall, if requested by the Owner, be brought in the United States District Court for the Southern District of New York or the state court of general jurisdiction sitting in the County of New
                        York in the State of New York. Each Party consents to the jurisdiction of such courts and hereby irrevocably waives any objection, including any objection to the laying of venue or based on the grounds of forum non-conveniens, which
                        it may now or hereafter have to the bringing of any such action or proceedings in such court.

                  

          

        

        
          
            	

                  	(c)	
                    JURY TRIAL WAIVER. EACH PARTY HEREBY WAIVES ANY
                        RIGHT IT MAY HAVE TO TRIAL BY JURY TO EVERY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO THIS CHARTER.

                  

          

        

        
          
            	

                  	(d)	
                    Service of Process. Service of process may be
                        made on the Charterer or the Guarantor by mailing or delivering a copy of such process to the Charterer c/o the Guarantor at the Guarantor’s address listed below (with a copy to the Charterer at its address identified in or in
                        accordance with Section 16), or to any new address of the Guarantor of which the Owner has been notified by the Charterer. The Charterer hereby irrevocably authorises and directs the Guarantor to accept such service on its behalf at
                        such address. As an alternative method of service, the Charterer also irrevocably consents to the service of any and all process, postage prepaid, in any such action or proceeding by mailing a copy of such process to the Guarantor
                        with a copy to the Charterer at its address identified in or in accordance with Section 16.

                  

          

        

        

        

        
          40

          
            

        

        Nothing herein shall affect the right to effect service of process in any other manner permitted by law.

        Guarantor’s address:

        	 	
                Address:

              	
                Top Ships Inc.

                    1. Vass. Sofias, Marousi 15124

                    Greece

              
	 	 	 
	 	
                Attention:

              	
                Alexandros Tsirikos

              
	 	
                Tel. No:

              	
                0030 210 8128180

              
	 	
                E-Mail:

              	
                atsirikos@topships.org

              

        

        

        Service of process may be made on the Owner by mailing or delivering a copy of such process to the Owner at
            the Owner’s address identified in or in accordance with Section 16.

        
          
            	21.	
                    Salvage.

                  

          

        

        All salvage and towage performed by the Vessel shall be for the Charterer’s benefit and the cost of repairing
            damage occasioned thereby shall be borne by the Charterer.

        
          
            	22.	
                    War.

                  

          

        

        
          
            	

                  	(a)	
                    For the purpose of this Charter, the words “War Risks” shall include any war (whether actual or threatened), act of war, civil war, hostilities,
                        revolution, rebellion, civil commotion, warlike operations, the laying of mines (whether actual or reported), acts of piracy, acts of terrorists, acts of hostility or malicious damage, blockades (whether imposed against all vessels
                        or imposed selectively against vessels of certain flags or ownership, or against certain cargoes or crews or otherwise howsoever), by any person, body, terrorist, pirate or political group, or the government of any state whatsoever,
                        which may be dangerous or are likely to be or to become dangerous to the Vessel, her cargo, crew or other persons on board the Vessel.

                  

          

        

        
          
            	

                  	(b)	
                    The Charterer shall have the liberty:

                  

          

        

        (i)   to comply with all orders, directions, recommendations or advice as to departure, arrival routes, sailing in convoy,
            ports of call, stoppages, destinations, discharge of cargo, delivery, or in any other way whatsoever, which are given by the government of the Flag State, or any other government, body or group whatsoever acting with the power to compel
            compliance with their orders or directions;

        (ii)  to comply with the orders, directions or recommendations of any war risks underwriters who have the authority to give
            the same under the terms of the war risks insurance;

        (iii) to comply with the terms of any resolution of the Security Council of the United Nations, any directives of the European
            Union, the

        

        

        
          41

          
            

        

        effective orders of any other supranational body which has the right to issue and given the same, and with
            national laws aimed at enforcing the same to which the Owner or the Charterer are subject, and to obey the orders and directions of those who are charged with their enforcement.

        
          
            	23.	
                    Assignment of Insurances.

                  

          

        

        
          
            	

                  	(a)	
                    Collateral. In order to secure all obligations
                        of the Charterer owing to the Owner under this Charter, the Charterer hereby assigns to the Head Owner with first priority and to the Owner with second priority, all of the Charterer’s right, title and interest in and to all
                        policies and contracts of insurance, including, without limitation, all entries in any protection and indemnity or war risks association or club, which are from time to time taken out in respect of the Vessel, her hull, machinery,
                        freight, disbursements, profits or otherwise, and all the benefits thereof, including, without limitation, all claims of whatsoever nature arising under such policies, as well as all amounts due from underwriters under any such
                        insurance whether as payment of losses, or as return premiums, or otherwise (collectively, the “Insurances”), and any proceeds of any of the foregoing. No later than the Delivery Date the Charterer shall give each underwriter notice
                        of the assignment of insurances contained herein in the form and terms attached as Exhibit B to this Charter (or in such other form and terms as the Owner may reasonably require) and procure that the loss payable clauses as attached
                        to Exhibit B to this Charter (or loss payable clauses otherwise in a form and terms satisfactory to the Owner and the Head Owner) shall have been duly endorsed on the insurances.

                  

          

        

        
          
            	

                  	(b)	
                    No Obligation to Perform. The Charterer hereby
                        agrees and covenants that, notwithstanding the provisions of this Section 23, neither the Owner nor the Head Owner shall have any of the Charterer’s obligations under any Insurances.

                  

          

        

        
          
            	24.	
                    Change of Ownership.

                  

          

        

        The Charterer acknowledges and agrees that the Head Owner may transfer its ownership of the Vessel to another
            entity during the term of this Charter.

        Following the receipt by the Charterer of a notice from the Owner stating that the Head Owner intends to
            transfer the ownership of the Vessel to another entity (the “Transferee”) as of the date of the transfer set forth in such notice, (i) reference to ‘the Head Owner’ in Section 9 and Section 23 of this Charter shall be deemed to refer to the
            Transferee (ii) as of such date of transfer, the Charterer shall procure that the insurances over the Vessel are updated to reflect the Transferee’s ownership of the Vessel and (iii) as of such date of transfer, the Charterer shall provide
            updated notices of assignment of insurances and loss payable clauses to each underwriter substantially in the form attached at Exhibit B to this Charter (or otherwise in a form and terms satisfactory to the Owner and the Transferee) logically
            amended to show the Transferee as the ‘the Owner’.

        
          
            	25.	
                    Waiver. No waiver by either Party of any breach
                        by the other of any obligation, agreement or covenant hereunder shall be deemed to be a waiver of that or any subsequent breach of the same or any other covenant, agreement or obligation nor shall any forbearance by any Party to
                        seek a remedy for any breach by the other Party

                  

          

        

        

        

        
          42

          
            

        

        may be deemed a waiver by such Party of its rights or remedies with respect to such breach, unless such waiver
            is in each case in writing duly executed by such Party.

        
          
            	26.	
                    No Remedy Exclusive. Each and every right,
                        power and remedy given to the Owner in this Charter shall be cumulative and in addition to every other right, power and remedy herein or therein given now or hereafter existing at law, in equity, in admiralty, by statute or
                        otherwise. Each and every right, power and remedy whether given therein or otherwise existing may be exercised from time to time as often and in such order as may be determined by the Owner, and neither the failure or delay in
                        exercising any power or right nor the exercise or partial exercise of any right, power or remedy shall be construed to be a waiver of or acquiescence in any default therein; nor shall the acceptance of any security or of any payment
                        of or on account of any loan, promissory note, advance, obligation, expense, interest or fees maturing after an Event of Default or of any payment on account of any past default shall be construed to be a waiver of any right to take
                        advantage of any future default or of any past default not completely cured thereby.

                  

          

        

        
          
            	27.	
                    Entire Agreement; Amendment. This Charter and
                        its exhibits and schedules constitute the entire agreement between the Parties relating to the subject matter of this Charter and supersedes all prior agreements and undertakings of the Parties, whether oral or written, in
                        connection herewith. No amendment of this Charter shall be valid unless made in writing and signed by each of the Parties and consented to by the Head Owner.

                  

          

        

        
          
            	28.	
                    Counterparts. This Charter may be executed in
                        one or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. It is the express intent of the Parties to be bound by the exchange of signatures on this
                        Charter via Portable Document Format (PDF), which the Parties agree shall constitute an original writing for all legal purposes.

                  

          

        

        
          
            	29.	
                    Severability. The Owner and the Charterer agree
                        that with respect to any specific provision of this Charter that is held by any court or other constituted legal authority to be void or otherwise unenforceable in any particular manner, the Parties consider and permit this Charter
                        to be amended in such manner as may be required in order to cause said provision and all other terms of this Charter to remain binding and enforceable against the Owner and the Charterer.

                  

          

        

        
          
            	30.	
                    Captions. The captions in this Charter are for
                        convenience and reference only and shall not define or limit any of the terms or provisions, or otherwise affect the construction, of this Charter.

                  

          

        

        
          
            	31.	
                    Binding Effect. Subject to Section 14, this
                        Charter shall be binding upon, inure to the benefit of, and be enforceable by the Parties and their respective successors and assigns.

                  

          

        

        
          
            	32.	
                    Interpretation. References to “Sections” in
                        this Charter are sections of this Charter. The words “include(s)” and “including” shall be construed as being followed by the words “without limitation”.

                  

          

        

        

        

         [Remainder of page intentionally left blank]

        

        

        
          43

          
            

        

        IN WITNESS WHEREOF, the Parties have executed this Charter as of the date first written above.

        	
                OWNER

              	 
	 	 
	
                CARGILL INTERNATIONAL SA

              	 
	 	 	 
	
                By:

              	 	 
	
                Name:

              	 	 
	
                Title:

              	 	 
	 	 	 
	 	 	 
	
                CHARTERER

              	 
	 	 	 
	
                PCH DREAMING INC.

              	 
	 	 	 
	
                By:

              	 	 
	
                Name:

              	 	 
	
                Title:

              	 	 
	 	 	 

        

        

        

        

        

        

        

        

        

        

        

        

        [Signature Page – Sub-Bareboat Charter “Hull No. 8242”]

        

        

        

        

        
          B-44

          
            

        

        

        

        

        

        EXHIBIT A

        Basic Charter Hire

         

          

        Basic Charter Hire
                (payable monthly in arrears)

        	
                Basic Charter Hire

              	
                US$8,600 per day

              

        

        

        

        

        
          B-45

          
            

        

        EXHIBIT A-1

        

        

        

        

        Loss Value, Purchase Price and Profit Share Price Schedule

            

            Original Vessel Cost: US$32,386,500

        

        

        	
                Payment Number

              	
                Payment Date / Relevant Purchase Price Date

              	
                Loss Value $

              	
                Loss Value as a % of Original Vessel Cost

              	
                Purchase Price $

              	
                Profit Share Price $

              
	
                0

              	 	 	 	 	
                36,000,000

              
	
                1

              	 	 	 	 	
                35,825,000

              
	
                2

              	 	 	 	 	
                35,650,000

              
	
                3

              	 	 	 	 	
                35,475,000

              
	
                4

              	 	 	 	 	
                35,300,000

              
	
                5

              	 	 	 	 	
                35,125,000

              
	
                6

              	 	 	 	 	
                34,950,000

              
	
                7

              	 	 	 	 	
                34,775,000

              
	
                8

              	 	 	 	 	
                34,600,000

              
	
                9

              	 	 	 	 	
                34,425,000

              
	
                10

              	 	 	 	 	
                34,250,000

              
	
                11

              	 	 	 	 	
                34,075,000

              
	
                12

              	 	 	 	 	
                33,900,000

              
	
                13

              	 	 	 	 	
                33,725,000

              
	
                14

              	 	 	 	 	
                33,550,000

              
	
                15

              	 	 	 	 	
                33,375,000

              
	
                16

              	 	 	 	 	
                33,200,000

              
	
                17

              	 	 	 	 	
                33,025,000

              
	
                18

              	 	 	 	 	
                32,850,000

              
	
                19

              	 	 	 	 	
                32,675,000

              
	
                20

              	 	 	 	 	
                32,500,000

              
	
                21

              	 	 	 	 	
                32,325,000

              
	
                22

              	 	 	 	 	
                32,150,000

              
	
                23

              	 	 	 	 	
                31,975,000

              
	
                24

              	 	 	 	 	
                31,800,000

              
	
                25

              	 	 	 	 	
                31,625,000

              
	
                26

              	 	 	 	 	
                31,450,000

              
	
                27

              	 	 	 	 	
                31,275,000

              
	
                28

              	 	 	 	 	
                31,100,000

              
	
                29

              	 	 	 	 	
                30,925,000

              
	
                30

              	 	 	 	 	
                30,750,000

              
	
                31

              	 	 	 	 	
                30,575,000

              
	
                32

              	 	 	 	 	
                30,400,000

              
	
                33

              	 	 	 	 	
                30,225,000

              
	
                34

              	 	 	 	 	
                30,050,000

              
	
                35

              	 	 	 	 	
                29,875,000

              

        

        

        
          B-46

          
            

        

        

        

        

        

        	
                36

              	 	 	 	 	
                29,700,000

              
	
                37

              	 	 	 	 	
                29,525,000

              
	
                38

              	 	 	 	 	
                29,350,000

              
	
                39

              	 	 	 	 	
                29,175,000

              
	
                40

              	 	 	 	 	
                29,000,000

              
	
                41

              	 	 	 	 	
                28,825,000

              
	
                42

              	 	 	 	 	
                28,650,000

              
	
                43

              	 	 	 	 	
                28,475,000

              
	
                44

              	 	 	 	 	
                28,300,000

              
	
                45

              	 	 	 	 	
                28,125,000

              
	
                46

              	 	 	 	 	
                27,950,000

              
	
                47

              	 	 	 	 	
                27,775,000

              
	
                48

              	 	 	 	 	
                27,600,000

              
	
                49

              	 	 	 	 	
                27,425,000

              
	
                50

              	 	 	 	 	
                27,250,000

              
	
                51

              	 	 	 	 	
                27,075,000

              
	
                52

              	 	 	 	 	
                26,900,000

              
	
                53

              	 	 	 	 	
                26,725,000

              
	
                54

              	 	 	 	 	
                26,550,000

              
	
                55

              	 	 	 	 	
                26,375,000

              
	
                56

              	 	 	 	 	
                26,200,000

              
	
                57

              	 	 	 	 	
                26,025,000

              
	
                58

              	 	 	 	 	
                25,850,000

              
	
                59

              	 	 	 	 	
                25,675,000

              
	
                60

              	 	 	 	 	
                25,500,000

              

        

        

        Stipulated loss values are due in addition to any advance or arrears rent due on the same date.

        

          

        

        
          B-47

          
            

        

        EXHIBIT B

        NOTICE OF ASSIGNMENT OF INSURANCE

        TO:

        PLEASE TAKE NOTICE:

        (1) That by an assignment of Insurances contained in a Sub-Bareboat Charter Agreement dated as of [●] 2019 made by PCH DREAMING INC. (the
            “Sub-Charterer”) to CARGILL INTERNATIONAL SA, (together with its successors and assigns, “Head Charterer”), the Sub-Charterer has collaterally assigned to the registered owner of the Vessel (as defined below), CFT INVESTMENTS 1 LLC and its
            successors and assigns (the “Owner”) as first priority and to the Head Charterer as second priority all of the Sub-Charterer’s rights, title and
            interests in, to and under all policies and contracts of insurance, including the Sub-Charterer’s rights under all entries in any protection and indemnity or war risk association or club, which are from time to time taken out by the
            Sub-Charterer in respect of M/T “ECO MARINA DEL REY” (Hull No. 8242) with IMO 9798349 (the “Vessel”), her hull, machinery, freight,
            disbursements, profits or otherwise, and all the benefits thereof, including, without limitation, all claims of whatsoever nature arising under such policies, as well as all amounts due from underwriters under any such insurance whether as
            payment of losses, or as return premiums, or otherwise (collectively, the “Insurances”).

        (2) That you are hereby irrevocably authorized and instructed to pay from the date hereof all payments under:

        (a) all Insurances, except entries in protection and indemnity associations or clubs or insurances effected in lieu of such entries, relating to the
            Vessel in accordance with the loss payable clause in Attachment 1 to this Notice; and

        (b) all entries in protection and indemnity associations or clubs or insurances effected in lieu of such entries relating to the Vessel in
            accordance with the loss payable clause in Attachment 2 to this Notice.

        (3) That you are hereby instructed to endorse the assignment, notice of which is given to you herein, on all policies or entries relating to the
            Vessel.

         

          

        	
                PCH DREAMING INC.

              	 	
                CARGILL INTERNATIONAL SA

              
	 	 	 
	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 

        

        

        

        

        Dated as of the ____ day of [●] 2019.

        
          B-48

          
            

        

        

        

        

        

        ATTACHMENT 1

        

        

        LOSS PAYABLE AND NOTICE OF CANCELLATION CLAUSE

        

        

        
          
            	

                  	(A)	
                     Until CFT INVESTMENTS 1 LLC (together with its successors and assigns, the “Owner”) shall have notified underwriters
                        to the contrary,

                  

          

        

        
          
            	

                  	(1)	
                    Except as provided in subsection (2) of this Clause (A), any claim under the insurance policy in respect of the M/T
                        “ECO MARINA DEL REY” (Hull No. 8242) with IMO No. 9798349 (the “Vessel”) (other than in respect of a total loss), up to and including
                        the amount of United States Dollars Five Hundred Thousand (US$500,000) shall be paid:

                  

          

        

        
          
            	

                  	i.	
                    directly for the repair, salvage or other charges involved; or

                  

          

        

        
          
            	

                  	ii.	
                    if Cargill International SA (the “Charterer”)
                        shall have first fully repaired the damage or paid all of the salvage or other charges, to the Charterer as reimbursement therefor as its interests may appear; or

                  

          

        

        
          
            	

                  	iii.	
                    if PCH Dreaming Inc. (the “Sub-Charterer”)

                        shall have first fully repaired the damage or paid all of the salvage or other charges, to the Sub-Charterer as reimbursement therefor as its interests may appear,

                  

          

        

        save that, without prejudice to subsection (2) of this Clause (A), if the Charterer
            and/or the Owner has provided the insurers with notice of an Event of Default by the Sub-Charterer under the sub-bareboat charter agreement (between the Charterer and the Sub- Charterer) with respect to the Vessel, no payment shall be made to
            the Sub-Charterer under subsection (1)(iii) of this Clause (A), but instead shall be paid in accordance with subsection (1)(i) of this Clause (A) or subsection (1)(ii) of this Clause (A) only.

        
          
            	

                  	(2)	
                    Any claim in respect of a total loss, and any claim of any nature (whether on account of the loss of or damage to the
                        Vessel, on account of return premiums, or otherwise) in excess of United States Dollars Five Hundred Thousand (US$500,000) or during the continuance of an Event of Default:

                  

          

        

        
          
            	

                  	i.	
                    by the Charterer under the bareboat charter agreement (between the Owner and the Charterer) with respect to the
                        Vessel (notice of which Event of Default shall be provided by the Owner to the insurers); and/or

                  

          

        

        
          
            	

                  	ii.	
                    by the Sub-Charterer under the sub-bareboat charter agreement (between the Charterer and the Sub- Charterer) with respect to the Vessel (notice of
                        which Event of Default shall be provided by the Owner and/or the Charterer to the insurers),

                  

          

        

        shall be paid directly to the Owner or otherwise as the Owner may consent.

        
          
            	

                  	(B)	
                    The underwriters agree to advise the Owner and the Charterer:

                  

          

        

        
          
            	

                  	(1)	
                    If any insurer cancels or gives notice of cancellation of any insurance (other than war risks) or entry at least
                        fourteen (14) days before such cancellation is

                  

          

        

        

        

        
          B-49

          
            

        

        to take effect, unless the insurer cancels such insurance because of nonpayment of
            premium, in which case the insurer shall give Owner and the Charterer at least ten (10) days’ notice before such cancellation is to take effect; and

        
          
            	

                  	(2)	
                    Of any material change in the terms and conditions of the aforesaid insurance policies or non-renewal at least fourteen (14) days before such
                        change or non-renewal is to take effect.

                  

          

        

        The foregoing shall not apply to war risk insurance.

        

        

        
          B-50

          
            

        

        ATTACHMENT 2

        FORM OF LOSS PAYABLE ENDORSEMENT

        PROTECTION & INDEMNITY

        --------------

        M/T “ECO MARINA DEL REY” (Hull No. 8242) IMO No. 9798349

        Payment of any recovery to which PCH Dreaming Inc. (the “Sub-Bareboat Charterer”), is entitled to make out of
            the funds of the Association in respect of any liability, costs or expenses incurred by the Sub-Bareboat Charterer, shall be made to the Sub-Bareboat Charterer or to its order, unless and until the Association receives:

        i) subject always to paragraph ii), below, notice from CFT Investments 1 LLC (the “Owner”) and/or Cargill International SA (“Bareboat Charterer”)
            that the Sub-Bareboat Charterer is in default under the Sub-Bareboat Charter Agreement dated [●] 2019 between the Bareboat Charterer and the Sub-Bareboat Charterer respecting the Vessel, in which event all recoveries shall thereafter be paid to
            the Bareboat Charterer or to its order; provided that no liability whatsoever shall attach to the Association, its Managers or their agents for failure to comply with the latter obligation until and after the expiry of two (2) clear business
            days from the receipt of such notice;

        ii) notice from the Owner that the Bareboat Charterer is in default under the Bareboat Charter Agreement dated [●] 2019 between the Owner and the
            Bareboat Charterer respecting the Vessel, in which event all recoveries shall thereafter be paid to the Owner or to its order; provided that no liability whatsoever shall attach to the Association, its Managers or their agents for failure to
            comply with the latter obligation until and after the expiry of two (2) clear business days from the receipt of such notice.

        The Association undertakes:

        (a) to inform the Owner and the Bareboat Charterer if the Association gives the Sub-Bareboat Charterer of the above ship notice that his insurance
            in the Association in respect of such ship is to cease at the end of the then current Policy Year; and

        (b) to give the Owner and the Bareboat Charterer fourteen (14) days’ notice of the Association’s intention to cancel the insurance of the
            Sub-Bareboat Charterer by reason of this failure to pay, when due and demanded any sum due from Sub-Bareboat Charterer to the Association.

        All notices to the Owner shall be made to the following address:

        CFT Investments 1 LLC

        c/o SMBC Leasing and Finance, Inc.

        277 Park Avenue

        New York, New York 10172

        Attn: Carl Marcantonio

        
          B-51

          
            

        

        

        

        

        

        Tel: (212) 224-5278

        Email:

        cmarcantonio@smbc-lf.com

        Amickens@smbc-lf.com

        Morgan_Feuerhake@smbcgroup.com

        smbclfleaseaccountinggroup@smbclf.com

        

        

        All notices to the Bareboat Charterer shall be made to the following address:

        

        

        Cargill International SA

            14 chemin de Normandie

            1206 Geneva, Switzerland

            Tel: +41-22-703-2111

         

          

        Email: George_wells@cargill.com

               Ann_shazell@cargill.com

           Bernd_Bachmann@cargill.com

           Keith_Dawe@cargill.com

        

        

        
          B-52

          
            

        

        EXHIBIT C

        

        

        Agreed form of Time Charter

        

        

        

        

      

      

      

      
        C-1

        
          

      

      

      

      

      

      

      

      Annex 2 - Specifications

        

        

        

        

        

        

        

        

        

        

        
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                                                                                    Annex 3 – CISA
                                                                                      Payment Undertaking

                                                                                    

                                                                                    

                                                                                    

                                                                                    

                                                                                    

                                                                                    

                                                                                    

                                                                                    

                                                                                    
                                                                                      
                                                                                        

                                                                                    

                                                                                    

                                                                                    

                                                                                    [TO BE PRINTED ON HEADED
                                                                                        PAPER OF CARGILL INTERNATIONAL SA]

                                                                                    TO:
                                                                                        Alpha Bank A.E.

                                                                                    40 Stadiou Street Athens

                                                                                        Greece

                                                                                    March 2019

                                                                                    Dear Sirs,

                                                                                    Payment Letter – Hyundai Mipo Dockyard Co., Ltd. new build vessel M/T “ECO MARINA DEL REY”
                                                                                            with Hull No. 8242 and IMO No. 9798349 (“Vessel”)

                                                                                    We hereby undertake to
                                                                                        you that upon (A) receipt by us of an original of the fully executed and dated notice of re-assignment (relating to the deed of assignment dated 12 July 2018 and
                                                                                        entered into between you and PCH Dreaming Inc. (“PCH”)), such
                                                                                        notice of re-assignment in the form and on the terms set out in Appendix 1, duly executed by duly authorised representatives of Alpha Bank A.E.; and (B) the Vessel
                                                                                        being delivered to, and accepted by, CFT Investments 1 LLC, as evidenced by the timed and dated protocol of delivery and acceptance in respect of the Vessel and
                                                                                        executed by us, CFT Investments 1 LLC and PCH (the time and date set out in such protocol of delivery and acceptance, the “Time of Delivery”), we shall remit (such remittance to be irrevocable and unconditional) the sum of United
                                                                                        States Dollars Nine Million Eight Hundred and Forty Eight Thousand Two Hundred and Eighty (US$9,848,280) (the “Funds”) immediately after the Time of Delivery (provided that if the Time of Delivery falls at a time that is on a
                                                                                        day that is not a Banking Day or falls at a time that is after 2.30 pm Geneva time on a Banking Day, then we shall remit (such remittance to be irrevocable and
                                                                                        unconditional) with same day value, to you the Funds on the next Banking Day following the date on which the Time of Delivery falls), in freely available funds, free of
                                                                                        all bank charges and without set-off to you, Alpha Bank A.E., as follows:

                                                                                    	
                                                                                            Beneficiary:

                                                                                          	
                                                                                            PCH DREAMING INC.

                                                                                          
	
                                                                                            Beneficiary Bank:

                                                                                          	
                                                                                            ALPHA BANK A.E.

                                                                                          
	
                                                                                            Full address of Beneficiary Bank:

                                                                                          	
                                                                                            AKTI MIAOULI 93, 185 38 PIRAEUS

                                                                                          
	
                                                                                            SWIFT Code:

                                                                                          	
                                                                                            CRBAGRAAXXX

                                                                                          
	
                                                                                            CORRESPONDENT BANK:

                                                                                          	
                                                                                            CITIBANK N.A.

                                                                                          
	
                                                                                            Full address of correspondent bank:

                                                                                          	
                                                                                            NEW YORK, 399 Park Avenue, New York N.Y.
                                                                                                10022 U.S.A.

                                                                                          
	
                                                                                            SWIFT Code of Correspondent Bank;

                                                                                          	
                                                                                            CITIUS33XXX

                                                                                          
	 	 
	
                                                                                            IBAN:

                                                                                          	
                                                                                            GR38 0140 9600 9600 1500 6030 697

                                                                                          
	
                                                                                            Payment reference:

                                                                                          	
                                                                                            HULL NO. 8242 – IMO 9798349

                                                                                          

                                                                                    

                                                                                    

                                                                                    This letter and any
                                                                                        non-contractual obligations arising out of or in connection with it are governed by and construed in all respects in accordance with English law and the English courts
                                                                                        are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this letter or any non-contractual obligations arising out of or
                                                                                        in connection with it.

                                                                                    In this letter “Banking Day” means a day on which banks are open for business in
                                                                                        London, New York, Geneva, Athens and Piraeus.

                                                                                    Yours faithfully,

                                                                                    ................................................

                                                                                    Signed for and on behalf of
                                                                                        Cargill International SA

                                                                                    By: George Wells Title:

                                                                                    Assistant

                                                                                        Vice President

                                                                                    
                                                                                      
                                                                                        

                                                                                    

                                                                                    

                                                                                    

                                                                                    [TO BE PRINTED ON HEADED
                                                                                        PAPER OF CARGILL INTERNATIONAL SA]

                                                                                    APPENDIX

                                                                                        1 – form and terms of notice of re-assignment

                                                                                    
                                                                                      
                                                                                        

                                                                                    

                                                                                    

                                                                                    

                                                                                    EXECUTION PAGE — ADDENDUM NO. 1 TO MOA IN RESPECT OF HULL NO. 8242 DATED 29 JUNE 2018

                                                                                    

                                                                                    

                                                                                    For and on behalf of

                                                                                    Cargill
                                                                                        International SA

                                                                                    By:  /s/ Keith Dawe

                                                                                    Name:  Keith Dawe

                                                                                    Title: Proxy Holder

                                                                                    

                                                                                    

                                                                                    

                                                                                    

                                                                                    For and on behalf of

                                                                                    PCH Dreaming Inc.

                                                                                    By:  /s/ Dimitra S. Karkaletsi

                                                                                    Name:  Dimitra S. Karkaletsi

                                                                                    Title:  Attorney-in-fact

                                                                                    

                                                                                    

                                                                                    

                                                                                    

                                                                                    For and on behalf of

                                                                                    Top Ships Inc.

                                                                                    By:  /s/ Dimitra S. Karkaletsi

                                                                                    Name:  Dimitra S. Karkaletsi

                                                                                    Title:  Attorney-in-fact

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]