Document:

Exhibit 4.5

   

  Private & confidential

   

  	THIS IS AN IMPORTANT DOCUMENT. YOU SHOULD TAKE INDEPENDENT LEGAL ADVICE BEFORE
              SIGNING AND SIGN ONLY IF YOU WANT TO BE LEGALLY BOUND.  IF YOU SIGN AND THE LENDER IS NOT PAID, YOU MAY HAVE TO PAY INSTEAD OF THE BORROWERS.  YOUR LIABILITY WILL BE AS PROVIDED IN CLAUSE 2.1.

  

   

  Dated:                          . 2022

   

  TORO CORP.

   

  - and -

   

  ALPHA BANK S.A.

   

  	
          
          
             

          

          
           

          CORPORATE GUARANTEE

           

          in respect of the obligations of

          Gamora Shipping Co. and Rocket Shipping Co., under a Loan
            Agreement dated 27th April, 2021 (as amended) for a secured loan facility of up to US$18,000,000

           

          
          
             

          

           

   

  

  

  Theo V. Sioufas & Co.

  Law Offices

  Piraeus

   

  
     

    
      
 

  

   

  TABLE OF CONTENTS

   

  	CLAUSE	HEADINGS	PAGE

   

  

   

  	 	1.	INTERPRETATION	1
	 	 	 	 
	 	2.	GUARANTEE	3
	 	 	 	 
	 	3.	PAYMENTS	9
	 	 	 	 
	 	4.	REPRESENTATIONS AND WARRANTIES	11
	 	 	 	 
	 	5.	UNDERTAKINGS	15
	 	 	 	 
	 	6.	SET-OFF	20
	 	 	 	 
	 	7.	ASSIGNMENT	20
	 	 	 	 
	 	8.	EXPENSES	22
	 	 	 	 
	 	9.	FURTHER ASSURANCE	22
	 	 	 	 
	 	10.	MISCELLANEOUS	22
	 	 	 	 
	 	11.	NOTICES AND DEMANDS	24
	 	 	 	 
	 	12.	LAW AND JURISDICTION	26
	 	 	 	 
	 	APPENDIX	 
	 	 	 
	 	“A” Copy of the execution form of the Loan Agreement	 

   

  
     

    
      
 

  

  
   

  THIS GUARANTEE is made this ........... day of .............., 2022

   

  BETWEEN:

   

  		(1)	TORO CORP., a company duly incorporated and validly existing under the laws of the Republic of the Marshall Islands, having its registered address at Trust Company
          Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (hereinafter called the “Guarantor”, which expression shall include its successors); and

   

  		(2)	ALPHA BANK S.A., a banking société anonyme incorporated in and pursuant to the laws of the Hellenic Republic with its head office at 40 Stadiou Street, Athens GR 102 52, Greece, acting through its office at 93
          Akti Miaouli, Piraeus, Greece (hereinafter called the “Lender”, which expression shall include its successors and assigns).

   

  WHEREAS:

   

  		(A)	Gamora Shipping Co., of the Marshall Islands and Rocket Shipping Co., of the Marshall Islands, as joint and several
          borrowers (the “Borrowers”) and (ii) the Lender, as lender, have entered into a Loan Agreement dated 27th April, 2021 (the “Principal Agreement”)

          as amended and supplemented by a first supplemental agreement dated ...           ....... 2022 (a copy of execution form of which has been received by the Guarantor, is attached hereto as Appendix ‘A’ and is made an integral part hereof)
          (hereinafter called the “First Supplemental Agreement”) (the Principal Agreement together with the First supplemental agreement and as the same may from time to time be amended and/or supplemented is hereinafter called the “Loan

              Agreement”) pursuant to which the Lender agreed, under the terms and conditions contained therein, to make and available to the Borrowers a secured floating interest rate loan facility in the amount of United States Dollars Eighteen
          million ($18,000,000) (the “Loan”) for the purposes referred to therein;

   

  		(B)	pursuant to the First Supplemental Agreement, it is a condition precedent to the Lender agreeing to amend the Principal Agreement as provided in the First Supplemental Agreement and maintaining the Loan available to
          the Borrowers, as joint and several borrowers, that the Guarantor shall execute and deliver to the Lender this Guarantee which is the ‘New Corporate Guarantee’ referred to in the First Supplemental Agreement and the Guarantor has agreed to
          execute this Guarantee in consideration of the Lender agreeing, at the request of the Borrowers, to to amend the Principal Agreement as provided in the First Supplemental Agreement and to maintain the Loan available to the Borrowers, as joint and
          several borrowers, and for other valuable consideration provided by the Lender (the sufficiency of which the Guarantor hereby acknowledges); and

   

  		(C)	this Guarantee is given by the Guarantor in favour of the Lender by way of security for all monies now or hereafter due or payable by the Borrowers to the Lender under or pursuant to the Loan Agreement and the other
          Finance Documents.

   

  NOW IT IS HEREBY WITNESSED AND AGREED as follows:

   

  		1.	INTERPRETATION

   

  		1.1	Defined expressions

   

  Words and expressions defined in the Loan Agreement and not otherwise defined in this Guarantee shall have the same meanings when used herein and the
    Guarantor hereby declares its familiarity with the terms and conditions of the Loan Agreement.

   

  
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  		1.2	Additional definitions 

   

  In this Guarantee, unless the context otherwise requires:

   

  “Guarantee” includes each separate or independent stipulation or agreement by the Guarantor contained in this Guarantee;

   

  “Guaranteed Liabilities” means all moneys, obligations and liabilities expressed to be guaranteed by the Guarantor in Clause 2.1 (Guarantee

        to pay and perform);

   

  “Incapacity” means, in relation to a person, the death, bankruptcy, unsoundness of mind, insolvency, liquidation, dissolution, winding-up,
    administration, receivership, or other incapacity of that person whatsoever (and, in the case of a partnership, includes the termination of the partnership); and

   

  “Spin-Off” means the transfer of the shares of (inter alia) the Borrowers to the Guarantor and the subsequent listing of the New
    Corporate Guarantor’s common shares on the Nasdaq Capital Market;

   

  “Relevant Jurisdiction” means any jurisdiction in which or where the Guarantor is resident, domiciled, has a permanent establishment, carries
    on, or has a place of business or is otherwise effectively connected.

   

  		1.3	Headings

   

  Clause headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Guarantee.

   

  		1.4	Construction of certain terms

   

  In this Guarantee, unless the context otherwise requires:

   

  		(a)	reference to this Guarantee includes all the terms of this Guarantee and the appendices hereto and references to clauses and the appendices hereto are to be construed as references to the Clauses of, and the
          appendices to, this Guarantee;

   

  		(b)	reference to Clauses, Sub-Clauses, Annexes or Appendices and Schedules are to Clauses, Sub-Clauses, Annexes or Appendices and Schedules of this Guarantee and references to this Guarantee include the Appendix or
          Appendices hereto;

   

  		(c)	references to (or to any specified provision of) this Guarantee or any other document shall be construed as references to this Guarantee, that provision or that document as in force for the time being and as amended from time to time in
          accordance with the terms thereof, or, as the case may be, with the agreement of the relevant parties;

   

  		(d)	where the context so admits, words in the singular include the plural and vice versa;

   

  		(e)	references to a time of day are to London time;

   

  		(f)	reference to the opinion of the Lender or a determination or acceptance by the Lender or to documents, acts, or persons acceptable or satisfactory to the Lender or the like shall, save as otherwise provided, be construed as reference to the
          reasonable opinion, determination, acceptance or satisfaction of the Lender at the sole discretion of the Lender and such opinion, determination, acceptance or satisfaction of the Lender shall be conclusive and binding on the Guarantor even if
          not expressly so spelled out in the particular Clause save for manifest error;

   

  
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  		(g)	subject to any specific provision of the Loan Agreement and this Guarantee, reference to each of the parties hereto and to the other Finance Documents shall be deemed to be reference to and/to or include, as appropriate, their respective
          successors and permitted assigns;

   

  		(h)	references to a person shall be construed as including references to an individual, firm, company, corporation, unincorporated body of persons or any Government Entity;

   

  		(i)	this Guarantee and all documents referred to in this Guarantee include the same as varied and/or amended and/or supplemented from time to time;

   

  		(j)	all obligations imposed on, or assumed by the Guarantor and any other guarantor are joint and several even if not so expressed;

   

  		(k)	reference to “any other guarantor” means any person which has guaranteed or at any time may guarantee the obligations of the Borrowers under the Loan Agreement;

   

  		(l)	references to a “guarantee” include references to an indemnity or other assurance against financial loss including, without limitation, an obligation to purchase assets or services as a consequence of a default by any other person to
          pay any Financial Indebtedness and “guaranteed” shall be construed accordingly; and

   

  		(m)	references to any law or enactment, amended or extended shall be deemed to include reference to such enactment as re-enacted, amended or extended.

   

  		2.	GUARANTEE

   

  		2.1	Guarantee to pay and perform

   

  		(a)	In consideration of the Lender agreeing to to amend the Principal Agreement as provided in the First Supplemental Agreement and to maintain available to the Borrowers, as joint and
            several borrowers, the Loan pursuant to the terms and conditions of the Loan Agreement and other good and valuable consideration (the receipt and adequacy whereof the Guarantor hereby acknowledges), the Guarantor, as primary obligor and not as
            surety only and waiving all the rights, exceptions and objections granted by any applicable law to the Guarantor, jointly and severally with any other guarantor, hereby irrevocably and unconditionally:

   

  		(i)	guarantees to the Lender the full, complete, due, prompt and punctual performance, observance of and compliance by the Borrowers with all their respective obligations under the Loan
            Agreement and the other Finance Documents and the due and punctual payment to the Lender on the due date of all sums payable now or in the future by the Borrowers under the Loan Agreement and the other Finance Documents as and when the same
            shall become due (or, in the case of sums expressed to be payable by the Borrowers on demand (whether following acceleration or otherwise), within three (3) Banking Days of demand by the Lender); and

   

  
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  		(ii)	undertakes with the Lender that if and whenever the Borrowers fail to make payment when due of any sum whatsoever under the Loan Agreement and/or the other Finance Documents, the
            Guarantor shall, within three (3) Banking Days of demand, pay all sums in respect of which default has been made in accordance with the provisions of the Loan Agreement (including, without limitation interest to the date of payment at the rate
            specified in Clause 3.4 (Default interest) of the Loan Agreement in respect of which an amount has become due and remains unpaid and all other charges and Expenses (including documented legal and other costs on a full indemnity
            basis); and

   

  		(iii)	undertakes with the Lender that if and whenever the Borrowers shall be in default in the performance of any of its obligations whatsoever under or in connection with the Loan
            Agreement and the other Finance Documents (or any of them) to which each Borrower is a party, the Guarantor will perform such obligations on demand.

   

  		(b)	The liability of the Guarantor shall be to pay to the Lender the full amount from time to time owing to the Lender by the Borrowers under the Loan Agreement and/or the other Finance
            Documents and the Guarantor confirms and agrees (without prejudice to Clause 2.3 (Liability unconditional) Clause 2.4 (Obligations unaffected) of this Guarantee) that the liability of the Guarantor hereunder
            shall not be discharged or diminished by any failure by any other guarantor to execute its or his/her guarantee or any release by the Lender of any other guarantor from its obligations thereunder.

   

  		2.2	Statements of account conclusive

   

  The Guarantor expressly agrees and admits that abstracts or photocopies of the books of the Lender as
      well as statements of accounts or certificates signed by an authorised officer of the Lender shall (save for manifest error) be conclusive, binding and full evidence on the Guarantor as to the existence and/or the amount of the at any time
      Outstanding Indebtedness, under the Loan Agreement and/or the other Finance Documents, the applicable interest rate or Default Rate, or any other rate provided for or referred to in the Loan Agreement, the Interest Period, the value of additional
      securities (to be calculated in accordance with the respective provisions of the Loan Agreement), the payment or non-payment of any amount due under the Loan Agreement and/or the other Finance Documents.

   

  		2.3	Liability unconditional

   

  The Guarantor shall not be exonerated and its liability hereunder shall not be lessened or impaired and
      the Guarantor shall not be exonerated by any time, indulgence or relief being given by the Lender to the Borrowers, any other guarantor or any other person, by any amendment of or supplement to the Loan Agreement or any of the Security Documents or
      any other document, by the taking, variation, compromise, renewal or release of or refusal or neglect to perfect or enforce any right, remedies or securities against the Borrowers, the Guarantor or any other person or by anything done or omitted
      which but for this provision might operate to exonerate the Guarantor.

   

  
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  		2.4	Obligations unaffected

   

  The obligations of the Guarantor hereunder shall not be affected by any legal limitation, disability,
      incapability (including without limitation death, unsoundness of mind, bankruptcy, administration, receivership, liquidation and dissolution) or other circumstances relating to the Borrowers, any other guarantor or any other person, whether known or
      not to the Lender, by any invalidity in or irregularity or unenforceability of the obligations of the Borrowers, any other guarantor or any other person under the Loan Agreement or any of the other Finance Documents or otherwise or by any change in
      the constitution of, or any amalgamation or reconstruction of the Borrowers, any other guarantor, the Lender or any other person.

   

  		2.5	Lender’s right to enforce security

   

  The Guarantor hereby waives all rights the Guarantor may have of first requiring the Lender to proceed
      against or enforce any guarantee or security of, or claim payment from, the Borrowers or any other person before enforcing this Guarantee and no action taken or omitted by the Lender in connection with any other guarantee or security or other means
      of payment in respect of the Borrowers’ obligations under the Loan Agreement shall discharge, reduce, prejudice or affect the liability of the Guarantor under this Guarantee.

   

  		2.6	No right of subrogation and indemnity

   

  		(a)	Until all the Guaranteed Liabilities have been paid, discharged or satisfied in full (and notwithstanding payment of a dividend in any liquidation or under any compromise or arrangement) the Guarantor agrees that,
          without the prior written consent of the Lender, it will not exercise:

   

  		(i)	its rights of subrogation, reimbursement and indemnity against the Borrowers (or either of them) or any other person liable;

   

  		(ii)	any right to object to any payment to the Lender resulting from any counter claim which the Guarantor might have against the Lender;

   

  		(iii)	any right to object to any payment, as a result of errors or omissions made by the Lender, which caused the Guarantor to lose any right or recourse against the Borrowers (or either of them) or any third party; and

   

  		(iv)	any other right, benefit or privilege which the Guarantor has under the law and is subject to waiver.

   

  The Guarantor shall not have, as regards this Guarantee, any of the rights and defences of a surety.

   

  		2.7	Settlements conditional

   

  Any release settlement or discharge between the Lender and the Guarantor shall be conditional upon no
      security or payment to the Lender by the Borrowers (or either of them) or any other guarantor or any other person being avoided or set aside or ordered to be refunded or reduced by virtue of any provision or enactment relating to bankruptcy,
      insolvency or liquidation for the time being in force or for any other reason whatsoever and the Lender shall be entitled to recover from the Guarantor the value which the Lender has placed upon such security or the amount of any such payment as if
      such settlement or discharge had not occurred and any such payment has not been made.

   

  
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  		2.8	Interest

   

  The Guarantor agrees to pay interest (to the extent that such interest is not paid by the Borrowers) from
      the date upon which the Borrowers fail to make payment under the Loan Agreement or any of the other Finance Documents (or, if earlier, from the date when the legal liability of the Borrowers to pay interest under the Loan Agreement ceased by reason
      of provisions or enactments relating to bankruptcy, insolvency, liquidation or otherwise) until payment has been effected in full of all moneys, obligations and liabilities hereby guaranteed, such interest to be payable before and after judgment at
      the default rate of interest described in Clause 3.4 (Default interest) of the Loan Agreement (the “Default Rate”). Such interest payment shall – unless the demanded amount already includes interest at the
    Default Rate - be compounded semi-annually in the event of the demanded amount not being paid by the Guarantor within five (5) Banking Days after receipt by the Guarantor of the Lender’s written demand under this Guarantee and shall be payable on
    demand.

   

  		2.9	Continuing security and other matters

   

  This Guarantee shall:

   

  		(a)	secure the ultimate balance from time to time owing to the Lender by the Borrowers and shall be a continuing security, notwithstanding any settlement of account or other matter whatsoever;

   

  		(b)	be in addition to any present or future Collateral Instrument, right or remedy held by or available to the Lender; and

   

  		(c)	not be in any way prejudiced or affected by the existence of any such Collateral Instrument, rights or remedies or by the same becoming wholly or in part void, voidable or
            unenforceable on any ground whatsoever or by the Lender and/or the Lenders dealing with, exchanging, varying or failing to perfect or enforce any of the same or giving time for payment or indulgence or compounding with any other person liable.

   

  		2.10	Liability unconditional

   

  The liability of the Guarantor shall not be affected nor shall this Guarantee be discharged or reduced by reason of:

   

  		(a)	the Incapacity or any change in the name, style or constitution of the Borrowers (or any of them) or any other person liable;

   

  		(b)	the Lender granting any time, indulgence or concession to, or compounding with, discharging, releasing or varying the liability of, the Borrowers (or any of them) or any other person liable or renewing, determining,
          varying or increasing any accommodation, facility or transaction or otherwise dealing with the same in any manner whatsoever or concurring in, accepting or varying any compromise, arrangement or settlement or omitting to claim or enforce payment
          from the Borrowers (or any of them) or any other person liable; or

   

  		(c)	any act or omission which would not have discharged or affected the liability of the Guarantor had it been a principal debtor instead of a guarantor or by anything done or omitted
            which but for this provision might operate to exonerate the Guarantor.

   

  		2.11	Collateral Instruments

   

  The Lender shall not be obliged to resort to any Collateral Instrument or other means of payment now or
      hereafter held by or available to them or it before enforcing this Guarantee and no action taken or omitted by the Lender in connection with any such Collateral Instrument or other means of payment shall discharge, reduce, prejudice or affect the
      liability of the Guarantor under this Guarantee.

   

  
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  		2.12	Waiver of Guarantor’s rights

   

  		(a)	Until all the Guaranteed Liabilities have been paid, discharged or satisfied in full (and notwithstanding payment of a dividend in any liquidation or under any compromise or arrangement) the Guarantor agrees that,
          without the prior written consent of the Lender, it will not:

   

  		(i)	exercise its rights of subrogation, reimbursement and indemnity against the Borrowers (or any of them) or any other person liable;

   

  		(ii)	demand or accept repayment in whole or in part of any indebtedness now or hereafter due to the Guarantor from the Borrowers (or any of them) or from any other person liable or demand or accept any Collateral
          Instrument in respect of the same or dispose of the same;

   

  		(iii)	take any step to enforce any right against the Borrowers (or any of them) or any other person liable in respect of any Guaranteed Liabilities; or

   

  		(iv)	claim any set-off or counterclaim against the Borrowers (or any of them) or any other person liable or claim or prove in competition with the Lender in the liquidation of the Borrowers (or any of them) or any other
          person liable or have the benefit of, or share in, any payment from or composition with, the Borrowers (or any of them) or any other person liable or any other Collateral Instrument now or hereafter held by the Lender and/or the Lenders for any
          Guaranteed Liabilities or for the obligations or liabilities of any other person liable but so that, if so directed by the Lender and/or the Lenders, it will prove for the whole or any part of its claim in the liquidation of the Borrowers (or any
          of them) or any other person liable on terms that the benefit of such proof and of all money received by it in respect thereof shall be held on trust for the Lender and applied in or towards discharge of the Guaranteed Liabilities in such manner
          as the Lender shall deem appropriate.

   

  The Guarantor shall not have, as regards this Guarantee, any of the rights and defences of a surety.

   

  		(b)	Without prejudice to the generality of any waivers included in the preceding Clauses the Guarantor hereby specifically waives without reservation, absolutely and unconditionally:

   

  		(i)	the benefit of discussion and any other rights, benefits or privileges granted to the Guarantor by any applicable law;

   

  		(ii)	any right to object to any payment to the Lender resulting from any counter claim which the Guarantor might have against the Lender; and

   

  		(iii)	any other right, benefit or privilege which the Guarantor has under the law and it subject to waiver.

   

  
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  		2.13	Suspense account

   

  The Lender may, for the purpose of claiming or proving in a bankruptcy of the Borrowers (or any of them)
      or any other Security Party, place any sum received or recovered under or by virtue of this Guarantee or any Security Interest connected with it on a separate suspense or other nominal account without applying it in satisfaction of the Borrowers’
      obligations under the Loan Agreement.

   

  		2.14	No security taken by Guarantor

   

  The Guarantor has not taken or received, and the Guarantor hereby undertakes that until all monies,
      obligations and liabilities due, owing or incurred by the Borrowers under the Loan Agreement and the other Finance Documents have been paid in full, the Guarantor will not take or receive, any security or lien from the Borrowers (or either of them)
      or any other person in respect of the granting of this Guarantee or for any liability whatsoever.

   

  		2.15	Indemnity

   

  In addition to the obligations of the Guarantor under Clause 2.1 (Guarantee to pay and perform)
      and separate therefrom, the Guarantor irrevocably agrees to indemnify and keep the Lender indemnified forthwith upon demand against any loss of whatsoever kind resulting from the failure by the Borrowers (or either of them) to make when stated to be
      due any payment due to the Lender or to perform when due any other obligation under or in respect of the Loan Agreement, the Finance Documents or any of them, whether or not the Lender has attempted to enforce any right against the Borrower. Without
      prejudice to the generality of the foregoing, such loss shall include the total amount of all those amounts (to the extent to which the Lender shall not already have received them) as are expressed to fall within the obligations of the Guarantor
      under Clause 2.1 (Guarantee to pay and perform).

   

  		2.16	Admission of debt binding

   

  Any admission of debt by the Borrowers (or either of them) will be binding automatically on the
      Guarantor.

   

  		2.17	Invalidity

   

  As a separate and independent stipulation, the Guarantor agrees that if any purported obligation or
      liability of the Borrowers (or either of them) which would have been the subject of this Guarantee had it been valid and enforceable is not or ceases to be valid or enforceable against the Borrowers (or either of them) on any ground whatsoever
      whether or not known to the Lender (including, without limitation, any irregular exercise or absence of any corporate power or lack of authority of, or breach of duty by, any person purporting to act on behalf of any of the Borrowers or any legal or
      other limitation, whether under the Limitation Acts or otherwise or any disability or Incapacity or any change in the constitution of the Borrowers (or either of them)) the Guarantor shall, nevertheless, be liable to the Lender in respect of the
      purported obligation or liability as if the same were fully valid and enforceable and the Guarantor were the principal debtor in respect thereof. The Guarantor hereby agrees to keep the Lender fully indemnified on demand against all damages, losses,
      costs, and expenses arising from any failure of the Borrowers (or either of them) to perform or discharge any such purported obligation or liability.

   

  		2.18	Guarantor to deliver up certain property

   

  If, contrary to this Guarantee, the Guarantor takes or receives the benefit of any security or receives
      or recovers any money or other property, such security, money or other property shall be held on trust for the Lender and shall be delivered to the Lender on demand.

   

  
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  		2.19	Guarantor bound

   

  The Guarantor agrees to be bound by this Guarantee notwithstanding that any other person intended to
      execute or to be bound by any other guarantee or assurance under or pursuant to the Loan Agreement may not do so or may not be effectual bound and notwithstanding that such other guarantee or assurance may be determined or be or become invalid or
      unenforceable against any other person, whether or not the deficiency is known to the Lender.

   

  		2.20	Judgments relating to Loan Agreement

   

  This Guarantee shall cover any amount payable by the Borrowers (or any of them) under or in connection
      with any judgment relating to the Loan Agreement and any other Finance Document.

   

  		2.21	No limit on number of demands

   

  The Lender may serve more than one demand under clause 2.1 (Guarantee to pay and perform).

   

  		2.22	Release of this Guarantee

   

  This Guarantee shall terminate and be cancelled upon the receipt by the Lender of all amounts due or to
      become due to it hereunder in accordance with the terms hereof, whereupon the Guarantor shall be fully released from any and all of its obligations hereunder, the Loan Agreement and the other Finance Documents and the Lender shall execute, at the
      Guarantor’s cost and request, a deed of release of the Guarantor.

   

  		3.	PAYMENTS

   

  		3.1	Payments

   

  All payments to be made by the Guarantor to the Lender under this Guarantee shall be made pursuant to
      Clause 5 (Payments, Taxes and computation) of the Loan Agreement.

   

  		3.2	Banking Days

   

  All payments due shall be made on a Banking Day. If the due date for payment falls on a day which is not
      a Banking Day, that payment due shall be made on the first Banking Day thereafter, provided that this falls in the same calendar month. If it does not, payments shall fall due and be made on the last Banking Day before the said due date.
      Payment shall be made to the account which the Lender shall designate.

   

  		3.3	No set-off or counterclaim

   

  All payments to be made by the Guarantor under any of the Finance Documents shall be made without
      any set-off or counterclaim whatsoever, and free and clear of, and without withholding or deduction now or hereafter, Taxes or withholdings and any restrictions or conditions resulting in any charge whatsoever imposed, either now or hereafter, by any
      sovereign state or by any political sub-division or taxing authority of any sovereign state or any other deductions or withholdings (collectively referred to below as “Governmental Withholdings”).

   

  
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  		3.4	Grossing up for Taxes

   

  If at any time any law, regulation, regulatory requirement or requirement of any governmental authority,
      monetary agency, central bank or the like compels the Guarantor to make payment subject to Governmental Withholdings, or any other deduction or withholding, the Guarantor shall in addition pay to the Lender on the due date for payment such additional
      amounts as may be necessary to ensure that there will be received by the Lender (and retained by it, free from any liability in respect of any Governmental Withholdings or any other deduction or withholding) a net amount equal to the full amount
      which would have been received had payment not been made subject to such Governmental Withholdings or other deduction or withholding. The Guarantor shall indemnify the Lender against any losses or costs incurred by the Lender by reason of any failure
      of the Guarantor to make any such Governmental Withholdings or other deduction or withholding or by reason of any increased payment not being made on the due date for such payment. The Guarantor shall, not later than 30 days after such deduction,
      withholding or payment of any Governmental Withholdings, forward to the Lender official receipts and any other documentary receipts any other documentary evidence reasonably required by the Lender in respect of the payment of any Governmental
      Withholdings or other deduction or withholding.

   

  		3.5	Tax credit

   

  If, following any such deduction or withholding as is referred to in Clause 3.4 (Grossing up for
          Taxes) from any payment by the Guarantor, the Lender shall receive or be granted a credit against or remission for any Taxes payable by it, the Lender shall, subject to the Guarantor having made any increased payment in accordance with
      Clause 3.4 (Grossing up for Taxes), reimburse the Guarantor with such amount as the Lender shall certify to be the proportion of such credit or remission as will leave the Lender (after such reimbursement) in no worse position than it
      would have been in had there been no such deduction or withholding from the payment by the Guarantor as aforesaid. Such reimbursement shall be made forthwith upon the Lender certifying that the amount of such credit or remission has been received by
      it. Nothing contained in this Guarantee shall oblige the Lender to rearrange its tax affairs or to disclose any information regarding its tax affairs and computations.

   

  		3.6	Currency indemnity

   

  If any sum due from the Guarantor under this Guarantee or any order or judgment given or made in relation
      hereto has to be converted from the currency (the “first currency”) in which the same is payable under this Guarantee or under such order or judgment into another currency (the “second currency”) for the purpose of (i) making or
      filing a claim or proof against the Borrowers, or as the case may be, the Guarantor, or (ii) obtaining an order or judgment in any court or other tribunal or (iii) enforcing any order or judgment given or made in relation to this Guarantee the
      Guarantor undertakes to indemnify and hold harmless the Lender from and against any loss suffered as a result of any difference between (a) the rate of exchange used for such purpose to convert the sum in question from the first currency into the
      second currency and (b) the rate or rates of exchange at which the Lender may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such
      order, judgments, claim or proof. Any amount due from the Guarantor under this Clause 3.6 shall be due as a separate debt and shall not be affected by judgment being obtained for any other sums due under or in respect of the Loan Agreement or any of
      the Security Documents and the term “rate of exchange” includes any premium and costs of exchange payable in connection with the purchase of the first currency with the second currency.

   

  
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  		4.	REPRESENTATIONS AND WARRANTIES

   

  		4.1	Representations and warranties

   

  The Guarantor hereby represents and warrants to the Lender that:

   

  		(a)	Due incorporation: the Guarantor is a corporation duly incorporated and validly existing in good standing under the laws of the Republic of the Marshall Islands, as a Marshall Islands corporation and has power
          to carry on its business as it is now being lawfully conducted and to own its property and other assets;

   

  		(b)	Corporate power to guarantee: the Guarantor has power to execute, deliver and perform its obligations under this Guarantee; all necessary corporate, shareholder and other action has been taken to authorise the
          execution, delivery and performance of the same and no limitation on the powers of the Guarantor to borrow or give guarantees will be exceeded as a result of this Guarantee;

   

  		(c)	No default under other Financial Indebtedness: the Guarantor is not in default under any agreement to which it is a party or by which it may be bound relating to Financial Indebtedness of an amount exceeding
          Dollars One million two hundred fifty thousand ($1,250,000) nor any Event of Default relating to the Guarantor (or event which, with the giving of notice and/or lapse of time or other applicable condition might constitute an Event of Default
          relating to the Guarantor) has occurred and is continuing and nor will such a default or Event of Default (or such event) result from the entry by the Guarantor into this Guarantee or the performance by the Guarantor of any of its obligations
          under this Guarantee;

   

  		(d)	Binding obligations: this Guarantee and each of the other Finance Documents to which the Guarantor is or is to be a party constitutes valid and legally binding obligations of the Guarantor enforceable against
          the Guarantor in accordance with its terms and conditions, and that there are no other agreements or arrangements which may adversely affect or conflict with the Loan Agreement, this Guarantee and the other Security Documents or the security
          thereby created;

   

  		(e)	No conflict with other obligations: the execution and delivery of, the performance of its obligations under, and compliance with the provisions of, this Guarantee by the Guarantor will not (i) contravene any
          existing applicable law, statute, rule or regulation or any judgment, decree or permit to which the Guarantor is subject, (ii) conflict with, or result in any breach of any of the terms of, or constitute a default under, any agreement or other
          instrument to which the Guarantor is a party or is subject or by which it or any of its property is bound, (iii) contravene or conflict with any provision of the Guarantor’s Articles of Incorporation and By-Laws or (iv) result in the creation or
          imposition of or oblige the Guarantor to create any Security Interest (other than a Permitted Security Interest) on any of the Guarantor’s undertakings, assets, rights or revenues;

   

  		(f)	No litigation: no action, suit, proceeding, litigation, arbitration, tax claim or administrative proceeding or dispute against the Guarantor relating to sums exceeding United States Dollars One million two
          hundred fifty thousand ($1,250,000) is presently taking place or pending or to its knowledge threatened nor is there subsisting any judgment or award given against the Guarantor before any court, board of arbitration or other body which, in
          either case, if adversely determined, would result in a material adverse change in the business or financial condition of the Guarantor;

   

  
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  		(g)	No filings required: it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of this Guarantee and each of the other Finance Documents to which the Guarantor is or is
          to be a party that it or any other instrument be notarised, filed, recorded, registered or enrolled in any court, public office or elsewhere in any Relevant Jurisdiction or that any stamp, registration or similar tax or charge be paid in any
          Relevant Jurisdiction on or in relation to this Guarantee or any of the other Finance Documents to which the Guarantor is or is to be a party and this Guarantee and each of the other Finance Documents to which the Guarantor is or is to be a party
          is in proper form for its enforcement in the courts of each Relevant Jurisdiction;

   

  		(h)	Choice of law: the choice by the Guarantor of English law to govern this Guarantee and the submission by the Guarantor to the non-exclusive jurisdiction of the English courts is valid and binding;

   

  		(i)	No immunity: neither the Guarantor nor any of its assets is entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit,
          attachment prior to judgment, execution or other enforcement);

   

  		(j)	Consents obtained: every consent, authorisation, licence or approval of, or registration with or declaration to, governmental or public bodies or authorities or courts required by the Guarantor to authorise,
          or required by the Guarantor in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of this Guarantee and each of the other Finance Documents to which the Guarantor is or is to be a party or the
          performance by the Guarantor of its obligations under this Guarantee and each of the other Finance Documents to which the Guarantor is or is to be a party has been obtained or made and is in full force and effect and there has been no default in
          the observance of the conditions or restrictions (if any) imposed in, or in connection with, any of the same;

   

  		(k)	Information: all financial and other information, accounts, statements of financial position, exhibits and reports furnished by or on behalf of any Security Party to the
            Lender in connection with the negotiation and preparation of the Loan Agreement, this Guarantee and each of the other Security Documents are true and accurate in all material respects and not misleading, do not omit material facts and all
            reasonable enquiries have been made to verify the facts and statements contained therein; there are no other facts the omission of which would make any fact or statement therein misleading and, in the case of accounts and statements of
            financial position, have been prepared in accordance with generally accepted accounting principles which have been consistently applied;

   

  		(l)	Payments: all payments made or to be made by the Guarantor under or pursuant to this Guarantee may be free and clear of, and without deduction or withholding for or on account of, any Taxes;

   

  		(m)	Commercial Benefit: the giving of this Guarantee by the Guarantor is to the commercial benefit of the Guarantor in that each Borrower is a 100% owned Subsidiary of the
            Guarantor and that by lending its support to the Borrowers through this Guarantee it furthers its own business interests within the scope of its constitutional documents;

   

  
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  		(n)	No Taxes: no Taxes are imposed by deduction, withholding or otherwise on any payment to be made by the Guarantor under this Guarantee or any of the Security Documents to which the Guarantor is or is to be a
          party or are imposed on or by virtue of the execution or delivery by the Guarantor of this Guarantee or any document or instrument to be executed or delivered under this Guarantee or any of the Security Documents to which the Guarantor is or is
          to be a party;

   

  		(o)	No Money Laundering: the Guarantor will not, to the extent applicable, in connection with this Guarantee, contravene, or permit any subsidiary to contravene, any law, official requirement or other regulatory
          measure or procedure implemented to combat “money laundering” (as defined in Article 1 of the Directive 2005/60/EC of the European Parliament and of the Council of the European Union of 26 October, 2005) and comparable United States Federal and
          state laws;

   

  		(p)	Principal place of business: maintain its place of business, and keep its corporate documents and records, at the address referred to in Clause 12.1 (Notices); and will not establish, or do
          anything as a result of which it would be deemed to have, a place of business in the United Kingdom or the United States of America; and

   

  		(a)	Guarantor fully familiar: all the terms and provisions of the Loan Agreement and the other Finance Documents have been perused by the Guarantor and the Guarantor is fully familiar with and agrees to all the provisions of the Loan
          Agreement and the other Finance Documents;

   

  		(q)	Independent legal advice: the Guarantor has read and understood the provisions of this Guarantee and has taken independent legal advice as to the effect hereof and, in
            particular, the Guarantor understands that failure to comply with this Guarantee may result in the Guarantor’s assets being seized and/or personal bankruptcy of the Guarantor;

   

  		(r)	No waiver: no oral or written statement has been made by or on behalf of the Lender which could be construed as a waiver of any provisions of this Guarantee or a statement of
            intention not to enforce the same in accordance with its terms;

   

  		(s)	No Material Adverse Change: no Material Adverse Change has occurred in any of the Borrowers, the Guarantor and the other Security Parties;

   

  		(t)	Full power: the Guarantor has full power to enter into and perform its obligations under this Guarantee;

   

  		(u)	Pari passu: without prejudice to Clause 5.2 (Negative Undertakings):

   

  		(i)	the obligations of the Guarantor under this Guarantee and each of the Security Documents to which the Guarantor is or is to be a party are direct, general and unconditional obligations of the Guarantor and rank at
          least pari passu with all other present and future unsecured and unsubordinated Financial Indebtedness of the Guarantor except for obligations which are mandatorily preferred by operation of law and not by contract; and

   

  		(ii)	any Financial Indebtedness of the Guarantor owing to any of its shareholders, directors or other members of the group of companies owned and/or controlled by the same beneficial
            shareholder(s) as the Borrowers is subordinated in all respects to the Guarantor’s obligations under this Guarantee;

   

  
    13 

    
      
 

  

   

  		(v)	No Security Interests: none of the assets of the Guarantor is subject to any Encumbrance except as disclosed in writing to the Lender on or prior to the date of this
            Guarantee;

   

  		(w)	Listed company: after the occurrence of the Spin-Off, the Guarantor shall be listed on the NASDAQ Capital Market;

   

  		(x)	Control: after the occurrence of the Spin-Off (i) each Borrower shall become a wholly-owned Subsidiary of the Guarantor (ii) Mr. Petros Panagiotidis shall be the Chief
            Executive Officer and Chief Financial Officer of the Guarantor and shall control either directly or indirectly no less than 5% of the Series B Preferred Shares of the Guarantor with super voting rights ;

   

  		(y)	Holding company: the Guarantor is a direct or indirect holding company of various shipping companies (including the Borrowers) involved in the owning of vessels engaged in
            international voyages and earning profits in free foreign currency;

   

  		(z)	Information: the information, exhibits and reports furnished by the Guarantor to the Lender in connection therewith or with the negotiation and preparation of this Guarantee and each of the Security Documents
          to which the Guarantor is or is to be a party are true and accurate in all material respects and, to the knowledge of the Directors/Officers of the Guarantor, not materially misleading, do not omit material facts and all reasonable enquiries have
          been made to verify the facts and statements contained therein; there are no other facts the omission of which would make any fact or statement therein materially misleading;

   

  		(aa)	Latest Financial Statement: the latest financial statements delivered to the Lender (if any) under Clause 5.1(a) (Financial statements) have been prepared in accordance with US GAAP and
          generally accepted accounting principles and practices which have been consistently applied and present fairly and accurately the financial position of the Guarantor as at the end of the financial year to which the same relate and the results of
          the operations of the Guarantor for the financial period to which the same relate and, as at the end of such financial period, fully disclose any significant liabilities (contingent or otherwise) any unrealised or anticipated losses which are not
          disclosed by, or reserved against or provided for in, such financial statements; and

   

  		(bb)	No default: no Event of Default or any event which would constitute an Event of Default with the passage of time or the giving of notice or both has occurred and is continuing;

   

  		(cc)	Sanctions: the Guarantor:

   

  		(i)	is not a Sanctions Restricted Person;

   

  		(ii)	does not own or control directly or indirectly a Sanctions Restricted Person; or

   

  		(iii)	has not a Sanctions Restricted Person serving as a director, officer or, to the best of its knowledge, employee; and

   

  
    14 

    
      
 

  

   

  		(iv)	no proceeds of the Loan shall be made available, directly or to the knowledge of the Guarantor (after reasonable enquiry) indirectly, to or for the benefit of a Sanctions Restricted Person contrary to Sanctions or
          for transactions in a Sanctions Restricted Jurisdiction nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.

   

  		4.2	Additional representations and warranties

   

  The Guarantor further represents and warrants to the Lender that:

   

  		(a)	No representations from the Lender: the Guarantor has not received from the Lender any representation or warranty concerning this Guarantee other than as expressly provided in
            this Guarantee;

   

  		(b)	Borrowers’ representations: all the representations made by the Borrowers in Clause 6 (Representations and warranties) of the Loan Agreement are in every
            respect true and accurate and are correct and are repeated herein by the Guarantor as if they are made in extenso in this Guarantee; and

   

  		(c)	Representations correct: at the time of entering this Guarantee all above representations and warranties and/or any other information given the Guarantor to the Lender are
            true and accurate.

   

  		4.3	Survival - Repetition of representations and warranties

   

  The representations and warranties in Clauses 4.1 (Representations and warranties) and 4.2
      (Additional representations and warranties) shall survive the execution of this Guarantee and the advance of the Loan and they shall be deemed to be repeated by the Guarantor on and as of each Drawdown Date and each Interest Payment
      Date until the Outstanding Indebtedness has been repaid in full as if made with reference to the facts and circumstances existing on each such day.

   

  		5.	UNDERTAKINGS

   

  		5.1	General Undertakings 

   

  The Guarantor hereby undertakes with the Lender that, from the date of this Guarantee and throughout the Security Period up and until the full and complete
    payment and discharge of the Outstanding Indebtedness, it will comply in full with the following undertakings:

   

  		(a)	Financial statements: the Guarantor will procure that the annual, financial statements referred to in Clause 8.1(f) (Financial statements) of the Loan Agreement be provided to the Lender as
          therein described;

   

  		(b)	Provision of financial information: the Guarantor will procure that the Lender is provided from time to time, as the Lender may reasonably request, with information on the financial conditions, actual and
          projected for the following 12 month period cash flow position, commitments and operations of the Borrowers including cash flow analysis and voyage accounts of the Vessels with a breakdown of income and running expenses showing net trading
          profit, trade payables and trade receivables, such financial details to be certified by an authorised signatory of the Borrowers as to their correctness;

   

  
    15 

    
      
 

  

   

  		(c)	Notice of default: the Guarantor will promptly inform the Lender of any occurrence of which the Guarantor becomes aware which might adversely affect its ability and/or the ability of any other Security Party
          to perform his/its respective obligations under this Guarantee or the Loan Agreement and/or any of the other Finance Documents to which it is or it is to be a party and of any Default forthwith upon becoming aware thereof and will from time to
          time, if so requested by the Lender, confirm to the Lender in writing that, save as otherwise stated in such confirmation, no Default has occurred and is continuing;

   

  		(d)	Notice of litigation etc.: the Guarantor will send (or procure that there is sent) to the Lender as soon as the same is instituted (or, to the knowledge of the Guarantor, threatened), details of any
          litigation, arbitration or administrative proceedings against or involving the Guarantor which, if adversely determined, would result in a material adverse change in the business or financial condition of the Guarantor;

   

  		(e)	Consents and licences: without prejudice to Clause 4.1 (Representations and warranties), the Guarantor will obtain or cause to be obtained, maintain in full force and effect and comply in all
          material respects with the conditions and restrictions (if any) imposed in, or in connection with, every consent, authorisation, licence or approval of governmental or public bodies or authorities or courts and do, or cause to be done, all other
          acts and things which may from time to time be necessary or desirable under applicable law for the continued due performance of all its obligations under this Guarantee;

   

  		(f)	Pari passu: the Guarantor will ensure that its obligations under this Guarantee shall at all times rank at least pari passu with all its other present and future unsecured and unsubordinated Financial
          Indebtedness with the exception of any obligations which are mandatorily preferred by law and not by contract;

   

  		(g)	Compliance with covenants: the Guarantor will ensure and procure compliance by each of the Borrowers and (where applicable) the Approved Manager of the covenants set out in Clause 8 (Covenants) of

          the Loan Agreement;

   

  		(h)	Banking operations-Liquidity: the Guarantor will ensure that all banking operations in connection with the Vessels are carried out through the Lending Office of the Lender and that the minimum liquidity
          balances are maintained as provided therein;

   

  		(i)	Control: the Guarantor will ensure that:

   

  (aa)     the Guarantor shall remain holding company of shipowning companies of tankers, all being engaged in activities
    acceptable to the Lender;

   

  (bb)     after the occurrence of the Spin-Off each Borrower shall become a wholly-owned Subsidiary of the Guarantor; and

   

  (cc)     Mr. Petros Panagiotidis shall be the Chief Executive Officer and Chief Financial Officer of the Guarantor and shall control either directly or
    indirectly no less than 5% of the Series B Preferred Shares with super voting powers of Guarantor;

   

  		(j)	Borrowers’ Financial Indebtedness: the Guarantor will ensure that the Financial Indebtedness of the Borrowers under the Loan Agreement and the Guarantor hereunder to the Lender will not be subordinated in
          priority of payment to any other present or future Financial Indebtedness;

   

  
    16 

    
      
 

  

   

  		(k)	Validity: the Guarantor will ensure and procure that all governmental or other consents required by law and/or any other steps required for the validity, enforceability and legality of this Guarantee are
          maintained in full force and effect and/or appropriately taken;

   

  		(l)	Taxes: the Guarantor will pay all Taxes, assessments and other governmental charges when the same fall due, except to the extent that the same are being contested in good faith by appropriate proceedings and
          adequate reserves have been set aside for their payment if such proceedings fail;

   

  		(m)	Compliance of Borrowers’ covenants: the Guarantor will ensure that all the other covenants given by the Borrowers in the Loan Agreement and the Security Documents to which each of the Borrowers is or is to be
          a party are complied with strictly by that Borrower;

   

  		(n)	Material adverse change: the Guarantor will promptly inform the Lender of any occurrence of which the Guarantor becomes aware which might materially adversely affect the ability of either Borrower to perform
          its obligations under the Loan Agreement and/or any of the other Finance Documents and of any Default forthwith upon becoming aware thereof; and

   

  		(o)	Know your customer and money laundering compliance: the Guarantor will provide the Lender with such documents and evidence as the Lender shall from time to time require, based on law and regulations applicable
          from time to time and the Lender’s own internal guidelines applicable from time to time to identify each Security Party, including the ultimate legal and beneficial owner or owners of such entities, and any other persons involved or affected by
          the transaction(s) contemplated by the Loan Agreement and this Guarantee.

   

  		5.2	Negative undertakings

   

  The Guarantor undertakes that, from the date of this Guarantee and until the full and complete payment and discharge of the Outstanding Indebtedness, it will
    not, without the prior written consent of the Lender such consent not to be unreasonably withheld:

   

  		(a)	Negative pledge: without the prior written consent of the Lender, the Guarantor will not permit any Security Interest (other than a Permitted Security Interest) to subsist, arise or be created or extended over
          all or any part (being, either alone or when aggregated with all other undertakings, assets, rights or revenues of the Guarantor falling to be taken into account pursuant to this Clause 5.2(a), material in the opinion of the Lender) of its
          present or future undertakings, assets, rights or revenues to secure or prefer any present or future Financial Indebtedness or other liability or obligation of the Guarantor or any other person,

   

  Provided however that for the granting of a guarantee by the Guarantor or a Security Interest by the Guarantor’s relevant Subsidiary in favour of a
    lender providing a loan facility or other debt like instrument to a member of the Group, the prior written consent of the Lender will not be required;

   

  		(b)	No disposals: without the prior written consent of the Lender, such consent not to be unreasonably withheld, the Guarantor will not sell, transfer, lend or otherwise dispose of or cease to exercise direct
          control over any substantial (in the Lender’s opinion) part (being either alone or when aggregated with all other disposals falling to be taken into account pursuant to this Clause 5.1(b) material in the opinion of the Lender in relation to the
          undertaking, assets, rights and revenues of the Guarantor) of its present or future undertaking, assets, rights or revenues (otherwise than by transfers, sales or disposals for full consideration in the ordinary course of trading) whether by one
          or a series of transactions related or not;

   

  
    17 

    
      
 

  

   

  		(c)	No Loans: the Guarantor will ensure that neither of the Borrowers will make any loans or advances to, or any investments in, any person, firm, corporation, joint venture or other entity including (without
          limitation) any loan or advance to any officer, director, stockholder or employee directly or through the Approved Manager;

   

  		(d)	No Payments: except pursuant to the Loan Agreement, this Guarantee and the other Finance Documents (or as expressly permitted by the same) the Guarantor will ensure that neither of the Borrowers will pay out
          any funds to any company or person except in connection with its administration, the management, operation, maintenance, trading and/or repair of the Vessels;

   

  		(e)	Maintenance of business structure: the Guarantor will not and will ensure that none of the Guarantor, the Borrowers and the Approved Manager will change the nature, organisation and conduct of their type of
          business as owners or (as the case may be) as managers of vessels or to carry on any business other than the business carried on at the date of the Loan Agreement;

   

  		(f)	No merger: (in the case of the Borrowers) the Guarantor will ensure that neither of the Borrowers will merge or consolidate with any other company or person;

   

  		(g)	No dividends: the Guarantor will ensure that neither of the Borrowers will declare or pay any dividends or other distribution upon any of the issued shares or otherwise dispose of any assets to any of the
          shareholders of that Borrower without the prior written consent of the Lender (save as provided in Clause 8.2(o) (No dividends or distribution) of the Loan Agreement) provided that, subject to (i) no Event of Default having
          occurred and being continuing and (ii) no Event of Default resulting from the payment of such dividends or the making of any other form of distribution, a Borrower shall be entitled to declare or make payments of any dividends without the prior
          written approval of the Lender; and

   

  		(h)	Maintenance of legal structure: the Guarantor will ensure that none of the documents defining the constitution of either of the Borrowers and the Guarantor shall be altered in any material manner whatsoever
          without the prior written consent of the Lender.

   

  		5.3	Additional Documents

   

  The Guarantor hereby further undertakes and agrees with the Lender that throughout the Security Period it will from time to time and within ten (10) days
    after the Lender’s request execute and deliver to the Lender or procure the execution and delivery to the Lender of all such documents as shall be reasonably deemed necessary at the reasonable discretion of the Lender for giving full effect to this
    Guarantee, and for perfecting, protecting the value of or enforcing any rights or securities granted to the Lender under this Guarantee and in case that any conditions precedent (with the Lender’s consent) have not been fulfilled on or prior to the
    date hereof, such conditions shall be complied with within fourteen (14) days from the date hereof (unless the Lender agrees otherwise in writing) and failure to comply with this covenant shall be an Event of Default.

   

  
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  		5.4	Sanctions

   

  		(a)	Without limiting Clause 5.5 (Compliance with laws etc.), the Guarantor hereby undertakes with the Lender that, from the date of this Agreement and until the date that the Outstanding Indebtedness is
          paid in full, it shall ensure that none of the Vessels:

   

  		(i)	will be used by or for the benefit of a Sanctions Restricted Person contrary to Sanctions; and/or

   

  		(ii)	will be used in trading in any Sanctions Restricted Jurisdiction or in any manner contrary to Sanctions; and/or

   

  		(iii)	will be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances.

   

  		(b)	The Guarantor shall:

   

  		(i)	not directly or to its knowledge (after reasonable enquiry) indirectly use or permit to be used all or any part of the proceeds of the Loan, or lend, contribute or otherwise make available such proceeds directly or
          to its knowledge (after reasonable enquiry) indirectly, to any person or entity (i) to finance or facilitate any activity or transaction of or with any Sanctions Restricted Person contrary to Sanctions or in any Sanctions Restricted Jurisdiction,
          or (ii) in any other manner that would result in a violation of any Sanctions by any Party;

   

  		(ii)	procure that neither of the Borrowers shall fund all or part of any payment under the Loan out of proceeds derived directly or to its knowledge (after reasonable enquiry) indirectly from any activity or transaction
          with a Sanctions Restricted Person contrary to Sanctions or in a Sanctions Restricted Jurisdiction or which would otherwise cause any party to be in breach of any Sanctions; and

   

  		(iii)	procure that no proceeds to its knowledge (after reasonable enquiry) from activities or business with a Sanctions Restricted Person contrary to Sanctions or in a Sanctions Restricted Jurisdiction are credited to any
          of the Accounts.

   

  		5.5	Compliance with laws etc.

   

  The Guarantor shall comply, or procure compliance with all laws or regulations by all Security Parties:

   

  		(a)	relating to its respective business generally; and

   

  		(b)	all Sanctions.

   

  
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  		6.	SET-OFF

   

  		6.1	Right of Set-off

   

  The Guarantor hereby authorises the Lender without prejudice to any of the rights of the Lender at law, in equity or otherwise, at any time, after an Event
    of Default has occurred which is continuing, at any time and without notice to the Guarantor:

   

  		(a)	to apply any credit balance standing upon any account of the Guarantor with any branch of the Lender and in whatever currency in or towards satisfaction of any sum due to the Lender from the Guarantor under this
          Guarantee and/or any of the other Finance Documents;

   

  		(b)	in the name of the Guarantor and/or the Lender to do all such acts and execute all such documents as may be necessary or expedient to effect such application; and

   

  		(c)	to combine and/or consolidate all or any accounts in the name of the Guarantor with the Lender.

   

  For all or any of the above purposes the Lender is authorised to purchase with the monies standing to the credit of any such account or accounts such other
    currencies as may be necessary to effect such application. The Lender shall not be obliged to exercise any right given to it by this Clause 6. The Lender shall notify the Guarantor upon the exercise of any right of set-off giving full details in
    relation thereto.

   

  		7.	ASSIGNMENT

   

  		7.1	Assignment by the Lender

   

  The provisions of Clause 14 (Assignment, Transfer, Participation, Lending Office) of the Loan Agreement shall apply, with necessary adoption
    (such as construing references to the Borrower(s) as references to the Guarantor) in relation to the ability of the Lender and the procedure for such assignment or transfer or change of Lending Office, to assign its rights and/or obligations under this
    Guarantee, provided always that the liabilities of the Guarantor under this Guarantee or any other Finance Document shall not be increased as a result of any such assignment, transfer, participation or change of Lending Office and that in the event,
    the Guarantor’s liabilities (actual or contingent) are increased, notwithstanding this proviso, the Guarantor shall not be liable for any such excess.

   

  		7.2	Benefit and Burden 

   

  This Guarantee shall be binding upon the Guarantor and its successors in title and shall enure for the benefit of the Lender and its successors in title and
    its assignees, transferees and participants. The Guarantor expressly acknowledges and accepts the provisions of Clause 14 (Assignment, Transfer, Participation, Lending Office) of the Loan Agreement and agrees that any person in favour of
    whom an assignment or a transfer is made in accordance with such Clause shall be entitled to the benefit of this Guarantee.

   

  		7.3	No assignment by the Guarantor 

   

  The Guarantor may not assign or transfer any of its rights or obligations under this Guarantee.

   

  
    20 

    
      
 

  

   

  		7.4	Documentation 

   

  If the Lender assigns, transfers or in any other manner grants participation in respect of all or any part of its rights or benefits or transfers all or any
    of its obligations as provided in this Clause 7.5, the Guarantor undertakes, immediately on being requested to do so by the Lender, at the expense of the Lender to enter into such documents as may be necessary or desirable to transfer to the assignee,
    transferee or participant all or the relevant part of the interest of the Lender in the Finance Documents and all relevant references in this Guarantee to the Lender shall thereafter be construed as a reference to the Lender and/or assignee, transferee
    or participant of the Lender to the extent of their respective interests and, in the case of a transfer of all or part of the obligations of the Lender, the Guarantor shall thereafter look only to the assignee, transferee or participant in respect of
    that proportion of the obligations of the Lender under this Guarantee assumed by such assignee, transferee or participant. The Guarantor shall join in and execute such supplemental or substitute agreements as may be necessary to enable the Lender to
    assign and/or transfer and/or grant participation in respect of its rights and obligations to another branch or to one or more banks or financial institutions in syndicate or otherwise. Any costs, fees and expenses incurred in relation to any such
    assignment or transfer shall be born by the Lender.

   

  		7.5	Disclosure of information

   

  The Lender may disclose to a prospective assignee, substitute or transferee such information about the Guarantor as the Lender shall reasonably consider
    appropriate if the Lender first procures that the relevant prospective assignee, substitute or transferee any prospective assignee, substitute or transferee being hereinafter described as the “Prospective Assignee”) shall undertake to
    the Lender to keep secret and confidential and, without the consent of the Guarantor, disclose to any third party any of the information, reports or documents supplied by the Lender provided, however, that the Prospective Assignee shall be
    entitled to disclose such information, reports or documents in the following situations:

   

  		(a)	in relation to any proceedings arising out of this Agreement or the other Finance Documents to the extent considered necessary by the Prospective Assignee to protect its interest; or

   

  		(b)	pursuant to a court order relating to discovery or otherwise; or

   

  		(c)	pursuant to any law or regulation or to any fiscal, monetary, tax, governmental or other competent authority; or

   

  		(d)	to its auditors, legal or other professional advisers.

   

  In addition the Prospective Assignee shall be entitled to disclose or use any such information, reports or documents if the information contained therein
    shall have emanated in conditions free from confidentiality, bona fide from some person other than the Lender or the Guarantor.

   

  		7.6	Changes in constitution or reorganisation of the Lender

   

  For the avoidance of doubt and without prejudice to the provisions of Clause 7.1 (Assignment by the Lender), this Guarantee shall remain
    binding on the Guarantor notwithstanding any change in the constitution of the Lender or its absorption in, or amalgamation with, or the acquisition of all or part of its undertaking or assets by, any other person, or any reconstruction or
    reorganisation of any kind, to the intent that this Guarantee shall remain valid and effective in all respects in favour of any assignee, transferee or other successor in title of the Lender in the same manner as if such assignee, transferee or other
    successor in title had been named in this Guarantee as party instead of, or in addition to, the Lender.

   

  
    21 

    
      
 

  

   

  		8.	EXPENSES

   

  		8.1	Costs, fees, expenses etc.

   

  The Guarantor shall pay to the Lender on demand all costs, fees and expenses (including, but not limited
      to, legal fees and expenses) and taxes thereon incurred by the Lender in connection with:

   

  		(a)	the negotiation, preparation and execution of this Guarantee; and/or

   

  		(b)	the preserving or enforcing of, or attempting to preserve or enforce any of its rights under this Guarantee.

   

  		(c)	any variation of, or amendment or supplement to, any of the terms of this Guarantee; and/or

   

  		(d)	any consent or waiver required from the Lender in relation to this Guarantee, and in each case, regardless of whether the same is actually implemented, completed or granted, as the
            case may be.

   

  		8.2	Stamp duty etc.

   

  The Guarantor shall pay promptly all stamp, documentary and other like duties and taxes to which this
      Guarantee may be subject or give rise and shall indemnify the Lender on demand against any and all liabilities with respect to or resulting from any delay or omission on the part of the Guarantor to pay any such duties or taxes.

   

  		9.	FURTHER ASSURANCE

   

  The Guarantor hereby undertakes with the Lender that this Guarantee shall both at the date of execution and delivery thereof and throughout
    the Security Period will, at its expense, execute, sigh, perfect and do any and every such further assurance, document, act or thing as in the reasonable opinion of the Lender may be necessary or desirable for perfecting the security contemplated or
    constituted by this Guarantee.

   

  		10.	MISCELLANEOUS

   

  		10.1	Time of essence 

   

  Time shall be of the essence as regards every obligation of the Guarantor under this Guarantee.

   

  		10.2	Severability of provisions

   

  In the event of any provision contained in any one or more of the Loan Agreement, this Guarantee, the other Finance Documents and any other documents
    executed pursuant hereto or thereto being invalid, illegal or unenforceable in any respect under any applicable law of any jurisdiction whatsoever such provision shall be ineffective as to that jurisdiction only without modifying the remaining
    provisions hereof or thereof. If, however, this event becomes known to the Lender prior to the Drawdown of the Commitment or of any part thereof the Lender shall be entitled to refuse drawdown until this discrepancy is remedied. Where however the
    provisions of any such applicable law may be waived they are hereby waived by the parties hereto to the full extent permitted by the law to the intent that the Loan Agreement, this Guarantee, the other Finance Document and any other documents executed
    pursuant hereto or thereto shall be deemed to be valid binding and enforceable in accordance with their respective terms.

   

  
    22 

    
      
 

  

   

  		10.3	Entire agreement

   

  This Guarantee contains the entire agreement of the parties and its provisions supersede the provisions of the Commitment Letter (save for the provisions
    thereof which relate to fees) and any and all other prior correspondence and oral negotiation by the parties in respect of the matters regulated by the Loan Agreement and/or this Guarantee.

   

  		10.4	No implied waivers, remedies cumulative

   

  No failure or delay or omission on the part of the Lender to exercise any power, right or remedy vested
      to it under the Loan Agreement, this Guarantee and/or any of the other Finance Documents or by law shall impair such right or power or shall be construed as a waiver of, or as an acquiescence in, any default by any of the Guarantor, the Borrower and
      the other Security Parties, nor shall any single or partial exercise by the Lender of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. In the event of the Lender on any
      occasion agreeing to waive any such right, remedy or power, or consent to any departure from the strict application of the provisions of the Loan Agreement, this Guarantee or of any other Security Document, such waiver shall not in any way prejudice
      or affect the powers conferred upon the Lender under the Loan Agreement, this Guarantee and the other Finance Documents or the right of the Lender thereafter to act strictly in accordance with the terms of the Loan Agreement, this Guarantee and the
      other Finance Documents. The remedies provided in this Guarantee are cumulative and are not exclusive of any remedies provided by law. No modification or waiver by the Lender of any provision of the Loan Agreement and/or, this Guarantee and/or of any
      of the other Finance Documents nor any consent by the Lender to any departure therefrom by any Security Party shall be effective unless the same shall be in writing and then shall only be effective in the specific case and for the specific purpose
      for which given. No notice to or demand on any such party in any such case shall entitle such party to any other or further notice or demand in similar or other circumstances.

   

  		10.5	Amendment 

   

  This Guarantee shall not be amended or varied in its terms by any oral agreement or representation or in any other manner other than by an instrument in
    writing of even date herewith or subsequent hereto executed by or on behalf of the parties hereto.

   

  		10.6	Guarantor bound by Finance Documents

   

  The Guarantor agrees with the Lender to be bound by all provisions of each Finance Document which are applicable to the Security Parties in the same way as
    if those provisions had been set out (with any necessary modifications) in this Guarantee.

   

  		10.7	Language 

   

  All communications, certificates, instruments and other documents to be delivered under or supplied in connection with this Guarantee shall be in the English
    or the Greek language in which case it shall be accompanied by a certified English translation upon which the Lender shall be entitled to rely.

   

  
    23 

    
      
 

  

   

  		10.8	Binding effect

   

  A certificate or determination of the Lender as to any matter provided for in this Guarantee, in the
      absence of manifest error, shall be conclusive and binding on the Guarantor.

   

  		10.9	Counterparts

   

  This Guarantee may be executed in several counterparts, each of which, when duly exchanged or delivered, shall be deemed to be an original but, taken
    together, they shall constitute but one and the same document.

   

  		10.10	Survival 

   

  Without prejudice to the foregoing, the obligations of the Guarantor under Clauses 2.14 (No security taken by Guarantor), 2.15 (Indemnity),
    3.6 (Currency Indemnity), and 8 (Expenses) shall survive any repayment of the Facility made prior to the termination or cancellation of this Guarantee.

   

  		10.11	Process of personal data

   

  		(a)	Process of personal data: The Guarantor hereby confirms that it has been informed that its personal data and/or the personal data of its director(s), officer(s) and legal
            representative(s) (together the “personal data”) contained in this Agreement (and any supplemental or amendatory agreement thereof) and the other Finance Documents or the personal data that have been or will be lawfully received or
            obtained by the Lender in relation to this Agreement and the other Finance Documents or the enforcement of all of the rights, powers and remedies possessed by the Lender under this Agreement (and any supplemental or amendatory agreement
            thereof) and/or under any other Finance Document will be included at the personal data database maintained by the Lender as processing agent (Υπεύθυνη Επεξεργασίας) and will be processed by the Lender or by third parties for the purpose
            of maintaining the security created by this Agreement (and any supplemental or amendatory agreement thereof) and the other Finance Documents and preserving of all of the rights, powers and remedies possessed by the Lender thereunder and
            properly serving, supporting and monitoring their current business relationship as provided in the information brochure “Information for the Processing of Personal Data” (Ενημέρωση για την επεξεργασία δεδομένων προσωπικού χαρακτήρα)
            which forms an integral part of this Agreement and the Guarantor hereby confirms that a copy of such information brochure has been received by the Guarantor, its director(s), officer(s) and legal representative(s) and has been perused, duly
            understood and fully agreed by each of them.

   

  		(b)	Duration of the process: The personal data process shall survive the termination and release of this Guarantee for such period as it is required by the applicable law.

   

  		11.	NOTICES AND DEMANDS

   

  		11.1	Notices

   

  Every notice, request, demand or other communication under this Guarantee shall:

   

  		(a)	be in writing delivered personally or by first-class prepaid letter (airmail if available), or shall be served through a process server or subject to Clause 10.10 (Communications Indemnity) and Clause
          10.11 (Electronic communication) of the Loan Agreement by electronic mail or facsimile;

   

  
    24 

    
      
 

  

   

  		(b)	be deemed to have been received, subject as otherwise provided in this Guarantee, in the case of a letter, when delivered personally or five (5) days after it has been put in to the post and, in the case of a
          facsimile transmission or electronic mail or other means of telecommunication in permanent written form, at the time of despatch (provided that if the date of despatch is not a business day in the country of the addressee or if the time of
          despatch is after the close of business in the country of the addressee it shall be deemed to have been received at the opening of business on the next such business day); and

   

  		(c)	be sent by letter, electronic mail or fax:

   

  		(i)	if to be sent to the Guarantor, to:

   

  TORO CORP.,

  223 Christodoulou Chatzipavlou Street

  Hawaii Royal Gardens 

  3036 Limassol, Cyprus

  Attention: Mr. Petros Panagiotidis and Mr. Ioannis Lazaridis

  E-mail: petrospan@castormaritime.com and finance@castormaritime.com

   

  

  		(ii)	if to be sent to the Lender, to:

   

  ALPHA BANK S.A.

  93 Akti Miaouli, Piraeus, Greece

  Fax No. +30 210 42 90 268

  Attention: The Manager

  E-mail: shipdivision@alpha.gr

   

  or to such other process agent, address or electronic mail address or fax number as is notified by the Guarantor or the Lender (as the case may be) to the
    other parties and, in the case of any such change of process address or electronic mail address or fax number as is notified to the Lender, so that the same shall not become effective until notice of such change is actually received by the Lender and a
    copy of the notice of such change signed by the Lender.

   

  		(d)	A written notice includes a notice by facsimile or electronic mail.

   

  		11.2	Validity of demands

   

  A demand under this Guarantee shall be valid notwithstanding that it is served:

   

  		(a)	on the date on which the amount to which it relates is payable by the Guarantor under the Loan Agreement or any of the other Finance Documents;

   

  		(b)	at the same time as the service of a notice under Clause 9.2 (Consequences of Default–Acceleration) of the Loan Agreement,

   

  and a demand under this Guarantee may refer to all amounts payable under or in connection with any Finance Document without specifying a
    particular sum or aggregate sum.

   

  
    25 

    
      
 

  

   

  		11.3	Illegible notices

   

  Clause 11.1 (Notices) does not apply if the recipient of a notice notifies the sender within one hour after the time at
    which the notice would otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect.

   

  		11.4	Valid notices

   

  A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not
    comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if:

   

  		(a)	the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or

   

  		(b)	in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the correct or missing particulars should have been.

   

  		11.5	Meaning of “notice”

   

  In this Clause 11, “notice” includes any demand, consent, authorisation, approval, instruction, waiver or other
    communication

   

  		11.6	Communications Indemnity

   

  The Guarantor so far as this Guarantee is concerned gives the Lender the authorities, admissions, indemnities, undertakings and the Guarantor hereby
    undertakes the responsibilities provided for in Clause 10.10 (Communications Indemnity) and Clause 10.11 (Electronic communication) of the Loan Agreement as if they are repeated herein in extenso.

   

  		12.	LAW AND JURISDICTION

   

  		12.1	Governing Law

   

  		(a)	This Guarantee and any non-contractual obligations arising out of or connected with it shall be governed by, and construed in accordance with, the laws of England.

   

  		(b)	For the purposes of enforcement in Greece, it is hereby expressly agreed that English law as the governing law of the Loan Agreement will be proved by an affidavit of a solicitor
            from an English law firm to be appointed by the Lender and the said affidavit shall constitute full and conclusive evidence binding on the Guarantor but the Guarantor shall be allowed to rebut such evidence save for witness.

   

  		12.2	Submission to jurisdiction

   

  		(a)	For the exclusive benefit of the Lender and subject to Clause 12.6 (Right of Security Trustee, but not Guarantor, to bring proceedings in any other jurisdiction), the Guarantor irrevocably and
          unconditionally submits to the jurisdiction of the courts of England and hereby irrevocably agrees, that that the courts of England shall have exclusive jurisdiction:

   

  
    26 

    
      
 

  

   

  		(i)	to settle any dispute or other matters whatsoever arising under or in connection with or in any way related to this Guarantee or any non-contractual obligations connected with it (including any dispute or other such
          matter arising in connection with the negotiation, validity, existence or enforceability of this Guarantee or any part thereof, whether the dispute or such other matter arises under the law of England or under the law of some other country, and
          including claims arising out of tort or delict) (a “Dispute”). The Guarantor irrevocably and unconditionally submits to the jurisdiction of such courts; and

   

  		(ii)	to grant interim remedies, or other provisional or protective relief.

   

  		(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 and waives any objections to the inconvenience of
          England as a forum.

   

  		(c)	The Guarantor shall not commence any proceedings in any country other than England in relation to a Dispute.

   

  		12.3	Process Agent in England

   

  Without prejudice to any other mode of service allowed under any relevant law the Guarantor irrevocably designates, appoints and empowers Messrs. Hill Dickinson Services (London) Limited, at present of The Broadgate Tower, 20 Primrose Street, London EC2A 2EW, England (hereinafter called the “Process Agent for English Proceedings”), to
    receive for it and on its behalf, service of process issued out of the English courts in relation to any proceedings before the English courts in connection with the Guarantee, provided, however, that:

   

  		(a)	the Guarantor hereby agrees and undertakes to maintain a Process Agent for English Proceedings throughout the Security Period and hereby agrees that in the event that if any Process
            Agent for English Proceedings is unable for any reason to act as agent for service of process, the Guarantor must immediately (and in any event within ten (10) days of such event taking place) appoint another agent on terms acceptable to the
            Lender. Failing this, the Lender may appoint for this purpose a substitute Process Agent for English Proceedings and the Lender is hereby irrevocably authorised to effect such appointment on Guarantor’s behalf. The appointment of such Process
            Agent for English Proceedings shall be valid and binding from the date notice of such appointment is given by the Lender to the Guarantor in accordance with Clause 11.1 (Notices); and

   

  		(b)	the Guarantor hereby agrees that failure by a Process Agent for English Proceedings to notify the Guarantor of the process will not invalidate the proceedings concerned.

   

  		12.4	Forum non conveniens and enforcement abroad

   

  The Guarantor hereby:

   

  		(a)	waives any right and agrees not to apply to the English court or any other Court in any jurisdiction whatsoever or to stay or strike out proceedings commenced in England on the ground that England is an inappropriate
          forum and/or that there is another more appropriate forum and/or that proceedings have been or will be commenced in any other jurisdiction in connection with any dispute or other matter and/or related matter falling within Clause 12.2 (Submission

              to jurisdiction); and

   

  
    27 

    
      
 

  

   

  		(b)	agrees that a judgment or order of an English court in a dispute or other matter falling within Clause 12.2 (Submission to jurisdiction) shall be conclusive and binding on the Guarantor and may be enforced against it in the
          courts of any other jurisdiction.

   

  		12.5	Right of Lender, but not Guarantor, to bring proceedings in any other jurisdiction.

   

  		(a)	Nothing in this Clause 12.6 limits the right of the Lender to bring proceedings, including third party proceedings, against the Guarantor, or to apply for interim remedies, in connection with this Guarantee in any
          other court and/or concurrently in more than one jurisdiction. The obtaining by the Lender of judgment in one jurisdiction shall not prevent the Lender from bringing or continuing proceedings in any other jurisdiction, whether or not these shall
          be founded on the same cause of action.

   

  		(b)	If the Lender decides that any such proceedings should be commenced in any other country, then the Guarantor hereby waives any objections as to the jurisdiction or any claim as to the inconvenience of the forum and
          covenants and undertakes to instruct lawyers in that country to accept service of legal process and not to contest the validity of such proceedings as far as the jurisdiction of the Court or courts involved is concerned.

   

  		12.6	Process Agent in Greece

   

  The Guarantor hereby appoints Mr. Evangelos Bairaktaris, an Attorney-at-Law, presently of 130 Kolokotroni
    street, 18536 Piraeus, , Greece (hereinafter called the “Process Agent for Greek Proceedings”) upon whom any judicial or extra-judicial process in Greece may be served and any notice, request, demand, payment order or any other legal
    process under this Guarantee. In the event that the Process Agent for Greek Proceedings (or any substitute process agent notified to the Lender in accordance with the foregoing) cannot be found at the address specified above (or, as the case may be,
    notified to the Lender), which will be conclusively proved by a deed of a process server that the process agent cannot be found at such address, any notice, request, demand or other communication to be sent to the Guarantor may be validly effected in
    accordance with the provisions of the Greek Procedural Laws.

   

  		12.7	Third Party rights

   

  No part of this Guarantee shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Guarantee.

   

  		12.8	Meaning of “proceedings”

   

  In this Clause 12 “proceedings” means proceedings of any kind, including an application for a provisional or protective measure.

   

  IN WITNESS WHEREOF the parties to this Guarantee have caused this Guarantee to be duly executed as a deed on the date first above written.

   

  
    28 

    
      
 

  

   

  EXECUTION PAGE

   

  	EXECUTED and DELIVERED as a DEED	)	 
	by Mrs.	)	 
	for and on behalf of	)	 
	TORO CORP.,	)	 
	of the Marshall Islands,	)	 
	its duly appointed attorney-in fact	)	 
	in the presence of:	)	Attorney-in-fact
	 	 	 
	Witness: ___________________________	 	 
	Name:     Ioannis Kotronias	 	 
	Address: 13 Defteras Merarchias	 	 
	              Piraeus, Greece	 	 
	Occupation:  t. Attorney-at-Law	 	 
	 	 	 
	EXECUTED and DELIVERED as a DEED	)	 
	by Mrs.	)	 
	and Mrs.	)	Attorney-in-fact
	for and on behalf of	)	 
	ALPHA BANK S.A.	)	 
	its duly authorised officers	)	 
	in the presence of:	)	 
	 	 	Attorney-in-fact
	 	 	 
	Witness: ___________________________	 	 
	Name:     Ioannis Kotronias	 	 
	Address: 13 Defteras Merarchias	 	 
	              Piraeus, Greece	 	 
	Occupation:  t. Attorney-at-Law	 	 

   

  
    29 

    
      
 

  

   

  Appendix ‘A’

   

  (Copy of the execution form of the Loan Agreement)

   

   

  30Exhibit 4.6

    

    

    

    V8 POOL INC.

     

    

    As Company

     

    

    -and-

     

    

    [●]

     

    

    As Participant

    

    

    

    

    -------------------------------------------------

     

    

    POOL AGREEMENT

     

    

    --------------------------------------------------

     

    

    Relating to [●]

     

    

    
      
        

    

    INDEX

    	
            CLAUSE

          	
            PAGE

          
	
            1

          	
            DEFINITIONS

          	1

          
	
            2

          	
            PURPOSE OF THE POOL – SHARING OF REVENUES AND LIABILITIES

          	2

          
	
            3

          	
            PERIOD OF THE VESSEL’S PARTICIPATION IN THE POOL

          	3

          
	
            4

          	
            POOL VESSEL TOTAL COSTS

          	3

          
	
            5

          	
            VESSEL’S TOTAL COSTS UPON ENTRY

          	6

          
	
            6

          	
            TIME CHARTER PARTY

          	6

          
	
            7

          	
            COMMERCIAL MANAGEMENT AGREEMENT/MANAGEMENT FEE

          	7

          
	
            8

          	
            DISTRIBUTION

          	8

          
	
            9

          	
            ACCOUNTING

          	10

          
	
            10

          	
            WORKING CAPITAL CONTRIBUTION AND RETENTION

          	11

          
	
            11

          	
            POOL COMMITTEE

          	12

          
	
            12

          	
            CALCULATION OF POOL NET REVENUE/LOSS; POOL GROSS REVENUE AND POOL EXPENSES

          	13

          
	
            13

          	
            LAYING UP

          	15

          
	
            14

          	
            INSURANCE

          	16

          
	
            15

          	
            ASSIGNMENT

          	21

          
	
            16

          	
            WITHDRAWAL/TERMINATION/SUSPENSION

          	21

          
	
            17

          	
            NATURE OF THE AGREEMENT

          	25

          
	
            18

          	
            CONFIDENTIALITY

          	25

          
	
            19

          	
            TOTAL LOSS

          	26

          
	
            20

          	
            CLAIMS

          	26

          
	
            21

          	
            CHOICE OF LAW AND JURISDICTION

          	26

          
	
            22

          	
            NOTICES

          	27

          
	
            23

          	
            ENTIRE AGREEMENT

          	28

          
	
            24

          	
            RIGHTS OF THIRD PARTIES

          	28

          
	
            APPENDIX 1 : POOL VESSEL EVALUATION SYSTEM

          	30

          
	
            APPENDIX 2 : COMMERCIAL MANAGEMENT AGREEMENT

          	31

          
	
            APPENDIX 3 : TIME CHARTER PARTY

          	32

          

    

    

    
      
        

    

    THIS POOL PARTICIPATION AGREEMENT (the “Agreement”) is entered into on the [●] day of [●] 202[●].

    BETWEEN

     

    

    	(1)	
            V8 Pool Inc., a Marshall Islands corporation having its registered
                office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (the “Company”) and

          

     

    

    	(2)	
            [●], a [●] corporation having its registered office at [●] (the “Participant”).

          

     

    

    WHEREAS

     

    

    	(A)	
            The Participant is the owner or disponent owner of m.t. [●] (the “Vessel”);

          

     

    

    	(B)	
            The Company and the Participant have agreed that the Vessel should be entered into the pool defined below; and

            

          

     

    

    	(C)	
            The Vessel will be entered into the Pool by way of a time charter party between the Company and the Participant.

          

     

    

    IT IS HEREBY AGREED as follows:

     

    

    	1	
            DEFINITIONS

          

     

    

    	1.1	
            In this Agreement the following terms shall have the following meanings:

          

     

      

    “Affiliate” :  in respect of any person, means a Subsidiary of that person or a Holding Company of that person or
      any other Subsidiary of that Holding Company.

     

    

    “Holding Company” :  in

        relation to any person, means any other person, company or corporation in respect of which it is a Subsidiary.

     

      

    “Navig8 Group”
        : means Navig8 Limited of c/o Cohort Limited, Sofia House, 3rd Floor, 48 Church Street, Hamilton, HM12, Bermuda and all of its subsidiaries.

     

      

    “Participation Agreement” : this Agreement excluding the Time Charter Party.

     

      

    “Performance Review Date” :
        subject to Clause 4.5, each of 1st January and 1st July of any year.

     

      

    
      
        

    

    
    “Pool” : the Pool of Aframax
        tankers aged 15 years or more, operated by the Company.

     

      

    “Pool Committee” :  the committee
        described in Clause 11.

     

      

    “Pool Contracts” : contracts for the employment, in whole or in part, of Pool Vessels.

        

      

    “Pool Participants” : all
        persons having entered into pool participation agreements with the Company in respect of the Pool.

     

      

    “Pool Vessels” : vessels entered
        and delivered into the Pool by Pool Participants.

     

      

    “Quarter Date” : each of 1st January, 1st April, 1st July and 1st October of any year.

     

      

    “Sanctioned Person” : any person, being an
        individual, corporation, company, association or government, who is listed as being subject to a sanction, regulation, official embargo or on any ‘Specially Designated Nationals List’ or ‘Blocked Persons’ lists’, or any equivalent lists maintained
        and imposed by the United Nations, European Union, Her Majesty’s Treasury in the United Kingdom or the United States Department of Treasury’s Office of Foreign Assets Control.

     

      

    “Subsidiary” : of a person means any other person:

     

      

    
      
        
          	 	
                  (a)

                	
                  directly or indirectly controlled by such person; or

                

        

      

       

      

    

    
      
        	 	
                (b)

              	
                of whose dividends or distributions on ordinary voting share capital such person is entitled to receive more than 50 per cent.

              

      

    

     

      

    “Technical Committee” : the
        committee described in Clause 4.

     

      

    “Time Charter Party” : the time
        charter party between the Company and the Participant, as described in Clause 6.

     

      

    “Third Party” : a party which is
        neither a direct or indirect affiliate or subsidiary of or otherwise associated with the Participant.

     

      

    	1.2	
            Clause headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

          

    

    
      2

      
        

    

    
      	2	
              PURPOSE OF THE POOL – SHARING OF REVENUES AND LIABILITIES

            

    

     

    

    	2.1	
            The main objective of the Pool is to enter into arrangements for the commercial employment and operation of the Pool Vessels, arranged by the Company, so as to secure for the Pool Participants the highest commercially available earnings
              per Pool Vessel on the basis of pooling the revenue of the Pool Vessels and dividing it between the Pool Participants on the terms hereof.

          

     

    

    	2.2	
            The Company shall in its own name (as disponent owner) enter into contracts for the employment of the Pool Vessels.  The Company shall have authority, as Time Charter Party owners, to negotiate and conclude spot charters, consecutive
              voyage charters, contracts of affreightment and time charters for performance in whole or in part by the Pool Vessels (the “Pool Contracts”) provided that the maximum possible period for such time
              charter contracts shall not exceed ninety (90) days, except with the prior written consent of the Participant..

          

     

    

    	2.3	
            All revenues earned from the operation of the Pool Vessels shall, after deduction of all costs involved in the operation of the Pool, be shared between the Pool Participants.

          

     

    

    	2.4	
            The Pool shall operate as a profit unit, separately from any other activities of the Company.

          

     

    

    	2.5	
            The Company shall be entitled to enter into charters, as charterers, with third party owners or disponent owners (“Third Party Charters”), for the purpose of chartering in vessels from such third
              party owners or disponent owners (“Third Party Vessels”) in order to perform any contract entered into by the Company pursuant to the provisions of Clause 2.2 hereof and which cannot be performed
              (whether in whole or in part) by any of the existing Pool Vessels.

          

     

    

    All Third Party Charters shall, to the extent possible, be for the same period as the Pool Contract that is being covered.

     

    

    	3	
            PERIOD OF THE VESSEL’S PARTICIPATION IN THE POOL

          

     

    

    	3.1	
            The Participant shall, subject to Clause 16 hereof, place the Vessel at the disposal of the Company for a minimum period of six (6) months from the date of delivery under the Time Charter Party (the “Delivery

                Date”).  For the avoidance of doubt, no Distributions (as defined under Clause 8.1) will be payable for periods prior to the date of delivery under the Time Charter Party.

          

     

    

    	4	
            POOL VESSEL TOTAL COSTS

          

     

    

    	4.1	
            The Pool revenues shall be shared according to the vessel evaluation process set out in Appendix 1. The aim of the evaluation process is to allocate the Pool’s total cost to each Pool Vessel (“Total Costs”)

              to reflect, as closely as possible, the relative operating costs of the Vessel compared with the other Pool Vessels.

          

    

    

    
      3

      
        

    

    	4.2	
            At the start of each calendar year (i.e. during January), the Company shall submit to the Pool Committee for its approval a proposal for the revised vessel evaluation process for the ensuing year commencing on 1 January (the “Annual Calculation Review”). Upon such approval by the Pool Committee, the Company will calculate or, as the case may be, recalculate Total Costs for each Pool Vessel in accordance with the revised vessel
              evaluation process which shall take effect for the whole calendar year from 1 January. The approved revised principles of calculation resulting from the Annual Calculation Review shall take effect as the new Appendix 1 to this Agreement with
              effect from 1 January of the relevant year, replacing the previous year’s version of Appendix 1.

          

     

    

    	4.3	
            The Vessel shall initially be allocated the Total Costs stated in Clause 5.1 below (the “Initial Total Costs”). The Vessel’s performance shall be reviewed by the Technical Committee on the first
              Performance Review Date occurring after the Delivery Date or, in the event that there is insufficient data on such first Performance Review Date, on the second Performance Review Date occurring after the Delivery Date (the “Initial Performance Review”). The Initial Performance Review will be based on the actual speed and consumption data of the Vessel received since the Delivery Date and the Initial Total Costs will be revised
              to take into account the results of such review. The results of the Initial Performance Review shall, where possible, be circulated to the Participant before the first Quarter Date falling after the Initial Performance Review date, and shall
              apply on and from, the first Quarter Date falling after the Initial Performance Review date in the manner described in the following provisions of this Clause 4.3. The new Total Costs determined from the Initial Performance Review shall
              apply:

          

     

    

    	

          	(a)	
            retrospectively from the Delivery Date up to (but not including) the date of the Initial Performance Review as definitive performance-based Total Costs; and

          

     

    

    	

          	(b)	
            provisionally from the date of the Initial Performance Review for the next three quarter periods (or in the case of a subsequent Postponed Periodical Performance Review (as defined below), for the next five quarter periods) until the
              results of the first Periodical Performance Review (as described in Clause 4.4 below) are determined and circulated to the Participant, and the Participant’s entitlement to Distributions for the above periods following the Initial Performance
              Review shall be adjusted accordingly. If the Vessel is withdrawn or suspended from the Pool or this Agreement is terminated prior to the Initial Performance Review, the Vessel’s performance shall be reviewed by the Technical Committee based
              on the Vessel’s performance data received since the Delivery Date and the Initial Total Costs will be revised to take into account the results of such review (the “Termination Performance Review”). The
              new Total Costs, determined from the Termination Performance Review, shall apply retrospectively from the Delivery Date up to the date of withdrawal or suspension of the Vessel from the Pool or termination of this Agreement (whichever occurs
              first) as definitive performance-based Total Costs and the Participant’s entitlement to Distributions for such period shall be adjusted accordingly. 

            

          

    

    

    
      4

      
        

    

     

    

    	4.4	
            Further on-going performance reviews of the Vessel based on the Vessel’s actual speed and consumption data shall be conducted on every Performance Review Date following the date of the Initial Performance Review (each a “Periodical Performance Review”). However, in the event that there is insufficient data on any such Performance Review Date, the relevant Periodical Performance Review shall be postponed until the next
              Performance Review Date (a “Postponed Periodical Performance Review”). Each Periodical Performance Review shall be based on the Vessel’s performance data from the previous six (6) months (or in the case
              of a Postponed Periodical Performance Review, the previous twelve (12) months) and following such review, the Vessel’s Total Costs shall be revised to take into account the results of such review. The results of each Periodical Performance
              Review (or Postponed Periodical Performance Review) shall, where possible, be circulated to the Participant before the first Quarter Date falling after the Periodical Performance Review date, and shall apply on and from, the first Quarter
              Date falling after such Periodical Performance Review date in the manner described in the following provisions of this Clause 4.4. The new Vessel’s Total Costs determined from each Periodical Performance Review (or Postponed Periodical
              Performance Review) shall apply:

          

     

    

    	

          	(a)	
            retrospectively for the two quarter periods (or in the case of a Postponed Periodical Performance Review, the previous four quarter periods) ending on (but not including) the relevant Periodical Performance Review date as definitive
              performance-based Total Costs; and

          

     

    

    	

          	(b)	
            provisionally for the next three quarter periods following such Periodical Performance Review date (or in the case of a subsequent Postponed Periodical Performance Review, for the next five quarter periods) until the results of the next
              Periodic Performance Review are determined and circulated to the Participant, 

          

    

    

    
      	

            	
              and the Participant’s entitlement to Distributions for the above periods following each Periodical Performance Review shall be adjusted accordingly.

            

    

    

    

    
      5

      
        

    

     

    

    	4.5	
            The Company shall be entitled at any time to change the dates of any of the Performance Review Dates and the number of Performance Review Dates within a calendar year without the Participant’s consent by providing written notice to the
              Participant and each member of the Pool Committee. Such written notice shall also indicate the number of months leading up to each new Performance Review Date from which the Vessel’s performance data shall be utilised for the purposes of
              carrying out the performance reviews on such new Performance Review Dates and all other necessary logical amendments to this Clause 4.

          

     

    

    	4.6	
            The Technical Committee shall consist of one member nominated by the Manager and one member nominated by the Company.

          

     

    

    	5	
            VESSEL’S TOTAL COSTS UPON ENTRY

          

     

    

    	5.1	
            At the time that the Vessel enters into the Pool, the Total Costs that shall be allocated to the Vessel shall be US$ [●].

          

     

    

    	6	
            TIME CHARTER PARTY

          

     

    

    	6.1	
            The Participant/the Vessel shall at any and all times during the term of this Agreement comply with the conditions, terms and warranties expressed or implied in this Agreement and in the Time Charter Party which shall be deemed to be an
              integral part of this Agreement.  The terms of the Participation Agreement shall prevail if a conflict should arise in the interpretation of the terms of the Participation Agreement and the terms of the Time Charter Party.

          

     

    

    	6.2	
            Where the Participant is the owner or the bareboat charterer of the Vessel, then the time charter party between the Company and the Participant shall be in the form attached hereto at Appendix 3.1.

          

     

    

    	6.3	
            Where the Participant has the Vessel on time charter, then the time charter party between the Company and the Participant shall be on back-to-back terms with the terms of the time charter between the Participant and the Vessel’s owners or
              disponent owners, subject to the Company’s consent which shall not be unreasonably refused provided such terms are commercially reasonable. Such time charter party between the Company and the Participant shall be subject always to the terms
              set out in Appendix 3.2.

          

    

    

    
      6

      
        

    

     

     

    

    	6.4	
            The charter party entered into between the Company and the Participant, whether pursuant to Clause 6.2 or Clause 6.3 above, shall be the “Time Charter Party”.  In the event that the Time Charter
              Party departs from the standard time charter terms of the Pool (attached hereto as Appendix 3.1) and such variations, in the opinion of the Pool Committee, have an effect on the earning potential of the Vessel, then such difference shall be
              reflected in the Total Costs allocated to the Vessel.

          

     

    

    	6.5	
            Where the Participant is not the head owner of the Vessel, the Participant shall notify the Company in advance and as soon as practicable of any planned change of Vessel ownership or technical management further up the charter chain for
              the Vessel. For the avoidance of doubt, any such change of Vessel ownership or technical management shall not affect any of the terms of this Agreement, including the Time Charter Party.

          

     

    

    	6.6	
            All time under the Time Charter Party shall be recorded in GMT.

          

     

    

    	7	
            COMMERCIAL MANAGEMENT AGREEMENT/MANAGEMENT FEE

          

     

    

    	7.1	
            The Company has entered into a Commercial Management Agreement with V8 Plus Management Pte. Ltd. (the “Manager”).  The Commercial Management Agreement is
              annexed hereto as Appendix 2.  The Company shall pay a management fee to the Manager (the “Management Fee”) in consideration of the services rendered by the Manager under the Commercial Management
              Agreement and an administration fee to the Manager (the “Administration Fee”). Both the Management Fee and Administration Fee are deemed fees that are paid to the Manager on behalf of and/or by the
              Participant in consideration of the services provided or to be provided by the Company under this Agreement and the services indirectly provided or to be provided by the Manager under the Commercial Management Agreement for the duration of
              the Vessel’s entry into the Pool including at least the minimum participation period and any termination notice period set out in this Agreement, in either case whether or not actually served by the Vessel.

          

     

    

    	7.2	
            The Management Fee shall be a two (2) percent commission on all income received under all contracts (voyage charters, consecutive voyage charters, contracts of affreightment and time charters) entered into for the account of the Company in
              relation to the Vessel (apart from the Time Charter Party which forms part of this Agreement).  The commission shall be calculated by reference to and upon all hire, freight, deadfreight and demurrage collected on such transactions.

          

    

    

    
      7

      
        

    

    	7.3	
            The Administration Fee shall be two hundred and fifty dollars (US$250) per day during the term of this Agreement in relation to the Vessel and the Administration Fee shall be payable on a monthly basis in arrears at the end of the first
              week of each month.

          

     

    

    	8	
            DISTRIBUTION

          

     

    

    	8.1	
            The Company shall collect all hire, freight, demurrage and other revenues due as a result of the Pool activities.  The Company will, on behalf of the Pool, pay all expenses payable by it as the Charterer under the Time Charter Party and
              pay the Management Fee. The Administration Fee shall be charged directly to each Pool Participant by the Manager and shall be settled by the Company by deducting such amount from such Pool Participant’s pool distributions. The resulting Net
              Pool Revenue (as determined in accordance with Clause 12) shall be distributed as time charter hire to each Pool Participant in accordance with the Total Costs of the individual Pool Vessels, following adjustment for any off-hire in
              accordance with the terms of this Agreement (the “Distributions”).

          

     

    

    	8.2	
            The Vessel shall be off-hire for purposes of this Agreement if in the Company or the Manager’s opinion, the Vessel is off-hire under the terms of the Time Charter Party.

          

     

    

    	8.3	
            The Distributions shall be paid to the Participant on a provisional basis, calculated on the basis outlined in Clause 12 hereof, within the first week and third week of each month.  The provisional Distributions calculated within the third
              week of each month (the “First Distribution”) shall be based on an estimate of the Vessel’s provisional Distributions for the period between the 1st day and the
              15th day of such month. The provisional Distributions calculated within the first week of each month (the “Second Distribution”) shall be based on an estimate of the Vessel’s provisional Distributions
              for the previous month, and shall be adjusted downwards to take into account the amount of the First Distribution already paid in the previous month.  The Participant’s entitlement to receive Distributions shall always be subject to the cash
              flow requirements of the Company and subject to any adjustments to Distributions as may then be required pursuant to Clauses 4.2, 4.3, 4.4, 8.4, 8.5, 8.6 and/or 8.7. The Company shall within the first week of each month furnish the
              Participant a monthly provisional report setting out the provisional financial results of the Pool for the preceding month, the Vessel’s earnings for that period and the  aggregate of the First Distribution and the Second Distribution that
              will be (or will have been) paid to the Participant under this Clause 8.3 in respect of such preceding month.

          

    

    

    
      8

      
        

    

    	8.4	
            The Company shall within 30 days after each Quarter Date furnish the Participant with a provisional up-to-date report on the financial result of the operation of the Pool and the Vessel’s earnings for the quarter year preceding such
              Quarter Date (a “Quarterly Report”). The Vessel’s earnings and Distributions shall be adjusted (by way of a further provisional Distribution if necessary), taking into account factors such as (without
              limitation) the provisional monthly hire payments already paid, the Vessel’s actual operating days in the Pool, changes to the voyage itineraries of Pool Contracts, any other changes to the variables set out in Clause 12, any performance
              reviews performed in accordance with Clause 4, any Annual Calculation Reviews and any adjustments to Distributions as may then be required pursuant to Clauses 4.2, 4.3, 4.4 and/or 8.7. All such adjustments and reconciliations shall be
              reflected in each Quarterly Report.

          

     

    

    	8.5	
            If a revised adjustment in accordance with Clause 8.4 indicates that an overpayment of Distributions has been made to the Participant, the Participant shall re-pay the excess amount to the Company within seven (7) days of a written demand,
              or the Company may at its option, set off the overpayment against any subsequent Distributions payable under Clause 8.3, or any working capital repayable by the Company under Clause 10.

          

     

    

    	8.6	
            If a revised calculation in accordance with Clause 8.4 indicates an underpayment of Distributions to the Participant, the Company shall add the amount of such underpayment to the next instalment of Distributions payable to the Participant
              under Clause 8.4, or make an additional reconciliation Distribution payment to the Participant following the issuance of the Quarterly Report to cover the underpayment amount, subject to the cash flow requirements of the Company.

          

     

    

    	8.7	
            In the event that there is a breach by the Participant of its obligations under this Agreement (including the Time Charter Party), the Company has the right to set off an amount equal to the damages that the Company has incurred as a
              result of such breach against any Distributions payable by the Company under Clause 8.3 or 8.6 or any working capital that is repayable by the Company under Clause 10.

          

    

    

    
      9

      
        

    

    	9	
            ACCOUNTING

          

     

    

    	9.1	
            The Manager shall keep such records and accounts as shall be necessary or appropriate for the proper operation of the Pool, including such accounts as shall be necessary for the calculation of Distributions.

          

     

    

    	9.2	
            The Manager shall maintain systems of internal controls designed to provide reasonable assurance that transactions are properly executed sufficient to meet the requirements of an independent audit performed in accordance with International
              Auditing Standards.

          

     

    

    	9.3	
            The Manager shall no later than the 30th day following the end of each quarter commencing on a Quarter Date, prepare and distribute to each Pool Participant the Quarterly Report and for each Pool Vessel, such report shall cover the
              financial results for such Pool Vessel for the previous quarter period as well as the financial results of such Pool Vessel from the date of its entry into the Pool.  These Quarterly Reports shall include aggregate quarterly results with
              separate calculations made for each quarter.

          

     

    

    	9.4	
            The Quarterly Reports must show:

          

     

    

    	

          	(a)	
            Net Pool Revenue and the total Distributions made to Pool Participants to date;

          

     

    

    	

          	(b)	
            Time charter equivalent income for all voyages and charters performed by each Pool Vessel;

          

     

    

    	

          	(c)	
            The balance on the Company Bank Account and an appropriate reconciliation statement;

          

     

    

    	

          	(d)	
            Outstanding freight/demurrage due in respect of contracts performed by Pool Vessels; and

          

     

    

    	

          	(e)	
            Off hire days for each Pool Vessel monthly and year to date.

          

     

    

    	9.5	
            The Quarterly Reports will be maintained in United States Dollars.

          

     

    

    	9.6	
            Messrs Moore Stephens or another major international accounting firm, on an annual basis, will audit the Pool’s books, including Distributions.  Audited reports will be distributed to all Pool Participants.  All Pool records are available
              for review by each Pool Participant at the offices of the Manager.

          

    

    

    
      10

      
        

    

    	9.7	
            At the request of the Participant the Company shall, within a reasonable period and in any event not later than one month from receipt of such request and provided that it does not interfere with any ongoing statutory or other audit, make
              available to an auditor nominated by the Participant all accounts and supporting documents required to verify the correct allocation of Distributions to the Participant.

          

     

    

    	9.8	
            Further, the Company shall, not later than six (6) months after the end of its financial year (31 March) present to the Participant audited final accounts for the preceding financial year.

          

     

    

    	10	
            WORKING CAPITAL CONTRIBUTION AND RETENTION

          

     

    

    	10.1	
            The Participant shall, upon delivery of the Vessel under the Time Charter Party deposit in the Company’s account a working capital for the Vessel.  The working capital shall be determined by the Company and shall be US$750,000, being the
              equivalent of the market value of one (1) month of average bunker consumption for the Vessel together with the estimated costs and disbursements associated with three (3) port calls.  Where there are bunkers on board the Vessel on delivery of
              the Vessel by the Participant to the Company, the value of the bunkers (based on last prices paid by the Participant on a first-in, first-out basis as evidenced by supporting invoices and bunker delivery receipts) shall be set-off against the
              working capital to be paid by the Participant to the Company.

          

     

    

    
      	
              

              

            	
              Such working capital shall be repaid to the Participant after the redelivery of the Vessel by the Company. An amount sufficient to cover the possibility of reduced Distributions to the Participant following
                adjustments to the provisional Distributions shall nevertheless be withheld until final accounts are available and amounts may also be withheld on account of adjustments to distributions made pursuant to Clauses 4.2, 4.3, 4.4, 8.7 and/or
                any other provision of this Agreement.  Where there are bunkers on board the Vessel on redelivery of the Vessel by the Company to the Participant, the value of the bunkers (based on last prices paid by the Company on a first-in, first-out
                basis as evidenced by supporting invoices and bunker delivery receipts) shall be set-off against the working capital to be repaid by the Company to the Participant.

            

       

      

    

    	10.2	
            In the event that the cashflow position of the Company, as determined by the Company and the Pool Committee, is insufficient to allow the Company to perform its commercial commitments, then the Pool Committee shall be entitled to request a
              further contribution from all Pool Participants to the working capital of the Company.  The Participant shall pay such further contribution to the Company within ten (10) days of receipt of the Pool Committee’s written demand, which
              contribution shall be refunded as soon as the Company’s financial resources permit as determined by the Company. For the avoidance of doubt, such contributions shall not constitute Pool revenues.

          

    

    

    
      11

      
        

    

    	11	
            POOL COMMITTEE

          

     

    

    	11.1	
            The Pool Committee shall consist of one (1) representative for each Pool Participant, two (2) representatives appointed by the Company and two (2) representatives of the Manager.  The two (2) representatives of the Manager shall not have
              the right to vote.

          

     

    

    	11.2	
            Each Pool Participant shall have a number of votes corresponding to the number of Pool Vessels that have been delivered to the Pool by such Pool Participant. Where termination notice has been given in respect of a Pool Vessel, the relevant
              Pool Participant shall cease to have a vote on the Pool Committee in respect of such Pool Vessel.

          

     

    

    	11.3	
            Each Pool Participant shall nominate a representative to represent it in the Pool Committee.  If a member of the Pool Committee is a representative of a Pool Participant who no longer has a Pool Vessel trading and operating in the Pool,
              such member shall automatically cease to be a member of the Pool Committee.

          

     

    

    	11.4	
            The Pool Committee shall have the authority to make decisions in respect of the following matters as well as in respect of other matters put before by the Company in respect of the Pool:

          

     

    

    	

          	(a)	
            approval of the basis for the calculation of Total Costs;

          

     

    

    	

          	(b)	
            requirements for further contributions to the working capital of the Company in accordance with Clause 10.2;

          

     

    

    	11.5	
            The Pool Committee shall meet at least once a year.  The Pool Committee meetings can take place by teleconference, video conference and/or by physical meetings.  Representatives to the Pool Committee shall be entitled to participate
              through proxies.

          

     

    

    	11.6	
            Decisions requiring the approval of the Pool Committee may be taken at a meeting of the Pool Committee, in which case, they shall be taken on the basis of a simple majority of votes casted (excluding abstentions or absences).
              Alternatively, any decision requiring the approval of the Pool Committee (including without limitation the approval of the Annual Calculation Reviews) may be taken without the requirement for a meeting, if approval of the relevant proposal,
              document or other item, as applicable, submitted in writing by the Company to each member of the Pool Committee (the “Written Submission”) is given to the Company in writing by voting members of the
              Pool Committee representing in total a simple majority of votes casted (including the Company’s vote but excluding non-responses), such approval to be provided within a maximum period of ten (10) Business Days after the date of the Written
              Submission.

          

    

    

    
      12

      
        

    

     

    

    

    
      
        	12	
                CALCULATION OF POOL NET REVENUE/LOSS; POOL GROSS REVENUE AND POOL EXPENSES 

                

              

         

        	12.1	
                The Net Pool Revenue shall be equal to the Gross Pool Revenue (as detailed in Clause 12.2) less the Pool Expenses (as detailed in Clause 12.3) and subject to the adjustments described in Clause 12.4.

              

         

        	12.2	
                The Gross Pool Revenue consists of:

              

         

        	

              	(a)	
                each Pool Vessel’s total income (including without limitation freight, deadfreight, demurrage, charter hire, any amounts received for the Pool Vessels fixed on charters, and any loss of hire insurance proceeds received in respect of
                  any of the Pool Vessels);

              

         

        	

              	(b)	
                all freight, deadfreight, demurrage, charter hire or any other amount received by the Company in respect of Third Party Vessels;

              

         

        	

              	(c)	
                currency exchange gains;

              

         

        	

              	(d)	
                interest earned on funds held in the Company’s bank accounts or otherwise arising from the commercial operation of the Pool Vessels;

              

         

        	

              	(e)	
                any damages or other amounts received in settlement of any claims relating to performance of any contracts of employment by Pool Vessels or vessels chartered in;

              

         

        	

              	(f)	
                any savings or rebates, including those related to voyage expenses; and

              

         

        	

              	(g)	
                the Pool’s share of any salvage money received.

              

         

        	12.3	
                The Pool Expenses consist of:

              

         

        	

              	(a)	
                each Pool Vessel’s total voyage expenses incurred by the Company or the Manager in connection with the performance of Pool Contracts, including, without limitation, agents, tugs, port expenses, wharfage, bunker, canal fees, voyage
                  related COFR expenses, additional war risk premium etc;

              

         

        
          13

          
            

        

        	

              	(b)	
                all freight, deadfreight, demurrage, charter hire or any other amount paid by the Company or the Manager under or in respect of Third Party Charters;

              

         

        	

              	(c)	
                all commissions or brokerage payable in respect of all Pool Contracts concluded on behalf of the Company;

              

         

        	

              	(d)	
                all legal fees and any other out of pocket expenses whatsoever incurred by the Pool, the Company and the Manager in connection with the commercial operation and management of the Pool;

              

         

        	

              	(e)	
                all fees, costs and expenses whatsoever incurred by the Pool and/or the Company, and/or by the Manager on behalf of the Pool and/or the Company, including, but not limited to, fees and expenses of independent consultants, professional
                  advisors and representatives, supercargo, port captains, surveyors, superintendents or other specialists, whom the Manager may deem desirable to be employed from time to time in connection with the commercial operation of the Pool;

              

         

        	

              	(f)	
                any insurance premium payable by the Company in accordance with the provisions of Clause 14;

              

         

        	

              	(g)	
                all payments made by the Company in respect of legal claims relating directly to the Pool or Pool Vessels, including without limitation claims in respect of the Pool Contracts;

              

         

        	

              	(h)	
                all payments made by the Company pursuant to Clause 14.4 hereof;

              

         

        	

              	(i)	
                provisions for contingencies in respect of any amount in dispute and/or doubtful in recovery;

              

         

        	

              	(j)	
                any other expenses and charges whatsoever incurred by the Company and the Manager or in respect of any Pool Vessel or any chartered-in vessel for the Pool’s purposes relating to the management, administration and operation of the Pool;

              

         

        	

              	(k)	
                external auditor’s fees for review of the Pool accounts as provided in this Agreement;

              

         

        	

              	(l)	
                remuneration payable to the Manager pursuant to Clause 7;

              

         

        
          14

          
            

        

        	

              	(m)	
                currency exchange losses; and

              

         

        	

              	(n)	
                interest, repayments of principal and bank charges/commissions/fees payable on the Company’s bank accounts and/or under any receivables financing facility for the Pool.

              

         

        	12.4	
                The Net Pool Revenues may be adjusted by the Company to take account of, or make provisions for, the following:

              

         

        	

              	(a)	
                results of voyages in progress;

              

         

        	

              	(b)	
                amounts of voyage revenues earned by the Pool Vessels but not yet received;

              

         

        	

              	(c)	
                apportionment of prepaid expenses not included in the voyages expenses as detailed hereof and of expenses paid after the relevant accounting period and attributable in whole or in part to such accounting period;

              

         

        	

              	(d)	
                retention to cover claims in progress;

              

         

        	

              	(e)	
                previous overpayments of Distributions to Pool Participants, not yet recovered; and

              

         

        	

              	(f)	
                adequate provisions for any outstanding or contingent liability or obligation that would be considered (when accrued) as a Pool Expense.

              

         

        	12.5	
                Any and all taxes and dues on the Vessel and on payments to the Participant under this Agreement are to be for the Participant’s account and settled directly by it, save for taxes and dues which are solely in the nature of voyage
                  expenses.

              

         

        	12.6	
                The Company shall not make any additional payments to the Participant under this Agreement in relation to communication, victualling and entertainment expenses, over and above the Distributions payable under Clause 8.

              

         

        	13	
                LAYING UP

              

         

        	13.1	
                The Company may decide to lay up the Vessel (and other Pool Vessels) if market conditions justify such a decision.  If the Vessel is laid up, the Participant shall receive Distributions calculated according to the Vessel’s Total Costs,
                  but with a reduction for any net savings that the Participant may reasonably be expected to obtain as a result of the Vessel being laid up.

              

         

        
          15

          
            

        

        	14	
                INSURANCE

              

         

        	14.1	
                The Participant shall at its own expense arrange and maintain P&I, H&M and pollution cover for the Vessel in a manner consistent with prudent first class owners and acceptable to the Company.

              

         

        	14.2	
                The Company will take out legal defence cover with a defence club acceptable to the Pool Committee.

              

         

        	14.3	
                The Company shall take out P&I charterer’s liability insurance and such other insurances as it may from time to time consider to be appropriate.

              

         

        	14.4	
                In the event that the Vessel is required to transit through areas within the Gulf of Aden or the Indian Ocean which are covered by the current Joint War Committee listings (together, the “IOR Risk Areas”) or the Vessel is required to call areas within the Gulf of Guinea in West Africa which are covered by the current Joint War Committee listings (the “WAF
                    Risk Areas” and together with the IOR Risk Areas, the “Risk Areas”), the following provisions shall apply:

              

         

        	

              	(a)	
                subject to Clause 14.4(j), all Pool Vessels transiting the Gulf of Aden will transit under the first available naval convoy. Vessels remain on hire during waiting time;

              

         

        	

              	(b)	
                subject to Clause 14.4(j), in case the Participant requires the Vessel to transit the Gulf of Aden under a specific naval-led convoy, the Vessel will remain on-hire for a maximum of 24 hours waiting time.  Thereafter all waiting time
                  to be off-hire and bunkers consumed during such time to be for Participants’ account;

              

         

        	

              	(c)	
                the Company will arrange for insurance cover for KnR (kidnap and ransom) on behalf of the Participant with a cap of US$8 million for each transit undertaken by the Vessel through the Risk Areas.  Any additional KnR cover required by
                  the Participant shall be arranged by the Participant, at its cost;

              

         

        
          
            	
                    

                    

                  	
                    (d)          

                  	
                    (i)          

                  	
                    
                      
                        
                          the Company will arrange for insurance cover for KnR loss of hire on behalf of the Participant for each transit undertaken by the Vessel through the Risk Areas for a maximum one hundred and twenty (120) day period at a daily
                            rate equal to the average Pool return for the previous calendar month.

                        

                      

                    

                  

          

        

         

        
          16

          
            

        

        	

              	(ii)	
                however, if the Participant chooses to arrange its own KnR loss of hire cover for transits through the Risk Areas, the Company shall, subject to the Participant providing the necessary invoices and proof of payment, reimburse the
                  Participant the cost of such insurance cover but such reimbursement shall be limited to the amount that the Company would have paid if such insurance cover had been arranged by the Company pursuant to sub-clause 14.4(d)(i).

              

         

        	

              	(e)	
                crew bonuses are reimbursable and will be paid by the Company up to 100% of the crew’s basic wages, per transit for the full crew (including officers), in line with the IBF MOA/ ITF Agreements, for a period
                  limited to the number of days of transit through the IBF High Risk Area and if applicable, the IBF Extended Risk Zone. Any additional crew bonus paid ex-gratia by the Participant in respect of Risk Areas transits, shall be for the
                  Participant’s account;

              

         

        	

              	(f)	
                where the Participant chooses not to take out and be covered by the additional war risks insurance cover arranged by the Company pursuant to Clause 14.7, the Participant shall take out the additional war risk cover for the Vessel, and
                  provide necessary invoices and proof of payment to the Company for reimbursement by the Company to the Participant (but subject to the cap set out in Clause 14.7). The Participant shall procure discounts from their war risk underwriters
                  for the fact that kidnap and ransom and KnR loss of hire insurance have been taken out separately and if applicable, to take into account the presence of armed or unarmed guards on board the Vessel and other Vessel hardening measures
                  undertaken for the Risk Area transit;

              

         

        	

              	(g)	
                the Company shall reimburse the Participant towards all or part of the cost of various anti-piracy vessel hardening materials (being razor wire, personal protection equipment, anti-blast film and sandbags) to be acquired by the
                  Participant and utilised on the Vessel during the Risk Area transit, up to a limit of US$3,500, subject to the Participant providing necessary invoices and proof of payment. Specifically in respect of razor wires and sandbags only which
                  are subject to wear and tear (“Qualifying Hardening Materials”), the Company shall reimburse the replacement of such items up to the monetary limit advised above in the following circumstances and
                  under the following conditions:

              

        

        

        	

              	(i)	
                after one hundred and eighty (180) days following the last reimbursement of such Qualifying Hardening Materials (the “180 Day Period”) under this Clause, in the event the Vessel has undertaken
                  three or more transits through the Risk Area during such 180 Day Period; or

              

         

        
          17

          
            

        

        	

              	(ii)	
                prior to the Vessel undertaking a fourth transit through the Risk Area within a 180 Day Period; or

              

         

        	

              	(iii)	
                prior to the Vessel undertaking a transit through the Risk Area where more than 180 days has passed since a transit through the Risk Area was undertaken by the Vessel using the Qualifying Hardening Materials currently on board the
                  Vessel.

              

         

        In all the above cases the Company is not obliged to reimburse the cost of such Qualifying Hardening Materials where the Participant has tendered a withdrawal notice at that
          time under Clause 16. The Participant is required to notify the Company of its request for reimbursement under this paragraph reasonably in advance before a transit through the Risk Area.

         

        	

              	(h)	
                the Participant shall have the option of taking armed guards on the Vessel for Risk Area transits, subject to the conditions set out in Clauses 14.4(i) and 14.4(j). If the Participant so wishes to take armed guards, the Company will
                  arrange for the appointment of and pay for the cost of the armed guards on behalf of the Participant as long as such armed guards are ISO 28007 certified by one of the UKAS registered certifying bodies. In the case that the Participant
                  insists on using a different armed guards service from that of the Company’s preferred provider, then the Company agrees to reimburse the cost of the armed guards but such reimbursement shall be limited to the price that could have been
                  obtained from using the Company’s preferred armed guards service provider and provided that such armed guards are ISO 28007 certified by one of the UKAS registered certifying bodies. The reimbursement of the cost of the Participant’s own
                  armed guards is subject to the Participant providing the necessary invoices and proof of payment. The procurement of armed guards is subject to local laws and regulations and the availability of armed guard service providers in such
                  areas;

              

         

        	

              	(i)	
                all waiting time and deviation for picking up and dropping off armed guards shall be for the account of the Company provided that the Company receives approval from the Participant for the use of the Company’s preferred armed guards
                  service provider or confirmation of appointment of the Participant’s own choice of other armed guards service provider promptly and in a timely manner so as not to cause delay to the Vessel’s itinerary;

              

         

        
          18

          
            

        

        	

              	(j)	
                the conditions for armed guards being taken on the Vessel for a Risk Area transit, are that:

              

         

        	

              	(i)	
                if transiting the Gulf of Aden, the Vessel shall not wait for any naval convoy and shall proceed directly or transit with the first available MSCHOA grouped transit or naval convoy, whichever is earlier;

              

         

        	

              	(ii)	
                the Vessel shall adopt a direct route through the Risk Areas, but always keeping a minimum distance of 300 nautical miles away from the East Somalian coast; and

              

         

        	

              	(iii)	
                it is agreed that no armed guards are required to be taken on board the vessel for any transits going from the southern tip of India to the Arabian Gulf (or vice versa) which hug the Western Indian, Pakistani and Gulf of Oman
                  coastlines.

              

         

        Any waiting time or deviation in contravention of the conditions for the taking of armed guards set out in this paragraph (j) shall be off-hire under the Time Charter Party and for the
          Participant’s account;

         

        	

              	(k)	
                it is further agreed that the Participant / Vessel will follow and implement the latest edition of BMP when in or transiting the Risk Areas;

              

         

        	

              	(l)	
                other than as set out in the above paragraphs of this Clause 14.4, the Company will not cover for any other security or additional insurance measures adopted by the Participants; and

              

         

        	

              	(m)	
                the above provisions of this Clause 14.4 are based on the current situation in the Gulf of Aden, the Indian Ocean and the Gulf of Guinea, and this will be subject to review as and when the situation
                  changes.

              

         

        	14.5	
                If the Company arranged for KnR loss of hire insurance pursuant to Clause 14.4(d)(i) and the Vessel is seized by pirates and the Vessel remains detained after one hundred twenty (120) days, the Vessel shall
                  be off-hired under the Time Charter Party from the one hundred and twenty-first (121st) day after the seizure. However, if the Participant arranged its own KnR loss of hire insurance pursuant to Clause 14.4(d)(ii), the Vessel shall be
                  off-hired under the Time Charter Party immediately from the time the Vessel is seized by pirates. In either case and subject to Clause 16.4, the Vessel shall be put on-hire again once the Vessel is released and is made available to the
                  Company in the same position as when the Vessel was seized.

              

         

        
          19

          
            

        

        	14.6	
                If additional war risk premium (in the event the Participant chooses to take out and be covered by its own additional war risks insurance cover pursuant to Clause 14.7) and crew bonus is paid out by the Participant in connection with
                  an employment contract undertaken by the Vessel then subject to the other terms of this Agreement and the Time Charter Party, the Company will reimburse the Participant for the additional war
                  risk premium (but subject to the cap set out in Clause 14.7) and crew bonus at the next due pool distribution date, provided all relevant requirements in the Time Charter Party have been complied with
                    and all relevant invoices and other requested documents have been submitted in good time by the Participant. However such reimbursement shall be done on the basis that the Company reserves its rights to reverse the reimbursement should
                    the costs of the additional war risk premium and crew bonus be disputed and/or rejected by the sub-charterers under the relevant employment contract pursuant to which such costs were incurred.
                  Any additional loss of hire cover, including but not limited to H&M war risk loss of hire cover, required by the Participant shall be arranged by the Participant, at its cost.

              

         

        	14.7	
                In the event the Company has its own additional war risks policy in place, the Company shall arrange for additional war risks insurance cover (“AWRP”) on behalf of the Participant where such
                  cover is required under the Time Charter Party. However, if the Participant chooses to arrange its own AWRP when such cover is required under the Time Charter Party, the Company shall reimburse the Participant the cost of such insurance
                  cover in accordance with Clause 14.6, but such reimbursement shall be limited to the amount that the Company would have paid if such insurance cover had been arranged by the Company pursuant to this Clause 14.7.

              

         

        	14.8	
                For the avoidance of doubt, the Company shall have no liability whatsoever to the Participant in connection with any insurance cover arranged by it on behalf of the Participant pursuant to this Clause 14, other than its obligation to
                  pay the premium under the relevant insurance cover.

              

         

        	14.9	
                Should any dispute arise as to the quality of the bunkers supplied under the Time Charter Party (such to be time-barred unless notified by the Participant to the Company within 14 days of supply) then the Participant and the Company
                  are to agree to a joint re-analysis of a representative sample, which has been witnessed and signed by the bunkering ship or barge representative, at a laboratory acceptable to the Participant and the Company. The sample for testing shall
                  be the sample which has its seal number endorsed on the Bunker Delivery Receipt. The result of this analysis will be final and binding on all parties. The Participant will arrange to have the delivered fuel tested by an internationally
                  recognized fuel testing laboratory such as DNV or similar. Where the Participant agrees to arrange for testing of the quality of bunkers through one of the bunker testing laboratories nominated by the Company, the testing shall be done
                  solely at the Company’s cost.

              

         

        
          20

          
            

        

        	15	
                ASSIGNMENT

              

         

        	15.1	
                The earnings of the Pool may not be assigned by the Participant. The Participant may only assign the earnings distributed by the Pool pertaining to the Vessel.

              

         

        	15.2	
                The Company may assign, transfer, charge or deal in any other manner with any of its rights under this Agreement and/or any sub-charter (including, without limitation and for the avoidance of doubt, the Company's earnings under
                  sub-charters and any sum to the Company's credit in the Company's bank accounts) for the purpose of or in connection with any working capital financing of the Company. The Participant agrees to the subordination of any claims it has or
                  may have against the Company to any and all claims of a lender providing working capital financing to the Company. The Participant also agrees to waive any (a) contractual or other lien over any freight, sub-freights or sub-hires
                  pertaining to the Vessel, and/or (b) any right to intercept bill of lading freight arising in connection with the Vessel.

              

         

        	16	
                WITHDRAWAL/TERMINATION/SUSPENSION

              

         

        	16.1	
                The Vessel shall remain in the Pool for a minimum period of six (6) months from the Delivery Date, subject only to the terms of this Clause.  Each of the Participant and the Company shall be entitled to withdraw the Vessel from the
                  Pool and terminate this Agreement by giving sixty (60) days’ notice, plus or minus thirty (30) days in the Company’s option, in writing to the other at any time after the expiry of the initial five (5) month period from the Delivery Date.
                  Upon delivery of a termination notice or receipt of a termination notice in accordance with this Clause 16.1, subject to Clause 16.2, the Company shall be obliged to redeliver the Vessel to the
                    Participant within a period that is between thirty (30) days and ninety (90) days after the date that such termination notice is delivered or received, such redelivery date within the above window to be at the Company’s discretion. For
                    the avoidance of doubt and notwithstanding the above, the Vessel may not be redelivered until the Vessel has completed any Pool Contract concluded or on subjects for the Vessel prior to the delivery of a termination notice.

              

         

        	16.2	
                Notwithstanding the provisions of Clause 16.1 above, the Company, in its option, shall be entitled to add any or all off-hire time under the terms of the Time Charter Party (where the terms of the Time Charter Party allow for this) to
                  extend the redelivery date of the Vessel following the delivery or receipt of a termination notice under this Clause 16.

              

         

        
          21

          
            

        

        	16.3	
                Notwithstanding the provisions of clauses 16.1 and 16.2 above, in the event that the Participant has agreed and properly evidenced a firm sale of the Vessel to a Third Party, the Participant shall, subject to the following provisions
                  of this clause 16.3, be entitled at any time after the date of this Agreement to withdraw the vessel from the Pool and terminate this Agreement by giving a sale termination notice (a “Sale Termination
                    Notice”) in writing to the Company. Upon receipt of a Sale Termination Notice from the Participant, the Company shall be obliged to redeliver the Vessel to the Participant within the period that commences on the date falling
                  thirty (30) days after receipt of the Sale Termination Notice by the Company and expires on the date falling ninety (90) days after the date of receipt of the Sale Termination Notice, such redelivery date within the above window to be at
                  the Company’s discretion.

              

         

        	16.4	
                The Company may at any time (i) suspend and/or (ii) terminate this Agreement and withdraw the Vessel’s participation in the Pool with immediate effect by notice in writing to the Participant if any one of the following situations has
                  arisen:

              

         

        	

              	(a)	
                the Vessel has been off-hire for periods totalling more than thirty (30) days over the last six (6) months;

              

         

        	

              	(b)	
                the Vessel’s or Participant’s performance of its tasks under the contract for which it has been used or its application or non-application of standard industry practices is, in the reasonable opinion of the Company, below the standard
                  required (i) to maintain the reputation of the Pool/Company or (ii) to enable the Company to perform the contractual obligations towards the customers of the Pool/Company and to do so in an adequate and economic manner;

              

         

        	

              	(c)	
                the Vessel is, in the reasonable opinion of the Company, commercially untradeable to a significant proportion of the oil major company customers of the Pool/Company for any reason;

              

         

        	

              	(d)	
                the Participant is in breach with respect to its obligations under this Agreement (including the terms of the Time Charter Party) and the breach is of a nature which, in the reasonable opinion of the Company, warrants a suspension or
                  termination of this Agreement and withdrawal of the Vessel from the Pool;

              

         

        
          22

          
            

        

        	

              	(e)	
                the Participant is insolvent and/or is subject to debt negotiations, bankruptcy and/or similar proceedings and/or is unable to or admits its inability to pay its debts as they fall due;

              

         

        	

              	(f)	
                except where Clause 14.4 applies, the Vessel is captured, arrested, detained or confiscated and the Participant has not, within a period of fifteen (15) days in receipt of notification in writing from the Company thereof, remedied such
                  situation;

              

         

        	

              	(g)	
                if the Participant or any of its Affiliates becomes a Sanctioned Person during the course of this Agreement;

              

         

        	

              	(h)	
                if the Vessel has a Conditional Assessment Programme (CAP) Rating above 1 in either (1) hull structures or (2) machinery and cargo systems;

              

         

        	

              	(i)	
                if the Vessel has an Invalid Sire Report. “Invalid Sire Report” means either a hydrocarbon discharge SIRE report (i) that is more than six (6) months old or (ii) for which the Participant has
                  submitted corrective and/or preventive measures to the SIRE comments received from an oil major company or other SIRE company that participates in the SIRE system/program (a “SIRE Participant”) and
                  the Participant and the Company have:

              

         

        	

              	(a)	
                not received a confirmation of the vessel not being unacceptable to such SIRE Participant; or

              

         

        	

              	(b)	
                not received a confirmation that the SIRE inspection process is complete and no further information is required; or

              

         

        
          	 	
                  (c)

                	
                  received a rejection message from such SIRE Participant;

                

        

         

        	

              	(j)	
                if the Vessel is detained as a result of an unsatisfactory Port State Control Inspection; and

              

         

        	

              	(k)	
                if the Vessel is no longer controlled (whether by way of ownership or charter) by the Participant.

              

         

        	16.5	
                Upon suspension of the Vessel from the Pool in accordance with Clause 16.4:

              

         

        	

              	(a)	
                the Vessel shall be off-hire under the terms of this Agreement (including the Time Charter Party);

              

         

        	

              	(b)	
                the Participant shall cease to be represented on the Pool Committee;

              

         

        
          23

          
            

        

        	

              	(c)	
                Distributions shall cease to accrue in respect of the Vessel;

              

         

        	

              	(d)	
                to the extent it is lawful to do so, the Company shall continue to pay any Distributions accrued in respect of the Vessel to the Participant in accordance with Clause 8; and

              

         

        	

              	(e)	
                the Participant’s obligations under this Agreement shall continue to be in force;

              

         

        in each case, for the duration of the Vessel’s suspension from the Pool.

         

        	16.6	
                Notwithstanding anything to the contrary in Clause 16.5 above, if at the time of the suspension of the Vessel from the Pool, the Vessel is undertaking a Pool Contract or has already been fixed (fully or on subjects) to perform a Pool
                  Contract, the Company may in its option require the Vessel to fulfil such contract. Until the Vessel completes such contract, the Vessel shall remain on-hire under the terms of this Agreement (including the Time Charter Party) and
                  Distributions shall continue to accrue in respect of the Vessel, but the provisions of paragraphs (b), (d) and (e) of Clause 16.5 shall apply for the full duration of the Vessel’s suspension from the Pool.

              

         

        	16.7	
                Following a suspension of the Vessel from the Pool in accordance with Clause 16.4, the Company may at any time thereafter either:

              

         

        	

              	(a)	
                lift the suspension and re-instate the Vessel’s participation in the Pool with immediate effect by notice in writing to the Participant if the situation leading to the suspension has been resolved to the Company’s satisfaction; or

              

         

        	

              	(b)	
                terminate this Agreement and withdraw the Vessel’s participation in the Pool with immediate effect by notice in writing to the Participant.

              

         

        	16.8	
                If the Vessel is suspended from the Pool pursuant to sub-clauses 16.4(h), (i) or (j)  and the Company elects to continue trading the Vessel outside the Pool, then the Vessel shall go on commercial management pursuant to the Manager’s
                  standard individual commercial management terms until the circumstances giving rise to the suspension under sub-clause 16.4(h), (i) or (i) no longer apply (in which case the Vessel shall re-enter the Pool) or the expiry of pool commitment
                  period, whichever is earlier.

              

         

        	16.9	
                Any time the Vessel is on commercial management pursuant to Clause 16.8 shall count towards the period of time that the Vessel is in the Pool for purposes of Clause 3 and this Clause 16.

              

         

        
          24

          
            

        

        	16.10	
                Any termination of this Agreement and withdrawal of the Vessel from the Time Charter Party shall be without prejudice to any and all rights and obligations of the parties hereto attributable to such termination or withdrawal or to any
                  event, circumstance or period, prior to the effective date of such termination or withdrawal or to any rights and obligations which survive any termination or withdrawal in accordance with this Agreement, including without limitation, the
                  rights and obligations set forth in Clauses 8.4, 8.5, 8.6 and 8.7.

              

         

        	17	
                NATURE OF THE AGREEMENT

              

         

        	17.1	
                Neither this Agreement nor any other document relating to the Pool shall constitute or give rise to any partnership between the Participant and the Company or other Pool Participants.   The Participant shall under no circumstances be
                  responsible for the debt of any other Pool Participant nor (except as specifically provided for in this Agreement) for the debt of the Company.

              

         

        	17.2	
                The Participant shall have no rights in respect of goodwill or other tangible or intangible assets of the Company apart from what is specifically stipulated in this Agreement.

              

         

        	18	
                CONFIDENTIALITY

              

         

        	18.1	
                This Agreement including all terms, details, conditions, and period is to be kept private and confidential and beyond the reach of any third party, with the exception of each of the parties’ lending banks or their agents on a “need to
                  know” basis or if required by law, regulation or court order and applicable disclosure requirements of a regulated stock exchange.  The terms and conditions of this Agreement are for the sole use of the parties to this Agreement and are
                  not to be copied or used for any other purpose without the express written consent of the Company.

              

         

        	18.2	
                The Participant understands that information contained in reports and commentaries provided by the Company to the Participant in connection with this Agreement (whether these are the reports provided under Clause 8.3 of the
                  Participation Agreement or otherwise) (the “Reports”) may include material non-public information pertaining to other Pool Participants that have publicly traded securities and a significant
                  proportion of their vessels participating in the Pool or other Navig8 Group pools. The Participant hereby confirms that (i) it is aware that it may be subject to insider trading rules and regulations by virtue of the receipt of
                  information contained in the Reports and (ii) that it is responsible for obtaining its own legal advice on any such matters relating to insider trading rules and regulations and receipt of material non-public information.

              

         

        
          25

          
            

        

        	19	
                TOTAL LOSS

              

         

        	19.1	
                In the event of a total loss or constructive total loss of the Vessel, the Vessel’s participation in the Pool shall be deemed to be terminated at noon on the day of her loss or, should the Vessel be missing, at noon on the day on which
                  she was last heard of.

              

         

        	20	
                CLAIMS

              

         

        	20.1	
                The Participant shall provide promptly upon the request of the Company or the Manager all documents reasonably required to investigate, pursue or defend any claim arising in relation to a Pool Vessel or the performance or
                  non-performance of this Agreement.

              

         

        	21	
                CHOICE OF LAW AND JURISDICTION

              

         

        	21.1	
                This Agreement and any non-contractual obligations arising out of or in connection with it are governed by and shall be interpreted in accordance with English law.

              

         

        	21.2	
                All disputes arising under or in connection with this Agreement including in respect of non-contractual obligations shall be referred to arbitration in London.  The arbitration shall be conducted in accordance with one of the following
                  London Maritime Arbitrators’ Association (“LMAA”) Rules:

              

         

        	

              	(a)	
                where the amount claimed by the claimants is less than United States Dollars Fifty thousand (US$50,000), excluding interest, the reference shall be to a sole arbitrator and the arbitration shall be conducted in accordance with the LMAA
                  Small Claims Procedure;

              

         

        	

              	(b)	
                in any case where the LMAA procedures referred to above do not apply, the reference shall be to three arbitrators (one to be appointed by each of the parties and the third by the arbitrators so chosen) in accordance with the LMAA terms
                  in force at the relevant time.

              

         

        	21.3	
                In respect of Clause 21.2(b), if either of the appointed arbitrators refuses to act or is incapable of acting, the party who appointed him shall appoint a new arbitrator in his place. If one party fails to appoint an arbitrator,
                  whether originally or by substitution for two weeks after the other party, having appointed his arbitrator, has (by email or letter) called upon the defaulting party to make the appointment, the President for the time being of the London
                  Maritime Arbitrators' Association shall, upon application of the other party, appoint an arbitrator on behalf of the defaulting party and that arbitrator shall have the like powers to act in the reference and make an award (and, if the
                  case so requires, the like duty in relation to the appointment of a third arbitrator) as if he had appointed in accordance with the terms of this Agreement.

              

         

        
          26

          
            

        

        	21.4	
                It is hereby expressly agreed that no employee or agent of the Company shall be under any liability to the Participant for any loss, damage, delay, neglect or default on his part while acting in the course of or in connection with his
                  employment and, without prejudice to the generality of the provisions of this Clause 21, every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever
                  nature applicable to the Company or to which the Company is entitled hereunder, shall also be available as shall extend to protect every such employee or agent of the Company acting as aforesaid and for the purpose of all the provisions
                  of this Clause 21, the Company is or shall be deemed to be acting as agent or trustee on behalf of and for the benefit of all persons who are or might be his servants or agents from time to time and all such persons shall to this extent
                  be or be deemed to be parties to this Agreement.

              

         

        	21.5	
                The Participant shall not arrest a Pool Vessel unless it indemnifies the Company for all consequences of the arrest, including loss of income and directly related expenses.

              

         

        	21.6	
                The Company shall be under no liability to the Participant for any loss, damage, delay or expense, of whatsoever nature, whether direct or indirect, including but not limited to loss of profit arising out of or in connection with
                  detention of or delay to the Vessel, howsoever arising, in the course of performance of, or otherwise in connection with, this Agreement.

              

         

        	21.7	
                The Participant shall indemnify and hold harmless the Company in respect of all liabilities howsoever incurred by it in the performance of its obligations hereunder or others arising in connection with this Agreement.

              

         

        	22	
                NOTICES

              

         

        	22.1	
                Notices or other communications under or with respect to this Agreement shall be in writing and shall be delivered personally or shall be sent by mail or email to the parties at their respective addresses set forth below or to such
                  other address as to which notice is given:

              

         

        To the Participant:

         

        [●]

        Tel.: [●]

        Email:  [●]

         

        

        
          27

          
            

        

        To the Company:

         

        [●]

        Email: [●]

         

        

                   Pool withdrawal notices should also be emailed to:

                   [●]

        

        

        	22.2	
                In the absence of evidence of earlier receipt, a notice is deemed given:

              

         

        (a)       if delivered personally, when left at the address referred to in Clause 22.1 above;

         

        (b)       if sent by mail, on the third (3rd) Business Day next following the day of posting it;

         

        (c)     if sent by email, when actually received in readable form and if transmitted during normal business hours (9.30am – 5.30pm) on any Business Day. An email transmitted after midnight but on
          or before 9.30am on any Business Day shall be deemed to be given at 9.30am on that Business Day. An email transmitted after 5.30pm but on or before midnight on any Business Day and an email transmitted on a non-Business Day shall be deemed to be
          given at 9.30am on the following Business Day.

         

        For the purposes of this Clause 22.2 “Business Day” means days on which banks are open for business and not authorised by law to close in London, Singapore
          and New York.

         

        	23	
                ENTIRE AGREEMENT

              

         

        	23.1	
                This Agreement constitutes the entire agreement and understanding of the parties and supersedes any previous agreement between the parties relating to the subject matter of this Agreement.  Each of the parties acknowledges and agrees
                  that in entering into this Agreement it does not rely on any pre-contractual representation and/or statement whether in writing or in words.

              

         

        	23.2	
                This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such separate counterparts shall together constitute one and the same instrument.

              

         

        	24	
                RIGHTS OF THIRD PARTIES

              

         

        	24.1	
                Save in respect to the Manager and as otherwise expressly provided in this Agreement, no terms of this Agreement shall be enforceable by a third party, being any person other than the parties hereto and their permitted successors and
                  assignees and the provisions of the Contracts (Rights of Third Parties) Act 1999 shall accordingly not apply to this Agreement.

              

         

        
          28

          
            

        

        IN WITNESS the Parties hereto have executed this
            Agreement the day and year first above written.

         

        	
                SIGNED by

              	 	 	 
	 	 	 	 
	
                [●]

              	) 

              	
                

                

              	 
	 	 	 	 
	
                on behalf of [●]

              	
                )

              	 	 
	 	 	 	 
	
                SIGNED by [●]

              	
                )

              	 	 
	 	 	 	 
	
                on behalf of V8 POOL INC.

              	
                )

              	 	 

         

        

        
          29

          
            

        

        APPENDIX 1

         

        POOL VESSEL EVALUATION SYSTEM

         

        

        
          30

          
            

        

        APPENDIX 2

         

        COMMERCIAL MANAGEMENT AGREEMENT

         

        
          31

          
            

        

        APPENDIX 3.1

         

        STANDARD POOL TIME CHARTER

         

        
          32

          
            

        

        APPENDIX 3.2

         

        TIME CHARTER PARTY

         

        
           

            

           

            

          33

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