Document:

Exhibit 4.13

Execution Version

Dated27
August2021

$12,000,000

TERM LOAN FACILITY

GLOBAL SHIP LEASE 42 LLC 

as Borrower

and

GLOBAL SHIP LEASE, INC. 

as Parent Guarantor

and

SINOPAC CAPITAL INTERNATIONAL (HK) LIMITED

as Lender

FACILITY AGREEMENT

secured over m.v. “GSL VALERIE”

    	 

    	 

    

Index

	Clause	Page
	 	 
	Section 1 Interpretation	2
	1	Definitions and
    Interpretation	2
	Section 2 The
    Facility	23
	2	The Facility	23
	3	Purpose	23
	4	Conditions of Utilisation	23
	Section 3 Utilisation	25
	5	Utilisation	25
	Section 4 Repayment,
    Prepayment and Cancellation	26
	6	Repayment	26
	7	Prepayment and Cancellation	26
	Section 5 Costs
    of Utilisation	29
	8	Interest	29
	9	Interest Periods	30
	10	Changes to the Calculation
    of Interest	30
	11	Fees	31
	Section 6 Additional
    Payment Obligations	33
	12	Tax Gross Up and Indemnities	33
	13	Increased Costs	36
	14	Other Indemnities	38
	15	Mitigation by the Lender	40
	16	Costs and Expenses	41
	Section 7 Guarantee	43
	17	Guarantee and Indemnity	43
	Section 8 Representations,
    Undertakings and Events of Default	46
	18	Representations	46
	19	Information Undertakings	53
	20	General Undertakings	55
	21	Insurance Undertakings	62
	22	Ship Undertakings	67
	23	Security Cover	73
	24	Events of Default	75
	Section 9 Changes
    to Parties	81
	25	Changes to the Lender	81
	26	Changes to the Transaction
    Obligors	82
	27	The Reference Banks	83
	Section 10 Administration	84
	28	Payment Mechanics	84
	29	Set-Off	86
	30	Conduct of Business by the
    Lender	86
	31	Notices	86
	32	Calculations and Certificates	88
	33	Partial Invalidity	88
	34	Remedies and Waivers	88
	35	Entire Agreement	89
	36	Settlement or Discharge Conditional	89
	37	Irrevocable Payment	89
	38	Confidential Information	89
	39	Confidentiality of Funding
    Rates and Reference Bank Quotations	92
	40	Amendments	93
	41	Counterparts	94
	Section 11 Governing
    Law and Enforcement	95
	42	Governing Law	95
	43	Enforcement	95

    	 

    	 

    

	Schedules	 
	Schedule 1 The Parties	96
	Part A The Obligors	96
	Part B The Original Lender	97
	Schedule 2 Conditions Precedent and Subsequent	98
	Part A Conditions precedent to Utilisation Request	98
	Part B Conditions precedent to Utilisation	100
	Part C Conditions Subsequent	102
	Schedule 3 Requests	103
	Part A Utilisation Request	103
	Schedule 4 Details of the Ship	105
	Schedule 5 Timetables	106
	Execution	 
	Execution Pages	107

 

    	 

    	 

    

Execution Version

THIS AGREEMENT is made on 27 August2021.

PARTIES

		(1)	GLOBAL SHIP LEASE 42 LLC, a limited liability company formed in the Republic of Liberia with registration
number LLC-960163 whose registered address is at 80 Broad Street, Monrovia, Liberia as borrower (the “Borrower”)

		(2)	GLOBAL SHIP LEASE, INC., a corporation incorporated in the Republic of the Marshall Islands with
registration number 28891 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, the Marshall
Islands as guarantor (the “Parent Guarantor”)

		(3)	THE FINANCIAL INSTITUTIONS listed in Part B of Schedule 1 (The Parties) as lenders (the
“Original Lenders”)

BACKGROUND

The Lender has agreed to make available to
the Borrower a secured term loan facility in an amount not exceeding the lower of (i) $12,000,000 and (ii) 70 per cent. of the Initial
Market Value of the Ship, for the purpose of financing the Ship.

OPERATIVE PROVISIONS

    	 	1	 

     

    

 

SECTION 1

INTERPRETATION

		1	DEFINITIONS AND INTERPRETATION

		1.1	Definitions

In this Agreement:

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

“Approved Brokers”
means any firm or firms of insurance brokers approved in writing by the Lender.

“Approved Classification”
means, as at the date of this Agreement, the classification specified in Schedule 4 (Details of the Ship) or the equivalent classification
with another Approved Classification Society.

“Approved Classification
Society” means, as at the date of this Agreement, the classification society specified in Schedule 4 (Details of the Ship)
or any other classification society which is a member of the International Association of Classification Societies (or such other classification
society which is approved in writing by the Lender such approval not to be unreasonably withheld).

“Approved Commercial Manager” means:

		(a)	Conchart Commercial Inc., a corporation incorporated in the Republic of the Marshall
Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, the Marshall Islands having
established an office in Greece pursuant to L.27/1975 at 3-5 Menandrou Str.14561 Kifisia, Athens, Greece; or

		(b)	any other person approved in writing by the Lender, as the commercial manager of
the Ship,

being as at the date of this Agreement,
the manager specified as the approved commercial manager in relation to the Ship in Schedule 4 (Details of the Ship).

“Approved Flag”
means, as at the date of this Agreement, Liberia or the flag of the Marshall Islands, Panama, Hong Kong or such other flag approved in
writing by the Lender such approval not be unreasonably withheld.

“Approved Manager”
means the Approved Commercial Manager or the Approved Technical Manager.

“Approved Technical Manager”
means:

		(a)	Technomar Shipping Inc., a corporation incorporated in the Republic of Liberia whose
registered address is at 80 Broad Street, Monrovia, Liberia having established an office in Greece pursuant to L.27/1975 at 3-5 Menandrou
Str.14561 Kifisia, Athens, Greece; or

    	 	2	 

     

    

 

		(b)	any other person approved in writing by the Lender, as the technical manager of
the Ship,

being as at the date of this Agreement,
the manager specified as the approved technical manager in relation to the Ship in Schedule 4 (Details of the Ship).

“Approved Valuer” means
Maersk Brokers KS and Howe Robinson Partners (or any Affiliate of such person through which valuations are commonly issued) and any other
reputable firm or firms of independent sale and purchase shipbrokers with expertise in valuing containerships willing and able to provide
valuation certificates that can be used in the New York Stock Exchange mutually agreed between the Lender and the Borrower.

“Assignable Charter”
means any Charter in respect of the Ship, having a duration exceeding (without taking into account any optional extensions) 12 months.

“Authorisation” means
an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, legalisation or registration.

“Availability Period”
means the period from and including the date of this Agreement to and including the date falling three months thereafter or such later
date as the Parties may agree.

“Available Facility” means the Commitment
minus:

		(a)	the amount of the outstanding Loan; and

		(b)	in relation to any proposed Utilisation, the amount of the Loan that is due to be made on or before the
proposed Utilisation Date.

“Break Costs” means the amount (if any)
by which:

		(a)	the interest which the Lender should have received for the period from the date of receipt of all or any
part of the Loan or an Unpaid Sum to the last day of the current Interest Period in relation to the Loan, the relevant part of the Loan
or that Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period

exceeds

		(b)	the amount which the Lender would be able to obtain by placing an amount equal to the principal amount
or Unpaid Sum received by it on deposit with a leading bank in the Relevant Interbank Market for a period starting on the Business Day
following receipt or recovery and ending on the last day of the current Interest Period.

“Business Day” means
a day (other than a Saturday or Sunday) on which banks are open for general business in Athens, Hong Kong, Singapore, Taipei, London and,
in respect of any payment which is required to be made under a Finance Document, New York.

“Charter” means any
charter relating to the Ship, or other contract for its employment, whether or not already in existence.

“Charter Guarantee”
means any guarantee, bond, letter of credit or other instrument (whether or not already issued) supporting a Charter (including any Assignable
Charter), the form of which shall not be subject to the Lender’s prior approval.

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“Charterparty Assignment”
means, in relation to any Assignable Charter, an assignment of the Borrower’s rights under that Assignable Charter (and any related
Charter Guarantee) in favour of the Lender in agreed form.

“Code” means the US Internal Revenue Code
of 1986.

“Commercial Management Agreement”
means the agreement entered into between the Borrower and the Approved Commercial Manager regarding the commercial management of the Ship.

“Commitment” means
$12,000,000 to the extent not cancelled or reduced under this Agreement.

“Confidential Information”
means all information relating to any Transaction Obligor, any Approved Manager, the Group, the Finance Documents or the Facility of which
the Lender becomes aware in its capacity as, or for the purpose of becoming, the Lender in relation to the Finance Documents or the Facility
from either any member of the Group or any of its advisers in whatever form, and includes information given orally and any document, electronic
file or any other way of representing or recording information which contains or is derived or copied from such information but excludes:

		(a)	information that:

		(i)	is or becomes public information other than as a direct or indirect result of any breach by the Lender
of Clause 38 (Confidential Information); or

		(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group or any
of its advisers; or

		(iii)	is known by the Lender before the date the information is disclosed to it by any member of the Group or
any of its advisers above or is lawfully obtained by the Lender after that date, from a source which is, as far as the Lender is aware,
unconnected with the Group and which, in either case, as far as the Lender is aware, has not been obtained in breach of, and is not otherwise
subject to, any obligation of confidentiality; and

		(b)	any Funding Rate or Reference Bank Quotation.

“Confidentiality Undertaking”
means a confidentiality undertaking in substantially the appropriate form recommended by the LMA from time to time or in any other form
agreed between the Borrower and the Lender.

“Deed of Covenant”
means, if required by the laws of the Approved Flag, a deed of covenant collateral to the Mortgage over the Ship in agreed form.

“Default” means an Event of Default or a
Potential Event of Default.

“Delegate” means any delegate, agent, attorney
or co-trustee appointed by the Lender.

“Disruption Event” means either or both
of:

		(a)	a material disruption to those payment or communications systems or to those financial markets which are,
in each case, required to operate in order for payments

    	 	4	 

     

    

 

to be made in connection with the Facility
(or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by,
and is beyond the control of, any of the Parties; or

		(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature)
to the treasury or payments operations of a Party preventing that, or any other, Party:

		(i)	from performing its payment obligations under the Finance Documents; or

		(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents,

and which (in either such case) is
not caused by, and is beyond the control of, the Party whose operations are disrupted.

“Document of Compliance” has the meaning
given to it in the ISM Code.

“dollars” and “$” mean
the lawful currency, for the time being, of the United States of America.

“Earnings” means all moneys whatsoever which
are now, or later become, payable (actually or contingently) to the Borrower or the Lender and which arise out of or in connection with
or relate to the use or operation of the Ship, including (but not limited to):

		(a)	the following, save to the extent that any of them is, with the prior written consent
of the Lender, pooled or shared with any other person:

		(i)	all freight, hire and passage moneys including, without limitation, all moneys payable under, arising
out of or in connection with a Charter net of customary commissions or a Charter Guarantee;

		(ii)	the proceeds of the exercise of any lien on sub-freights;

		(iii)	compensation payable to the Borrower or the Lender in the event of requisition of the Ship for hire or
use;

		(iv)	remuneration for salvage and towage services;

		(v)	demurrage and detention moneys;

		(vi)	without prejudice to the generality of sub-paragraph (i) above, damages for breach (or payments for variation
or termination) of any charterparty or other contract for the employment of the Ship;

		(vii)	all moneys which are at any time payable under any Insurances in relation to loss of hire (if applicable
from time to time);

		(viii)	all monies which are at any time payable to the Borrower in relation to general average contribution;
and

		(b)	if and whenever the Ship is employed on terms whereby any moneys falling within
sub-paragraphs (i) to (viii) of paragraph (a) above are pooled or shared with any other

    	 	5	 

     

    

 

person, that proportion of the net receipts
of the relevant pooling or sharing arrangement which is attributable to the Ship.

“EEA Member Country”
means any member state of the European Union, Iceland, Liechtenstein and Norway.

“Emergency Event” means,
in relation to the Ship, an event or circumstance not within the Borrower’s reasonable control affecting the Ship, life or property
on board and/or the Ship’s operation including without limitation, hull failure, critical failure of vessel’s navigation system,
cargo shift, machinery breakdown, an act of God, flood, drought, earthquake or other natural disaster, terrorist attack, civil war, riot,
war or preparation for war, armed conflict, nuclear, chemical or biological contamination, fire explosion or accident, epidemic or pandemic,
life threatening personnel injuries or illness.

“Environmental Approval”
means any present or future permit, ruling, variance or other Authorisation required under Environmental Law.

“Environmental Claim”
means any claim by any governmental, judicial or regulatory authority or any other person which arises out of an Environmental Incident
or an alleged Environmental Incident or which relates to any Environmental Law and, for this purpose, “claim” includes
a claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind, including in relation
to clean-up and removal, whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to
desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.

“Environmental Incident” means:

		(a)	any release, emission, spill or discharge of Environmentally Sensitive Material whether within the Ship
or from the Ship into any other vessel or into or upon the air, water, land or soils (including the seabed) or surface water; or

		(b)	any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into
or upon the air, water, land or soils (including the seabed) or surface water from a vessel other than the Ship and which involves a collision
between the Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which the
Ship is actually or potentially liable to be arrested, attached, detained or injuncted and/or the Ship and/or any Transaction Obligor
and/or any operator or manager (including an Approved Manager) of the Ship is at fault or allegedly at fault or otherwise liable to any
legal or administrative action; or

		(c)	any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged
into or upon the air, water, land or soils (including the seabed) or surface water otherwise than from the Ship and in connection with
which the Ship is actually or potentially liable to be arrested and/or where any Transaction Obligor and/or any operator or manager (including
an Approved Manager) of the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action, other than
in accordance with an Environmental Approval.

“Environmental Law”
means any present or future law relating to pollution or protection of human health or the environment, to conditions in the workplace,
to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to actual or threatened
releases of Environmentally Sensitive Material.

    	 	6	 

     

    

 

“Environmentally Sensitive Material”
means and includes all contaminants, oil, oil products, toxic substances and any other substance (including any chemical, gas or other
hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.

“Event of Default”
means any event or circumstance specified as such in Clause 24 (Events of Default).

“Facility” means the
term loan facility made available under this Agreement as described in Clause 2 (The Facility).

“Facility Office” means
the office or offices through which the Lender will perform its obligations under this Agreement.

“FATCA” means:

		(a)	sections 1471 to 1474 of the Code or any associated regulations;

		(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to
in paragraph (a) above; or

		(c)	any agreement pursuant to the implementa`tion of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

“FATCA Deduction” means
a deduction or withholding from a payment under a Finance Document required by FATCA.

“FATCA Exempt Party”
means a Party that is entitled to receive payments free from any FATCA Deduction.

“Finance Document” means:

		(a)	this Agreement;

		(b)	the Utilisation Request;

		(c)	any Security Document;

		(d)	any Subordination Agreement;

		(e)	any other document which is executed for the purpose of establishing any priority or subordination arrangement
in relation to the Secured Liabilities; or

		(f)	any other document designated as such by the Lender and the Borrower.

“Financial
Indebtedness” means any indebtedness for or in relation to:

		(a)	moneys borrowed;

		(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;

    	 	7	 

     

    

 

		(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan
stock or any similar instrument;

		(d)	the amount of any liability in relation to any lease or hire purchase contract which would, in accordance
with GAAP, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract which would,
in accordance with GAAP in force prior to 1 January 2019, have been treated as an operating lease);

		(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse
basis);

		(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) of a
type not referred to in any other paragraph of this definition having the commercial effect of a borrowing;

		(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation
in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual
amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account);

		(h)	any counter-indemnity obligation in relation to a guarantee, indemnity, bond, standby or documentary letter
of credit or any other instrument issued by a bank or financial institution; and

		(i)	the amount of any liability in relation to any guarantee or indemnity for any of the items referred to
in paragraphs (a) to (h) above.

“Funding Rate” means
any individual rate notified by the Lender to an Obligor pursuant to any Finance Document.

“GAAP” means generally accepted accounting
principles in US including IFRS.

“General Assignment”
means the general assignment creating Security over the Ship’s Earnings, its Insurances and any Requisition Compensation, in agreed
form.

“Group” means the Parent Guarantor and its
Subsidiaries for the time being.

“Holding Company” means,
in relation to a person, any other person in relation to which it is a Subsidiary.

“IFRS” means international
accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.

“Increased Costs Negotiation
Period” has the meaning given to it in Clause 13.3 (Payment of increased costs).

“Initial Market Value”
means, in relation to the Ship, the Market Value thereof determined by the valuation of the Ship referred to in paragraph 2.5 of Schedule
2, Part B.

“Indemnified Person” has the meaning given
to it in Clause 14.2 (Other indemnities).

    	 	8	 

     

    

 

“Initial Charter” means
the time charterparty dated 20 October 2020 and as the same may be further amended, novated and/or supplemented from time to time and
made between (i) the Borrower and (ii) the Initial Charterer in respect of the Ship.

“Initial Charterer”
means ZIM Integrated Shipping Services Ltd., a company incorporated in Israel whose principal office is at 9 Andre Saharov St., 3101601
Haifa, Israel.

“Insurances” means, in relation to the Ship:

		(a)	all policies and contracts of insurance, including entries of the Ship in any protection and indemnity
or war risks association, effected in relation to the Ship, the Earnings (if applicable) or otherwise in relation to the Ship whether
before, on or after the date of this Agreement; and

		(b)	all rights and other assets relating to, or derived from, any of such policies, contracts or entries,
including any rights to a return of premium and any rights in relation to any claim whether or not the relevant policy, contract of insurance
or entry has expired on or before the date of this Agreement.

“Interest Period” means,
in relation to the Loan or any part of the Loan, each period determined in accordance with Clause 9 (Interest Periods) and, in
relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest).

“Interpolated Screen Rate”
means, in relation to the Loan or any part of the Loan, the rate which results from interpolating on a linear basis between:

		(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less
than the Interest Period of the Loan or that part of the Loan; and

		(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds
the Interest Period of the Loan or that part of the Loan,

each as of the Specified Time for dollars.

“ISM Code” means the
International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (including the guidelines on its implementation),
adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time.

“ISPS Code” means the
International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization’s (IMO) Diplomatic
Conference of December 2002, as the same may be amended or supplemented from time to time.

“ISSC” means an International Ship Security
Certificate issued under the ISPS Code. “Lender” means:

		(a)	the Original Lender; and

		(b)	any bank, financial institution, trust, fund or other entity which has become the Lender in accordance
with Clause 25 (Changes to the Lender),

    	 	9	 

     

    

 

which in each case has not ceased to be a Party in accordance
with this Agreement.

“LLC Interests Security”
means a document creating Security over the limited liability company interests in the Borrower in agreed form.

“LIBOR” means, in relation to the Loan or
any part of the Loan:

		(a)	the applicable Screen Rate as of the Specified Time for dollars and for a period equal in length to the
Interest Period of the Loan or that part of the Loan; or

		(b)	as otherwise determined pursuant to Clause 10.1 (Unavailability of Screen Rate), and if, in either case, that rate is less
than zero, LIBOR shall be deemed to be zero. “LMA” means the Loan Market Association or any successor organisation.

“Loan” means the loan
to be made available under the Facility or the aggregate principal amount outstanding for the time being of the borrowings under the Facility
and a “part of the Loan” means any part of the Loan as the context may require.

“Major Casualty” means
any casualty to the Ship in relation to which the claim or the aggregate of the claims against all insurers, before adjustment for any
relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency.

“Management Agreement”
means the Technical Management Agreement or the Commercial Management Agreement.

“Manager’s Undertaking”
means the letter of undertaking from each Approved Manager of the Ship subordinating the rights of that Approved Manager against the Ship
and the Borrower to the rights of the Lender in agreed form.

“Margin” means 3.25 per cent. per annum.

“Market Value” means,
in relation to the Ship or any other vessel, at any date, an amount determined by the Lender as being, an amount equal to the market value
of the Ship or vessel shown by one valuation prepared:

		(a)	as at a date not more than 30 days previously;

		(b)	by an Approved Valuer (selected by the Lender);

		(c)	with or without physical inspection of the Ship or vessel (as the Lender may require); and

		(d)	on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and
a willing buyer, free of any Charter.

Provided that if the Borrower disagrees
with the valuation obtained by the Lender as above, it shall be entitled to obtain a second valuation from another Approved Valuer selected
by the Borrower and approved and appointed by the Lender and prepared in accordance with paragraphs (a) to (d) above. In that case the
Market Value of the Ship shall be the arithmetic mean of the two valuations issued. If the Borrower does not select an Approved Valuer
within

    	 	10	 

     

    

 

14 days after the Lender’s request
to receive a valuation of the Ship, the Market Value of the Ship shall be that shown in the sole valuation obtained by the Lender as above.

“Material Adverse Effect”
means in the reasonable opinion of the Lender a material adverse effect on:

		(a)	the business, operations, property, condition (financial or otherwise) or prospects of any Obligor; or

		(b)	the ability of any Transaction Obligor to perform its obligations under any Finance Document;

		(c)	the ability of any Approved Manager to perform its obligations under the Manager’s Undertaking to
which it is a party; or

		(d)	the validity or enforceability of, or the effectiveness or ranking of any Security granted or intended
to be granted pursuant to any of, the Finance Documents or the rights or remedies of the Lender under any of the Finance Documents.

“Member” means Global
Ship Lease Investments, Inc., a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust
Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, the Marshall Islands.

“Month” means a period
starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

		(a)	(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period
shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately
preceding Business Day;

		(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that
period shall end on the last Business Day in that calendar month; and

		(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall
end on the last Business Day in the calendar month in which that Interest Period is to end.

The above rules will only apply to the last Month of any period.

“Mortgage” means
the first preferred or priority ship mortgage (as applicable for the Approved Flag) on the Ship in agreed form.

“Negotiation Period”
has the meaning given to it in paragraph (b) of Clause 10.4 (Cost of funds).

“Obligor” means the Borrower or the Parent
Guarantor.

“Original Financial Statements”
means the audited financial statements of the Parent Guarantor for its financial year ended 31 December 2020.

“Original Jurisdiction”
means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated or formed as at the date of this Agreement.

    	 	11	 

     

    

 

“Overseas Regulations” means the Overseas
Companies Regulations 2009 (SI 2009/1801).

“Participating Member State”
means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union
relating to Economic and Monetary Union.

“Party” means a party to this Agreement.

“Permitted Charter” means:

		(a)	a Charter (including, for the avoidance of doubt, the Initial Charter):

		(i)	which is a time, voyage or consecutive voyage charter;

		(ii)	which is entered into on bona fide arm’s length terms at the time at
which the Ship is fixed; and

		(iii)	in relation to which not more than two months’ hire is payable in advance;

		(b)	any other Charter which is approved in writing by the Lender. `

“Permitted Financial Indebtedness”
means:`

		(a)	any Financial Indebtedness incurred under the Finance Documents;

		(b)	any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance Documents pursuant to a Subordination
Agreement or otherwise and which is, in the case of any such Financial Indebtedness of the Borrower, the subject of Subordinated Debt
Security;

		(c)	any Financial Indebtedness incurred in the normal course of owning, chartering and operating the Ship up to the amount of US$500,000
or such higher amount as may be agreed between the Parties subject to any such Financial Indebtedness being granted on normal trade credit
terms including issuing guarantees in the context of its business operations of owning a Ship; and

		(d)	any Permitted Inter-company Loan.

“Permitted Inter-Company
Loan” means a loan made or to be made to the Borrower by a member of the Group:

		(a)	which is unsecured;

		(b)	in relation to which no interest, fees, costs or expenses are payable during the Security Period (except, for the avoidance of doubt,
from cash which the Borrower would otherwise be permitted to distribute to the Parent Guarantor under Clause 20.19 (Dividends));

		(c)	in relation to which no repayment or prepayment of principal is capable of being made to the relevant lender in accordance with its
terms and conditions during the Security Period (except, for the avoidance of doubt, from cash which the Borrower would otherwise be permitted
to distribute to the Parent Guarantor under Clause 20.19 (Dividends));

    	 	12	 

     

    

 

		(d)	which is fully subordinated in all respects to the Secured Liabilities in accordance with a Subordination Agreement;

		(e)	in respect of which the Lender has granted its prior written consent; and

		(f)	which is the subject of Subordinated Debt Security. “Permitted Security” means:

		(a)	Security created by the Finance Documents;

		(b)	liens for unpaid master’s and crew’s wages in accordance with first class ship ownership and management practice and not
being enforced through arrest;

		(c)	liens for salvage;

		(d)	liens for master’s disbursements incurred in the ordinary course of trading in accordance with first class ship ownership and
management practice and not being enforced through arrest; and

		(e)	any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of the Ship:

		(i)	not as a result of any default or omission by the Borrower

		(ii)	not being enforced through arrest; and

		(iii)	subject, in the case of liens for repair or maintenance, to Clause 22.16 (Restrictions on chartering,
appointment of managers etc.),

provided such lien does not secure
amounts more than 30 days overdue (unless the overdue amount is being contested in good faith by appropriate steps and for the payment
of which adequate reserves are held and provided further that such proceedings do not give rise to a material risk of the Ship or any
interest in it being seized, sold, forfeited or lost).

“Potential Event of Default”
means any event or circumstance specified in Clause 24 (Events of Default) which would (with the expiry of a grace period, the
giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event
of Default.

“Prohibited Person”
means any person (whether designated by name or by reason of being included in a class of persons) against whom Sanctions are directed.

“Prohibited User”
means any person (whether designated by name or by reason of being included in a class of persons) against whom Sanctions are directed.

“Quotation Day”
means, in relation to any period for which an interest rate is to be determined, two Business Days before the first day of that period
unless market practice differs in the Relevant Interbank Market in which case the Quotation Day will be determined by the Lender in accordance
with market practice in the Relevant Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank
Market on more than one day, the Quotation Day will be the last of those days).

    	 	13	 

     

    

 

“Receiver” means a
receiver or receiver and manager or administrative receiver of the whole or any part of the Security Assets.

“Reference Bank Quotation”
means any quotation supplied to the Lender by a Reference Bank.

“Reference Bank Rate”
means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Lender at its request by the Reference
Banks:

		(a)	if:

		(i)	the Reference Bank is a contributor to the Screen Rate; and

		(ii)	it consists of a single figure,

as the rate (applied to the relevant
Reference Bank and the relevant currency and period) which contributors to the Screen Rate are asked to submit to the relevant administrator;
or

		(b)	in any other case, as the rate at which the relevant Reference Bank could fund itself in dollars for the relevant period with reference
to the unsecured wholesale funding market.

“Reference Banks” means
the principal London offices of banks appointed by the Lender or such other entities as may be appointed by the Lender in consultation
with the Borrower.

“Related Fund” in relation
to a fund (the “first fund”), means a fund which is managed or advised by the same investment manager or investment adviser
as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment
adviser is an Affiliate of the investment manager or investment adviser of the first fund.

“Relevant Interbank Market”
means the London interbank market.

“Relevant Jurisdiction”
means, in relation to a Transaction Obligor or an Approved Manager:

		(a)	its Original Jurisdiction;

		(b)	any jurisdiction where any asset subject to, or intended to be subject to, any of the Transaction Security created, or intended to
be created, by it is situated;

		(c)	any jurisdiction where it conducts its business; and

		(d)	the jurisdiction whose laws govern the perfection of any of the Security Documents entered into by it.

“Relevant Nominating Body”
means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored
or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

“Repayment Date” means
each date on which a Repayment Instalment is required to be paid under Clause 6.1 (Repayment of Loan).

“Repayment Instalment”
has the meaning given to it in Clause 6.1 (Repayment of Loan).

    	 	14	 

     

    

 

“Repeating Representation”
means each of the representations set out in Clause 18 (Representations) except paragraph (b) of Clause 18.3 (Share capital,
membership interests and ownership), Clause 18.10 (Insolvency), Clause 18.11 (No filing or stamp taxes) and Clause 18.12
(Deduction of Tax) and any representation of any Transaction Obligor made in any other Finance Document that is expressed to be
a “Repeating Representation” or is otherwise expressed to be repeated.

“Replacement Benchmark”
means a benchmark rate which is:

		(a)	formally designated, nominated or recommended as the replacement for a Screen Rate by:

		(i)	the administrator of that Screen Rate (provided that the market or economic reality that such benchmark
rate measures is the same as that measured by that Screen Rate); or

		(ii)	any Relevant Nominating Body,

and if replacements have, at the relevant
time, been formally designated, nominated or recommended under both paragraphs, the “Replacement Benchmark” will be the replacement
under paragraph (ii) above;

		(b)	in the opinion of the Lender and the Borrower, generally accepted in the international or any relevant domestic syndicated loan markets
as the appropriate successor to a Screen Rate; or

		(c)	in the opinion of the Lender and the Borrower, an appropriate successor to a Screen Rate.

“Representative” means
any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

“Required Security Cover Ratio”
means a Security Cover Ratio of not less than 120 per cent.. “Requisition” means:

		(a)	any expropriation, confiscation, requisition (excluding a requisition for hire or use which does not involve a requisition for title)
or acquisition of the Ship, whether for full consideration, a consideration less than its proper value, a nominal consideration or without
any consideration, which is effected (whether de jure or de facto) by any government or official authority or by any person
or persons claiming to be or to represent a government or official authority; and

		(b)	any capture or seizure of the Ship (including any hijacking or theft) by any person whatsoever.

“Requisition Compensation”
includes all compensation or other moneys payable to the Borrower by reason of any Requisition or any arrest or detention of the Ship
in the exercise or purported exercise of any lien or claim.

“Safety Management Certificate”
has the meaning given to it in the ISM Code. “Safety Management System” has the meaning given to it in the ISM Code.

    	 	15	 

     

    

 

“Sanctions” means any
sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment, exporting,
financing or making assets available (or other activities similar to or connected with any of the foregoing):

		(a)	imposed by law or regulation of the United Kingdom, the Council of the European Union, the United Nations or its Security Council
or the United States of America regardless of whether the same is or is not binding on any Transaction Obligor or any Approved Manager;
or

		(b)	otherwise imposed by any law or regulation binding on a Transaction Obligor or an Approved Manager or to which a Transaction Obligor
or an Approved Manager is subject (which shall include without limitation, any extra-territorial sanctions imposed by law or regulation
of the United States of America).

“Screen Rate” means
the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration
of that rate) for dollars for the relevant period displayed (before any correction, recalculation or republication by the administrator)
on page LIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate
page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service
ceases to be available, the Lender may specify another page or service displaying the relevant rate after consultation with the Borrower.

“Secured Liabilities”
means all present and future obligations and liabilities, (whether actual or contingent and whether owed jointly or severally or in any
other capacity whatsoever) of each Transaction Obligor and each Approved Manager to the Lender under or in connection with each Finance
Document.

“Security” means a
mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement having the effect
of conferring security.

“Security Assets” means
all of the assets of the Transaction Obligors or any Approved Manager (as applicable) which from time to time are, or are expressed to
be, the subject of the Transaction Security.

“Security Cover Ratio”
means, at any relevant time, the aggregate of:

		(a)	the Market Value of the Ship; plus

		(b)	the net realisable value of additional Security previously provided under Clause 23 (Security Cover),

expressed as a percentage of the Loan, as at that time.

“Security Document”
means:

		(a)	any LLC Interests Security;

		(b)	any Mortgage;

		(c)	any Deed of Covenant;

		(d)	any General Assignment;

    	 	16	 

     

    

 

		(e)	any Charterparty Assignment;

		(f)	any Manager’s Undertaking;

		(g)	any Subordinated Debt Security;

		(h)	any other document (whether or not it creates Security) which is executed as security for the Secured Liabilities; or

		(i)	any other document designated as such by the Lender and the Borrower.

“Security Period” means
the period starting on the date of this Agreement and ending on the date on which the Lender is satisfied that there is no outstanding
Commitment in force and that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.

“Security Property”
means:

		(a)	the Transaction Security expressed to be granted in favour of the Lender and all proceeds of that Transaction Security;

		(b)	all obligations expressed to be undertaken by a Transaction Obligor to pay amounts in relation to the Secured Liabilities to the Lender
and secured by the Transaction Security together with all representations and warranties expressed to be given by a Transaction Obligor
or any other person in favour of the Lender; and

		(c)	the Lender’s interest in any turnover trust created under the Finance Documents.

“Ship” means m.v. “GSL
VALERIE”, registered in the ownership of the Borrower with IMO Number 9315874, under an Approved Flag, further details of which
are set out in Schedule 4 (Details of the Ship), and everything now or in the future belonging to her on board or ashore.

“Specified Time” means
a day or time determined in accordance with Schedule 5 (Timetables). “Subordinated Creditor” means:

		(a)	a Transaction Obligor; or

		(b)	any other person who becomes a Subordinated Creditor in accordance with this Agreement.

“Subordinated Debt Security”
means a Security over Subordinated Liabilities entered into or to be entered into by a Subordinated Creditor or any member of the Group
who becomes a creditor of any Permitted Inter-Company Loan in favour of the Lender in an agreed form.

“Subordinated Finance Document”
means:

		(a)	a Subordinated Loan Agreement; and

		(b)	any other document relating to or evidencing Subordinated Liabilities.

“Subordinated Liabilities”
means all indebtedness owed or expressed to be owed by the Borrower to a Subordinated Creditor whether under the Subordinated Finance
Documents or otherwise.

    	 	17	 

     

    

 

“Subordinated Loan Agreement”
means any loan agreement made between (i) the Borrower and (ii) a Subordinated Creditor.

“Subordination Agreement”
means a subordination agreement entered into or to be entered into by a Subordinated Creditor and the Lender in agreed form.

“Subsidiary” means
a subsidiary undertaking within the meaning of section 1162 of the Companies Act 2006.

“Tax” means any tax,
levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any
failure to pay or any delay in paying any of the same).

“Tax Credit” has the
meaning given to it in Clause 12.1 (Definitions).

“Tax Deduction” has
the meaning given to it in Clause 12.1 (Definitions).

“Tax Payment” has the
meaning given to it in Clause 12.1 (Definitions).

“Technical Management Agreement”
means the agreement entered into between the Borrower and the Approved Technical Manager regarding the technical management of the Ship.

“Termination Date”
means the date falling on the fifth anniversary from the Utilisation Date.

“Third Parties Act”
has the meaning given to it in Clause 1.5 (Third party rights).

“Total Loss” means:

		(a)	actual, constructive, compromised, agreed or arranged total loss of the Ship; or

		(b)	any Requisition of the Ship unless the Ship is returned to the full control of the Borrower within 30 days of such Requisition (or
such longer period as may be requested by the Borrower and accepted by the Lender).

“Total Loss Date” means,
in relation to the Total Loss of the Ship:

		(a)	in the case of an actual loss of the Ship, the date on which it occurred or, if that is unknown, the date when the Ship was last heard
of;

		(b)	in the case of a constructive, compromised, agreed or arranged total loss of the Ship, the earlier of:

		(i)	the date on which a notice of abandonment is given (or deemed or agreed to be given) to the insurers; and

		(ii)	the date of any compromise, arrangement or agreement made by or on behalf of the Borrower with the Ship’s
insurers in which the insurers agree to treat the Ship as a total loss; and

		(c)	in the case of any other type of Total Loss, the date (or the most likely date) on which it appears to the Lender that the event constituting
the total loss occurred.

“Transaction Document”
means:

    	 	18	 

     

    

 

		(a)	a Finance Document;

		(b)	any Subordinated Finance Document;

		(c)	any Assignable Charter; or

		(d)	any other document designated as such by (i) the Lender and (ii) a Transaction Obligor or an Approved Manager.

“Transaction Obligor”
means an Obligor, the Member or any other member of the Group who executes a Finance Document.

“Transaction Security”
means the Security created or evidenced or expressed to be created or evidenced under the Security Documents.

“UK Establishment”
means a UK establishment as defined in the Overseas Regulations.

“Unpaid Sum” means
any sum due and payable but unpaid by a Transaction Obligor under the Finance Documents.

“US” means the United
States of America.

“US Tax Obligor” means:

		(a)	a person which is resident for tax purposes in the US; or

		(b)	a person some or all of whose payments under the Finance Documents are from sources within the US for
US federal income tax purposes.

“Utilisation” means
the utilisation of the Facility.

“Utilisation Date”
means the date on which the Loan is to be made.

“Utilisation Request”
means a notice substantially in the form set out in Part A of Schedule 3 (Requests).

“VAT” means:

		(a)	any value added tax imposed by the Value Added Tax Act 1994;

		(b)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value
added tax (EC Directive 2006/112); and

		(c)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

		1.2	Construction

		(a)	Unless a contrary indication appears, a reference in this Agreement to:

		(i)	the “Lender”, any “Obligor”, any “Party”, any
“Transaction Obligor” or any other person shall be construed so as to include its successors in title and permitted
assigns;

    	 	19	 

     

    

 

		(ii)	“assets” includes present and future properties, revenues and rights of every description;

		(iii)	a liability which is “contingent” means a liability which is not certain to arise and/or
the amount of which remains unascertained;

		(iv)	“document” includes a deed and also a letter, fax, email or telex;

		(v)	“expense” means any kind of cost, charge or expense (including all legal costs, charges
and expenses) and any applicable Tax including VAT;

		(vi)	a “Finance Document”, a “Security Document” or “Transaction
Document” or any other agreement or instrument is a reference to that Finance Document, Security Document or Transaction Document
or other agreement or instrument as amended, replaced, novated, supplemented, extended or restated;

		(vii)	“indebtedness” includes any obligation (whether incurred as principal or as surety)
for the payment or repayment of money, whether present or future, actual or contingent;

		(viii)	“law” includes any order or decree, any form of delegated legislation, any treaty or
international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations
or its Security Council;

		(ix)	“proceedings” means, in relation to any enforcement provision of a Finance Document,
proceedings of any kind, including an application for a provisional or protective measure;

		(x)	a “person” includes any individual, firm, company, corporation, government, state or
agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal
personality);

		(xi)	a “regulation” includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory,
self-regulatory or other authority or organisation;

		(xii)	a provision of law is a reference to that provision as amended or re-enacted from time to time;

		(xiii)	a time of day is a reference to London time;

		(xiv)	any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status,
court, official or any legal concept or thing shall, in respect of a jurisdiction other than England, be deemed to include that which
most nearly approximates in that jurisdiction to the English legal term;

		(xv)	words denoting the singular number shall include the plural and vice versa; and

		(xvi)	“including” and “in particular” (and other similar expressions)
shall be construed as not limiting any general words or expressions in connection with which they are used.

    	 	20	 

     

    

 

		(b)	The determination of the extent to which a rate is “for a period equal in length” to an Interest Period shall disregard
any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement.

		(c)	Section, Clause and Schedule headings are for ease of reference only and are not to be used for the purposes of construction or interpretation
of the Finance Documents.

		(d)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under, or in connection with,
any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

		(e)	A Potential Event of Default is “continuing” if it has not been remedied or waived and an Event of Default is “continuing”
if it has not been waived.

		1.3	Construction of insurance terms 

In this Agreement:

“approved” means, for
the purposes of Clause 21 (Insurance Undertakings), approved in writing by the Lender.

“excess risks” means
the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect
of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose of such claims.

“obligatory insurances”
means all insurances effected, or which the Borrower is obliged to effect, under Clause 21 (Insurance Undertakings) or any other
provision of this Agreement or of another Finance Document.

“policy” includes a
slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms.

“protection and indemnity risks”
means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion
(if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery
policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8 of the Institute
Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.

“war risks” includes
the risk of mines and all risks excluded by clauses 29, 30 or 31 of the International Hull Clauses (1/11/02), clauses 29 or 30 of the
International Hull Clauses (1/11/03), clauses 24, 25 or 26 of the Institute Time Clauses (Hulls) (1/11/95) or clauses 23, 24 or 25 of
the Institute Time Clauses (Hulls) (1/10/83) or any equivalent provision.

		1.4	Agreed forms of Finance Documents

References in Clause 1.1 (Definitions)
to any Finance Document being in “agreed form” are to that Finance Document:

		(a)	in a form attached to a certificate dated the same date as this Agreement (and signed by the Borrower and the Lender); or

    	 	21	 

     

    

 

		(b)	in any other form agreed in writing between the Borrower and the Lender.

		1.5	Third party rights

		(a)	Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right under the Contracts (Rights
of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to enjoy the benefit of any term of this Agreement.

		(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary
this Agreement at any time.

		(c)	An amendment or waiver which adversely affects the rights or obligations of a Reference Bank may not be effected without the consent
of that Reference Bank.

		(d)	Any Affiliate, Receiver, Delegate or any other person described in paragraph (c) of Clause 14.2 (Other indemnities), Clause
27.1 (Role of Reference Banks) or Clause 27.2 (Third Party Reference Banks) may, subject to this Clause 1.5 (Third party
rights) and the Third Parties Act, rely on any Clause of this Agreement which expressly confers rights on it.

    	 	22	 

     

    

 

SECTION 2 

THE FACILITY

		2	THE FACILITY

Subject to the terms of this Agreement,
the Lender makes available to the Borrower a dollar term loan facility in an amount not exceeding the lower of (i) $12,000,000 and (ii)
70 per cent. of the Initial Market Value of the Ship.

		3	PURPOSE

		3.1	Purpose

The Borrower shall apply all amounts borrowed
by it under the Facility only for financing the Ship.

		3.2	Monitoring

The Lender is not bound to monitor or
verify the application of any amount borrowed pursuant to this Agreement.

		4	CONDITIONS OF UTILISATION

		4.1	Initial conditions precedent

The Borrower may not deliver the Utilisation
Request unless the Lender has received all of the documents and other evidence listed in Part A of Schedule 2 (Conditions Precedent)
or is satisfied that it will receive them when the Loan is made available, in form and substance satisfactory to the Lender.

		4.2	Further conditions precedent

The Lender will only be obliged to comply with Clause 5.4 (Loan)
if:

		(a)	on the date of the Utilisation Request and on the proposed Utilisation Date and before the Loan is made
available:

		(i)	no Default is continuing or would result from the proposed Loan;

		(ii)	the Repeating Representations to be made by each Transaction Obligor are true;

		(iii)	no event described in paragraph (a) of Clause 7.2 (Change of control) has occurred; and

		(iv)	the Ship has neither been sold nor become a Total Loss;

		(b)	the Lender has received on or before the Utilisation Date, or is satisfied that it will receive when the
Loan is made available, all of the documents and other evidence listed in Part B of Schedule 2 (Conditions Precedent and Subsequent)
in form and substance satisfactory to the Lender.

    	 	23	 

     

    

 

		4.3	Conditions Subsequent

The Borrower undertakes to deliver
or cause to be delivered to the Lender within one month after the Utilisation Date, the additional documents and other evidence listed
in Part C of Schedule 2 (Conditions Precedent and Subsequent) in form and substance satisfactory to the Lender.

		4.4	Notification of satisfaction of conditions precedent

The Lender shall notify the Borrower
promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in Clause 4.1 (Initial conditions precedent)
and Clause 4.2 (Further conditions precedent).

		4.5	Waiver of conditions precedent

If the Lender, at its discretion,
permits the Loan to be borrowed before any of the conditions precedent referred to in Clause 4.1 (Initial conditions precedent)
or Clause 4.2 (Further conditions precedent) has been satisfied, the Borrower shall ensure that that condition is satisfied within
five Business Days after the Utilisation Date or such later date as the Lender may agree in writing with the Borrower.

    	 	24	 

     

    

 

SECTION 3

UTILISATION

		5	UTILISATION

		5.1	Delivery of the Utilisation Request

The Borrower may make one Utilisation
only under the Facility by delivery to the Lender of a duly completed Utilisation Request not later than the Specified Time.

		5.2	Completion of the Utilisation Request

The Utilisation Request is irrevocable
and will not be regarded as having been duly completed unless:

		(a)	the proposed Utilisation Date is a Business Day within the Availability Period;

		(b)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount);

		(c)	all applicable deductible items have been completed; and

		(d)	the proposed Interest Period complies with Clause 9 (Interest Periods).

		5.3	Currency and amount

		(a)	The currency specified in a Utilisation Request must be dollars.

		(b)	The amount of the proposed Loan must be an amount which is the lower of (i) $12,000,000 and (ii) 70 per
cent. of the Initial Market Value of the Ship.

		5.4	Loan

If the conditions set out in this Agreement
have been met, the Lender shall make the Loan available by the Utilisation Date through its Facility Office.

		5.5	Cancellation of Commitment

On the earlier of the date on which the
Loan has been made and the end of the Availability Period any Commitment which is then unutilised shall be cancelled.

    	 	25	 

     

    

 

SECTION 4

REPAYMENT, PREPAYMENT AND CANCELLATION

		6	REPAYMENT

		6.1	Repayment of Loan

The Borrower shall repay the Loan in the following instalments:

		(a)	20 equal consecutive quarterly instalments, each in an amount equal to $420,000 (each a “Repayment
Instalment”), the first of which shall be repaid on the date falling 3 Months after the Utilisation Date and the last on the
Termination Date; and

		(b)	a balloon instalment in an amount equal to $3,600,000 (the “Balloon Instalment”), which
shall be repaid together with the last Repayment Instalment on the Termination Date.

		6.2	Reduction of Repayment Instalments

If any part of the Facility is cancelled,
the Repayment Instalments and the Balloon Instalment falling after that cancellation shall be reduced in inverse chronological order commencing
with the Balloon Instalment by the amount cancelled.

		6.3	Termination Date

On the Termination Date, the Borrower
shall additionally pay to the Lender all other sums then accrued and owing under the Finance Documents.

		6.4	Reborrowing

The Borrower may not reborrow any part of the Facility which
is repaid.

		7	PREPAYMENT AND CANCELLATION

		7.1	Illegality

If it becomes unlawful in any applicable
jurisdiction for the Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain the Loan or it
becomes unlawful for any Affiliate of the Lender for the Lender to do so:

		(a)	the Lender shall promptly notify the Borrower upon becoming aware of that event and the Available Facility
will be immediately cancelled; and

		(b)	the Borrower shall prepay the Loan on the last day of the Interest Period for the Loan occurring after
it has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Borrower (being no earlier
than the last day of any applicable grace period permitted by law) and the Commitment shall be cancelled.

		7.2	Change of control

		(a)	If:

		(i)	any person or group of persons acting in concert gains directly or indirectly control of the Parent Guarantor other than:

    	 	26	 

     

    

 

		(A)	Mr. Georgios Giouroukos; or

		(B)	Kelso & Company or its Related Funds; or

		(ii)	Mr. Georgios Giouroukos ceases during the Security Period to hold the position of executive chairman or equivalent executive officer
position in the board of directors of the Parent Guarantor other than in case Mr. Georgios Giouroukos dies or become permanently incapable
of managing his affairs;

then:

		(A)	the Parent Guarantor shall promptly notify the Lender upon becoming aware of that event; and

		(B)	the Lender may, by not less than 10 days’ notice to the Borrower, cancel the Facility and declare
the Loan, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon
the Facility will be cancelled and the Loan and all such outstanding interest and other amounts will become immediately due and payable.

		(b)	For the purpose of paragraph (a) above “acting in concert” means a group of persons
who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or
indirectly of shares in the Parent Guarantor by any of them, either directly or indirectly, to obtain or consolidate control of the Parent
Guarantor.

		(c)	For the purpose of paragraph (a) above “control” means:

		(i)	the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

		(A)	cast, or control (through one or more Affiliates) the casting of, more than 35 per cent. of the maximum
number of votes that might be cast at a general meeting of the Parent Guarantor; or

		(B)	appoint or remove all, or the majority, of the directors or other equivalent officers of the Parent Guarantor;
or

		(C)	give directions with respect to the operating and financial policies of the Parent Guarantor with which
the directors or other equivalent officers of the Parent Guarantor are obliged to comply; and/or

		(ii)	the holding beneficially (through one or more Affiliates) of more than 35 per cent. of the issued shares
of the Parent Guarantor (excluding any part of that issued shares that carries no right to participate beyond a specified amount in a
distribution of either profits or capital).

		7.3	Voluntary and automatic cancellation

		(a)	The Borrower may, if it gives the Lender not less than 10 Business Days’ (or such shorter period
as the Lender may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000 (and thereafter in integral multiples
of $500,000) of the Available Facility.

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		(b)	The unutilised Commitment (if any) shall be automatically cancelled at close of business on the Utilisation
Date.

		7.4	Voluntary prepayment of Loan

		(a)	Subject to the provisions of paragraph (f) of Clause 7.6 (Restrictions) the Borrower may, if it
gives the Lender not less than 10 Business Days’ (or such shorter period as the Lender may agree) prior notice, prepay the whole
or any part of the Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of $500,000 or multiple
of that amount).

		(b)	Any partial prepayment under this Clause 7.4 (Voluntary prepayment of Loan) shall reduce in inverse
chronological order the amount of each Repayment Instalment (commencing with the Balloon Instalment) falling after that prepayment by
the amount prepaid.

		7.5	Mandatory prepayment on sale or Total Loss

If the Ship is sold (without prejudice
to paragraph (a) of Clause 20.13 (Disposals)) or becomes a Total Loss, the Borrower shall repay the Loan together with accrued
interest, and all other amounts accrued under the Finance Documents. Such repayment shall be made:

		(a)	in the case of a sale of the Ship, on the date on which the sale is completed by delivery of the Ship
to the buyer; or

		(b)	in the case of a Total Loss, on the earlier of (i) the date falling 120 days after the Total Loss Date
and (ii) the date of receipt by the Lender of the proceeds of insurance relating to such Total Loss.

		7.6	Restrictions

		(a)	Any notice of cancellation or prepayment given by any Party under this Clause 7 (Prepayment and Cancellation)
shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant
cancellation or prepayment is to be made and the amount of that cancellation or prepayment and, if relevant, the part of the Loan to be
prepaid or cancelled.

		(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid
and, subject to any Break Costs, without premium or penalty.

		(c)	The Borrower may not reborrow any part of the Facility which is prepaid.

		(d)	The Borrower shall not repay or prepay all or any part of the Loan or cancel all or any part of the Commitment
except at the times and in the manner expressly provided for in this Agreement.

		(e)	No amount of the Commitment cancelled under this Agreement may be subsequently reinstated.

		(f)	Subject to paragraph (c) of Clause 11.2 (Prepayment fee) any prepayment under this Clause 7 (Prepayment
and Cancellation) shall be subject to a prepayment fee as set out in Clause 11.2 (Prepayment fee).

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SECTION 5

COSTS OF UTILISATION

		8	INTEREST

		8.1	Calculation of interest

The rate of interest on the Loan or
any part of the Loan for each Interest Period is the percentage rate per annum which is the aggregate of:

		(a)	the Margin; and

		(b)	LIBOR.

		8.2	Payment of interest

		(a)	The Borrower shall pay accrued interest on the Loan or any part of the Loan on the last day of each Interest
Period.

		(b)	If an Interest Period is longer than three Months, the Borrower shall also pay interest then accrued on
any part of the Loan on the dates falling at three Monthly intervals after the first day of the Interest Period.

		8.3	Default interest

		(a)	If a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date,
interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate
which, subject to paragraph (b) below, is 2.00 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum
had, during the period of non-payment, constituted part of the Loan, in the currency of the Unpaid Sum for successive Interest Periods,
each of a duration selected by the Lender. Any interest accruing under this Clause 8.3 (Default interest) shall be immediately
payable by the Obligor on demand by the Lender.

		(b)	If an Unpaid Sum consists of all or part of the Loan which became due on a day which was not the last day of an Interest Period relating
to the Loan or that part of the Loan:

		(i)	the first Interest Period for that Unpaid Sum shall have a duration equal to the
unexpired portion of the current Interest Period relating to the Loan or that part of the Loan; and

		(ii)	the rate of interest applying to that Unpaid Sum during that first Interest Period
shall be 2.00 per cent. per annum higher than the rate which would have applied if that Unpaid Sum had not become due.

		(c)	Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the
Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.

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		8.4	Notification of rates of interest

		(a)	The Lender shall promptly notify the Borrower of the determination of a rate of interest under this Agreement.

		(b)	The Lender shall promptly notify the Borrower of each Funding Rate relating to the Loan or any Unpaid
Sum.

		9	INTEREST PERIODS

		9.1	Selection of Interest Periods

		(a)	Subject to paragraph (b) of Clause 9.1 the relevant Interest Period will be three Months.

		(b)	An Interest Period in respect of the Loan shall not extend beyond the Termination Date.

		(c)	The first Interest Period for the Loan shall start on the Utilisation Date and each subsequent Interest
Period shall start on the last day of the preceding Interest Period.

		9.2	Non-Business Days

If an Interest Period would otherwise
end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there
is one) or the preceding Business Day (if there is not).

		10	CHANGES TO THE CALCULATION OF INTEREST

		10.1	Unavailability of Screen Rate

If no Screen Rate is available for LIBOR
for:

		(a)	dollars; or

		(b)	the Interest Period of the Loan and it is not possible to calculate the Interpolated Screen Rate,

there shall be no LIBOR for the Loan or
that part of the Loan (as applicable) and Clause 10.4 (Cost of funds) shall apply to the Loan or that part of the Loan for that
Interest Period.

		10.2	Calculation of Reference Bank Rate

		(a)	Subject to paragraph (b) below, if LIBOR is to be determined on the basis of a Reference Bank Rate but
a Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated on the basis of the quotations
of the remaining Reference Banks.

		(b)	If at or about noon on the Quotation Day none or only one of the Reference Banks supplies a quotation,
there shall be no Reference Bank Rate for the relevant Interest Period.

		10.3	Market disruption

If before close of business in London
on the Quotation Day for the relevant Interest Period the Lender notifies the Borrower that the cost to it of funding the Loan from whatever
source it may reasonably select would be in excess of LIBOR then Clause 10.4 (Cost of funds) shall apply to the Loan or that part
of the Loan (as applicable) for the relevant Interest Period.

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		10.4	Cost of funds

		(a)	If this Clause 10.4 (Cost of funds) applies, the rate of interest on the Loan or the relevant part
of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:

		(i)	the Margin; and

		(ii)	the rate notified to the Borrower by the Lender as soon as practicable and in any
event before interest is due to be paid in respect of that Interest Period) to be that which expresses as a percentage rate per annum
the cost to the Lender of funding the Loan or that part of the Loan from whatever source it may reasonably select or, if such rate is
less than zero, such rate shall be deemed to be zero.

		(b)	If this Clause 10.4 (Cost of funds) applies and the Lender or the Borrower so require, the Lender
and the Borrower shall enter into negotiations for a period of not more than 30 days (the “Negotiation Period”) with
a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.

		(c)	Any substitute or alternative basis agreed pursuant to paragraph (b) above shall be binding on all Parties.

		(d)	If a substitute or alternative basis is not agreed within the Negotiation Period and the relevant circumstances
are continuing at the end of the Negotiation Period, the Borrower shall give the Lender not less than 10 Business Days’ notice of
their intention to prepay the Loan at the end of the interest period set by the Lender.

		(e)	The provisions of Clause 7.6 (Restrictions) shall apply to any prepayment made pursuant to this
Clause 10.4 (Cost of funds).

		10.5	Break Costs

The Borrower shall, within three Business
Days of demand by the Lender, pay to the Lender its Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by
the Borrower on a day other than the last day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum.

		11	FEES

		11.1	Arrangement fee

The Borrower shall pay to the Lender
an arrangement fee equal to 1.25 per cent. of the amount of the Loan actually utilised, within 7 Business Days of the date of this Agreement.

		11.2	Prepayment fee

		(a)	If the Borrower requests to prepay the whole or any part of the Loan at any time prior to, and inclusive
of, the second anniversary of the Utilisation Date, it must pay to the Lender a prepayment fee on the date of prepayment of all or part
of the Loan.

		(b)	The amount of the prepayment fee shall be 1 per cent. of the amount prepaid.

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		(c)	This Clause 11.2 (Prepayment fee) shall not apply in the case of a prepayment resulting from a
sale or total loss of the Ship in accordance with, and pursuant to Clause 7.5 (Mandatory prepayment on sale or Total Loss) or in
the case of prepayment made pursuant to Clause 7.1 (Illegality) or pursuant to Clause 7.2 (Change of control) or in case
of prepayment made pursuant to Clause 10.4 (Cost of Funds) or pursuant to Clause 13.3 (Payment of Increased Costs) or Clause
23.2 (Provision of additional security; prepayment).

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SECTION 6

ADDITIONAL PAYMENT OBLIGATIONS

		12	TAX GROSS UP AND INDEMNITIES

		12.1	Definitions

		(a)	In this Agreement:

“Tax Credit” means
a credit against, relief or remission for, or repayment of any Tax.

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

“Tax Payment” means
either the increase in a payment made by an Obligor to the Lender under Clause 12.2 (Tax gross-up) or a payment under Clause 12.3
(Tax indemnity).

		(b)	Unless a contrary indication appears, in this Clause 12 (Tax Gross Up and Indemnities) reference
to “determines” or “determined” means a determination made in the absolute discretion of the person
making the determination.

		12.2	Tax gross-up

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

		(b)	The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there
is any change in the rate or the basis of a Tax Deduction) notify the Lender accordingly. Similarly, the Lender shall notify an Obligor
on becoming so aware in respect of a payment payable to the Lender.

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

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

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

12.3 Tax indemnity

		(a)	The Obligors shall (within three Business Days of demand by the Lender) pay to the Lender an amount equal
to the loss, liability or cost which the Lender determines will be or has been (directly or indirectly) suffered for or on account of
Tax by the Lender in respect of a Finance Document.

    	 	33	 

     

    

 

		(b)	Paragraph (a) above shall not apply:

		(i)	with respect to any Tax assessed on the Lender:

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

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

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

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

		(A)	is compensated for by an increased payment under Clause 12.2 (Tax gross-up);
or

		(B)	relates to a FATCA Deduction required to be made by a Party.

		(c)	The Lender shall, if making, or intending to make, a claim under paragraph (a) above promptly notify the
Obligors of the event which will give, or has given, rise to the claim.

		12.4	Tax Credit

If an Obligor makes a Tax Payment and the Lender determines
that:

		(a)	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax
Payment or to a Tax Deduction in consequence of which that Tax Payment was received; and

		(b)	the Lender has obtained and utilised that Tax Credit,

the Lender shall pay an amount to
the Obligor which the Lender determines will leave it (after that payment) in the same after-Tax position as it would have been in had
the Tax Payment not been required to be made by the Obligor.

		12.5	Stamp taxes

The Obligors shall pay and, within
three Business Days of demand, indemnify the Lender against any cost, loss or liability which the Lender incurs in relation to all stamp
duty, registration and other similar Taxes payable in respect of any Finance Document.

		12.6	VAT

		(a)	All amounts expressed to be payable under a Finance Document by any Party to the
Lender which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT
which is chargeable on that supply, and accordingly, if VAT is or becomes chargeable on any supply made by the Lender to any Party under
a Finance Document and the Lender is required to account to the relevant tax authority for the VAT, that Party must pay to the Lender
(in addition to and at the same time as paying any other

    	 	34	 

     

    

 

consideration for such supply) an
amount equal to the amount of the VAT (and the Lender must promptly provide an appropriate VAT invoice to that Party).

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

		(c)	Any reference in this Clause 12.6 (VAT) to any Party shall, at any time when
that Party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context
otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply,
under the grouping rules provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of
the European Union or equivalent provisions imposed elsewhere) so that a reference to a Party shall be construed as a reference to that
Party or the relevant group or unity (or fiscal unity) of which that Party is a member for VAT purposes at the relevant time or the relevant
representative member (or representative or head) of that group or unity at the relevant time (as the case may be).

		(d)	In relation to any supply made by the Lender to any Party under a Finance Document,
if reasonably requested by the Lender, that Party must promptly provide the Lender with details of that Party’s VAT registration
and such other information as is reasonably requested in connection with the Lender’s VAT reporting requirements in relation to
such supply.

		12.7	FATCA Information

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

		(i)	confirm to that other Party whether it is:

		(A)	a FATCA Exempt Party; or

		(B)	not a FATCA Exempt Party; and

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

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

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

		(c)	Paragraph (a) above shall not oblige the Lender to do anything and sub-paragraph
(iii) of paragraph (a) above shall not oblige any other Party to do anything which would or might in its reasonable opinion constitute
a breach of:

		(i)	any law or regulation;

    	 	35	 

     

    

 

		(ii)	any fiduciary duty; or

		(iii)	any duty of confidentiality.

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

		12.8	FATCA Deduction

		(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any
payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it
makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

		(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction
(or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment.

		13	INCREASED COSTS

		13.1	Increased costs

		(a)	Subject to Clause 13.4 (Exceptions), the Borrower shall, within ten Business
Days of the Lender’s notification made pursuant to and in accordance with Clauses 13.2 (Increased cost claims) and 13.3 (Payment
of increased costs) or, at the lapse of the Increased Costs Negotiation Period, as the case may be, pay for the account of the Lender
the amount of any Increased Costs incurred by the Lender or any of its Affiliates as a result of:

		(i)	the introduction of or any change in (or in the interpretation, administration or
application of) any law or regulation; or

		(ii)	compliance with any law or regulation made,

in each case
after the date of this Agreement; or

		(iii)	the implementation, application of or compliance with Basel III or CRD IV or any
law or regulation that implements or applies Basel III or CRD IV.

		(b)	In this Agreement:

		(i)	“Basel III” means:

		(A)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel
III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for
liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical
capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;

    	 	36	 

     

    

 

		(B)	the rules for global systemically important banks contained in “Global systemically important banks:
assessment methodology and the additional loss absorbency requirement - Rules text” published by the Basel Committee on Banking
Supervision in November 2011, as amended, supplemented or restated; and

		(C)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to
“Basel III”.

		(ii)	“CRD IV” means:

		(A)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012, as amended by Regulation (EU) 2019/876;

		(B)	Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity
of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing
Directives 2006/48/EC and 2006/49/EC, as amended by Directive (EU) 2019/878; and

		(C)	any other law or regulation which implements Basel III.

		(iii)	“Increased Costs” means:

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

		(B)	an additional or increased cost; or

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

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

		13.2	Increased cost claims

If the Lender intends to make a claim pursuant to Clause
13.1 (Increased costs) it shall notify the Borrower of the event giving rise to the claim.

		13.3	Payment of increased costs

		(a)	The Borrower shall pay to the Lender, within ten Business Days of the Lender’s
notification as per Clause 13.2 (Increased cost claims) above, the amounts which the Lender from time to time specifies as necessary
to compensate itself for the Increased Costs at the end of the Increased Costs Negotiation Period.

		(b)	Notwithstanding paragraph (a) above, the Borrower may, by serving a notice (“Borrower’s
Relevant Notice”) to the Lender within three Business Days of the Lender’s notification pursuant to paragraph (a) of this
Clause 13.3 (Payment of increased costs) (“Relevant Period”), request they enter into negotiations with the
Lender on the amount of Increased Costs, for a

    	 	37	 

     

    

 

period of not more than 30 days starting
with the date of the Borrower’s Relevant Notice (the “Increased Costs Negotiation Period”) with a view to mutually
agreeing the final amount of the Increased Costs to be paid by the Borrower Provided that such Borrower’s Relevant Notice
may only be served within the Relevant Period;

		(c)	If a final amount of the Increased Costs is not mutually agreed between the Lender
and the Borrower within the Increased Costs Negotiation Period, the Borrower shall give the Lender not less than ten Business Days’
notice of their intention to prepay the Loan at the end of an Interest Period.

		(d)	The provisions of Clause 7.6 (Restrictions) shall apply to any prepayment
made pursuant to this Clause 13.3 (Payment of increased costs) and for the avoidance of doubt paragraph (b) of Clause 7.6 (Restrictions)
in particular shall apply.

		13.4	Exceptions

Clause 13.1 (Increased costs) does not apply to
the extent any Increased Cost is:

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

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

		(c)	compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated
for under Clause 12.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause
12.3 (Tax indemnity) applied); or

		(d)	attributable to the wilful breach by the Lender or its Affiliates of any law or
regulation.

		14	OTHER INDEMNITIES

		14.1	Currency indemnity

		(a)	If any sum due from an Obligor under the Finance Documents (a “Sum”),
or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”)
in which that Sum is payable into another currency (the “Second Currency”) for the purpose of:

		(i)	making or filing a claim or proof against that Obligor; or

		(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation
or arbitration proceedings,

that Obligor shall, as an independent
obligation, on demand, indemnify the Lender to which that Sum is due against any cost, loss or liability arising out of or as a result
of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the
Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.

		(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount
under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.

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		14.2	Other indemnities

		(a)	Each Obligor shall, within three Business Days of demand indemnify the Lender and
any Receiver or Delegate (if applicable) against any cost, loss or liability incurred by it as a result of:

		(i)	the occurrence of any Event of Default;

		(ii)	a failure by a Transaction Obligor to pay any amount due under a Finance Document
on its due date;

		(iii)	funding, or making arrangements to fund, the Loan requested by the Borrower in a
Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason
of default or negligence by the Lender alone);

		(iv)	the Loan (or part of the Loan) not being prepaid in accordance with a notice of
prepayment given by the Borrower; or

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

		(vi)	acting or relying on any notice, request or instruction provided under or in connection
with any of the Finance Documents which it reasonably believes to be genuine, correct and appropriately authorised; or

		(vii)	instructing lawyers, accountants, tax advisers, surveyors or other professional
advisers or experts as permitted under the Finance Documents; and

		(viii)	any cost, loss or liability incurred by the Lender (otherwise than by reason of
the Lender’s gross negligence or wilful misconduct) or, in the case of any cost, loss or liability pursuant to Clause 28.8 (Disruption
to Payment Systems etc.) notwithstanding the Lender’s negligence, gross negligence or any other category of liability whatsoever
but not including any claim based on the fraud of the Lender in acting as Lender under the Finance Documents.

		(b)	Each Obligor shall, within three Business Days of demand, indemnify the Lender,
each Affiliate of the Lender and any Receiver or Delegate (if applicable) and each officer or employee of the Lender or its Affiliate
or any Receiver or Delegate (as applicable) (each such person for the purposes of this Clause 14.2 (Other indemnities) an “Indemnified
Person”), against any cost, loss or liability incurred by that Indemnified Person pursuant to or in connection with any litigation,
arbitration or administrative proceedings or regulatory enquiry, in connection with or arising out of the entry into and the transactions
contemplated by the Finance Documents, having the benefit of any Security constituted by the Finance Documents or which relates to the
condition or operation of, or any incident occurring in relation to, the Ship unless such cost, loss or liability is caused by the gross
negligence or wilful misconduct of that Indemnified Person.

		(c)	No Party other than the Lender or the Receiver or Delegate (as applicable) may take
any proceedings against any officer, employee or agent of the Lender or the Receiver or Delegate (as applicable) in respect of any claim
it might have against the Lender or the Receiver or Delegate or in respect of any act or omission of any kind by that officer, employee
or agent in relation to any Transaction Document or any Security Property.

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		(d)	Without limiting, but subject to any limitations set out in paragraph (b) above,
the indemnity in paragraph (b) above shall cover any cost, loss or liability incurred by each Indemnified Person in any jurisdiction:

		(i)	arising or asserted under or in connection with any law relating to safety at sea,
the ISM Code, any Environmental Law or any Sanctions; or

		(ii)	in connection with any Environmental Claim.

		14.3	Indemnity to the lender

Each Obligor shall, within three Business
Days of demand, indemnify the Lender and every Receiver and Delegate against any cost, loss or liability incurred by any of them:

		(a)	in relation to or as a result of:

		(i)	any failure by the Borrower to comply with its obligations under Clause 16 (Costs
and Expenses);

		(ii)	the taking, holding, protection or enforcement of the Finance Documents and the
Transaction Security;

		(iii)	the exercise of any of the rights, powers, discretions, authorities and remedies
vested in the Lender and each Receiver and Delegate by the Finance Documents or by law;

		(iv)	any default by any Transaction Obligor or any Approved Manager in the performance
of any of the obligations expressed to be assumed by it in the Finance Documents;

		(v)	any action by any Transaction Obligor or any Approved Manager which vitiates, reduces
the value of, or is otherwise prejudicial to, the Transaction Security; and

		(vi)	instructing lawyers, accountants, tax advisers, surveyors or other professional
advisers or experts as permitted under the Finance Documents.

		(b)	Acting as Lender, Receiver or Delegate under the Finance Documents or which otherwise
relates to any of the Security Property or the performance of the terms of this Agreement or the other Finance Documents (otherwise, in
each case, than by reason of the Lender’s, Receiver’s or Delegate’s gross negligence or wilful misconduct).

		(c)	Any Affiliate or Receiver or Delegate or any officer or employee of the Lender or
of any of its Affiliates or any Receiver or Delegate (as applicable) may rely on this Clause 14.2 (Other indemnities) and the provisions
of the Third Parties Act subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act.

		15	MITIGATION BY THE LENDER

		15.1	Mitigation

		(a)	The Lender shall, in consultation with the Borrower, take all reasonable steps to
mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant
to, any of Clause 7.1 (Illegality), Clause 12 (Tax Gross Up and Indemnities), Clause 13 (Increased Costs) including
(but not limited to) assigning its rights

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or transferring its rights and obligations
under the Finance Documents to another Affiliate or Facility Office.

		(b)	Paragraph (a) above does not in any way limit the obligations of any Transaction
Obligor or Approved Manager under the Finance Documents.

		15.2	Limitation of liability

		(a)	Each Obligor shall, within three Business Days of demand, indemnify the Lender for
all costs and expenses reasonably incurred by the Lender as a result of steps taken by it under Clause 15.1 (Mitigation).

		(b)	The Lender is not obliged to take any steps under Clause 15.1 (Mitigation)
if either:

		(i)	a Default has occurred and is continuing; or

		(ii)	in the opinion of the Lender (acting reasonably), to do so might be prejudicial
to it.

		16	COSTS AND EXPENSES

		16.1	Transaction expenses

The Obligors shall, within 15 days
of demand, pay the Lender the amount of all costs and expenses (including legal fees but excluding any costs and expenses incurred in
connection with Clause 25 (Changes to the Lender)) reasonably incurred by it in connection with the negotiation, preparation, printing,
execution and perfection of:

		(a)	this Agreement and any other documents referred to in this Agreement or in a Security
Document; and

		(b)	any other Finance Documents executed after the date of this Agreement.

		16.2	Amendment costs

If:

		(a)	a Transaction Obligor requests an amendment, waiver or consent; or

		(b)	an amendment is required pursuant to Clause 28.6 (Change of currency) or
to address the fact that the Screen Rate is not or is likely not to be available for dollars; or

		(c)	a Transaction Obligor requests, and the Lender agrees to, the release of all or
any part of the Security Assets from the Transaction Security,

the Obligors shall, within 15 days
of demand, reimburse the Lender for the amount of all costs and expenses (including legal fees) reasonably incurred by the Lender in responding
to, evaluating, negotiating or complying with that request or requirement, including the payment of a non-refundable fixed fee of $1,000
per amendment.

		16.3	Enforcement and preservation costs

The Obligors shall, on demand, pay
to the Lender the amount of all costs and expenses (including legal fees) by the Lender in connection with the enforcement of, or the
preservation of any rights under, any Finance Document or the Transaction Security and with any

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proceedings instituted by or against
the Lender as a consequence of it entering into a Finance Document, taking or holding the Transaction Security, or enforcing those rights.

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SECTION 7 

GUARANTEE

		17	GUARANTEE AND INDEMNITY

		17.1	Guarantee and indemnity

The Parent Guarantor irrevocably and unconditionally:

		(a)	guarantees to the Lender punctual performance by the Borrower of all its obligations
under the Finance Documents;

		(b)	undertakes with the Lender that whenever the Borrower does not pay any amount when
due under or in connection with any Finance Document, the Parent Guarantor shall immediately on demand pay that amount as if it were the
principal obligor; and

		(c)	agrees with the Lender that if any obligation guaranteed by it is or becomes unenforceable,
invalid or illegal, it will, as an independent and primary obligation, indemnify the Lender immediately on demand by the Lender against
any cost, loss or liability it incurs as a result of the Borrower not paying any amount which would, but for such unenforceability, invalidity
or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by the Parent
Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 17 (Guarantee and Indemnity)
if the amount claimed had been recoverable on the basis of a guarantee.

		17.2	Continuing guarantee

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

		17.3	Reinstatement

If any discharge, release or arrangement
(whether in respect of the obligations of any Transaction Obligor or any security for those obligations or otherwise) is made by the Lender
in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation,
administration or otherwise, without limitation, then the liability of the Parent Guarantor under this Clause 17 (Guarantee and Indemnity)
will continue or be reinstated as if the discharge, release or arrangement had not occurred.

		17.4	Waiver of defences

The obligations of the Parent Guarantor
under this Clause 17 (Guarantee and Indemnity) and in respect of any Transaction Security will not be affected or discharged by
an act, omission, matter or thing which, but for this Clause 17.4 (Waiver of defences), would reduce, release or prejudice any
of its obligations under this Clause 17 (Guarantee and Indemnity) or in respect of any Transaction Security (without limitation
and whether or not known to it or the Lender) including:

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

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

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

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

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

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

		(g)	any insolvency or similar proceedings.

		17.5	Immediate recourse

The Parent Guarantor waives any right
it may have of first requiring the Lender (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security
or claim payment from any person (including without limitation to commence any proceedings under any Finance Document or to enforce any
Transaction Security) before claiming or commencing proceedings under this Clause 17 (Guarantee and Indemnity). This waiver applies
irrespective of any law or any provision of a Finance Document to the contrary.

		17.6	Appropriations

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

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

		(b)	hold in an interest-bearing suspense account any moneys received from the Parent
Guarantor or on account of the Parent Guarantor’s liability under this Clause 17 (Guarantee and Indemnity).

		17.7	Deferral of Parent Guarantor’s rights

All rights which the Parent Guarantor
at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against the Borrower, any other Transaction
Obligor or their respective assets shall be fully subordinated to the rights of the Lender under the Finance Documents and until the end
of the Security Period and unless the Lender otherwise directs,

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the Parent Guarantor will not exercise
any rights which it may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of
performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under
this Clause 17 (Guarantee and Indemnity):

		(a)	to be indemnified by a Transaction Obligor;

		(b)	to claim any contribution from any third party providing security for, or any other
guarantor of, any Transaction Obligor’s obligations under the Finance Documents;

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

		(d)	to bring legal or other proceedings for an order requiring any Transaction Obligor
to make any payment, or perform any obligation, in respect of which the Parent Guarantor has given a guarantee, undertaking or indemnity
under Clause 17.1 (Guarantee and indemnity);

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

		(f)	to claim or prove as a creditor of any Transaction Obligor in competition with the
Lender.

If the Parent Guarantor receives any
benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary
to enable all amounts which may be or become payable to the Lender by the Transaction Obligors under or in connection with the Finance
Documents to be repaid in full on trust for the Lender and shall promptly pay or transfer the same to the Lender may direct for application
in accordance with Clause 28 (Payment Mechanics).

		17.8	Additional security

This guarantee and any other Security
given by the Parent Guarantor is in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security
or any other right of recourse now or subsequently held by the Lender or any right of set-off or netting or right to combine accounts
in connection with the Finance Documents.

		17.9	Applicability of provisions of Guarantee to other Security

Clauses 17.2 (Continuing guarantee),
17.3 (Reinstatement), 17.4 (Waiver of defences), 17.5 (Immediate recourse), 17.6 (Appropriations), 17.7 (Deferral
of Parent Guarantor’s rights) and 17.8 (Additional security) shall apply, with any necessary modifications, to any Security
which the Parent Guarantor creates (whether at the time at which it signs this Agreement or at any later time) to secure the Secured Liabilities
or any part of them.

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SECTION 8

REPRESENTATIONS, UNDERTAKINGS AND EVENTS
OF DEFAULT

		18	REPRESENTATIONS 

		18.1	General

Each Obligor makes the representations
and warranties set out in this Clause 18 (Representations) to the Lender on the date of this Agreement.

		18.2	Status

		(a)	It is, in the case of the Borrower, a limited liability company duly formed or,
in the case of the Parent Guarantor, a corporation duly incorporated, and validly existing and in good standing under the law of its Original
Jurisdiction.

		(b)	It has the power to own its assets and carry on its business as it is being conducted.

		18.3	Share capital, membership interests and ownership

		(a)	The aggregate number of limited liability company interests that the Borrower is
authorised to issue is 500 LLC Shares (as such term is defined in the Amended and Restated Limited Liability Company Agreement dated October
14, 2020 of the Borrower) all of which (being 100 per cent. of its limited liability company interests) have been issued to the Member.

		(b)	In the case of the Parent Guarantor the aggregate number of common stock shares
that it is authorised to issue is 249,000,000 common stock shares, each with a par value $0.01, consisting of:

		(i)	214,000,000 Class A common stock shares, with a par value of $0.01 per share, of
which 36,283,468 shares are issued and outstanding;

		(ii)	20,000,000 Class B common stock shares, with a par value of $0.01 per share, none
of which are issued and outstanding; and

		(iii)	15,000,000 Class C common stock shares, with a par value of $0.01 per share, none
of which are issued and outstanding.

		(c)	The aggregate number of shares that the Member is authorised to issue is 1,000 registered
and/or bearer shares with a par value of one United States cent ($0.01) per share, all of which (being 100 per cent. of its shares) have
been issued to GSL Holdings Inc., of the Marshall Islands being a wholly owned subsidiary of the Parent Guarantor.

		(d)	The legal title to and beneficial interest in the limited liability company interests
in the Borrower is held by the Member free of any Security (other than Permitted Security) or any other claim.

		(e)	None of the limited liability company interests in the Borrower is subject to any
option to purchase, pre-emption rights or similar rights.

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		18.4	Binding obligations

The obligations expressed to be assumed
by it in each Transaction Document and each Charter to which it is a party are legal, valid, binding and enforceable obligations.

		18.5	Validity, effectiveness and ranking of Security

		(a)	Each Finance Document to which it and an Approved Manager is a party does now or,
as the case may be, will upon execution and delivery create the Security it purports to create over any assets to which such Security,
by its terms, relates, and such Security will, when created or intended to be created, be valid and effective.

		(b)	No third party has or will have any Security (except for Permitted Security) over
any assets that are the subject of any Transaction Security granted by it.

		(c)	The Transaction Security granted by it to the Lender has or will when created or
intended to be created have first ranking priority or such other priority it is expressed to have in the Finance Documents and is not
subject to any prior ranking or pari passu ranking security.

		(d)	No concurrence, consent or authorisation of any person is required for the creation
of or otherwise in connection with any Transaction Security.

		18.6	Non-conflict with other obligations

The entry into and performance by
it of, and the transactions contemplated by, each Transaction Document and each Charter to which it is a party do not and will not conflict
with:

		(a)	any law or regulation applicable to it;

		(b)	its constitutional documents; or

		(c)	any agreement or instrument binding upon it or any other Transaction Obligor or
an Approved Manager or any of its assets of any other Transaction Obligor’s or an Approved Manager’s assets or constitute
a default or termination event (however described) under any such agreement or instrument.

		18.7	Power and authority

		(a)	It has the power to enter into, perform and deliver, and has taken all necessary
action to authorise:

		(i)	its entry into, performance and delivery of, each Transaction Document and each
Charter to which it is or will be a party and the transactions contemplated by those Transaction Documents, or, as the case may be, that
Charter; and

		(ii)	in the case of the Borrower, its registration of the Ship under the Approved Flag.

		(b)	No limit on its powers will be exceeded as a result of the borrowing, granting of
security or giving of guarantees or indemnities contemplated by the Transaction Documents and the Charter (or any of them) to which it
is a party.

		18.8	Validity and admissibility in evidence 

All Authorisations required or desirable:

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		(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations
in the Transaction Documents to which it is a party; and

		(b)	to make the Transaction Documents to which it is a party admissible in evidence
in its Relevant Jurisdictions,

have been obtained or effected and are in full force and
effect.

		18.9	Governing law and enforcement

		(a)	The choice of governing law of each Transaction Document to which it is a party
will be recognised and enforced in its Relevant Jurisdictions.

		(b)	Any judgment obtained in relation to a Transaction Document to which it is a party
in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions.

		18.10	Insolvency

No:

		(a)	corporate action, legal proceeding or other procedure or step described in paragraph
(a) of Clause 24.8 (Insolvency proceedings); or

		(b)	creditors’ process described in Clause 24.9 (Creditors’ process),

has been taken or, to its knowledge, threatened in relation
to any other Transaction Obligor or, to the best of its knowledge, any Approved Manager; and none of the circumstances described in Clause
24.7 (Insolvency) applies to any other Transaction Obligor or, to the best of its knowledge, any Approved Manager.

		18.11	No filing or stamp taxes

Under the laws of its Relevant Jurisdictions it is not
necessary that the Finance Documents to which it is a party be registered, filed, recorded, notarised or enrolled with any court or other
authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Finance
Documents to which it is a party or the transactions contemplated by those Finance Documents.

		18.12	Deduction of Tax

It is not required to make any Tax Deduction from any payment
it may make under any Finance Document to which it is a party.

		18.13	No default

		(a)	No Event of Default and, on the date of this Agreement and on the Utilisation Date,
no Default is continuing or might reasonably be expected to result from the making of the Utilisation or the entry into, the performance
of, or any transaction contemplated by, any Transaction Document.

		(b)	No other event or circumstance is outstanding which constitutes a default or a termination
event (however described) under any other agreement or instrument which is binding on it

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(or, in the case of the Parent Guarantor,
on any of its Subsidiaries) or to which (or, in the case of the Parent Guarantor, any of its Subsidiaries) assets are subject which might
have a Material Adverse Effect.

		18.14	No misleading information

		(a)	Any factual information provided by any Transaction Obligor or an Approved Manager
for the purposes of this Agreement was true and accurate in all material respects as at the date it was provided or as at the date (if
any) at which it is stated.

		(b)	The financial projections contained in any such information have been prepared on
the basis of recent historical information and on the basis of reasonable assumptions.

		(c)	Nothing has occurred or been omitted from any such information and no information
has been given or withheld that results in any such information being untrue or misleading in any material respect.

		18.15	Financial Statements

		(a)	In the case of the Parent Guarantor:

		(i)	Its Original Financial Statements were prepared in accordance with GAAP or IFRS
(at the Parent Guarantor’s option) consistently applied unless expressly disclosed to the Lender in writing to the contrary before
the date of this Agreement.

		(ii)	Its Original Financial Statements fairly present its financial conditions as at
the end of the relevant financial year and its results of operations during the relevant financial year (consolidated in the case of the
Parent Guarantor).

		(b)	In the case of each Obligor:

		(i)	There has been no material adverse change in assets, business or financial condition
since 31 December 2020.

		(ii)	Its most recent financial statements delivered pursuant to Clause 19.2 (Financial
statements):

		(A)	have been prepared, in the case of the Parent Guarantor, in accordance with Clause 19.3 (Requirements
as to financial statements); and

		(B)	fairly present its financial condition as at the end of the relevant financial year
and operations during the relevant financial year (consolidated in the case of the Parent Guarantor).

		(c)	Since the date of the most recent financial statements delivered pursuant to Clause
19.2 (Financial statements) there has been no material adverse change in its or any Transaction Obligor’s business, assets
or financial condition.

		18.16	Pari passu ranking

Its payment obligations under the
Finance Documents to which it is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated
creditors, except for obligations mandatorily preferred by law applying to companies generally.

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		18.17	No proceedings pending or threatened

		(a)	No litigation, arbitration or administrative proceedings or investigations (including
proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) of or before any court, arbitral
body or agency have which, if adversely determined, might reasonably be expected to have a Material Adverse Effect (to the best of its
knowledge and belief (having made due and careful enquiry)) been started or threatened against it or any other Transaction Obligor.

		(b)	No judgment or order of a court, arbitral tribunal or other tribunal or any order
or sanction of any governmental or other regulatory body which might reasonably be expected to have a Material Adverse Effect has (to
the best of its knowledge and belief (having made due and careful enquiry)) been made against it or any other Transaction Obligor.

		18.18	Valuations

		(a)	All information supplied by it or on its behalf to an Approved Valuer for the purposes
of a valuation delivered to the Lender in accordance with this Agreement was true and accurate as at the date it was supplied or (if appropriate)
as at the date (if any) at which it is stated to be given.

		(b)	It has not omitted to supply any information to an Approved Valuer which, if disclosed,
would adversely affect any valuation prepared by such Approved Valuer.

		(c)	There has been no change to the factual information provided pursuant to paragraph
(a) above in relation to any valuation between the date such information was provided and the date of that valuation which, in either
case, renders that information untrue or misleading in any material respect.

		18.19	No breach of laws

It has not and, to the best of its
knowledge and belief, no other member of the Group has breached any law or regulation applicable to it which breach has a Material Adverse
Effect.

		18.20	No Charter

The Ship is not subject to any Charter other than a Permitted
Charter.

		18.21	Compliance with Environmental Laws

In respect of the ownership, operation
and management of the Ship all Environmental Laws and the terms of all Environmental Approvals have been complied with and, in respect
of the business of each other Transaction Obligor (as now conducted and as reasonably anticipated to be conducted in the future), no Obligor
has any knowledge or belief that any Environmental Law or Environmental Approval has not been complied with.

		18.22	No Environmental Claim

No Environmental Claim has been made
or threatened against any other Transaction Obligor or the Ship.

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		18.23	No Environmental Incident

No Environmental Incident has occurred
and no person has claimed that an Environmental Incident has occurred.

		18.24	ISM and ISPS Code compliance

All requirements of the ISM Code and
the ISPS Code as they relate to the Borrower, the Approved Technical Manager and the Ship have been complied with.

		18.25	Taxes paid

		(a)	It is not materially overdue in the filing of any Tax returns and it is not overdue
in the payment of any amount in respect of Tax and it has no knowledge that any other Transaction Obligor is materially overdue in the
filing of any Tax returns or overdue in the payment of any amount in respect of Tax unless and only to the extent that (i) such payment
is being contested in good faith and (ii) adequate reserves are being maintained for those Taxes and the costs required to contest them.

		(b)	No claims or investigations are being made, or are reasonably likely to be, or conducted
against it with respect to Taxes and it has no knowledge that claims or investigations in respect of Taxes are being made or conducted
against any other Transaction Obligor.

		18.26	Financial Indebtedness

The Borrower does not have any Financial Indebtedness outstanding
other:

		(a)	Permitted Financial Indebtedness; or

		(b)	any guarantee or indemnity issued in the ordinary course of its business of operating,
trading and chartering the Ship owned by it.

		18.27	Overseas companies

No other Transaction Obligor nor any
Approved Manager has delivered particulars, whether in its name stated in the Finance Documents or any other name, of any UK Establishment
to the Registrar of Companies as required under the Overseas Regulations or, if it has so registered, it has provided to the Lender sufficient
details to enable an accurate search against it to be undertaken by the Lender at the Companies Registry.

		18.28	Good title to assets

It and each other Transaction Obligor
and each Approved Manager have good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations
to use, the assets necessary to carry on its business as presently conducted.

		18.29	Ownership

		(a)	On the Utilisation Date, the Borrower will be the sole legal and beneficial owner
of the Ship, its Earnings and its Insurances.

		(b)	With effect on and from the date of its creation or intended creation, each Transaction
Obligor and each Approved Manager will be the sole legal and beneficial owner of any asset that is the

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subject of any Transaction Security
created or intended to be created by such Transaction Obligor or such Approved Manager.

		(c)	The constitutional documents of each Transaction Obligor do not and could not restrict
or inhibit any transfer of the limited liability company interests of the Borrower on creation or enforcement of the security conferred
by the Security Documents.

		18.30	Centre of main interests and establishments

For the purposes of The Council of
the European Union Regulation No. 2015/848 on Insolvency Proceedings (recast)(the “Regulation”), its centre of main
interest (as that term is used in Article 3(1) of the Regulation) is situated in Greece and it has no “establishment” (as
that term is used in Article 2(10) of the Regulation) in any other jurisdiction.

		18.31	Place of business

No Transaction Obligor has a place
of business in any country other than Greece.

		18.32	No employee or pension arrangements

No Transaction Obligor has any employees
or any liabilities under any pension scheme.

		18.33	Sanctions

		(a)	No Transaction Obligor or Approved Manager:

		(i)	is a Prohibited Person;

		(ii)	is owned or controlled by or acting directly or indirectly on behalf of or for the
benefit of, a Prohibited Person;

		(iii)	owns or controls a Prohibited Person; or

		(iv)	has a Prohibited Person serving as a director, officer or, to the best of its knowledge,
employee.

		(b)	No proceeds of the Loan shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person nor shall they
be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.

		18.34	US Tax Obligor

No Transaction Obligor is a US Tax Obligor.

		18.35	Anti-corruption law

Each Obligor and each Affiliate of
any of them has conducted its respective business in compliance with applicable anti-corruption laws and has instituted and maintained
procedures designed to promote and achieve compliance with such laws, and to the best knowledge and belief of each Obligor, each member
of the Group and each Affiliate of any of them has conducted its respective business in compliance with applicable anti-corruption laws
and has instituted and maintained procedures designed to promote and achieve compliance with such laws.

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		18.36	Completeness of documents

The copies of any Transaction Documents
and any Charter and any other relevant documents provided or to be provided by the Borrower to the Lender in accordance with Clause 4
(Conditions of Utilisation) are, or will be, true and accurate copies of the originals and represent, or will represent, the full
agreement between the parties to those documents and there are no commission, rebates, premiums or other payments due or to become due
in connection with the subject matter of those documents other than as disclosed to, and approved in writing by, the Lender.

		18.37	Money Laundering

Any borrowing by the Borrower under
this Agreement, and the performance of its obligations under the Finance Documents, will be for its own account and will not involve any
breach by it of any law or regulatory measure relating to “money laundering” as defined in Article 1 of the Directive 2015/849/EC
of the European Parliament and of the Council of the European Communities.

		18.38	Repetition

The Repeating Representations are
deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of the Utilisation Request and
the first day of each Interest Period.

		19	INFORMATION UNDERTAKINGS 

		19.1	General

The undertakings in this Clause 19
(Information Undertakings) remain in force throughout the Security Period unless the Lender, may otherwise permit.

		19.2	Financial statements

		(a)	The Parent Guarantor shall supply to the Lender:

		(i)	as soon as they become available, but in any event within 180 days after the end of each of the Parent
Guarantor’s financial years, its consolidated audited annual financial statements for that financial year as presented in the Parent
Guarantor’s 20-F filing; and

		(ii)	as soon as the same become available, but in any event within 90 days after the end of each six-month
period of each of its respective financial years, its consolidated semiannual unaudited financial statements for that financial half-year
as presented in the Parent Guarantor’s 6K filing.

		(b)	The Borrower shall supply to the Lender management accounts in a format approved
by the Lender which show the results of the operation of the Ship during the preceding financial half year.

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		19.3	Requirements as to financial statements

		(a)	Each set of financial statements delivered by the Parent Guarantor pursuant to Clause
19.2 (Financial statements) shall fairly represent its financial condition and operations as at the date at which those financial
statements were drawn up.

		(b)	The Obligors shall procure that each set of financial statements of the Parent Guarantor
delivered pursuant to Clause 19.2 (Financial statements) is prepared using GAAP.

		19.4	Information: miscellaneous

Each Obligor shall and shall procure
that each other Transaction Obligor (and in the case if paragraphs (b), (c), (d), sub-paragraph (i), (ii) and (iii) of paragraph (e) and
(f) below, any Approved Manager and in the case of paragraphs (b) and (c) and sub-paragraph (iv) of paragraph (e) below, the Parent Guarantor)
shall supply to the Lender:

		(a)	as soon as practically possible after the Lender’s request, all material documents
dispatched by it to its shareholders (or any class of them) in their capacity as shareholders or its creditors which are not considered
of a confidential nature;

		(b)	promptly upon becoming aware of them, the details of any litigation, arbitration
or administrative proceedings or investigations (including proceedings or investigations relating to any alleged or actual breach of the
ISM Code or of the ISPS Code) which are current, threatened or pending against any other Transaction Obligor, and which might, if adversely
determined, have a Material Adverse Effect;

		(c)	promptly upon becoming aware of them, the details of any judgment or order of a
court, arbitral body or agency which is made against any member of the Group and which might have a Material Adverse Effect;

		(d)	promptly, its constitutional documents where these have been amended or varied;

		(e)	promptly, such further information and/or documents regarding:

		(i)	the Ship, goods transported on the Ship, the Earnings and the Insurances;

		(ii)	the Security Assets which are subject of the Transaction Security created under
the Security Documents to which it is a party;

		(iii)	compliance of the Transaction Obligors and the Approved Managers with the terms
of the Finance Documents;

		(iv)	the financial condition, business and operations of any other Transaction Obligor, as the Lender may
reasonably request; and

		(f)	promptly, such further information and/or documents as the Lender may reasonably
request so as to enable the Lender to comply with any laws applicable to it or as may be required by any regulatory authority.

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		19.5	Notification of Default

		(a)	Each Obligor shall, and shall procure that each other Transaction Obligor shall,
notify the Lender of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless
that Obligor is aware that a notification has already been provided by another Obligor).

		(b)	Promptly upon a request by the Lender, the Borrower shall supply to the Lender a
certificate signed by its senior officer on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying
the Default and the steps, if any, being taken to remedy it).

		19.6	“Know your customer” checks 

If:

		(a)	the introduction of or any change in (or in the interpretation, administration or
application of) any law or regulation made after the date of this Agreement;

		(b)	any change in the status of a Transaction Obligor (including, without limitation,
a change of ownership of a Transaction Obligor) after the date of this Agreement; or

		(c)	a proposed assignment or transfer by the Lender of any of its rights under this
Agreement,

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

		20	GENERAL UNDERTAKINGS 

		20.1	General

The undertakings in this Clause 20
(General Undertakings) remain in force throughout the Security Period except as the Lender may otherwise permit (and in respect
of Clauses 20.16 (Financial Indebtedness) and paragraph (b) of Clause 20.20 (Other transactions) such permission not to
be unreasonably withheld or delayed).

		20.2	Authorisations

Each Obligor shall, and shall procure
that each other Transaction Obligor and each Approved Manager will (where applicable) promptly:

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

		(b)	supply certified copies to the Lender of,

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any Authorisation required under any
law or regulation of a Relevant Jurisdiction or the state of the Approved Flag at any time of the Ship to enable it to:

		(i)	perform its obligations under the Transaction Documents to which it is a party;

		(ii)	ensure the legality, validity, enforceability or admissibility in evidence in any
Relevant Jurisdiction and in the state of the Approved Flag at any time of the Ship of any Transaction Document to which it is a party;
and

		(iii)	own and operate the Ship (in the case of the Borrower).

		20.3	Compliance with laws

Each Obligor shall, and shall procure
that each other Transaction Obligor and each Approved Manager will, comply in all respects with all laws and regulations to which it may
be subject, if failure so to comply has or is reasonably likely to have a Material Adverse Effect.

		20.4	Environmental compliance

Each Obligor shall, and shall (i) ensure that each other
Transaction Obligor and (ii) use its best efforts and have appropriate controls in place to procure each Approved Manager, will:

		(a)	comply with all Environmental Laws;

		(b)	obtain, maintain and ensure compliance with all requisite Environmental Approvals;

		(c)	implement procedures to monitor compliance with and to prevent liability under any
Environmental Law,

where failure to do so has or is reasonably
likely to have a Material Adverse Effect.

		20.5	Environmental Claims

Each Obligor shall, and shall procure that each other Transaction
Obligor and each Approved Manager will use its best efforts to, promptly upon becoming aware of the same, inform the Lender in writing
of:

		(a)	any Environmental Claim against any Transaction Obligor or any Approved Manager
which is current, pending or threatened; and

		(b)	any facts or circumstances which are reasonably likely to result in any Environmental
Claim being commenced or threatened against any Transaction Obligor or any Approved Manager,

where the claim, if determined against that Transaction
Obligor or any Approved Manager, has a Material Adverse Effect.

		20.6	Anti-corruption law

		(a)	Each Obligor shall not directly or indirectly use the proceeds of the Loan for any
purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation
in other jurisdictions.

		(b)	Each Obligor shall:

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

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

		20.7	Taxation

		(a)	Each Obligor shall, and shall procure that each other Transaction Obligor will,
pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to
the extent that:

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

		(ii)	adequate reserves are maintained for those Taxes and the costs required to contest
them and, in relation to the Parent Guarantor, both have been disclosed in its latest financial statements delivered to the Lender under
Clause 19.2 (Financial statements) to the extent that such disclosure is required by NYSE/SEC rules or requirements; and

		(iii)	such payment can be lawfully withheld and failure to pay those Taxes does not have
a Material Adverse Effect.

		(b)	No Obligor shall, and the Parent Guarantor shall procure that no other Transaction
Obligor will, change its residence for Tax purposes.

		20.8	Overseas companies

Each Obligor shall, and shall procure
that each other Transaction Obligor and each Approved Manager will, promptly inform the Lender if it delivers to the Registrar particulars
required under the Overseas Regulations of any UK Establishment and it shall comply with any directions given to it by the Lender regarding
the recording of any Transaction Security on the register which it is required to maintain under The Overseas Companies (Execution of
Documents and Registration of Charges) Regulations 2009.

		20.9	No change to centre of main interests

No Obligor shall change the location
of its centre of main interest (as that term is used in Article 3(1) of the Regulation) from that stated in relation to it in Clause 18.30
(Centre of main interests and establishments) and it will create no “establishment” (as that term is used in Article
2(10) of the Regulation) in any other jurisdiction.

		20.10	Pari passu ranking

Each Obligor shall, and shall procure
that each other Transaction Obligor will, ensure that at all times any unsecured and unsubordinated claims of the Lender against it under
the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those
creditors whose claims are mandatorily preferred by laws of general application to companies.

		20.11	Title

		(a)	The Borrower shall hold legal title to, and own the entire beneficial interest in
the Ship, its Earnings and its Insurances (except where a third party may be named as co-assured).

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		(b)	With effect on and from its creation or intended creation, any other assets which
are the subject of any Transaction Security created or intended to be created by the Borrower.

		(c)	The Parent Guarantor shall hold the legal title to, and own the entire beneficial
interest in with effect on and from its creation or intended creation, any assets which are the subject of any Transaction Security created
or intended to be created by the Parent Guarantor.

		(d)	The Borrower shall remain a wholly owned Subsidiary of the Parent Guarantor at all
times.

		20.12	Negative pledge

		(a)	Neither the Borrower or the Member shall create or permit to subsist any Security
over any of its assets which are the subject of the Security created or intended to be created by the Finance Documents.

		(b)	The Borrower shall not:

		(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by a Transaction Obligor or any other member of the Group;

		(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

		(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

		(iv)	enter into any other preferential arrangement having a similar effect,

in circumstances where the arrangement
or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

		(c)	Paragraphs (a) and (b) above do not apply to any Permitted Security.

		20.13	Disposals

		(a)	The Borrower shall not enter into a single transaction or a series of transactions
(whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset (including without
limitation the Ship, its Earnings or its Insurances) except for a sale of the Ship with respect to which a mandatory prepayment pursuant
to the provisions of Clauses 7.5 (Mandatory prepayment on sale or Total Loss) and 7.6 (Restrictions) is made and provided
any other terms of this Agreement are complied with.

		(b)	Paragraph (a) above does not apply to any Charter as all Charters are subject to
Clause 22.16 (Restrictions on chartering, appointment of managers etc.).

		20.14	Merger

No Obligor shall enter into any amalgamation,
demerger, merger, consolidation or corporate reconstruction Provided that in the case of the Parent Guarantor such amalgamation,
demerger, merger, consolidation or corporate reconstruction is permitted without restrictions so long as (i) the Parent Guarantor remains
the surviving entity of any such process, (ii) no Default has occurred at the relevant time or would be triggered as a result of such
process and

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(iii) the process of any such further
amalgamation, demerger, merger, consolidation or corporate reconstruction does not have a Material Adverse Effect.

		20.15	Change of business

		(a)	The Parent Guarantor shall procure that no substantial change is made to the general
nature of the business of the Parent Guarantor from that carried on at the date of this Agreement.

		(b)	The Borrower shall not engage in any business other than the ownership and operation
of the Ship.

		20.16	Financial Indebtedness

The Borrower shall not incur or permit
to be outstanding any Financial Indebtedness of the Borrower except:

		(a)	Permitted Financial Indebtedness; or

		(b)	any guarantee or indemnity issued in the ordinary course of its business of operating,
trading and chartering its Ship.

		20.17	Expenditure

The Borrower shall not incur any expenditure,
except for expenditure or trade debt reasonably incurred in the ordinary course of owning, operating, chartering, maintaining and repairing
the Ship.

		20.18	Share capital

The Borrower shall not:

		(a)	purchase, cancel or redeem any of its limited liability company interests;

		(b)	increase or reduce its authorised limited liability company interests;

		(c)	issue any further limited liability company interests except to the Member or the
Parent Guarantor and provided such limited liability company interests are made subject to the terms of the LLC Interests Security immediately
upon the issue of such limited liability company interests in a manner satisfactory to the Lender and the terms of the LLC Interests Security
are complied with;

		(d)	appoint any further officer of the Borrower (unless the provisions of the LLC Interests
Security are complied with).

		20.19	Dividends

The Borrower shall be entitled to make
or pay any dividend or other distribution having similar effect (in cash or in kind) in respect of its limited liability company interests
Provided that neither an Event of Default has occurred which is continuing nor the making or payment of such dividend or distribution
would result in the occurrence of an Event of Default.

		20.20	Other transactions

The Borrower shall not:

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		(a)	be the creditor in respect of any loan or any form of credit to any person other
than another Transaction Obligor and where such loan or form of credit is Permitted Financial Indebtedness;

		(b)	give or allow to be outstanding any guarantee or indemnity to or for the benefit
of any person in respect of any obligation of any other person or enter into any document under which the Borrower assumes any liability
of any other person other than any guarantee or indemnity given under the Finance Documents or any guarantee or indemnity issued in the
ordinary course of its business of operating, trading and chartering the Ship owned by it;

(c)       enter into any
material agreement other than:

		(i)	the Transaction Documents, the Management Agreements and the Permitted Charters;

		(ii)	any other agreement expressly allowed under any other term of this Agreement or
in the ordinary course of the Borrower’s business of operating, trading and chartering the Ship owned by it; and

		(d)	enter into any transaction on terms which are, in any respect, less favourable to
the Borrower than those which it could obtain in a bargain made at arms’ length; or

		(e)	acquire any equity interests or other securities other than US or UK Treasury bills
and certificates of deposit issued by major North American or European banks.

		20.21	No substantial liabilities

Without prejudice to the Borrower’s
other obligations under this Clause 20 (General Undertakings), except for any Permitted Financial Indebtedness and as otherwise
provided by this Agreement, the Borrower shall not incur any liability to any third party which is in the Lender’s opinion of a
substantial nature.

		20.22	Unlawfulness, invalidity and ranking; Security imperilled

No Obligor shall, (and the Parent
Guarantor shall procure that no other member of the Group or any Approved Manager will) do (or fail to do) or cause or permit another
person to do (or omit to do) anything which is likely to:

		(a)	make it unlawful for a Transaction Obligor to perform any of its obligations under
the Transaction Documents or, in the case of an Approved Manager, any of its obligations under the Transaction Documents to which it is
party;

		(b)	cause any obligation of a Transaction Obligor under the Transaction Documents, or
in the case of an Approved Manager, under the Transaction Documents to which it is party to cease to be legal, valid, binding or enforceable;

		(c)	cause any Transaction Document to cease to be in full force and effect;

		(d)	cause any Transaction Security to rank after, or lose its priority to, any other
Security; and

		(e)	imperil or jeopardise the Transaction Security.

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		20.23	Further assurance

		(a)	Each Obligor shall, and shall procure that each other Transaction Obligor and each
Approved Manager will, promptly, and in any event within the time period specified by the Lender do all such acts (including procuring
or arranging any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such
documents (including assignments, transfers, mortgages, charges, notices, instructions, acknowledgments, proxies and powers of attorney),
as the Lender may specify (and in such form as the Lender may require in favour of the Lender or its nominee(s)):

		(i)	to create, perfect, vest in favour of the Lender or protect the priority of the
Security or any right of any kind created or intended to be created under or evidenced by the Finance Documents to which such Transaction
Obligor or such Approved Manager is a party (which may include the execution of a mortgage, charge, assignment or other Security over
all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights,
powers and remedies of any of the Lender or any Receiver or Delegate (as applicable) provided by or pursuant to the Finance Documents
or by law;

		(ii)	to confer on the Lender Security over any property and assets of that Transaction
Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant to the Finance Documents;

		(iii)	to facilitate or expedite the realisation and/or sale of, the transfer of title
to or the grant of, any interest in or right relating to the assets which are, or are intended to be, the subject of the Transaction Security
or to exercise any power specified in any Finance Document in respect of which the Security has become enforceable; and/or

		(iv)	to enable or assist the Lender to enter into any transaction to commence, defend
or conduct any proceedings and/or to take any other action relating to any item of the Security Property.

		(b)	Each Obligor shall, and shall procure that each other Transaction Obligor and each
Approved Manager will, take all such action as is available to it (including making all filings and registrations) as may be necessary
for the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Lender
by or pursuant to the Finance Documents.

		(c)	At the same time as an Obligor delivers to the Lender any document executed by itself
or another Transaction Obligor or any Approved Manager pursuant to this Clause 20.23 (Further assurance), that Obligor shall deliver,
or shall procure that such other Transaction Obligor or such Approved Manager will deliver, to the Lender a certificate signed by one
of that Obligor’s or Transaction Obligor’s or Approved Manager’s directors or officers or member, as applicable, which
shall:

		(i)	set out the text of a resolution of that Obligor’s or Transaction Obligor’s
or Approved Manager’s directors or member, as applicable, specifically authorising the execution of the document specified by the
Lender; and

		(ii)	state that either the resolution was duly passed at a meeting of the directors or
member, as applicable, validly convened and held, throughout which a quorum of directors or members entitled to vote on the resolution
was present, or that the resolution has been signed by all the directors or members and is valid under that

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Obligor’s or Transaction Obligor’s
or Approved Manager’s articles of incorporation, limited liability company agreement or other constitutional documents.

		20.24	Change of listing

The shares of the Parent Guarantor
shall continue to be listed on an exchange registered with the New York Stock Exchange.

		21	INSURANCE UNDERTAKINGS

		21.1	General

The undertakings in this Clause 21
(Insurance Undertakings) remain in force on and from the date of this Agreement and throughout the rest of the Security Period
except as the Lender may otherwise permit.

		21.2	Maintenance of obligatory insurances

The Borrower shall keep the Ship insured at its expense against:

		(a)	fire and usual marine risks (including hull and machinery and excess risks);

		(b)	war risks (including, without limitation, protection and indemnity war risks, piracy
and terrorism);

		(c)	protection and indemnity risks (including, without limitation, freight demurrage
and defence cover); and

		(d)	any other risks, excluding loss of hire unless it is obtained and maintained by
Borrower at any relevant time, against which the Lender considers, having regard to practices and other circumstances prevailing at the
relevant time, it would be reasonable for the Borrower to insure and which are specified by the Lender by notice to the Borrower.

21.3 Terms
of obligatory insurances

The Borrower shall effect such insurances:

		(a)	in dollars;

		(b)	in the case of fire and usual marine risks and war risks, in an amount on an agreed
value basis at least the greater of:

		(i)	an amount which equals at least 120 per cent. of the Loan; and

		(ii)	the Market Value of the Ship;

		(c)	in the case of oil pollution liability risks, for an aggregate amount equal to the
highest level of cover from time to time available under basic protection and indemnity club as per International Group of Protection
& Indemnity;

		(d)	in the case of protection and indemnity risks, in respect of the full tonnage of
the Ship;

		(e)	on approved terms; and

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		(f)	through Approved Brokers and with approved insurance companies and/or underwriters
or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

		21.4	Further protections for the Lender

In addition to the terms set out in
Clause 21.3 (Terms of obligatory insurances), the Borrower shall procure that the obligatory insurances effected by it shall:

		(a)	subject always to paragraph (b), name the Borrower as the sole named insured unless
the interest of every other named insured is limited:

		(i)	in respect of any obligatory insurances for hull and machinery and war risks;

		(A)	to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim
on underwriters; and

		(B)	to any third party liability claims where cover for such claims is provided by the
policy (and then only in respect of discharge of any claims made against it); and

		(ii)	in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way of reimbursement
following discharge of any third party liability claims made specifically against it;

and every other named insured has
undertaken in writing to the Lender (in such form as it requires) that any deductible shall be apportioned between the Borrower and every
other named insured in proportion to the gross claims made or paid by each of them and that it shall do all things necessary and provide
all documents, evidence and information to enable the Lender to collect or recover any moneys which at any time become payable in respect
of the obligatory insurances;

		(b)	whenever the Lender requires, name (or be amended to name) the Lender as additional
named insured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the
Lender, but without the Lender being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such
insurance;

		(c)	name the Lender as loss payee with such directions for payment as the Lender may
specify;

		(d)	provide that all payments by or on behalf of the insurers under the obligatory insurances
to the Lender shall be made without set off, counterclaim or deductions or condition whatsoever;

		(e)	provide that the obligatory insurances shall be primary without right of contribution
from other insurances which may be carried by the Lender; and

		(f)	provide that the Lender may make proof of loss if the Borrower fails to do so.

21.5Renewal
of obligatory insurances

The Borrower shall:

		(a)	at least 7 days before the expiry of any obligatory insurance:

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		(i)	notify the Lender of the Approved Brokers (or other insurers) and any protection
and indemnity or war risks association through or with which the Borrower proposes to renew that obligatory insurance and of the proposed
terms of renewal; and

		(ii)	obtain the Lender’s approval to the matters referred to in sub-paragraph (i)
above;

		(b)	at least seven days before the expiry of any obligatory insurance, renew that obligatory
insurance in accordance with the Lender’s approval pursuant to paragraph (a) above; and

		(c)	procure that the Approved Brokers and/or the approved war risks and protection and
indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Lender in writing of the terms
and conditions of the renewal.

		21.6	Copies of policies; letters of undertaking

The Borrower shall ensure that the Approved Brokers provide
the Lender with:

		(a)	pro forma copies of all policies relating to the obligatory insurances which
they are to effect or renew; and

		(b)	a letter or letters or undertaking in a form required by the Lender and including
undertakings by the Approved Brokers that:

		(i)	they will have endorsed on each policy, immediately upon issue, a loss payable clause
and a notice of assignment complying with the provisions of Clause 21.4 (Further protections for the Lender);

		(ii)	they will hold such policies, and the benefit of such insurances, to the order of
the Lender in accordance with such loss payable clause;

		(iii)	they will advise the Lender immediately of any material change to the terms of the
obligatory insurances;

		(iv)	they will, if they have not received notice of renewal instructions from the Borrower
or its agents, notify the Lender not less than 14 days before the expiry of the obligatory insurances;

		(v)	if they receive instructions to renew the obligatory insurances, they will promptly
notify the Lender of the terms of the instructions;

		(vi)	they will not set off against any sum recoverable in respect of a claim relating
to the Ship under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of the Ship
or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums
or other amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts; and

		(vii)	they will arrange for a separate policy to be issued in respect of the Ship forthwith
upon being so requested by the Lender.

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		21.7	Copies of certificates of entry

The Borrower shall ensure that any
protection and indemnity and/or war risks associations in which the Ship is entered provide the Lender with:

		(a)	a certified copy of the certificate of entry for the Ship;

		(b)	a letter or letters of undertaking in such form as may be required by the Lender;
and

		(c)	a certified copy of each certificate of financial responsibility for pollution by
oil or other Environmentally Sensitive Material issued by the relevant certifying authority in relation to the Ship.

		21.8	Deposit of original policies

The Borrower shall ensure that all
policies relating to obligatory insurances effected by it are deposited with the Approved Brokers through which the insurances are effected
or renewed.

		21.9	Payment of premiums

The Borrower shall punctually pay
all premiums or other sums payable in respect of the obligatory insurances effected by it and produce all relevant receipts when so required
by the Lender.

		21.10	Guarantees

The Borrower shall ensure that any guarantees required by a
protection and indemnity or war risks association are issued as soon as practicable and remain in full force and effect.

		21.11	Compliance with terms of insurances

		(a)	The Borrower shall not do nor omit to do (nor permit to be done or not to be done)
any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable
under an obligatory insurance repayable in whole or in part.

		(b)	Without limiting paragraph (a) above, the Borrower shall:

		(i)	take all necessary action and comply with all requirements which may from time to
time be applicable to the obligatory insurances, and (without limiting the obligation contained in sub-paragraph (iii) of paragraph (b)
of Clause 21.6 (Copies of policies; letters of undertaking)) ensure that the obligatory insurances are not made subject to any
exclusions or qualifications to which the Lender has not given its prior approval;

		(ii)	not make any changes relating to the classification or classification society or
manager or operator of the Ship approved by the underwriters of the obligatory insurances;

		(iii)	make (and promptly supply copies to the Lender of) all quarterly or other voyage
declarations which may be required by the protection and indemnity risks association in which the Ship is entered to maintain cover for
trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
applicable legislation); and

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		(iv)	not employ the Ship, nor allow it to be employed, otherwise than in conformity with
the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements
(as to extra premium or otherwise) which the insurers specify.

		21.12	Alteration to terms of insurances

The Borrower shall not make or agree to
any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance.

		21.13	Settlement of claims 

The Borrower shall:

		(a)	not settle, compromise or abandon any claim under any obligatory insurance for Total
Loss or for a Major Casualty; and

		(b)	do all things necessary and provide all documents, evidence and information to enable
the Lender to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.

		21.14	Provision of copies of communications

The Borrower shall provide the Lender,
upon the Lender’s request, with copies of all written communications between the Borrower and:

		(a)	the Approved Brokers;

		(b)	the approved protection and indemnity and/or war risks associations; and

		(c)	the approved insurance companies and/or underwriters,

which relate directly or indirectly
to:

		(i)	the Borrower’s obligations relating to the obligatory insurances including, without limitation,
all requisite declarations and payments of additional premiums or calls; and

		(ii)	any credit arrangements made between the Borrower and any of the persons referred to in paragraphs (a)
or (b) above relating wholly or partly to the effecting or maintenance of the obligatory insurances.

		21.15	Provision of information

The Borrower shall promptly provide the
Lender (or any persons which it may designate) with any information which the Lender (or any such designated person) requests for the
purpose of:

		(a)	obtaining or preparing any report from an independent marine insurance broker as
to the adequacy of the obligatory insurances effected or proposed to be effected; and/or

		(b)	effecting, maintaining or renewing any such insurances as are referred to in Clause
21.16 (Mortgagee’s interest and additional perils) or dealing with or considering any matters relating to any such insurances,

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and the Borrower shall, forthwith
upon demand, indemnify the Lender in respect of all fees and other expenses incurred by or for the account of the Lender in connection
with any such report as is referred to in paragraph (a) above.

		21.16	Mortgagee’s interest and additional perils

		(a)	The Lender shall be entitled from time to time to effect, maintain and renew a mortgagee’s
interest marine insurance and a mortgagee’s interest additional perils insurance in such amounts (but not less than 120 per cent.
of the Loan in respect of mortgagee’s interest marine insurance and 120 per cent. of the Loan in respect of mortgagee’s interest
additional perils insurance), on such terms, through such insurers and generally in such manner as the Lender may from time to time consider
appropriate.

		(b)	The Borrower shall within 15 days of demand fully indemnify the Lender once annually
during the Security Period in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting,
maintaining or renewing any insurance referred to in paragraph (a) above or dealing with, or considering, any matter arising out of any
such insurance.

		22	SHIP UNDERTAKINGS 

		22.1	General

The undertakings in this Clause 22
(Ship Undertakings) remain in force on and from the date of this Agreement and throughout the rest of the Security Period except
as the Lender may otherwise permit in writing (and in the case of Clauses 22.2 (Ship’s name and registration), 22.3 (Repair
and classification), 22.5 (Modifications), 22.6 (Removal and installation of parts) and 22.16 (Restrictions on chartering,
appointment of managers etc.) such permission not to be unreasonably withheld or delayed).

		22.2	Ship’s name and registration 

The Borrower shall:

		(a)	keep the Ship registered in its name under the Approved Flag from time to time at
its port of registration;

		(b)	not do or allow to be done anything as a result of which such registration might
be suspended, cancelled or imperilled;

		(c)	not enter into any dual flagging arrangement in respect of the Ship; and

		(d)	not change the name of the Ship,

provided that any change of flag of the Ship shall
be subject to:

		(i)	the Ship remaining subject to Security securing the Secured Liabilities created
by a first priority or preferred ship mortgage on the Ship and, if appropriate, a first priority deed of covenant collateral to that mortgage
(or equivalent first priority Security) on substantially the same terms as the Mortgage and, if applicable, the related Deed of Covenant
and on such other terms and in such other form as the Lender shall approve or require; and

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		(ii)	the execution of such other documentation amending and supplementing the Finance
Documents as the Lender shall approve or require.

		22.3	Repair and classification

The Borrower shall keep the Ship in a good and safe condition
and state of repair:

		(a)	consistent with first class ship ownership and management practice; and

		(b)	so as to maintain the Approved Classification free of overdue recommendations and
conditions.

		22.4	Classification society undertaking

If required by the Lender in writing
the Borrower shall instruct the Approved Classification Society (and procure that the Approved Classification Society undertakes with
the Lender):

		(a)	to send to the Lender, following receipt of a written request from the Lender, certified
true copies of all original class records held by the Approved Classification Society in relation to the Ship;

		(b)	to allow the Lender (or its agents), at any time and from time to time, to inspect
the original class and related records of the Borrower and the Ship at the offices of the Approved Classification Society and to take
copies of them;

		(c)	to notify the Lender immediately in writing if the Approved Classification Society:

		(i)	receives notification from the Borrower or any person that the Ship’s Approved
Classification Society is to be changed; or

		(ii)	becomes aware of any facts or matters which may result in or have resulted in a
change, suspension, discontinuance, withdrawal or expiry of the Ship’s class under the rules or terms and conditions of the Borrower
or the Ship’s membership of the Approved Classification Society;

		(d)	following receipt of a written request from the Lender:

		(i)	to confirm that the Borrower is not in default of any of its contractual obligations
or liabilities to the Approved Classification Society, including confirmation that it has paid in full all fees or other charges due and
payable to the Approved Classification Society; or

		(ii)	to confirm that the Borrower is in default of any of its contractual obligations
or liabilities to the Approved Classification Society, to specify to the Lender in reasonable detail the facts and circumstances of such
default, the consequences of such default, and any remedy period agreed or allowed by the Approved Classification Society.

		22.5	Modifications

The Borrower shall not make any modification
or repairs to, or replacement of, the Ship or equipment installed on it which would or might materially and adversely alter the structure,
type or performance characteristics of the Ship or materially reduce its value; scrubber retrofitting will not be considered a material
modification to the Ship.

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		22.6	Removal and installation of parts

		(a)	Subject to paragraph (b) below, the Borrower shall not remove any material part
of the Ship, or any item of equipment installed on the Ship unless:

		(i)	the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition
as or better condition than the part or item removed;

		(ii)	the replacement part or item is free from any Security in favour of any person other than the Lender;
and

		(iii)	the replacement part or item becomes, on installation on the Ship, the property of the Borrower and subject
to the security constituted by the Mortgage and, if applicable, the related Deed of Covenant.

		(b)	The Borrower may install equipment owned by a third party if the equipment can be
removed without any risk of damage to the Ship.

		22.7	Surveys

The Borrower shall submit the Ship regularly
to all periodic or other surveys which may be required for classification purposes and, if so required by the Lender, provide the Lender,
with copies of all survey reports.

		22.8	Inspection

		(a)	The Borrower shall permit the Lender (acting through surveyors or other persons
appointed by it for that purpose) to board the Ship at all reasonable times and on a best endeavour basis to not interfere with the Ship’s
trading schedule, to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities
for such inspections.

		(b)	Unless an Event of Default has occurred and is continuing, the Borrower shall bear
the costs of one inspection per year under this Clause 22.8 (Inspection).

		22.9	Prevention of and release from arrest

		(a)	The Borrower shall promptly discharge:

		(i)	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against
the Ship, its Earnings or its Insurances;

		(ii)	all Taxes, dues and other amounts charged in respect of the Ship, its Earnings or its Insurances; and

		(iii)	all other outgoings whatsoever in respect of the Ship, its Earnings or its Insurances.

		(b)	The Borrower shall, immediately upon receiving notice of the arrest of the Ship
or of its detention in exercise or purported exercise of any lien or claim, take all steps necessary to procure its release by providing
bail or otherwise as the circumstances may require.

		22.10	Compliance with laws etc. 

The Borrower shall:

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		(a)	comply, or procure compliance with all laws or regulations:

		(i)	relating to its business generally; and

		(ii)	relating to the Ship, its ownership, employment, operation, management and registration,

including, but not limited to, the ISM
Code, the ISPS Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;

		(b)	obtain, comply with and do all that is necessary to maintain in full force and effect
any Environmental Approvals; and

		(c)	without limiting paragraph (a) above, not employ the Ship nor allow its employment,
operation or management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all
Environmental Laws and Sanctions (or which would be contrary to Sanctions if Sanctions were binding on each Transaction Obligor or each
Approved Manager.

		22.11	ISPS Code

Without limiting paragraph (a) of Clause 22.10 (Compliance
with laws etc.), the Borrower shall:

		(a)	procure that the Ship and the company responsible for the Ship’s compliance
with the ISPS Code comply with the ISPS Code; and

		(b)	maintain an ISSC for the Ship; and

		(c)	notify the Lender immediately in writing of any actual or threatened withdrawal,
suspension, cancellation or modification of the ISSC.

		22.12	Sanctions and Ship trading

Without limiting Clause 22.10 (Compliance with laws etc.),
the Borrower shall procure:

		(a)	that the Ship shall not be used by or for the benefit of a Prohibited Person;

		(b)	that the Ship shall not be used in trading in any manner contrary to Sanctions (including
without limitation, entering or trading in a zone situated within a country, area or region that is subject to Sanctions) (or which could
be contrary to Sanctions if Sanctions were binding on each Transaction Obligor or each Approved Manager) Provided that if an Emergency
Event occurs and for so long as that Emergency Event continues, the relevant Ship may enter into such a zone, area or region that is subject
to Sanctions only for the purpose of avoiding or dealing with such Emergency Event Provided further that the Obligors shall use
best endeavours to ensure that the entry of the Ship into such zone, area or region shall not affect the validity of the obligatory insurances
and such entry into such zone, area or region shall be promptly notified to the Ship’s insurers, as may be required, and the Lender
and shall further provide the Lender with any information which it requests. For the avoidance of doubt, the Ship, for so long as it remains
at that zone or area, shall not, in any way, trade within that country, area or region which is subject to Sanctions;

		(c)	and the Borrower shall ensure that the Ship departs such zone or area immediately
after the Emergency Event is no longer relevant to the Ship;

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		(d)	that the Ship shall not be traded in any manner which would trigger the operation
of any sanctions limitation or exclusion clause (or similar) in the Insurances; and

		(e)	(and for the purposes of this sub-paragraph the Borrower shall use its best endeavours
to procure) that each charterparty in respect of the Ship shall contain, for the benefit of the Borrower, language which gives effect
to the provisions of paragraph (c) of Clause 22.10 (Compliance with laws etc.) as regards Sanctions and of this Clause 22.12 (Sanctions
and Ship trading) and which permits refusal of employment or voyage orders if compliance would result in a breach of Sanctions (or
which would result in a breach of Sanctions if Sanctions were binding on each Transaction Obligor or each Approved Manager).

		22.13	Trading in war zones or excluded areas

In the event of hostilities in any
part of the world (whether war is declared or not), the Borrower shall not cause or permit the Ship to enter or trade to any zone which
is declared a war zone by any government or by the Ship’s war risks insurers or which is otherwise excluded from the scope of coverage
of the obligatory insurances unless:

		(a)	the prior written consent of the underwriters of the Ship has been given; and

		(b)	the Borrower has (at its expense) effected any special, additional or modified insurance
cover (to the extent not covered by the Ship’s war risks insurances) which the underwriters of the Ship may require.

		22.14	Provision of information

Without prejudice to Clause 19.4 (Information:
miscellaneous) the Borrower shall promptly provide the Lender with any information which it requests regarding:

		(a)	the Ship, its employment, position and engagements;

		(b)	the Earnings and payments and amounts due to its master and crew;

		(c)	any expenditure incurred, or likely to be incurred, in connection with the operation,
maintenance or repair of the Ship and any payments made by it in respect of the Ship;

		(d)	any towages and salvages; and

		(e)	its compliance, the Approved Manager’s compliance and the compliance of the
Ship with the ISM Code and the ISPS Code,

and, upon the Lender’s request,
promptly provide copies of any current Charter relating to the Ship, of any current guarantee of any such Charter, the Ship’s Safety
Management Certificate and any relevant Document of Compliance.

		22.15	Notification of certain events

The Borrower shall immediately and,
in the case of paragraph (a) below, once the Borrower becomes aware of such casualty, notify the Lender by fax, confirmed forthwith by
letter, of:

		(a)	any casualty to the Ship which is or is reasonably likely to be or to become a Major
Casualty;

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		(b)	any occurrence as a result of which the Ship has become or is, by the passing of
time or otherwise, likely to become a Total Loss;

		(c)	any requisition of the Ship for hire;

		(d)	any requirement or recommendation made in relation to the Ship by any insurer or
classification society or by any competent authority;

		(e)	any arrest or detention of the Ship, other than a detention which does not exceed
one day, or any exercise or purported exercise of any lien on the Ship or its Earnings;

		(f)	any intended dry docking of the Ship;

		(g)	any Environmental Claim made against the Borrower or in connection with the Ship,
or any Environmental Incident;

		(h)	any claim for breach of the ISM Code or the ISPS Code being made against the Borrower,
an Approved Manager or otherwise in connection with the Ship; or

		(i)	any other matter, event or incident, actual or threatened, the effect of which will
or could lead to the ISM Code or the ISPS Code not being complied with,

and the Borrower shall keep the Lender
advised in writing on a regular basis and in such detail as the Lender shall require as to the Borrower’s, any such Approved Manager’s
or any other person’s response to any of those events or matters.

		22.16	Restrictions on chartering, appointment of managers etc. The Borrower shall
not:

		(a)	let the Ship on demise charter for any period;

		(b)	enter into any time, voyage or consecutive voyage charter in respect of the Ship
other than a Permitted Charter;

		(c)	materially amend, supplement or terminate a Management Agreement (material amendments
shall include, without limitation, any amendments to the management fees resulting in an increase to such fees in excess of 5% per annum,
duration of the management agreement or terms permitting the termination of such Management Agreement;

		(d)	appoint a manager of the Ship other than the Approved Commercial Manager and the
Approved Technical Manager or agree to any alteration to the terms of an Approved Manager’s appointment;

		(e)	de activate or lay up the Ship; or

		(f)	put the Ship into the possession of any person for the purpose of work being done
upon it in an amount exceeding or likely to exceed $1,000,000 (or the equivalent in any other currency) unless that person has first given
to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or the Earnings for the cost
of such work or for any other reason.

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		22.17	Notice of Mortgage

The Borrower shall keep the Mortgage
registered against the Ship as a valid first preferred mortgage, carry on board the Ship a certified copy of the Mortgage and place and
maintain in a conspicuous place in the navigation room and the master’s cabin of the Ship a framed printed notice stating that the
Ship is mortgaged by the Borrower to the Lender.

		22.18	Sharing of Earnings

The Borrower shall not enter into
any agreement or arrangement for the sharing of any Earnings other than for the purposes of this Agreement.

		22.19	Charterparty Assignment

If the Borrower enters into any Assignable
Charter, the Borrower shall promptly after the date of entry into of such Assignable Charter:

		(a)	if such Assignable Charter is a time charterparty, enter into a Charterparty Assignment
and the assignment contemplated thereunder shall be notified to the relevant charterer and any charter guarantor, and the Borrower shall
use its best efforts to procure that such charterer and such charter guarantor acknowledges such assignment in accordance with the terms
of such Charterparty Assignment; and

		(b)	if such Assignable Charter is a bareboat charter, enter into a Charterparty Assignment
and the assignment contemplated thereunder shall be notified to the relevant charterer and any charter guarantor, and the Borrower shall
use its best efforts to procure that the relevant charterer or any charter guarantor acknowledges such assignment in accordance with the
terms of such Charterparty Assignment, and the Borrower shall procure that the relevant charterer executes in favour of the Lender an
assignment of (inter alia) all its rights, title and interest in and to the Insurances in respect of the Ship effected either by
the Borrower or by the relevant charterer and a customary letter of undertaking in favour of the Lender whereby (inter alia) the interests
of that charterer under the Charter are subordinated to the interests of the Lender under the Finance Documents,

and shall additionally deliver to
the Lender such other documents equivalent to those referred to at paragraphs 1.1, 1.2, 1.3, 1.4, 4, 5.1 and 5.2 of Part A and paragraph
2.5 of Part B of Schedule 2 (Conditions Precedent and Subsequent) as the Lender may require from the Borrower in connection with
such Charterparty Assignment.

		22.20	Notification of compliance

The Borrower shall promptly provide
the Lender, upon the Lender’s written request, from time to time with evidence (in such form as the Lender requires) that it is
complying with this Clause 22 (Ship Undertakings).

		23	SECURITY COVER

		23.1	Minimum required security cover

Clause 23.2 (Provision of additional
security; prepayment) applies if the Lender notifies the Borrower that the Security Cover Ratio is below the applicable Required Security
Cover Ratio.

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		23.2	Provision of additional security; prepayment

		(a)	If the Lender serves a notice on the Borrower under Clause 23.1 (Minimum required
security cover), the Borrower shall, on or before the date falling one Month (the “Prepayment Date”) on which the
Lender’s notice is served, prepay such part of the Loan as shall eliminate the shortfall.

		(b)	The Borrower may, instead of making a prepayment as described in paragraph (a) above,
provide, or ensure that a third party has provided, additional security, including cash deposits pledged in favour of the Lender which,
in the reasonable opinion of the Lender:

		(i)	has a net realisable value at least equal to the shortfall; and

		(ii)	is documented in such terms as the Lender may approve or require,

before the Prepayment Date; and conditional
upon such security being provided in such manner, it shall satisfy such prepayment obligation.

		23.3	Value of additional vessel security

The net realisable value of any additional
security which is provided under Clause 23.2 (Provision of additional security; prepayment) and which consists of Security over
a vessel shall be the Market Value of the vessel concerned.

		23.4	Valuations binding

Any valuation under this Clause 23 (Security
Cover), always subject to Borrower’s right under paragraph (b) of Clause 23.7, shall be binding and conclusive as regards the
Borrower.

		23.5	Provision of information

		(a)	The Borrower shall promptly provide the Lender and any Approved Valuer acting under
this Clause 23 (Security Cover) with any information which the Lender or the Approved Valuer may request for the purposes of the
valuation.

		(b)	If the Borrower fails to provide the information referred to in paragraph (a) above
by the date specified in the request, the valuation may be made on any basis and assumptions which the Approved Valuer or the Lender considers
prudent.

		23.6	Prepayment mechanism

Any prepayment pursuant to Clause
23.2 (Provision of additional security; prepayment) shall be made in accordance with the relevant provisions of Clause 7 (Prepayment
and Cancellation) and shall be treated as a voluntary prepayment pursuant to Clause 7.4 (Voluntary prepayment of Loan); for
the avoidance of doubt, there shall be no requirement for a minimum prepayment amount of $500,000 or any prior notice to be provided in
the case of prepayment pursuant to Clause 23.2 (Provision of additional security; prepayment).

		23.7	Provision of valuations

		(a)	The Borrower shall provide the Lender with a valuation of the Ship and any other
vessel over which additional Security has been created in accordance with Clause 23.2 (Provision of additional security; prepayment),
from an Approved Valuer, selected by the Lender, addressed

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to the Lender, to enable the Lender
to determine the Market Value of the Ship on two occasions in each year on 30 June and 31 December.

		(b)	The Borrower may also nominate another Approved Valuer to provide a second valuation
addressed to the Lender, appointed by the Borrower, in which case the Market Value will be that shown by taking the arithmetic average
of such two valuations.

		23.8	Release of additional security

In the event that the Borrower has
provided additional security in accordance with paragraph (b) of Clause 23.2 and the Security Cover Ratio is at least equal to the Required
Security Cover Ratio for a period of at least 3 months after providing such additional security, the Lender, after receiving a notice
from the Borrower to do so, will release any such additional security specified by the Borrower provided that (i) the Security
Cover Ratio (without taking into account of the additional security whose release the Borrower is requesting pursuant to this Clause 23.8
(Release of additional security)) shall continue to be at least the Required Security Cover Ratio following such release, (ii)
at such time no Event Default has occurred and is continuing or will result from such release and (iii) the Lender is indemnified to its
satisfaction for the cost relating to such release.

		24	EVENTS OF DEFAULT 

		24.1	General

Each of the events or circumstances
set out in this Clause 24 (Events of Default) is an Event of Default except for Clause 24.18 (Acceleration) and Clause 24.19
(Enforcement of security).

		24.2	Non-payment

A Transaction Obligor does not pay
on the due date any amount payable pursuant to a Finance Document to which it is a party at the place at and in the currency in which
it is expressed to be payable unless its failure to pay is caused by an administrative or technical error or a Disruption Event, but the
payment is made within 3 Business Days of its due date or, if earlier, the date when the Disruption Event ceased to be continuing or the
error was rectified.

		24.3	Specific obligations

A breach occurs of Clause 4.5 (Waiver
of conditions precedent), Clause 20.6 (Anti-corruption law), Clause 20.11 (Title), Clause 20.12 (Negative pledge),
Clause 20.21 (No substantial liabilities), Clause 20.22 (Unlawfulness, invalidity and ranking; Security imperilled), Clause
21.2 (Maintenance of obligatory insurances), Clause 21.3 (Terms of obligatory insurances), Clause 21.5 (Renewal of obligatory
insurances) or, save to the extent such breach is a failure to pay and therefore subject to Clause 24.2 (Non-payment), Clause
23 (Security Cover).

		24.4	Other obligations

		(a)	A Transaction Obligor does not comply with any provision of the Finance Documents
(other than those referred to in Clause 24.2 (Non-payment) and Clause 24.3 (Specific obligations)) or, in the case of an
Approved Manager, with any provision of the Finance Documents to which it is party.

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		24.5	Misrepresentation

Any representation or statement made
or deemed to be made by a Transaction Obligor in the Finance Documents (or in the case of an Approved Manager in the Finance Documents
to which it is a party) or any other document delivered by or on behalf of any Transaction Obligor or any Approved Manager under or in
connection with any Finance Document is or proves to have been incorrect or misleading when made or deemed to be made unless such misrepresentation
or statement is, or is deemed to have been, unintentionally made and is rectified within 5 Business Days of the making of such representation
or statement.

		24.6	Cross default

		(a)	Any Financial Indebtedness of any Obligor is not paid when due nor within any originally
applicable grace period.

		(b)	Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes
due and payable prior to its specified maturity as a result of an event of default (however described).

		(c)	Any commitment for any Financial Indebtedness of any Transaction Obligor is cancelled
or suspended by a creditor of any such Transaction Obligor as a result of an event of default (however described) unless, in the case
of the Parent Guarantor, the Lender is satisfied, in its sole discretion, that such cancellation or suspension will not have any negative
impact on the ability of the Parent Guarantor to satisfy its debts as they fall due.

		(d)	Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness
of any Obligor due and payable prior to its specified maturity as a result of an event of default (however described).

		(e)	No Event of Default will occur under this Clause 24.6 (Cross Default) in
respect of a Transaction Obligor other than the Borrower if the aggregate amount of Financial Indebtedness falling within paragraphs (a)
to (d) above, is less than $5,000,000 (or its equivalent in any other currency).

		(f)	No Event of Default will occur under this Clause 24.6 (Cross default) in
relation to the Parent Guarantor if the event(s) of default (however described) giving rise to the circumstances described in paragraphs
(a) to (d) above is capable of remedy and is remedied within 30 days of such event.

		24.7	Insolvency

		(a)	A Transaction Obligor:

		(i)	is unable or admits inability to pay its debts as they fall due;

		(ii)	is deemed to, or is declared to, be unable to pay its debts under applicable law;

		(iii)	suspends or threatens to suspend making payments on any of its debts.

Provided however that should
a Transaction Obligor, for any reason, including without limitation, any actual or anticipated financial difficulties, commence negotiations
with one or more of its creditors (including the Lender in its capacity as such), with prior written notice to the Lender, with a view
to rescheduling, deferring, re-organizing or suspending any of its indebtedness, the negotiations themselves or the entering, as a result
of such negotiations,

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into any agreement or contract with one
or more of its creditors (including the Lender) shall not constitute an Event of Default under the provisions of this Agreement.

		(b)	The value of the assets of any Transaction Obligor is less than its liabilities
(taking into account contingent and prospective liabilities).

		(c)	A moratorium is declared (and, if applicable registered with appropriate authorities)
in respect of any indebtedness of any Transaction Obligor. If a moratorium occurs, the ending of the moratorium will not remedy any Event
of Default caused by that moratorium.

		24.8	Insolvency proceedings

		(a)	Any corporate action, similar legal proceedings or other similar legal procedure
or step is taken in relation to:

		(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Transaction Obligor;

		(ii)	a composition, compromise, assignment or arrangement with any creditor of any Transaction Obligor;

		(iii)	the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager
or other similar officer in respect of any Transaction Obligor or any of its assets; or

		(iv)	enforcement of any Security over any assets of any Transaction Obligor, or any analogous procedure or
step is taken in any jurisdiction.

		(b)	Paragraph (a) above shall not apply to any winding-up petition which is frivolous or vexatious and is
discharged, stayed or dismissed within 30 days of commencement.

		24.9	Creditors’ process

Any expropriation, attachment, sequestration,
distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than
an arrest or detention of the Ship referred to in Clause 24.13 (Arrest)) and is not discharged within 30 days (or such longer period
the Lender may reasonably agree to)).

		24.10	Unlawfulness, invalidity and ranking

		(a)	It is or becomes unlawful for a Transaction Obligor to perform any of its obligations under the Finance
Documents (or, in the case of any Approved Manager, under the Finance Documents to which it is party).

		(b)	Any obligation of a Transaction Obligor under the Finance Documents is not or ceases to be legal, valid,
binding or enforceable (or, in the case of any Approved Manager, under the Finance Documents to which it is party).

		(c)	Any Finance Document ceases to be in full force and effect or to be continuing or is or purports to be
determined or any Transaction Security is alleged by a party to it (other than the Lender) to be ineffective.

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		(d)	Any Transaction Security proves to have ranked after, or loses its priority to, any other Security.

		24.11	Security imperilled

Any Security created or intended to
be created by a Finance Document is in any way imperilled or in jeopardy.

		24.12	Cessation of business

		(a)	Any Transaction Obligor or any Approved Manager suspends or ceases to carry on (or threatens to suspend
or cease to carry on) all or a material part of its business and in the case of an Approved Manager or a Transaction Obligor such cessation
has a Material Adverse Effect.

		(b)	No Event of Default will be triggered under this Clause 24.12 (Cessation of business), if any such
suspension or cessation occurs in relation to an Approved Manager and the Obligors procure that within 14 days of such suspension or cessation:

		(i)	a replacement Approved Manager acceptable to the Lender is appointed in relation
to the commercial or, as the case may be, the technical management in relation to the Ship; and

		(ii)	the replacement Approved Manager has granted, upon the Lender’s request, a
Manager’s Undertaking in favour of the Lender in respect of each Ship and such other documents equivalent to those referred to at
paragraphs 1.1, 1.2, 1.3, 1.4, 5.1 and 5.2 of Part A and paragraph 2.3 of Part B of Schedule 2 (Conditions Precedent and Subsequent)
as the Lender may require from that Approved Manager in connection with the Ship.

		24.13	Arrest

Any arrest of the Ship or its detention
in the exercise or the purported exercise of any lien or claim unless it is redelivered to the full control of the Borrower within 30
days of such arrest or detention (or, at the Borrower’s request, any such longer period that the Lender (acting in its absolute
discretion) may consent to).

		24.14	Expropriation

		(a)	The authority or ability of any Transaction Obligor or an Approved Manager to conduct its business is
limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action
by or on behalf of any governmental, regulatory or other authority or other person in relation to any Transaction Obligor or any Approved
Manager or any of its assets other than:

		(i)	an arrest or detention of the Ship referred to in Clause 24.13 (Arrest); or

		(ii)	any Requisition.

		(b)	No Event of Default will be triggered under this Clause 24.14 (Expropriation), if any such seizure,
expropriation, nationalisation, intervention, restriction or other action occurs in relation to an Approved Manager and the Obligors procure
that within 14 days of such seizure, expropriation, nationalisation, intervention, restriction or other action:

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		(i)	a replacement Approved Manager acceptable to the Lender is appointed in relation to the commercial or,
as the case may be, the technical management in relation to the Ship; and

		(ii)	the replacement Approved Manager has granted, upon the Lender’s request, a Manager’s Undertaking
in favour of the Lender in respect of the Ship and such other documents equivalent to those referred to at paragraphs 1.1, 1.2, 1.3, 1.4,
5.1 and 5.2 of Part A and paragraph 2.3 of Part B of Schedule 2 (Conditions Precedent) as the Lender may require from that Approved
Manager in connection with the Ship.

		24.15	Repudiation and rescission of agreements

A Transaction Obligor or any Approved
manager rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document (other than an Assignable Charter)
to which it is a party or any of the Transaction Security or evidences an intention to rescind or repudiate a Transaction Document (other
than an Assignable Charter) or any Transaction Security.

		24.16	Litigation

Any litigation, arbitration or administrative
proceedings or investigations of, or before, any court, arbitral body or agency are started or threatened, or any judgment or order of
a court, arbitral body or agency is made, in relation to any of the Transaction Documents or the transactions contemplated in any of the
Transaction Documents which has a Material Adverse Effect.

		24.17	Material adverse change

Any event or circumstance occurs which has a Material Adverse
Effect.

		24.18	Acceleration

On and at any time after the occurrence
of an Event of Default which is continuing the Lender may by notice to the Borrower:

		(a)	cancel the Commitment, whereupon it shall immediately be cancelled;

		(b)	declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, whereupon it shall become immediately due and payable; and/or

		(c)	declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable
on demand by the Lender,

and the Lender may serve notices under
paragraphs (a), (b) and (c) above simultaneously or on different dates and the Lender may take any action referred to in Clause 24.19
(Enforcement of security) if no such notice is served or simultaneously with or at any time after the service of any of such notice.

		24.19	Enforcement of security

On and at any time after the occurrence
of an Event of Default the Lender may take any action which, as a result of the Event of Default or any notice served under Clause 24.18

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(Acceleration), the Lender is entitled
to take under any Finance Document or any applicable law or regulation.

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SECTION 9

CHANGES TO PARTIES

		25	CHANGES TO THE LENDER 

		25.1	Assignment by the Lender

Subject to this Clause 25 (Changes
to the Lender), the Lender (the “Existing Lender”) may assign any of its rights under the Finance Documents to
another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose
of making, purchasing or investing in loans, securities or other financial assets (the “New Lender”).

		25.2	Conditions of assignment

		(a)	The consent of the Borrower is required for an assignment by the Existing Lender, unless the assignment
is:

		(i)	to an Affiliate of the Existing Lender;

		(ii)	if the Existing Lender is a fund, to a fund which is a Related Fund; or

		(iii)	made at a time when an Event of Default is continuing.

		(b)	The consent of the Borrower to an assignment must not be unreasonably withheld or delayed. The Borrower
will be deemed to have given its consent five Business Days after the Existing Lender has requested it unless consent is expressly refused
by the Borrower within that time.

		(c)	If:

		(i)	the Existing Lender assigns any of its rights or obligations under the Finance Documents or changes its Facility Office; and

		(ii)	as a result of circumstances existing at the date the assignment or change occurs, a Transaction Obligor would be obliged to make
a payment to the New Lender or the Existing Lender acting through its new Facility Office under Clause 12 (Tax Gross Up and Indemnities)
or under that Clause as incorporated by reference or in full in any other Finance Document or Clause 13 (Increased Costs),

then the New Lender or the Existing
Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing
Lender would have been if the assignment or change had not occurred.

		(d)	Each Obligor on behalf of itself and each Transaction Obligor agrees that all rights and interests (present,
future or contingent) which the Existing Lender has under or by virtue of the Finance Documents are assigned to the New Lender absolutely,
free of any defects in the Existing Lender’s title and of any rights or equities which the Borrower or any other Transaction Obligor
had against the Existing Lender.

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		25.3	Security over Lender’s rights

In addition to the other rights provided
to the Lender under this Clause 25 (Changes to the Lender), the Lender may without consulting with or obtaining consent from any
Transaction Obligor or any Approved Manager, at any time charge, assign or otherwise create Security in or over (whether by way of collateral
or otherwise) all or any of its rights under any Finance Document to secure obligations of the Lender including, without limitation:

		(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and

		(b)	if the Lender is a fund, any charge, assignment or other Security granted to any holders (or trustee or
representatives of holders) of obligations owed, or securities issued, by the Lender as security for those obligations or securities,

except that no such charge, assignment or Security shall:

		(i)	release the Lender from any of its obligations under the Finance Documents or substitute
the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

		(ii)	require any payments to be made by a Transaction Obligor other than or in excess
of, or grant to any person any more extensive rights than, those required to be made or granted to the Lender under the Finance Documents.

		26	CHANGES TO THE TRANSACTION OBLIGORS 

26.1Assignment or transfer by
Transaction Obligors

No Transaction Obligor nor any Approved
Manager may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

		26.2	Additional Subordinated Creditors

		(a)	The Borrower may request that any person becomes a Subordinated Creditor, with the prior approval of the
Lender, by delivering to the Lender:

		(i)	a duly executed Subordination Agreement;

		(ii)	a duly executed Subordinated Debt Security; and

		(iii)	such constitutional documents, corporate authorisations and other documents and
matters as the Lender may reasonably require, in form and substance satisfactory to the Lender, to verify that the person’s obligations
are legally binding, valid and enforceable and to satisfy any applicable legal and regulatory requirements.

		(b)	A person referred to in paragraph (a) above will become a Subordinated Creditor on the date the Lender
enters into the Subordination Agreement and the Subordinated Debt Security delivered under paragraph (a) above.

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		27	THE REFERENCE BANKS 

		27.1	Role of Reference Banks

		(a)	No Reference Bank is under any obligation to provide a quotation or any other information to the Lender.

		(b)	No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document,
or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

		(c)	No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee
or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any act or omission
of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any officer,
employee or agent of each Reference Bank may rely on this Clause 27.1 (Role of Reference Banks) subject to Clause 1.5 (Third
party rights) and the provisions of the Third Parties Act.

		27.2	Third Party Reference Banks

A Reference Bank which is not a Party
may rely on Clause 27.1 (Role of Reference Banks), and Clause 39 (Confidentiality of Funding Rates and Reference Bank Quotations)
subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act.

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SECTION 10

ADMINISTRATION

		28	PAYMENT MECHANICS 

		28.1	Payments to the Lender

		(a)	On each date on which a Transaction Obligor is required to make a payment under a Finance Document, that
Transaction Obligor shall make an amount equal to such payment available to the Lender (unless a contrary indication appears in a Finance
Document) for value on the due date at the time and in such funds specified by the Lender as being customary at the time for settlement
of transactions in the relevant currency in the place of payment.

		(b)	Payment shall be made to the payment account (as set out in a separate repayment letter issued by the
Lender), or such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial
centre in such Participating Member State or London, as specified by the Lender) and with such bank as the Lender, in each case, specifies
in writing.

		28.2	Application of receipts; partial payments

		(a)	If the Lender receives a payment that is insufficient to discharge all the amounts then due and payable
by a Transaction Obligor under the Finance Documents, the Lender may apply that payment towards the obligations of that Transaction Obligor
under the Finance Documents in any manner it may decide.

		(b)	Paragraph (a) above will override any appropriation made by a Transaction Obligor.

		28.3	No set-off by Transaction Obligors

All payments to be made by a Transaction
Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

		28.4	Business Days

		(a)	Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall
be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

		(b)	During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement
interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

		28.5	Currency of account

		(a)	Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum due
from a Transaction Obligor under any Finance Document.

		(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs,
expenses or Taxes are incurred.

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		(c)	Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.

		28.6	Change of currency

		(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised
by the central bank of any country as the lawful currency of that country, then:

		(i)	any reference in the Finance Documents to, and any obligations arising under the
Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
designated by the Lender (after consultation with the Borrower); and

		(ii)	any translation from one currency or currency unit to another shall be at the official
rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down
by the Lender (acting reasonably).

		(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Lender (acting
reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any generally accepted conventions
and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency.

		28.7	Currency conversion

The obligations of any Transaction
Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the
costs of conversion.

		28.8	Disruption to Payment Systems etc.

If either the Lender determines (in
its discretion) that a Disruption Event has occurred or the Lender is notified by the Borrower that a Disruption Event has occurred:

		(a)	the Lender may, and shall if requested to do so by the Borrower, consult with the Borrower with a view
to agreeing with the Borrower such changes to the operation or administration of the Facility as the Lender may deem necessary in the
circumstances;

		(b)	the Lender shall not be obliged to consult with the Borrower in relation to any changes mentioned in paragraph
(a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree
to such changes;

		(c)	any such changes agreed upon by the Lender and the Borrower shall (whether or not it is finally determined
that a Disruption Event has occurred) be binding upon the Parties and any Transaction Obligors as an amendment to (or, as the case may
be, waiver of) the terms of the Finance Documents;

		(d)	the Lender shall not be liable for any damages, costs or losses to any person, any diminution in value
or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever
but not including any claim based on the fraud of the Lender) arising as a result of its taking, or failing to take, any actions pursuant
to or in connection with this Clause 28.8 (Disruption to Payment Systems etc.).

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		29	SET-OFF

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

		30	CONDUCT OF BUSINESS BY THE LENDER 

No provision of this Agreement will:

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

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

		(c)	oblige the Lender to disclose any information relating to its affairs (tax or otherwise) or any computations
in respect of Tax.

		31	NOTICES

		31.1	Communications in writing

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

		31.2	Addresses

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

		(a)	in the case of the Borrower, that specified in Schedule 1 (The Parties); and

		(b)	in the case of any other Obligor or the Lender, that specified in Schedule 1 (The Parties) or,
if it becomes a Party after the date of this Agreement, that notified in writing to the Lender on or before the date on which it becomes
a Party;

or any substitute address, fax number
or department or officer as an Obligor may notify to the Lender (or the Lender may notify to the other Parties, if a change is made by
the Lender) by not less than five Business Days’ notice.

		31.3	Delivery

		(a)	Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will only be effective:

		(i)	if by way of fax, when received in legible form; or

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		(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after being
deposited in the post postage prepaid in an envelope addressed to it at that address,

and, if a particular department or
officer is specified as part of its address details provided under Clause 31.2 (Addresses), if addressed to that department or
officer.

		(b)	Any communication or document to be made or delivered to the Lender will be effective only when actually
received by it and then only if it is expressly marked for the attention of the department or officer of the Lender specified in Schedule
1 (The Parties) (or any substitute department or officer as the Lender shall specify for this purpose).

		(c)	Any communication or document made or delivered to the Borrower in accordance with this Clause will be
deemed to have been made or delivered to any of the Transaction Obligors.

		(d)	Any communication or document which becomes effective, in accordance with paragraphs (a) to (c) above,
after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

		31.4	Electronic communication

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

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

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

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

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

		(d)	Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5.00
p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this
Agreement shall be deemed only to become effective on the following day.

		(e)	Any reference in a Finance Document to a communication being sent or received shall be construed to include
that communication being made available in accordance with this Clause 31.4 (Electronic communication).

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		31.5	English language

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

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

		(i)	in English; or

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

		32	CALCULATIONS AND CERTIFICATES 

		32.1	Accounts

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

		32.2	Certificates and determinations

Any certification or determination
by the Lender of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters
to which it relates.

		32.3	Day count convention

Any interest, commission or fee accruing
under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of
360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.

33       PARTIAL INVALIDITY

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

34       REMEDIES AND WAIVERS

		(a)	No failure to exercise, nor any delay in exercising, on the part of the Lender or any Receiver or Delegate
(as applicable), any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election
to affirm any Finance Document. No election to affirm any Finance Document on the part of the Lender or any Receiver or Delegate (as applicable)
shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise
or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive
of any rights or remedies provided by law.

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		(b)	No variation or amendment of a Finance Document shall be valid unless in writing and signed by the Lender.

		35	ENTIRE AGREEMENT

		(a)	This Agreement, in conjunction with the other Finance Documents, constitutes the entire agreement between
the Parties and supersedes all previous agreements, understandings and arrangements between them, whether in writing or oral, in respect
of its subject matter.

		(b)	Each Obligor acknowledges that it has not entered into this Agreement or any other Finance Document in
reliance on, and shall have no remedies in respect of, any representation or warranty that is not expressly set out in this Agreement
or in any other Finance Document.

		36	SETTLEMENT OR DISCHARGE CONDITIONAL

Any settlement or discharge under
any Finance Document between the Lender and any Transaction Obligor or any Approved Manager shall be conditional upon no security or payment
to the Lender by any Transaction Obligor or any Approved Manager or any other person being set aside, adjusted or ordered to be repaid,
whether under any insolvency law or otherwise.

		37	IRREVOCABLE PAYMENT

If the Lender considers that an amount
paid or discharged by, or on behalf of, a Transaction Obligor or by any other person in purported payment or discharge of an obligation
of that Transaction Obligor or that Approved Manager to the Lender under the Finance Documents is capable of being avoided or otherwise
set aside on the liquidation or administration of that Transaction Obligor or otherwise, then that amount shall not be considered to have
been unconditionally and irrevocably paid or discharged for the purposes of the Finance Documents.

		38	CONFIDENTIAL INFORMATION

		38.1	Confidentiality

The Lender agrees to keep all Confidential
Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 38.2 (Disclosure of Confidential
Information) and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply
to its own confidential information.

		38.2	Disclosure of Confidential Information 

The Lender may disclose:

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

    	 	89	 

     

    

 

		(b)	to any person:

		(i)	to (or through) whom it assigns (or may potentially assign) all or any of its rights
and/or obligations under one or more Finance Documents and to any of that person’s Affiliates, Related Funds, Representatives and
professional advisers;

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

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

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

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

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

		(vii)	to whom or for whose benefit the Lender charges, assigns or otherwise creates Security
(or may do so) pursuant to Clause 25.3 (Security over Lender’s rights);

		(viii)	who is a Party, a member of the Group or any related entity of a Transaction Obligor;

		(ix)	as a result of the registration of any Finance Document as contemplated by any Finance
Document or any legal opinion obtained in connection with any Finance Document; or

		(x)	with the consent of the Parent Guarantor;

in each case, such Confidential Information
as the Lender shall consider appropriate if:

		(A)	in relation to sub-paragraphs (i), (ii) and (iii) of paragraph (b) above, the person
to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement
for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the
confidentiality of the Confidential Information;

		(B)	in relation to sub-paragraph (iv) of paragraph (b) above, the person to whom the
Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality
in relation to the Confidential Information they receive and is informed that

    	 	90	 

     

    

 

some or all of such Confidential Information may be price-sensitive
information;

		(C)	in relation to sub-paragraphs (v), (vi) and (vii) of paragraph (b) above, the person
to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Lender, it is not
practicable so to do in the circumstances;

		(c)	to any person appointed by the Lender or by a person to whom sub-paragraph (i) or (ii) of paragraph (b)
above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation,
in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to
be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider
to whom the Confidential Information is to be given has entered in to a confidentiality agreement substantially in the form of the LMA
Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking
agreed between the Borrower and the Lender;

		(d)	to any rating agency (including its professional advisers) such Confidential Information as may be required
to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the
Transaction Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and
that some or all of such Confidential Information may be price-sensitive information.

		38.3	Entire agreement

This Clause 38 (Confidential Information)
constitutes the entire agreement between the Parties in relation to the obligations of the Lender under the Finance Documents regarding
Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

		38.4	Inside information

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

		38.5	Notification of disclosure

The Lender agrees (to the extent permitted by law and regulation)
to inform the Borrower:

		(a)	of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (v)
of paragraph (b) of Clause 38.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons
referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 38 (Confidential
Information).

    	 	91	 

     

    

 

		38.6	Continuing obligations

The obligations in this Clause 38
(Confidential Information) are continuing and, in particular, shall survive and remain binding on the Lender for a period of 12
months from the earlier of:

		(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement have
been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

		(b)	the date on which the Lender otherwise ceases to be the Lender.

		39	CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS

		39.1	Confidentiality and disclosure

		(a)	Each Obligor agrees to keep each Funding Rate (and the Lender agrees to keep each Reference Bank Quotation)
confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (d) and (e) below.

		(b)	The Lender may not disclose any Reference Bank Quotation to the Borrower.

		(c)	The Lender may disclose any Reference Bank Quotation to any person appointed by it to provide administration
services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services
if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form
of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality
undertaking agreed between the Lender and the relevant Reference Bank.

		(d)	The Lender may disclose any Reference Bank Quotation, and each Obligor may disclose any Funding Rate,
to:

		(i)	any of its Affiliates and any of its or their officers, directors, employees, professional
advisers, auditors, partners and Representatives, if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant
to this sub-paragraph (i) is informed in writing of its confidential nature and that it may be price sensitive information except that
there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality
of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;

		(ii)	any person to whom information is required or requested to be disclosed by any court
of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant
stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is
to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be
no requirement to so inform if, in the opinion of the Lender or the relevant Obligor, as the case may be, it is not practicable to do
so in the circumstances;

		(iii)	any person to whom information is required to be disclosed in connection with, and
for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom
that Funding Rate or Reference Bank

    	 	92	 

     

    

 

Quotation is to be given is informed
in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform
if, in the opinion of the Lender or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and

		(iv)	any person with the consent of the Lender or Reference Bank, as the case may be.

		(e)	The Lender’s obligations in this Clause 39 (Confidentiality of Funding
Rates and Reference Bank Quotations) relating to Reference Bank Quotations are without prejudice to its obligations to make notifications
under Clause 8.4 (Notification of rates of interest) provided that the Lender shall not include the details of any individual Reference
Bank Quotation as part of any such notification.

		39.2	Related obligations

		(a)	The Lender and each Obligor acknowledges that each Funding Rate (and the Lender
acknowledges that each Reference Bank Quotation) is or may be price sensitive information and that its use may be regulated or prohibited
by applicable legislation including securities law relating to insider dealing and market abuse and each Obligor undertakes not to use
any Funding Rate and the Lender undertakes not to use any Reference Bank Quotation for any unlawful purpose.

		(b)	The Lender and each Obligor agree (to the extent permitted by law and regulation)
to inform the Lender or the relevant Reference Bank, as the case may be:

		(i)	of the circumstances of any disclosure made pursuant to sub-paragraph (ii) of paragraph
(d) of Clause 39.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that
paragraph during the ordinary course of its supervisory or regulatory function; and

		(ii)	upon becoming aware that any information has been disclosed in breach of this Clause
39 (Confidentiality of Funding Rates and Reference Bank Quotations).

		39.3	No Event of Default

No Event of Default will occur under
Clause 24.4 (Other obligations) by reason only of an Obligor’s failure to comply with this Clause 39 (Confidentiality
of Funding Rates and Reference Bank Quotations).

		40	AMENDMENTS

		40.1	Replacement of Screen Rate

		(a)	If a Screen Rate Replacement Event has occurred in relation to any Screen Rate for
LIBOR:

		(i)	the Lender shall forthwith give notice thereof to the Borrower;

		(ii)	the Lender and the Borrower shall enter into negotiations in good faith first; and

		(iii)	then at the Lender’s sole discretion, to decide and designate the use of an
alternative Replacement Benchmark in relation to Dollars in place of that Screen Rate from and including a date no later than 30 June
2021.

    	 	93	 

     

    

 

		(b)	The Lender shall be under no obligation what so ever to maintain the Loan hereunder
until an alternative Replacement Benchmark has been decided accordingly.

		(c)	In this Agreement:

“Screen Rate Replacement Event” means,
in relation to a Screen Rate:

		(i)	the supervisor of the administrator of that Screen Rate publicly announces that
such Screen Rate has been or will be permanently or indefinitely discontinued; or

		(ii)	the administrator of that Screen Rate or its supervisor announces that that Screen
Rate may no longer be used; or

		(iii)	the supervisor of the administrator of that Screen Rate makes a public announcement
or publishes information stating that that Screen Rate is no longer or, as of a specified future date will no longer be, representative
of the underlying market or economic reality that it is intended to measure and that representativeness will not be restored (as determined
by such supervisor).

		40.2	Obligor intent

Without prejudice to the generality
of Clauses 1.2 (Construction) and 17.4 (Waiver of defences), each Obligor acknowledges that it intends that any guarantee
contained in this Agreement or any other Finance Document and any Security created by any Finance Document shall extend from time to time
to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount
made available under any of the Finance Documents for the purposes of or in connection with any of the following: business acquisitions
of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing
facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the
purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated
with any of the foregoing.

		41	COUNTERPARTS

Each Finance Document may be executed
in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance
Document.

    	 	94	 

     

    

 

SECTION 11

GOVERNING LAW AND ENFORCEMENT

		42	GOVERNING LAW

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

		43	ENFORCEMENT

		43.1	Jurisdiction

		(a)	Unless specifically provided in another Finance Document in relation to that Finance
Document, the courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with any Finance Document
(including a dispute regarding the existence, validity or termination of any Finance Document or any non-contractual obligation arising
out of or in connection with any Finance Document) (a “Dispute”).

		(b)	The Obligors accept that the courts of England are the most appropriate and convenient
courts to settle Disputes and accordingly no Obligor will argue to the contrary.

		(c)	To the extent allowed by law, this Clause 43.1 (Jurisdiction) is for the
benefit of the Lender only. As a result, the Lender shall not be prevented from taking proceedings relating to a Dispute in any other
courts with jurisdiction. To the extent allowed by law, the Lender may take concurrent proceedings in any number of jurisdictions.

		43.2	Service of process

		(a)	Without prejudice to any other mode of service allowed under any relevant law, each
Obligor (other than an Obligor incorporated in England and Wales):

		(i)	irrevocably appoints Global Ship Lease Services Limited, currently at 25 Wilton
Road, London SW1V 1LW, United Kingdom as its agent for service of process in relation to any proceedings before the English courts in
connection with any Finance Document; and

		(ii)	agrees that failure by a process agent to notify the relevant Obligor of the process
will not invalidate the proceedings concerned.

		(b)	If any person appointed as an agent for service of process is unable for any reason
to act as agent for service of process, the Borrower (on behalf of all the Obligors) must immediately (and in any event within five days
of such event taking place) appoint another agent on terms acceptable to the Lender. Failing this, the Lender may appoint another agent
for this purpose.

This Agreement has been entered into on the date stated at the
beginning of this Agreement.

    	 	95	 

     

    

 

SCHEDULE 1 

THE PARTIES 

PART A 

THE OBLIGORS

	Name	of	Placeof	Registrationnumber	Address for Communication
	Borrower	 	Incorporation	(or equivalent, if any)	 
	 	 	 	 	 
	GLOBAL	SHIP	Liberia	LLC-960163	c/o the Approved Technical
	LEASE 42 LLC	 	 	Manager
	 	 	 	 	3-5 Menandrou Street
	 	 	 	 	145 61 Kifissia
	 	 	 	 	Greece
	 	 	 	 	 
	 	 	 	 	Fax: +30 210 80 84 224
	 	 	 	 	 
	 	 	 	 	email:
	 	 	 	 	legalconfidential@technomar.gr

 

 

	Name	of	Placeof	Registrationnumber	Address for Communication
	Guarantor	 	Incorporation	(or equivalent, if any)	 
	 	 	 	 	 
	GLOBAL	SHIP	Marshall Islands 	28891	c/o the Approved Technical
	LEASE, INC.	 	 	Manager
	 	 	 	 	3-5 Menandrou Street
	 	 	 	 	145 61 Kifissia
	 	 	 	 	Greece
	 	 	 	 	 
	 	 	 	 	Fax: +30 210 80 84 224
	 	 	 	 	 
	 	 	 	 	email:
	 	 	 	 	legalconfidential@technomar.gr

 

    	 	96	 

     

    

 

PART B 

THE ORIGINAL LENDER

	Name of Original Lender	Commitment	Address for Communication
	SINOPAC CAPITAL INTERNATIONAL (HK) LIMITED	$12,000,000	
    Having its registered address at Suites 3306, 33F, Tower 1, The Gateway,
    25 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong and acting through its office at 5F, No. 203, Bade Rd., Sec. 2, Taipei, Taiwan

    Fax: +886 2 8161 2452

	 	 	 
	 	 	
    email:

    allen.su@sinopac.comya.tsao@sinopac.com L00488@sinopac.com

     

    	 	97	 

     

    

 

SCHEDULE 2 

CONDITIONS PRECEDENT AND SUBSEQUENT

PART A 

CONDITIONS PRECEDENT TO UTILISATION
REQUEST

		1	Obligors

		1.1	A copy of the constitutional documents of each Transaction Obligor and each Approved
Manager.

		1.2	A copy of a resolution of the board of directors or members, as appropriate, of
each Transaction Obligor and each Approved Manager:

		(a)	approving the terms of, and the transactions contemplated by, the Finance Documents
to which it is a party and resolving that it execute the Finance Documents to which it is a party;

		(b)	authorising a specified person or persons to execute the Finance Documents to which
it is a party on its behalf; and

		(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch
all documents and notices (including, if relevant, the Utilisation Request) to be signed and/or despatched by it under, or in connection
with, the Finance Documents to which it is a party.

		1.3	An original of the power of attorney of any Transaction Obligor and any Approved
Manager authorising a specified person or persons to execute the Finance Documents to which it is a party.

		1.4	A specimen of the signature of each person authorised by the resolution referred
to in paragraph 1.2 above.

		1.5	A copy of a resolution signed by the Member as the holder of the issued limited
liability company interests in the Borrower, approving the terms of, and the transactions contemplated by, the Finance Documents to which
the Borrower is a party.

		1.6	A certificate of each Transaction Obligor (signed by a director or officer) confirming
that borrowing or guaranteeing, as appropriate, the Commitment would not cause any borrowing, guaranteeing or similar limit binding on
that Transaction Obligor to be exceeded.

		1.7	A certificate of each Transaction Obligor and each Approved Manager that is incorporated
outside the UK (signed by a director, officer or member, as applicable) certifying either that (i) it has not delivered particulars of
any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or (ii) it has a UK Establishment and specifying
the name and registered number under which it is registered with the Registrar of Companies.

		1.8	A certificate of an authorised signatory of the relevant Transaction Obligor and
the relevant Approved Manager certifying that each copy document relating to it specified in this Part A of Schedule 2 (Conditions
Precedent and Subsequent) is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.

    	 	98	 

     

    

 

		2	Finance Documents

		2.1	If applicable, any subordination agreement in relation to any Permitted Inter-Company Loans.

		2.2	A duly executed original of any Finance Document not otherwise referred to in this
Schedule 2 (Conditions Precedent and Subsequent).

		2.3	A duly executed original of any other document required to be delivered by each
Finance Document if not otherwise referred to this Schedule 2 (Conditions Precedent and Subsequent).

		2.4	If applicable, a duly executed original of a Subordinated Finance Document.

		3	Security

		3.1	A duly executed original of the LLC Interests Security (and of each document to
be delivered under each of them).

		3.2	If applicable, a duly executed original of the Subordinated Debt Security.

		4	Legal opinions

		4.1	A legal opinion of Watson Farley & Williams Greece, legal advisers to the Lender
in England, substantially in the form obtained by the Lender before signing this Agreement.

		4.2	If a Transaction Obligor or an Approved Manager is incorporated in a jurisdiction
other than England and Wales, a legal opinion of the legal advisers to the Lender in the relevant jurisdiction, substantially in the form
distributed to the Lender before signing this Agreement.

		5	Other documents and evidence

		5.1	Evidence that any process agent referred to in Clause 43.2 (Service of process),
if not an Obligor, has accepted its appointment.

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

		5.3	The Original Financial Statements.

		5.4	Such evidence as the Lender may require for it to be able to satisfy its “know
your customer” or similar identification procedures in relation to the transactions contemplated by the Finance Documents.

    	 	99	 

     

    

 

PART B

CONDITIONS PRECEDENT TO UTILISATION

		1	Borrower

A certificate of an authorised signatory
of the Borrower certifying that each copy document which it is required to provide under this Part B of Schedule 2 (Conditions Precedent
and

Subsequent) is correct, complete and in full force
and effect as at the Utilisation Date.

		2	Ship and other security

		2.1	A duly executed original of the Mortgage, any Deed of Covenant, the General Assignment
and any Charterparty Assignment in respect of the Ship and of each document to be delivered under or pursuant to each of them together
with documentary evidence that the Mortgage has been duly registered as a valid first preferred or, as the case may be, priority ship
mortgage in accordance with the laws of the jurisdiction of the Approved Flag.

		2.2	Documentary evidence that the Ship:

		(a)	is definitively and permanently registered in the name of the Borrower under the
Approved Flag;

		(b)	is in the absolute and unencumbered ownership of the Borrower save as contemplated
by the Finance Documents;

		(c)	maintains the Approved Classification with the Approved Classification Society free
of all overdue recommendations and conditions of the Approved Classification Society; and

		(d)	is insured in accordance with the provisions of this Agreement and all requirements
in this Agreement in respect of insurances have been complied with.

		2.3	Documents establishing that the Ship will, as from the Utilisation Date, be managed
commercially by the Approved Commercial Manager and managed technically by the Approved Technical Manager on terms acceptable to the Lender,
together with:

		(a)	a Manager’s Undertaking for each of the Approved Technical Manager and the
Approved Commercial Manager; and

		(b)	copies of the Approved Technical Manager’s Document of Compliance and of the
Ship’s Safety Management Certificate (together with any other details of the applicable Safety Management System which the Lender
requires) and of any other documents required under the ISM Code and the ISPS Code in relation to the Ship including without limitation
an ISSC.

		2.4	An opinion from an independent insurance consultant acceptable to the Lender on
such matters relating to the Insurances as the Lender may require.

		2.5	A valuation of the Ship, addressed to the Lender, stated to be for the purposes
of this Agreement and dated not earlier than 14 days before the Utilisation Date from an Approved Valuer which shows a value for the Ship
of not less than 120 per cent. of the Loan (after the Utilisation Date).

		3	Legal opinions

    	 	100	 

     

    

 

Legal opinions of the legal advisers to the Lender in the jurisdiction
of the Approved Flag of the Ship and such other relevant jurisdictions as the Lender may require.

		4	Other documents and evidence

		4.1	Evidence that any process agent referred to in Clause 43.2 (Service of process) has accepted its appointment.

		4.2	Evidence that the costs and expenses then due from the Borrower pursuant to Clause 16 (Costs and Expenses) have been paid or
will be paid by the Utilisation Date (or within a reasonable time thereafter subject to Lender’s prior consent).

    	 	101	 

     

    

 

PART C

CONDITIONS SUBSEQUENT

		5	Ship and other security

		5.1	A duly executed original of a Letter of Undertaking in respect of the Ship from
the Approved Brokers in a form acceptable to the Lender.

		5.2	A duly executed original of a Letter of Undertaking in respect of the Ship from
any protection and indemnity club or war risks association through or with whom any obligatory insurances are placed or effected in a
form acceptable to the Lender.

    	 	102	 

     

    

 

SCHEDULE 3 

REQUESTS 

PART A 

UTILISATION REQUEST

		From:	GLOBAL SHIP LEASE 42 LLC

80 Broad Street

Monrovia

Liberia

		To:	SINOPAC CAPITAL INTERNATIONAL (HK) LIMITED 

5F, No. 203, Bade Rd., Sec. 2, Taipei, Taiwan

Dated: [●] 2021

GLOBAL SHIP LEASE 42 LLC – US$12,000,000 Facility Agreement
dated [●] 2021 (the “Agreement”)

		1	We refer to the Agreement. This is the Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation
Request unless given a different meaning in this Utilisation Request.

2       We wish to borrow the
Loan on the following terms:

	Proposed Utilisation Date:	[●] (or, if that is not a Business Day, the next Business Day)
	Amount: [●]	 
	Interest Period: 3 Months	 

3       You are authorised and
requested to credit the proceeds to the following account:

	Account Name:	Global Ship Lease 42 LLC
	Beneficiary Address:	80 Broad Street, Monrovia, Liberia
	Bank Name:	ABN AMRO Bank N.V.
	Bank Address:	Gustav Mahlerlaan 10, Amsterdam, 1082 PP, Netherlands
	Accounts Number:	870696882
	Swift Code:	ABNANL2AXXX
	IBAN Number:	NL93ABNA0870696882

		4	We confirm that each condition specified in Clause 4.1 (Initial conditions precedent) and Clause
4.2 (Further conditions precedent) of the Agreement is satisfied on the date of this Utilisation Request.

5       The net proceeds of the
Loan should be credited to [account].

6       This Utilisation Request
is irrevocable.

    	 	103	 

     

    

 

Yours faithfully

[●]

authorised signatory for

GLOBAL SHIP LEASE 42 LLC

    	 	104	 

     

    

 

SCHEDULE 4

DETAILS OF THE SHIP

	Ship name	Type	GRT	NRT	Approved Flag	Approved Classification Society	Approved Classification	Approved Commercial Manager	Approved 

Technical 

Manager
	“GSL VALERIE”	Container	28,927	15,033	Liberia	DNV	1A1 

Container 

carrier BIS 

DG(P) E0 

NAUTICUS 

(Newbuilding) 

TMON	
    Conchart Commercial

    Inc. of the

    Marshall Islands
	
    Technomar Shipping

    Inc. of

    Liberia

 

    	 	105	 

     

    

 

SCHEDULE 5

TIMETABLES

	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of the Utilisation Request))	 	Two Business Days (or at the Borrower’s request, any such shorter period that the Lender may agree in its absolute discretion) before the intended Utilisation Date (Clause 5.1 (Delivery of a Utilisation Request))
	LIBOR is fixed	 	Quotation Day as of 11:00 am London time
	Reference Bank Rate calculated by reference to available quotations in accordance with Clause 10.2 (Calculation of Reference Bank Rate)	 	Noon on the Quotation Day

 

    	 	106	 

     

    

 

EXECUTION PAGES

	BORROWER	 	 
	 	 	 
	SIGNED by GLOBAL SHIP LEASE 42 LLC	)	 
	acting by Aikaterini Emmanouil	)	/s/ Aikaterini Emmanouil
	its attorney-in-fact	)	 
	in the presence of:	)	 
	Witness' signature:/s/ Christina Economides	)	 
	
    Witness' name:Christina Economides

    Solicitor
	
    )

     
	 
	Witness' address:Solicitor, Watson Farley & Wiliams, 348 Syngrou Avenue, 17674 Kallithea, Athens-Greece	)	 

 

	PARENT GUARANTOR	 	 
	 	 	 
	SIGNED by GLOBAL SHIP LEASE INC.	)	 
	acting by Aikaterini Emmanouil	)	/s/ Aikaterini Emmanouil
	its attorney-in-fact	)	 
	in the presence of:	)	 
	Witness' signature:  /s/ Christina Economides	)	 
	
    Witness' name: Christina Economides

    Solicitor
	)	 
	Witness' address: Solicitor, Watson Farley & Wiliams, 348 Syngrou Avenue, 17674 Kallithea, Athens-Greece	)	 

 

	LENDER	 	 
	 	 	 
	SIGNED by [ILLEGIBLE]	)	/s/ [ILLEGIBLE]
	duly authorised	)	 
	for and on behalf of	)	 
	SINOPAC CAPITAL INTERNATIONAL (HK) LIMITED	)	 
	in the presence of:	)	 
	Witness' signature: /s/ [ILLEGIBLE]	)	 
	Witness' name: [ILLEGIBLE]	)	 
	Witness' address: 5F, No. 203, Bade Rd., Sec. 2,

                             Taipei, Taiwan 10491	)	 

    	 	107Exhibit 4.14

		
    BARECON 2017

    STANDARD BAREBOAT CHARTER PARTY PART I

 

	1.	
    Place and date

    Athens, 12 May 2021

     

	2.	
    Owners Lessor (Cl. 1)

    (i) Name: NML VIOLETTA LLC

    (ii) Place of registered office: 80 Broad Street, Monrovia,
    Republic of Liberia

    (iii) Law of registry: Republic
    of Liberia
	3.	
    Charterers Lessee (Cl. 1)

    (i) Name: GSL
    VIOLETTA LLC

    (ii) Place of registered office: 80 Broad Street, Monrovia,
    Republic of Liberia

    (iii) Law of registry: Republic
    of Liberia

	4.	
    Vessel (Cl. 1 and 3)

    (i) Name: GSL VIOLETTA

    (ii) IMO number: 9214202

    (iii) Flag State: Liberia

    (iv) Type: Container Carrier
	
    (v) GT/NT: 66,289/
    33,235

    (vi) Summer DWT: 67,566.00

    (vii) When/where built: 2000/ Samsung Heavy Industries
    Co., Ltd

    (viii) Classification Society: As defined in Clause
    39.1

	5.	
    Date of last special survey by the Vessel’s Classification
    Society

    N.A.
	6.	
    Validity of class certificates (state number of months
    to apply)

    (i) Delivery (CI. 3): N.A.

    (ii) Redelivery (Cl. 10): N.A.

	7.	
    Latent Defects (state number of months to apply)

    (Cl. 1, 3)

    N.A.
	8.	
    Port or place of delivery (Cl. 3)

    Highseas

	9.	
    Delivery notices (Cl. 4)

    N.A. days’ approximate notices
    and days’ definite notices
	10. 	
    Time for delivery (Cl. 4)

    See Clause 41

	11.	
    Cancelling date (Cl. 4, 5)

    N.A.
	12.	
    Port or place of redelivery (Cl. 10)

    See Clause 62

	13.	
    Redelivery notices (Cl. 10)

    See Clause 62 days’ approximate
    notices and definite notices
	14.	
    Trading limits (Cl. 11)

    Worldwide subject to Clause 11 and Clauses 56, 57
    and 58

	15.	
    Bunker fuels, unused oils and greases (optional, state
    if (a) (actual net price), or (b) (current net market price) to apply) (Cl. 9)

    N.A.
	16. 	
    Charter period (Cl. 2)

    57 months after the Delivery Date unless otherwise
    terminated in accordance with the terms of this Charter.

	17.	
    Charter hire (state currency and amount) (Cl. 2, 10
    and 15)

    (i) Charter hire: See
    Clause 44

    (ii) Charter hire for optional period: N.A.
	18. 	
    Optional period and notice (CI. 2)

    (i) State extension period in months: N.A.

    (ii) State when declarable: N.A.

	19.	
    Rate of interest payable (Cl. 15(g))

    See Clause 44.8
	20. 	
    Owners’ Lessor’s
    bank details (state beneficiary and bank account) (Cl. 15)

    See Clause 44.4

	21.	
    New class and other regulatory requirements (Cl. 13(b))

    (i) State if 13(b)(i) or (ii) to apply: 13(b)(i)

    (ii) Threshold amount (AMT): N.A.

    (iii) Vessel’s expected remaining life in years
    on the date of delivery: N.A.

     

	22.	
    Mortgage(s), if any (state if 16(a) or (b) to apply;
    if 16(b) applies state date of Financial Instrument and name of Mortgagee(s)/Place of business) (Cl. 1, 16)

    See Clauses
    52.1(q) and 57.6 which apply

     

	23.	
    Insured Total Loss value (Cl. 17)

    See Clause 58
	24.	
    Insuring party (state if Cl. 17(b) (Charterers
    Lessee to insure) or Cl. 17(c) (Owners Lessor to insure) to apply)

    Clause 58.2 and 58.3 of the Clauses to apply

 

    	 

    	 

    

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

 

	25.	
    Performance guarantee (state amount and entity) (Cl.
    27) (optional)

    See definition of "Guarantee" and "Guarantor"
    in the Clauses

     

	26.	
    Dispute Resolution (state 33(a), 33(b), 33(c) or 33(d);
    if 33(c) is agreed, state Singapore or English law; if 33(d) is agreed, state governing law and place of arbitration) (Cl. 33)

    (d) Clauses 81 and 83 shall apply

     

	27.	
    Newbuilding Vessel (indicate with “yes”
    or “no” whether PART III applies and if “yes”, complete details below) (optional)

    No

    (i) Name of Builders:

    (ii) Hull number:

    (iii) Date of newbuilding contract:

    (iv) Liquidated damages for physical defects or deficiencies
    (state party):

    (v) Liquidated damages for delay in delivery (state
    party):

	28.	
    Purchase Option (indicate with “yes” or
    “no” whether PART IV applies) (optional)

    No, but see Clause 64.1
	29.	
    Bareboat Charter Registry (indicate with “yes”
    or “no” whether PART V applies and if “yes”, complete details below) (optional) No

    (i) Underlying Registry: N.A.

    (ii) Bareboat Charter Registry: N.A.

	30.	
    Notices to Owners Lessor (state
    full style details for serving notices) (Cl. 34)

    See Clause 73
	31.	
    Notices to Charterers Lessee
    (state full style details for serving notices) (Cl. 34)

    See Clause 73

 

It is mutually agreed that this Charter Party
shall be performed subject to the conditions contained in this Charter Party which shall include the Clauses (as attached)
PART I and PART II. In the event of a conflict of conditions, the provisions of the Clauses shall prevail over PART 1 to the extent
of such conflict but no further, and the provisions of PART I shall prevail over those of PART II to the extent of such conflict but
no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter
Party if expressly agreed and stated in Box 27, 28 and 29. If PART III and/or PART IV and/or PART V applies, it is further agreed
that in the event of a conflict of conditions, the provisions of the Clauses, PART I and PART II shall prevail over those
of PART III and/or PART IV and/or PART V to the extent of such conflict but no further. The additional clauses 39 to 82 (both inclusive)
and the Schedules attached to this Charter and signed by the Lessor and the Lessee (together the “Additional Clauses”) form
an integral part of Part II of this Charter and shall be read and construed together with, and as forming part of, Part II (and this Charter
as a whole). Notwithstanding anything to the contrary in this Charter, in the event of a conflict of conditions, the provisions of the
Additional Clauses shall prevail over the remaining clauses of Part II and over Part I to the extent of such conflict but no further.

	
    Signature (Owners Lessor)

     

    /s/ Athanasios Voudris

     

    Athanasios Voudris
	
    Signature (Charterers Lessee)

     

    /s/ Vassiliki Georgopoulos

     

    Vassiliki Georgopoulos

 

 

 

 

 

 

 

 

 

 

 

 

 

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

 

PART II

BARECON 2017 Standard Bareboat Charter Party

		1.	Definitions

In this Charter Party:

“Banking Day” means
a day on which banks are open in the places stated in Boxes 2, 3, 30 and 31, and, for payments in US dollars, in New York.

“Charterers” means
the party identified in Box 3.

“Crew” means the Master, officers
and ratings and any other personnel employed on board the Vessel.

“Financial Instrument”
means the mortgage, deed of covenant or other such financial security instrument as identified in Box 22.

“Flag State” means the flag
state in Box 4 or such other flag state to which the Charterers Lessee may have re-registered the Vessel with
the Owners’ Lessor’s consent during the Charter Period.

"Lessee" means the party identified
in Box 3.

“Latent Defect” means
a defect which could not be discovered on such an examination as a reasonably careful skilled person would make.

“Owners Lessor”
means the party identified in Box 2.

“Total Loss” means
an actual, constructive, compromised or agreed total loss of the Vessel under the C’))insurances.

“Vessel” means the
vessel described in Box 4 including its equipment, machinery, boilers, fixtures and fittings.

		2.	Charter Period

The Owners haveLessor
hasagreed to let and the Charterers Lessee hasve agreed to hire the Vessel for the
period stated in Box 16 (“Charter Period”). See also Clause 40.

The Charterers shall have the option
to extend the Charter Period by the period stated in Box 18(i) at the rate stated in Box 17(ii), which option shall be exercised by written
notice to the Owners latest as stated in Box 18(ii).

Subject to the terms and conditions
herein provided, during the Charter Period the Vessel shall be in the full possession and at the absolute disposal for all purposes of
the Charterers and under their complete control in every respect.

		3.	Delivery

(not applicable when Part III applies,
as stated in Box 27). See Clause 41.

		(a)	The Owners shall deliver the Vessel in a seaworthy condition and in every respect ready for service
under this Charter Party and in accordance with the particulars stated in Boxes 4 to 6.

If the Charterers have inspected
the Vessel prior to delivery, the Vessel shall be delivered by the Owners in the same condition as at the time of inspection, fair wear
and tear excepted.

The Vessel shall be delivered by
the Owners and taken over by the Charterers at the port or place stated in Box 8 at such readily accessible safe berth or mooring as the
Charterers may direct.

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

 

PART II

BARECON 2017 Standard Bareboat Charter Party

		(b)	The Vessel shall be properly documented on delivery in accordance with the laws and regulations
of the Flag State and the requirements of the Classification Society stated in Box 4. The Vessel upon delivery shall have its survey cycles
up to date and class certificates valid and unextended for at least the number of months stated in Box 6(i) free of any conditions or
recommendations. If Box 6(i) is not filled in, then six (6) months shall apply.

		(c)	The delivery of the Vessel by the Owners and the taking over of the Vessel by the Charterers shall
constitute a full performance by the Owners of all the Owners’ obligations under this Clause, and thereafter the Charterers shall
not be entitled to make or assert any claim against the Owners on account of any conditions, representations or warranties expressed or
implied with respect to the Vessel but the Owners shall be liable for the cost of but not the time for repairs or renewals arising out
of Latent Defects in the Vessel existing at the time of delivery under this Charter Party, provided such Latent Defects manifest themselves
within the number of months after delivery stated in Box 7. If Box 7 is not filled in, then twelve (12) months shall apply.

		4.	Time for Delivery

(not applicable when Part III applies,
as stated in Box 27). See Clause 41.

The Vessel shall not be delivered
before the date stated in Box 10 without the Charterers’ consent and the Owners shall exercise due diligence to deliver the Vessel
not later than the date stated in Box 11.

The Owners shall keep the Charterers
informed of the Vessel’s itinerary for the voyage leading up to delivery and shall serve the Charterers with the number of days
approximate/definite notices of the Vessel’s delivery stated in Box 9. Following the tender of any such notices the Owners shall
give or allow to be given to the Vessel only such further employment orders as are reasonably expected when given to allow delivery to
occur by the date notified.

		5.	Cancelling

(not applicable when Part III applies,
as stated in Box 27)

		(a)	Should the Vessel not be delivered by the cancelling date stated in Box 11, the Charterers shall
have the option of cancelling this Charter Party.

		(b)	If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may, as soon
as they are in a position to state with reasonable certainty the day on which the Vessel should be ready, give notice thereof to the Charterers
asking whether they will exercise their option of cancelling, and the option must then be declared within three (3) Banking Days of the
receipt by the Charterers of such notice. If the Charterers do not then exercise their option of cancelling, the readiness date stated
in the Owners’ notice shall be substituted for the cancelling date stated in Box 11 for the purpose of this Clause 51 (Cancelling).

		(c)	Cancellation under this Clause 5 (Cancelling) shall be without prejudice to any claim the Charterers
may otherwise have against the Owners under this Charter Party.

		6.	Familiarisation

		(a)	The Charterers shall have the right to place a maximum of two (2) representatives on board the
Vessel at their sole risk and expense for a reasonable period prior to the delivery of the Vessel.

The Charterers and the Charterers’
representatives shall sign the Owners’ usual letter of indemnity prior to embarkation.

		(b)	The Owners shall have the right to place a maximum of two (2) representatives on board the Vessel
at their sole risk and expense for a reasonable period prior to the redelivery of the Vessel.

The Owners and the Owners’
representatives shall sign the Charterers’ usual letter of indemnity prior to embarkation.

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

PART II

BARECON 2017 Standard Bareboat Charter Party

		(c)	Such representatives shall be on board for the purpose of familiarisation and in the capacity
of observers only, and they shall not interfere in any respect with the operation of the Vessel.

		7.	Surveys on Delivery and Redelivery

		(a)	The Owners Lessor and Charterers shall each
appoint an independent and pay for their respective surveyors for the purpose of determining
and agreeing in writing the condition of the Vessel at the time of delivery and redelivery hereunder.
The Owners shall bear all the Vessel’s expenses related to the on-hire survey including loss of time, if any. The
Lessee Charterers shall bear all the Vessel’s expenses related to the off-hire survey including loss of
time, if any.

		(b)	Divers inspection on delivery/re-delivery

The Charterers shall have the option
at delivery and the OwnersLessor shall have the option at redelivery, at their its respective
time, cost and expense, to arrange for an underwater inspection by a diver approved by the Classification Society, in the presence of
a Classification Society surveyor, to determine the condition of the rudder, propeller, bottom and other underwater parts of the Vessel.

		8.	Inventories

A complete inventory of the Vessel’s
equipment, outfit, spare parts and consumable stores on board the Vessel shall be made by the parties on delivery and redelivery of the
Vessel.

		9.	Bunker fuels, oils and greases

The Charterers and the OwnersLessor,
respectively, shall at the time of delivery and redelivery (if any) take over and pay
for all bunker fuels and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums at no cost
to the Lessor.:

		(a)*	The actual price paid (excluding barging expenses) as evidenced by invoices or vouchers.

		(b)*	The current market price (excluding barging expenses) at the port and date of delivery/redelivery
of the Vessel or, if unavailable, at the nearest bunkering port.

*Subclauses (a) and (b) are alternatives;
state alternative agreed in Box 15. If Box 15 is not filled in, then subclause (a) shall apply.

		10.	Redelivery

See Clause 62. At the expiration
of the Charter Period the Vessel shall be redelivered by the Charterers and taken over by the Owners at the port or place stated in Box
12 at such readily accessible safe berth or mooring as the Owners may direct.

The Charterers shall keep the Owners
informed of the Vessel’s itinerary for the voyage leading up to redelivery and shall serve the Owners with the number of days approximate/definite
notices of the Vessel’s redelivery stated in Box 13.

The Charterers warrant that they
will not permit the Vessel to commence a voyage (including any preceding ballast voyage) which cannot reasonably be expected to be completed
in time to allow redelivery of the Vessel within the Charter Period and in accordance with the notices given. Notwithstanding the above,
should the Charterers fail to redeliver the Vessel within the Charter Period, the Charterers shall pay the daily equivalent to the rate
of hire stated in Box 17(i) applicable at the time plus ten (10) per cent or the market rate, whichever is the higher, for the number
of days by which the Charter Period is exceeded. Such payment of the enhanced hire rate shall be without prejudice to any claims the Owners
may have against the Charterers in this respect. All other terms, conditions and provisions of this Charter Party shall continue to apply.

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

PART II

BARECON 2017 Standard Bareboat Charter Party

Subject to the provisions of Clause
13 (Maintenance and Operation), the Vessel shall be redelivered to the Owners in the same condition and class as that in which it was
delivered, fair wear and tear not affecting class excepted.

The Vessel upon redelivery shall
have her survey cycles up to date and class certificates valid and unextended for at least the number of months agreed in Box 6(ii) free
of any conditions or recommendations. If Box 6(ii) is not filled in, then six (6) months shall apply.

All plans, drawings and manuals
(excluding ISM/ISPS manuals) and maintenance records shall remain on board and accessible to the Owners upon redelivery. Any other technical
documentation regarding the Vessel which may be in the Charterers’ possession shall promptly after redelivery be forwarded to the
Owners at their expense, if they so request. The Charterers may keep the Vessel’s log books but the Owners shall have the right
to make copies of the same.

		11.	Trading Restrictions

The Vessel shall be employed in lawful
trades for the carriage of lawful merchandise within the trading limits stated in Box 14.

The Charterers Lessee
undertake not to employ the Vessel or allow the Vessel to be employed otherwise than in conformity with the terms of the contracts of
insurance (including any warranties expressed or implied therein) without first obtaining the consent of the insurers to such employment
and complying with such requirements as to additional premium or otherwise as the insurers may require.

The Charterers Lessee
will not do or permit do be done anything which might cause any breach or infringement of the laws and regulations of the Flag State,
or of the places where the Vessel trades.

Notwithstanding any other provisions contained
in this Charter Party it is agreed that nuclear fuels or radioactive products or waste are specifically excluded from
the cargo permitted to be loaded or carried under this Charter Party. This exclusion does not apply to radio isotopes
used or intended to be used for any industrial, commercial, agricultural, medical or scientific purposes provided the Owners’
Lessor’s prior approval has been obtained to loading thereof. See also Clauses 56, 57 and 58.

		12.	Contracts of Carriage

		(a)	The Charterers Lessee isare to procure that all documents issued
during the Charter Period evidencing the terms and conditions agreed in respect of carriage of goods shall contain a paramount clause
which shall incorporate the Hague-Visby Rules unless any other legislation relating to carrier’s liability for cargo is compulsorily
applicable in the trade. The documents shall also contain the New Jason Clause and the Both-to-Blame Collision Clause.

		(b)	The Charterers are to procure that all passenger tickets issued during the Charter Period for
the carriage of passengers and their luggage under this Charter Party shall contain a paramount clause which shall incorporate the Athens
Convention Relating to the Carriage of Passengers and their Luggage by Sea, 1974, and any protocol thereto, unless any other legislation
relating to carrier’s liability for passengers and their luggage is compulsorily applicable in the trade.

		13.	Maintenance and Operation

		(a)	Maintenance

The Charterers Lessee
shall properly maintain the Vessel in a good state of repair, in efficient operating condition and in accordance with good commercial
maintenance practice and, at their its own expense, maintain the Vessel’s Class with the Classification
Society stated in Box 4 and all necessary certificates.

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

 

PART II

BARECON 2017 Standard Bareboat Charter Party

		(b)	New Class and Other Regulatory Requirements

		(i)*	In the event of any structural changes or new equipment becoming necessary for the continued operation
of the Vessel by reason of new class requirements or by compulsory legislation (“Required Modification”), all such costs shall
be for the Charterers’ Lessee’s account.

		(ii)*	In the event of any structural changes or new equipment becoming necessary for the continued operation
of the Vessel by reason of a Required Modification, the costs shall be apportioned as follows:

		(1)	if the costs of the Required Modification are less than the amount stated in Box 21(ii), such
costs shall be for the Charterers’ account;

		(2)	if the costs of the Required Modification are greater than the amount stated in Box 21(ii), the
Charterers’ portion of costs shall be apportioned using the formula below; all costs other than the Charterers’ portion shall
be for the Owners’ account.

AMT = agreed amount stated in Box
21(ii)

CRM = cost of Required Modification

MEL = modification’s expected
life in years 

VEL = the Vessel’s expected
remaining life in years stated in Box 21(iii) less the number of years between the date of delivery and the date of the modification.

RPY = remaining charter period
in years

(i) If the Required Modification
is expected to last for the remaining life of the Vessel, then:

Charterers’ portion of costs
= 

(ii) If the Required Modification
is not expected to last the remaining life of the Vessel, then:

Charterers’ portion of costs
= 

*Subclauses 13(b)(i) and 13(b)(ii) are
alternatives, state alternative agreed in Box 21(i). If Box 21(i) is not filled in, then subclause 13(b)(i) shall apply.

		(c)	Financial Security

The Charterers Lessee
shall maintain financial security or responsibility in respect of third party liabilities as required by any government, including federal,
state or municipal or other division or authority thereof, to enable the Vessel, without penalty or charge, lawfully to enter, remain
at, or leave any port, place, territorial or contiguous waters of any country, state or municipality in performance of this Charter Party
without any delay. This obligation shall apply whether or not such requirements have been lawfully imposed by such government or division
or authority thereof. The Charterers Lessee shall make and maintain all arrangements by bond or otherwise as may
be necessary to satisfy such requirements at the Charterers’ Lessee’s sole expense and the Charterers
Lessee shall indemnify the Owners Lessor against all consequences whatsoever (including loss of
time) for any failure or inability to do so.

		(d)	Operation of the Vessel

The Charterers Lessee
shall at their its own expense crew, victual, navigate, operate, supply, fuel, maintain and repair the Vessel
during the Charter Period and they it shall be responsible for all costs and expenses

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
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PART II

BARECON 2017 Standard Bareboat Charter Party

whatsoever relating to their its
use and operation of the Vessel, including any taxes and fees. The Crew shall be the servants of the Charterers Lessee
for all purposes whatsoever, even if for any reason appointed by the Owners Lessor. The Lessee shall comply
with the regulations regarding officers and Crew in force in the Flag State or any other applicable law.

		(e)	Information to Owners Lessor

The Charterers Lessee
shall keep the Owners Lessor advised of the intended employment, planned dry-docking and major repairs of the
Vessel, as reasonably required by the Owners Lessor.

		(f)	Flag and Name of Vessel

During the Charter Period, the Charterers
Lessee shall have the liberty to paint the Vessel in their its own colours, install and display
their its funnel insignia and fly their own house flag. The Charterers shall also have the liberty, with
the Owners’ prior written consent, which shall not be unreasonably withheld, to change the flag and/or the name of the Vessel during
the Charter Period. Painting and re-painting, instalment and re-instalment, registration and re-registration, if required by
the Owners Lessor, shall be at the Charterers’ Lessee’s expense and time.

		(g)	Changes to the Vessel 

Subject to subclause 13(b) (New
Class and Other Regulatory Requirements), the Charterers shall make no structural or substantial changes to the Vessel without the Owners’
prior written approval. If the Owners agree to such changes, the Charterers shall, if the Owners so require, restore the Vessel, prior
to redelivery of the Vessel, to its former condition.

		(h)	Use of the Vessel’s Outfit and Equipment

The Charterers Lessee
shall have the use of all outfit, equipment and spare parts on board the Vessel at the time of delivery, provided the same or their substantial
equivalent shall be returned to the Owners Lessor on redelivery in the same good order and condition as on delivery
as per the inventory (see Clause 8 (Inventories)), ordinary wear and tear excepted. The Charterers Lessee shall
from time to time during the Charter Period replace such equipment that become unfit for use. The Charterers Lessee
shall procure that all repairs to or replacement of any damaged, worn or lost parts or equipment will be effected in such manner (both
as regards workmanship and quality of materials, including spare parts) as not to diminish the value of the Vessel.

The Charterers have Lessee
has the right to fit additional equipment at their expense and risk but the Lessee Charterers shall remove
such equipment at the end of the Charter Period if requested by the Owners Lessor. Any hired equipment on board
the Vessel at the time of delivery shall be kept and maintained by the Charterers Lessee and the Charterers
Lessee shall assume the obligations and liabilities of the Owners Lessor under any lease contracts
in connection therewith and shall reimburse the Owners Lessor for all expenses incurred in connection therewith,
also for any new hired equipment required in order to comply with any regulations.

		(i)	Periodical Dry-Docking

The Charterers Lessee
shall dry-dock the Vessel and clean and paint her underwater parts whenever the same may be necessary, but not less than once in every
every sixty (60) calendar months or such other period as may be required by the Classification Society
or Flag State.

		14	Inspection during the Charter Period

See Clause 56.12. The Owners
shall have the right at any time after giving reasonable notice to the Charterers to inspect the Vessel or instruct a duly authorised
surveyor to carry out such inspection on their behalf to ascertain its condition and satisfy themselves that the Vessel is being properly
repaired and maintained or for 

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of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

 

PART II

BARECON 2017 Standard Bareboat Charter Party

any other commercial reason they
consider necessary (provided it does not unduly interfere with the commercial operation of the Vessel).

The fees for such inspections shall
be paid for by the Owners. All time used in respect of inspection shall be for the Charterers’ account and form part of the Charter
Period.

The Charterers Lessee
shall furnish also permit the Owners to inspect the Vessel’s class records, log books, certificates, maintenance
and other records whenever requested and shall whenever required by the Owners Lessor furnish
them with full information regarding any casualties or other accidents or damage to the Vessel.

		15.	Hire

		(a)	The Charterers Lessee shall pay hire due to the Owners Lessor
punctually in accordance with the terms of this Charter Party. See also Clause 44.

		(b)	The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the amount stated
in Box 17(i) which shall be payable not later than every thirty (30) running days in advance, the first lump sum being payable on the
date and hour of the Vessel’s delivery to the Charterers. Hire shall be paid continuously throughout the Charter Period.

		(c)	Payment of hire shall be made to the Owners’ bank account stated in Box 20.

		(d)	All payments of Charter Hire and any other payments due under this Charter shall be made without
any set-off whatsoever and free and clear of any withholding or deduction for, or on account of, any present or future income, freight,
stamp or other taxes, levies, imposts, duties, fees, charges, restrictions or conditions of any nature. If the Charterers are required
by any authority in any country to make any withholding or deduction from any such payment, the sum due from the Charterers in respect
of such payment will be increased to the extent necessary to ensure that, after the making of such withholding or deduction the Owners
receive a net sum equal to the amount which it would have received had no such deduction or withholding been required to be made.

		(e)	If the Charterers fail to make punctual payment of hire due, the Owners shall give the Charterers
three (3) Banking Days written notice to rectify the failure, and when so rectified within those three (3) Banking Days following the
Owners’ notice, the payment shall stand as punctual.

Failure by the Charterers to pay
hire due in full within three (3) Banking Days of their receiving a notice from Owners shall entitle the Owners, without prejudice to
any other rights or claims the Owners may have against the Charterers, to terminate this Charter Party at any time thereafter, as long
as hire remains outstanding.

		(f)	If the Owners choose not to exercise any of the rights afforded to them by this Clause in respect
of any particular late payment of hire, or a series of late payments of hire, under the Charter Party, this shall not be construed
as a waiver of their right to terminate the Charter Party.

		(g)	Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as agreed
in Box 19. If Box 19 has not been filled in, the one month Interbank offered rate in London (LIBOR or its successor) for the currency
stated in Box 17, as quoted on the date when the hire fell due, increased by three (3) per cent, shall apply.

		(h)	Payment of interest due under subclause 15(g) shall be made within seven (7) running days of the
date of the Owners’ invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire payment
date.

		(i)	Final payment of hire, if for a period of less than thirty (30) running days, shall be calculated
proportionally according to the number of days and hours remaining before redelivery and advance payment to be effected accordingly.

Copyright © 2017 BIMCO. All rights reserved.
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PART II

BARECON 2017 Standard Bareboat Charter Party

		16.	Mortgage

(only to apply if Box 22 has been appropriately
filled in). See Clauses 52.1(tg) and 57.6.

		(a)*	The Owners warrant that they have not effected any mortgage(s) of the Vessel and that they shall
not effect any mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.

		(b)*	The Vessel chartered under this Charter Party is financed by a mortgage according to the Financial
Instrument. The Charterers undertake to comply, and provide such information and documents to enable the Owners to comply, with all such
instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in the
Financial Instrument or as may be directed from time to time during the currency of the Charter Party by the mortgagee(s) in conformity
with the Financial Instrument, including the display or posting of such notices as the Mortgagees may require. The Charterers confirm
that, for this purpose, they have acquainted themselves with all relevant terms, conditions and provisions of the Financial Instrument
and agree to acknowledge this in writing in any form that may be required by the mortgagee(s). The Owners warrant that they have not effected
any mortgage(s) other than stated in Box 22 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 22 or
effect any other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.

*(Optional, Subclauses 16(a) and
16(b) are alternatives; indicate alternative agreed in Box 22).

		17	Insurance

		(a)	See Clause 58.General

(i) The value of the Vessel for
hull and machinery (including increased value) and war risks insurance is the sum stated in Box 23, or such other sum as the parties may
from time to time agree in writing. The party insuring the Vessel shall do so on such terms and conditions and with such insurers as the
other party shall approve in writing, which approval shall not be unreasonably withheld, and shall name the other party as co-assured.

(ii) Notwithstanding that the parties
co-assured, these insurance provisions shall neither exclude nor discharge liability between the Owners and the Charterers under this
Charter Party, but are intended to secure payment of the loss insurance proceeds as a first resort to make good the Owners’ loss.
If such payment is made to the Owners it shall be treated as satisfaction (but not exclusion or discharge) of the Charterers’ liability
towards the Owners. For the avoidance of doubt, such payment is no bar to a claim by the Owners and/or their insurers against the Charterers
to seek indemnify by way of subrogation.

(iii) Nothing herein shall prejudice
any rights of recovery of the Owners or the Charterers (or their insurers) against third parties.

		(b)*	Charterers to Insure

(i) During the Charter Period the
Vessel shall be kept insured by the Charterers at their expense against hull and machinery, war, and protection and indemnity risks (and
any risks against which it is compulsory to insure for the operation of the Vessel, including maintaining financial security in accordance
with subclause 13(c) (Financial Security)).

(ii) Such insurances shall be arranged
by the Charterers to protect the interests of the Owners and the Charterers and the mortgagee(s) (if any), and the Charterers shall be
at liberty to protect under such insurances the interests of any managers they may appoint.

(iii) The Charterers shall upon
the request of the Owners, provide information and promptly execute such documents as may be required to enable the Owners to comply with
the insurance provisions of the Financial Instrument.

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PART ll

BARECON 2017 Standard Bareboat Charter Party

		(c)*	Owners to Insure

(i) During the Charter Period the
Vessel shall be kept insured by the Owners at their expense against hull and machinery and war risks. The Charterers shall progress claims
for recovery against any third parties for the benefit of the Owners’ and the Charterers’ respective interests.

(ii) During the Charter Period
the Vessel shall be kept insured by the Charterers at their expense against Protection and Indemnity risks (and any risks against which
it is compulsory to insure for the operation of the Vessel, including maintaining financial security in accordance with subclause 13(c)
(Financial Security)).

(iii) In the event that any act
or negligence of the Charterers prejudices any of the insurances herein provided, the Charterers shall pay to the Owners all losses and
indemnify the Owners against all claims and demands which would otherwise have been covered by such insurances.

*Subclauses 17(b) and 17(c) are
alternatives, state alternative agreed in Box 24. If Box 24 is not filled in, then subclause 17(b) (Charterers to Insure) shall apply.

		18.	Repairs

See Clause 56.3
and 56.4. (a)Subject to the provisions of any Financial Instrument, and the approval of the Owners, the Charterers shall
effect all insured repairs, and undertake settlement of all miscellaneous expenses in connection with such repairs as well as all insured
charges, expenses and liabilities.

To the extent of coverage under
the insurances provided for under the provisions of subclause 17(c) (Owners to Insure), the Charterers shall be reimbursed under the Owners’
insurances for such expenditures upon presentation of accounts.

		(b)	The Charterers shall remain responsible for and effect repairs and settlement of costs and expenses
incurred thereby in respect of all repairs not covered by the insurances and/or not exceeding any deductibles provided for in the insurances.

		(c)	All time used for repairs under the provisions of subclauses 18(a) and 18(b) and for repairs of
Latent Defects according to Clause 3 (Delivery) above, including any deviation, shall be for the Charterers’ account and shall form
part of the Charter Period.

		19.	Total loss

See Clause 60 
(a)The Charterers shall be liable to the Owners by way of damages if the Vessel becomes a Total Loss. Subject to the provisions
of any Financial Instrument, if the Vessel becomes a Total Loss, all insurance payments for such loss shall be paid to the Owners who
shall distribute the monies between the Owners and the Charterers according to their respective interests, which shall satisfy (but not
exclude or discharge) the Charterers’ liability to the Owners thereof. The Charterers undertake to notify the Owners and the mortgagee(s),
if any, of any occurrences in consequence of which the Vessel is likely to become a Total Loss.

		(b)	Notwithstanding any other clause herein, it is recognised that the Charterers have a continuing
obligation to protect and preserve the Vessel as an asset of the Owners. The Charterers shall have a continuing duty after the termination
of the Charter Party to preserve and present claims on behalf of Owners and Charterers and/or any subrogated insurers against any third
party held responsible for the Total Loss during the Charter Period and account for any recovery achieved.

		(c)	The Owners or the Charterers, as the case may be, shall upon the request of the other party, promptly
execute such documents as may be required to enable the other party to abandon the Vessel to the insurers and claim a constructive total
loss.

		20.	Lien

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PART II

BARECON 2017 Standard Bareboat Charter Party

The Owners Lessor
shall have a lien upon all cargoes, hires and freights (including deadfreight and demurrage) belonging or due to the Charterers
Lessee or any sub-charterers, for any amounts due under this Charter Party and the Charterers shall have a lien
on the Vessel for all monies paid in advance and not earned.

		21.	Non-Lien

The Charterers will not suffer,
nor permit to be continued, any lien or encumbrance incurred by them or their agents, which might have priority over the title and interest
of the Owners in the Vessel. See Clause 51.1(t)

		22.	Indemnity - INTENTIONALLY OMITTED

		(a)	The Charterers shall indemnify the Owners against any loss, damage or expense arising out of or
in relation to the operation of the Vessel by the Charterers, and against any lien of whatsoever nature arising out of an event occurring
during the Charter Period. This shall include indemnity for any loss, damage or expense arising out of or in relation to any international
convention which may impose liability upon the Owners.

		(b)	Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners
against all consequences or liabilities arising from the Master, officers or agents signing bills of lading or other documents.

		(c)	If the Vessel is arrested or otherwise detained for any reason whatsoever other than those covered
in subclause (d), the Charterers shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel
is released, including the provision of bail.

		(d)	If the Vessel is arrested or otherwise detained by reason of a claim or claims against the Owners,
the Owners shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including
the provision of bail.

In such circumstances the Owners
shall indemnify the Charterers against any loss, damage or expense incurred by the Charterers (including hire paid under this Charter
Party) as a direct consequence of such arrest or detention.

		23.	Salvage

All salvage and towage performed by the
Vessel shall be for the Lessee’s Charterers’ benefit and the cost of repairing damage occasioned thereby
shall be borne by the Charterers Lessee.

		24.	Wreck Removal

If the Vessel becomes a wreck, or any part
of the Vessel is lost or abandoned, and is an obstruction to navigation or poses a hazard and has to be raised, removed, destroyed,
marked or lit by order of any lawful authority having jurisdiction over the area or as a result of any applicable law, the Lessee
Charterers shall be liable for any and all expenses in connection with the raising, removal, destruction, lighting or
marking of the Vessel and shall indemnify the Owners Lessor against any sums whatsoever, which the Owners
Lessor become liable to pay as a consequence. See also Clause 47.3(d)

		25.	General Average

The Owners Lessor
shall not contribute to General Average.

		26.	Assignment, Novation, Sub-Charter and Sale

See Clause 71.
(a)The Charterers shall not assign or novate this Charter Party nor sub-charter the Vessel on a bareboat basis except with
the prior consent in writing of the Owners, which shall not be unreasonably withheld, and subject to such terms and conditions as the
Owners shall approve.

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PART II

BARECON 2017 Standard Bareboat Charter Party

		(b)	The Owners shall not sell the Vessel during the currency of this Charter Party except with the
prior written consent of the Charterers, which shall not be unreasonably withheld, and subject to the buyer accepting a novation of this
Charter Party.

		(c)	The Owners shall be entitled to assign their rights under this Charter Party.

		27.	Performance Guarantee

(Optional, to apply only if Box 25 filled
in)

The Charterers Lessee
undertakes to furnish, before delivery of the Vessel, a guarantee or bond in the amount of and from the entity stated in Box 25
in a form acceptable to the Owners Lessor as guarantee for full performance of their the Lessee’s
obligations under this Charter Party.

		28	Anti-Corruption

See Clauses 51.1(w)
and 52.1(m). (a)The parties agree that in connection with the performance of this Charter Party they shall each:

(i) comply at all times with all
applicable anti-corruption legislation and have procedures in place that are, to the best of its knowledge and belief, designed to prevent
the commission of any offence under such legislation by any member of its organisation and/or by any person providing services for it
or on its behalf; and

(ii) make and keep books, records,
and accounts which in reasonable detail accurately and fairly reflect the transactions in connection with this Charter Party.

		(b)	If either party fails to comply with any applicable anti-corruption legislation, it shall defend
and indemnify the other party against any fine, penalty, liability, loss or damage and for any related costs (including, without limitation,
court costs and legal fees arising from such breach.

		(c)	Without prejudice to any of its other rights under this Charter Party, either party may terminate
this Charter Party without incurring any liability to the other party if:

(i) at any time the other party
or any member of its organisation has committed a breach of any applicable anti-corruption legislation in connection with the Charter
Party, and

(ii) such breach causes the non-breaching
party to be in breach of any applicable anti-corruption legislation.

Any such right to terminate must
be exercised without undue delay.

		(d)	Each party represents and warrants that in connection with the negotiation of this Charter Party
neither it nor any member of its organisation has committed any breach of applicable anti-corruption legislation. Breach of this subclause
(d) shall entitle the other party to terminate the Charter Party without incurring any liability to the other.

		29.	Sanctions and Designated Entities

See Clauses 42.3,
and 52.1(m) and 54.15. (a)The provisions of this clause shall apply in relation to any
sanction, prohibition or restriction imposed on any specified persons, entities or bodies including the designation of specified vessels
or fleets under United Nations Resolutions or trade or economic sanctions, laws or regulations of the European Union or the United States
of America.

		(b)	The Owners and the Charterers respectively warrant for themselves (and in the case of any sub-charter,
the Charterers further warrant in respect of any sub-charterers, shippers, receivers, or cargo interests) that at the date of this fixture
and throughout the duration of this Charter Party they are not subject to any of the 

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PART II

BARECON 2017 Standard Bareboat Charter Party

sanctions, prohibitions,
restrictions or designation referred to in subclause (a) which prohibit or render unlawful any performance under this Charter Party. The
Owners further warrant that the Vessel is not a designated vessel.

		(c)	If at any time during the performance of this Charter Party either party becomes aware that the
other party is in breach of warranty in this Clause, the party not in breach shall comply with the laws and regulations of any Government
to which that party or the Vessel is subject, and follow any orders or directions which may be 

given by any body acting with powers
to compel compliance, including where applicable the Owners’ Flag State. In the absence of any such orders, directions, laws or
regulations, the party not in breach may, in its option, terminate the Charter Party forthwith in accordance with Clause 31 (Termination).

		(d)	If, in compliance with the provisions of this Clause, anything is done or is not done, such shall
not be deemed a deviation but shall be considered due fulfilment of this Charter Party.

		(e)	Notwithstanding anything in this Clause to the contrary, the Owners or the Charterers shall not
be required to do anything which constitutes a violation of the laws and regulations of any State to which either of them is subject.

		(f)	The Owners or the Charterers shall be liable to indemnify the other party against any and all
claims, losses, damage, costs and fines whatsoever suffered by the other party resulting from any breach of warranty in this Clause.

		30.	Requisition/Acquisition

See Clause 2361.
(a)In the event of the requisition for hire of the Vessel by any governmental or other competent authority at any time during
the Charter Period, this Charter Party shall not be deemed to be frustrated or otherwise terminated. The Charterers shall continue to
pay hire according to the Charter Party until the time when the Charter Party would have expired or terminated pursuant to any of the
provisions hereof. However, if any requisition hire or compensation is received by the Owners for the remainder of the Charter Period
or period of the requisition, whichever is shorter, it shall be payable by the Owners to the Charterers.

		(b)	In the event of the Owners being deprived of their ownership in the Vessel by any compulsory acquisition
of the Vessel or requisition for title by any governmental or other competent authority (hereinafter referred to as “Compulsory
Acquisition”), then, irrespective of the date during the Charter Period when Compulsory Acquisition may occur, this Charter Party
shag be sired terminated as of the date of such Compulsory Acquisition. In such event hire to be considered asd and to be paid up
to the date and time of such Compulsory Acquisition. The Owners shall be entitled to any compensation received for such Compulsory Acquisition.

		31.	Termination

See Clauses 41,
42, 63, 65 and 66. (a)Charterers’ Default 

The Owners shall be entitled to
terminate this Charter Party by written notice to the Charterers under the following circumstances and to claim damages including, but
not limited to, for the loss of the remainder of the Charter Party:

(i) Non-payment of hire (see Clause
15 (Hire)).

(ii) Charterers’ failure
to comply with the requirements of: 

(1)       Clause
11 (Trading Restrictions); or

(2)       Subclause
17(b) (Charterers to Insure).

Copyright © 2017 BIMCO. All rights reserved.
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PART II

BARECON 2017 Standard Bareboat Charter Party

(iii) The Charterers do not rectify
any failure to comply with the requirements of subclause 13(a) (Maintenance) as soon as practically possible after the Owners have notified
them to do so and in any event so that the Vessel’s insurance cover is not prejudiced.

		(b)	Owners’ Default 

The Charterers shall be entitled
to terminate this Charter Party with immediate effect by written notice to the Owners and to claim damages including, but not limited
to, for the loss of the remainder of the Charter Party:

(i) If the Owners shall by any
act or omission be in breach of their obligations under this Charter Party to the extent that the Charterers are deprived of the use of
the Vessel and such breach continues for a period of fourteen (14) running days after written notice thereof has been given by the Charterers
to the Owners; or

(ii) if the Owners fail to arrange
or maintain the insurances in accordance with subclause 17(c) (Owners to Insure).

		(c)	Loss of Vessel

This Charter Party shall be deemed
to be terminated, without prejudice to any accrued rights or obligations, if the Vessel becomes lost either when it has become an actual
total loss or agreement has been reached with the Vessel’s underwriters in respect of its constructive total loss or if such agreement
with the Vessel’s underwriters is not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has
occurred, or has been declared missing. The date upon which the Vessel is to be treated as declared missing shall be ten (10) days after
the Vessel was last reported or when the Vessel is recorded as missing by the Vessel’s underwriters, whichever occurs first.

		(d)	Bankruptcy

Either party shall be entitled
to terminate this Charter Party with immediate effect by written notice to the other party if that other party has a petition presented
for its winding up or administration or any other action is taken with a view to its winding up (otherwise than for the purpose of solvent
reconstruction or amalgamation), or becomes bankrupt or commits an act of bankruptcy, or makes any arrangement or composition for the
benefit of creditors, or has receiver or manager or administrative receiver or administrator or liquidator appointed in respect of any
of its assets, or suspends payments, or anything analogous to any of the foregoing under the law of any jurisdiction happens to it, or
ceases or threatens to cease to carry on business.

		(e)	The termination of this Charter Party shall be without prejudice to all rights accrued
due between the parties prior to the date of termination and to any claim that either party might have.

		32.	Repossession - INTENTIONALL OMITTED

In the event of the early termination
of this Charter Party in accordance with the applicable provisions of this Charter Party, the Owners shall have the right to repossess
the Vessel from the Charterers at its current or next port of call, or at a port or place convenient to them without hindrance or interference
by the Charterers, courts or local authorities. Pending physical repossession of the Vessel, the Charterers shall hold the Vessel as gratuitous
bailee only to the Owners. The Owners shall arrange for an authorised representative to board the Vessel as soon as reasonably practicable
following the termination of this Charter Party. The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the
boarding of the Vessel by the Owners’ representative. All arrangements and expenses relating to the settling of wages, disembarkation
and repatriation of the Crew shall be the sole responsibility of the Charterers.

		33.	BIMCO Dispute Resolution Clause 2017

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PART II

BARECON 2017 Standard Bareboat Charter Party

See Clauses 81 and
83. (a)* This Charter Party shall be governed by and construed in accordance with English law and any dispute arising
out of or in connection with this Charter Party shall be referred to arbitration in London in accordance with the Arbitration Act 1996
or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause.

The arbitration shall be conducted
in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced.

The reference shall be to three
arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing
to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating
that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has
done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done
so within the fourteen (14) days specified, the party referring a dispute to arbitration may, without the requirement of any further prior
notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of the sole
arbitrator shall be binding on both parties as if he had been appointed by agreement.

Nothing herein shall prevent the
parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

In cases where neither the claim
nor any counterclaim exceeds the sum of USD 100,000 (or such other sum as the parties may agree) the arbitration shall be conducted in
accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

In cases where the claim or any
counterclaim exceeds the sum agreed for the LMAA Small Claims Procedure and neither the claim nor any counterclaim exceeds the sum of
USD 400,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Intermediate Claims
Procedure current at the time when the arbitration proceedings are commenced.

		(b)*	This Charter Party shall be governed by U.S. maritime law or, if this Charter Party is not a maritime
contract under U.S. law, by the laws of the State of New York. Any dispute arising out of or in connection with this Charter Party shall
be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen. The
decision of the arbitrators or any two of them shall be final, and for the purposes of enforcing any award, judgment may be entered on
an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the SMA Rules current as of the
date of this Charter Party.

In cases where neither the claim
nor any counterclaim exceeds the sum of USD 100,000 (or such other sum as the parties may agree) the arbitration shall be conducted ‘n
accordance with the SMA Rules for Shortened Arbitration Procedure current as of the date of this Charter’

		(c)*	This Charter Party shall be governed by and construed in accordance with Singapore**/English**
law.

Any dispute arising out of or in
connection with this Charter Party, including any question regarding its existence, validity or termination shall be referred to and finally
resolved by arbitration in Singapore in accordance with the Singapore International Arbitration Act (Chapter 143A) and any statutory modification
or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause.

The arbitration shall be conducted
in accordance with the Arbitration Rules of the Singapore Chamber of Maritime Arbitration (SCMA) current at the time when the arbitration
proceedings are commenced.

The reference to arbitration of
disputes under this Clause shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator
and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator and give notice
that it has done so within fourteen 

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PART II

BARECON 2017 Standard Bareboat Charter Party

(14) calendar days of that notice
and stating that it will appoint its own arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice
that it has done so within the fourteen (14) days specified. If the other party does not give notice that it has done so within the fourteen
(14) days specified, the party referring a dispute to arbitration may, without the requirement of any further prior notice to the other
party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be
binding on both parties as if he had been appointed by agreement.

Nothing herein shall prevent the
parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

In cases where neither the claim
nor any counterclaim exceeds the sum of USD 150,000 (or such other sum as the parties may agree) the arbitration shall be conducted before
a single arbitrator in accordance with the SCMA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

**Delete whichever does not apply.
If neither or both are deleted, then English law shall apply by default.

		(d)*	This Charter Party shall be governed by and construed in accordance with the laws of the place
mutually agreed by the Parties and any dispute arising out of or in connection with this Charter Party shall be referred to arbitration
at a mutually agreed place, subject to the procedures applicable there.

		(e)	The parties may agree at any time to refer to mediation any difference and/or dispute arising
out of or in connection with this Charter Party. In the case of any dispute in respect of which arbitration has been commenced under subclause
(a), (c) or (d), the following shall apply:

(i) Either party may at any time
and from time to time elect to refer the dispute or part of the dispute to mediation by service on the other party of a written notice
(the “Mediation Notice”) calling on the other party to agree to mediation.

(ii) The other party shall thereupon
within fourteen (14) calendar days of receipt of the Mediation Notice confirm that they agree to mediation, in which case the parties
shall thereafter agree a mediator within a further fourteen (14) calendar days, falling which on the application of either party a mediator
will be appointed promptly by the Arbitration Tribunal (“the Tribunal”) or such person as the Tribunal may designate for that
purpose. The mediation shall be conducted in such place and in accordance with such procedure and on such terms as the parties may agree
or, in the event of disagreement, as may be set by the mediator.

(iii) If the other party does not
agree to mediate, that fact may be brought to the attention of the Tribunal and may be taken into account by the Tribunal when allocating
the costs of the arbitration as between the parties.

(iv) The mediation shall not affect
the right of either party to seek such relief or take such steps as it considers necessary to protect its interest.

(v) Either party may advise the
Tribunal that they have agreed to mediation. The arbitration procedure shall continue during the conduct of the mediation but the Tribunal
may take the mediation timetable into account when setting the timetable for steps in the arbitration.

(vi) Unless otherwise agreed or
specified in the mediation terms, each party shall bear its own costs incurred in the mediation and the parties shall share equally the
mediator’s costs and expenses.

(vii) The mediation process shall
be without prejudice and confidential and no information or documents disclosed during it shall be revealed to the Tribunal except to
the extent that they are disclosable under the law and procedure governing the arbitration.

(Note: The parties should be aware
that the mediation process may not necessarily interrupt time limits.) *Subclauses (a), (b), (c) and (d) are alternatives; indicate alternative
agreed in Box 26.

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

 

PART II

BARECON 2017 Standard Bareboat Charter Party

If Box 26 in Part I is not appropriately
filled in, subclause (a) of this Clause shall apply. Subclause (e) shall apply in all cases except for alternative (b).

		34.	Notices

See Clause 73. All notices,
requests and other communications required or permitted by any clause of this Charter Party shall be given in writing and shall be sufficiently
given or transmitted if delivered by hand, email, express courier service or registered mail and addressed if to the Owners as stated
in Box 30 or such other address or email address as the Owners may hereafter designate in writing, and if to the Charterers as stated
in Box 31 or such other address or email address as the Charterers may hereafter designate in writing. Any such communication shall be
deemed to have been given on the date of actual receipt by the party to which it is addressed.

		35.	Partial Validity

See Clause 74. If by reason
of any enactment or judgment any provision of this Charter Party shall be deemed or held to be illegal, void or unenforceable in whole
or in part, all other provisions of this Charter Party shall be unaffected thereby and shall remain in full force and effect.

		36.	Entire Agreement

This Charter and other Operative DocumentsThis
Charter Party is the entire agreement of the parties, which supersedes all previous written or oral understandings and which
may not be modified except by a written amendment signed by both parties.

		37.	Headings

The headings of this Charter Party
are for identification only and shall not be deemed to be part hereof or be taken into consideration in the interpretation or construction
of this Charter Party.

		38.	Singular/Plural

The singular includes the plural and vice
versa as the context admits or requires.

 

 

 

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

 

PART III

BARECON 2017 Standard Bareboat Charter Party

PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY

(OPTIONAL, only applicable if Box 27 has been completed)

		1.	Specifications and Building Contract

		(a)	The Vessel shall be constructed in accordance with the building contract between the Builders
and the Owners including the specifications and plans incorporated therein (“Building Contract”). The Owners shall provide
the Charterers with a copy of the Building Contract to the extent relevant to this Charter Party.

		(b)	No variations shall be made to the Building Contract without the Charterers’ prior written
consent. The Charterers shall be entitled to request change orders in accordance with the Building Contract. Any additional costs or consequences
due to Charterers’ change orders shall be borne by the Charterers.

		(c)	The Owners and the Charterers will liaise and cooperate in all matters regarding the construction
of the Vessel and the Building Contract. The Charterers shall have the right to send their representative to the Builders’ yard
to inspect the Vessel during its construction.

		(d)	The Owners shall assign their guarantee rights under the Building Contract to the Charterers,
if permitted. If not permitted, the Owners shall exercise their guarantee rights against the Builders for the benefit of the Charterers.
The Charterers shall be obliged to accept such sums as the Owners are reasonably able to recover under the guarantee provisions of the
Building Contract.

		2.	Delivery and Cancellation

		(a)	(i) Subject to the provisions of Clause 3 (Liquidated Damages) hereunder, the Charterers shall
be obliged to accept the Vessel from the Owners, constructed and delivered in accordance with the Building Contract and including buyers’
supplies, on the date of delivery by the Builders. The Charterers undertake that having accepted the Vessel they will not thereafter raise
any claims against the Owners in respect of the Vessel’s performance or specification or defects, if any.

(i) The date of delivery for the
purpose of this Charter shall be the date (the “Delivery Date”) when the Vessel is in fact delivered by the Builders to the
Owners in accordance with the Building Contract, whether that is before or after the scheduled delivery date under the Building Contract.
The Owners shall be under no responsibility for any delay whatsoever in delivery of the Vessel to the Charterers under this Charter Party,
except to the extent caused solely by the Owners’ acts or omissions resulting in a default by the Owners under the Building Contract.
The Owners shall be responsible to the Charterers for any direct losses incurred by the Charterers, if the Vessel is not delivered to
the Owners due solely to the Owners’ acts or omissions resulting in a default by the Owners under the Building Contract.

(ii) The Owners and the Charterers
shall on the Delivery Date sign a Protocol of Delivery and Acceptance evidencing delivery of the Vessel hereunder.

		(b)	(i) The Owners’ obligation to charter the Vessel to the Charterers hereunder is conditional
upon delivery of the Vessel to the Owners by the Builders in accordance with the Building Contract.

(ii) If for any reason other than
a default by the Owners under the Building Contract, the Builders become entitled under that Contract not to deliver the Vessel and exercise
that right, the Owners shall be entitled to cancel this Charter Party by written notice to the Charterers.

(iii) If for any reason the Owners
become entitled to cancel the Building Contract and exercise that right, the Owners shall be entitled to cancel this Charter Party by
written notice to the Charterers. If, however, the Owners do not exercise their right to cancel the Building Contract, the Charterers
shall be entitled to cancel this Charter Party by written notice to the Owners.

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

 

PART III

BARECON 2017 Standard Bareboat Charter Party

PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY

(OPTIONAL, only applicable if Box 27 has been completed)

		3.	Liquidated Damages

		(a)	Any liquidated damages for physical defects or deficiencies and any costs incurred in pursuing
a claim therefor shall be credited to the party stated in Box 27(iv) or if not filled in shall be shared equally between the parties.

		(b)	Any liquidated damages for delay in delivery under the Building Contract and any costs incurred
in pursuing a claim therefor shall be credited to the party stated in Box 27(v) or if not filled in shall be shared equally between the
parties.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

 

PART IV

BARECON 2017 Standard Bareboat Charter Party

PURCHASE OPTION

(OPTIONAL, only applicable if Box 28 has been completed)

		1.	The Charterers shall have an option to purchase the Vessel (the “Purchase Option”)
exercisable on each of the dates stated below as follows:

	
    Date (state number of months after delivery
    of the Vessel)

     
	Purchase Price (the “Purchase Option Price”)
	
    (months)

     
	
    (amount and currency)

     

	 	 
	 	 

 

		2.	To exercise their Purchase Option, the Charterers shall notify the Owners in writing not later
than six (6) months prior to the relevant date stated in the table above. Such notification shall not be withdrawn or cancelled.

		3.	If the Charterers exercise their Purchase Option, the ownership of the Vessel shall be transferred
to them on the relevant date. If such date is not a Banking Day, the ownership of the Vessel shall be transferred on the next Banking
Day, on a strictly “as is/where is” basis, at the Charterers’ sole cost and expense.

		4.	The Owners shall obtain and provide the Charterers with such documents and take such actions as
the Charterers may reasonable request to facilitate the sale and the registration of the Vessel under the flag designated by the Charterers.

		5.	The Owners warrant that the Vessel at the time of transfer of ownership shall be free of any of
Owners’ encumbrance or mortgage and that they have not committed any act or omission which would impair title to the Vessel.

		6.	The Owners make no representation or warranty as to the seaworthiness, value, condition, design,
merchantability or operation of the Vessel, or as to the quality of the material, equipment or workmanship in the Vessel, or as to the
fitness of the Vessel for any particular trade.

		7.	In exchange for the transfer of ownership of the Vessel, the Charterers shall pay the Purchase
Option Price to the bank account nominated by the Owners together with any unpaid charter hire and other amounts due and payable under
this Charter Party.

		8.	Upon payment and transfer of ownership in accordance with Clause 7 above, this Charter Party and
all rights and obligations of the parties shall terminate without prejudice to all rights accrued due between the parties prior to the
date of termination and any claim that either party might have.

 

 

 

 

 

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

 

PART V

BARECON 2017 Standard Bareboat Charter Party

PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER REGISTRY

(OPTIONAL, only to apply if expressly agreed and stated in Box 29)

		1.	Definitions 

“Bareboat Charter Registry”
shall mean the registry stated in Box 29(ii) whose flag the Vessel will fly and in which the Charterers are registered as the bareboat
charterers during the period of this Charter Party.

“Underlying Registry”
shall mean the registry stated in Box 29(i) in which the Owners of the Vessel are registered as Owners and to which jurisdiction and control
of the Vessel will revert upon termination of the Bareboat Charter registration.

		2.	The Owners have agreed to and the Charterers shall arrange for the Vessel to be registered under
the Bareboat Charter Registry. The Charterers shall be responsible for all costs thereof.

		3.	Upon termination of this Charter Party for any reason whatsoever the Charterers shall immediately
arrange for the deletion of the Vessel from the Bareboat Registry.

		4.	In the event of the Vessel being deleted from the Bareboat Charter Registry due to any default
by the Owners, the Charterers shall have the right to terminate this Charter forthwith and without prejudice to any other claim they may
have against the Owners under this Charter Party.

 

 

 

 

 

 

 

 

 

 

Copyright © 2017 BIMCO. All rights reserved.
Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated
and revised in 1989. Revised 2001 and 2017.

    	 

    	 

    

NML VIOLETTA INC.

(AS LESSOR)

AND

GSL VIOLETTA LLC

(AS LESSEE)

__________________________________________________________________

ADDITIONAL CLAUSES TO THE “BARECON 2017”
FORM BAREBOAT CHARTER

DATED 12 MAY 2021

IN RESPECT OF

M.V. “GSL VIOLETTA”

__________________________________________________________________

 

    	 

    	 

    

 

CONTENTS

	Clause	Page

 

 

	39	Definitions and Interpretation	1
	40	Charter of Vessel 	17
	41	Delivery of Vessel 	18
	42	Conditions Precedent	18
	43	Extent of Lessors liability	20
	44	Rent, payments and calculations 	20
	45	Costs and Expenses	23
	46	Accounts 	23
	47	Indemnities	24
	48	Taxes	27
	49	Illegality 	28
	50	Increased Costs 	30
	51	Representations 	33
	52	General Undertakings 	38
	53	Financial covenants	43
	54	Business Restrictions 	44
	55	Use and Employment 	47
	56	Maintenance and Operation	49
	57	Title and Registration	54
	58	Insurance	56
	59	Asset Coverage Threshold	62
	60	Risk, Total Loss and Damage	 63
	61	Requisition 	64
	62	Redelivery 	65
	63	Termination Events	66
	64	Purchase Option and Purchase Obligation 	70
	65	Purchase of Vessel by Lessee 	71
	66	Rights following a Termination Event	72
	67	Application of Proceeds	74
	68	Transfer of title 	75
	69	Substitute Performance 	76
	70	Further Assurances	76
	71	Assignment 	76
	72	Disclosure of Information	77
	73	Notices 	77
	74	Partial Invalidity	79
	75	Remedies and Waivers	79
	76	Amendments and Waivers 	79
	77	Contractual Recognition of Bail-In 	79

 

    	 

    	 

    

 

 

	78	Replacement of Screen Rate	81
	79	Counterparts	83
	80	Time of the Essence	83
	81	Governing Law	83
	82	Survival of Terms 	83
	83	Enforcement	83
	Schedule 1 Conditions Precedent	85
	Schedule 2 Form of Acceptance Certificate 	91
	Schedule 3 Payment Schedule 	93
	Schedule 4 Form of Compliance Certificate	94

 

 

    	 

    	 

    

		39	Definitions and Interpretation

		39.1	Definitions

In this Charter:

“Acceptance Certificate”
means a certificate substantially in the form set out in Schedule 2 (Form of Acceptance Certificate).

“Account” means any
bank account, deposit or certificate of deposit opened, made or established in accordance with Clause 46 (Accounts).

“Account Bank” means
CIT Bank, N.A. of 11 West 42nd Street, 12th Floor, New York, NY 10036 or such other third party bank acceptable to the Lessor.

“Account Security” means,
in relation to an Account, a deed or other instrument executed by the Lessee in favour of the Lessor in an agreed form conferring a Lien
over such Account.

“Administration Fee” means
the fee set out in Clause 44.1 (Fees).

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

“After Tax Basis” means,
with respect to any payment to be made by any Relevant Party or any Manager under any Operative Document, an amount which (after deduction
of any Taxes for which the Relevant Party or any Manager is responsible) is equal to the payment due to be received by the recipient had
no such Taxes been imposed.

“Anti-Money Laundering Laws”
means all applicable financial record-keeping and reporting requirements, anti-money laundering statutes (including all applicable
rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including
and without limitation, the United States of America, the European Union and the United Kingdom and which in each case are (a) issued,
administered or enforced by any governmental agency having jurisdiction over any Relevant Party or any Manager or the Lessor; (b) of any
jurisdiction in which any Relevant Party or any Manager or the Lessors conduct business; or (c) to which any Relevant Parties or the Lessor
is subjected or subject to.

“Approved Brokers” means
any firm of insurance brokers appointed by the Lessee, as may from time to time be approved in writing by the Lessor (such approval not
be unreasonably withheld).

“Approved Valuer” means
Kontiki Shipbrokers Ltd., Maersk Brokers K/S, Barry Rogliano Salles, Howe Robinson Partners or such other first class shipbrokers who
are members of the Institute of Chartered Shipbrokers (or, in each case, any Affiliate of such shipbrokers through which valuations are
commonly issued) as may be mutually agreed by the Lessee and the Lessor.

“Arrangement Fee” means
the fee set out in Clause 44.1 (Fees).

“Asset Coverage Threshold”
has the meaning given to it in Clause 59 (Asset Coverage Threshold).

“Auditors” means PriceWaterhouseCooper
or such other reputable international firm of accountants approved by the Lessor.

“Authorisation” means:

		(a)	an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, lodgement or
registration; or

		(b)	in relation to anything which will be fully or partly prohibited or restricted by law if a Governmental
Agency intervenes or acts in any way within a specified period after lodgement, filing, registration or notification, the expiry of that
period without intervention or action.

    	 	1	 

    	 

    

 

“Balloon Rental” means
an amount in Dollars equal to the lesser of (1) 6.45% of the Purchase Price and (ii) $950,000, as may be reduced from time to time in
accordance with the terms of this Charter and payable on the last Payment Date as set out in the relevant Payment Schedule.

“Base Rate” means 3
months LIBOR.

“Bill of Sale” has the
meaning given to it in the Memorandum of Agreement.

“Break Costs” means
the amount (if any) of all Losses incurred by the Lessor (other than the margin or any other early termination costs payable by the Lessor
to the Finance Parties pursuant to the Facility Agreement) in liquidating, prepaying or redeploying funds borrowed, contracted for, or
utilised to fund the Lessor in connection with its payment of the Purchase Price or acquisition of the Vessel and the Memorandum of Agreement
or the charter of the Vessel under this Charter being terminated, rescinded, cancelled or repudiated on a date which is not a Payment
Date.

“Business Day” means
a day (other than a Saturday or Sunday):

		(a)	in relation to a Quotation Day, on which banks and the relevant financial markets are open for general
business in Athens, London and New York City;

		(b)	in relation to any date for payment of amounts under the Operative Documents, on which commercial banks
and the relevant financial markets are open for general business in Athens, Los Angeles, London and New York City and the principal financial
centre of the country of the currency of payment; and

		(c)	in relation to any other matter, on which commercial banks are open for general business in Athens, London
and New York City.

“BWTS Works” means the
machinery and equipment (including those relating to its installation) comprising the ballast water treatment systems for the Vessel and
all the works relating to the engineering, commissioning and testing of such systems.

“Change of Control” means:

		(a)	Mr. George Giouroukos ceases to own (either directly or indirectly) a number of shares in the Guarantor
which is at least equal to the Minimum Number of Shares, other than by reason of death or other incapacity in managing his affairs; or

		(b)	Mr. George Giouroukos ceases to be the Executive Chairman of (or (in the Lessor’s opinion) to hold
an equivalent executive officer position in) the Guarantor other than by reason of his death or other incapacity in managing his affairs;
or

		(c)	any person or group of persons acting in concert own more than 35 per cent. of the shares in the Guarantor,
unless such person or group of persons owned such shares on the date of the completion of the Merger.

“Classification Society”
means the classification society named in Box 10, Part I or such other classification society being a member of IACS as may be approved
by the Lessor from time to time (such approval to be deemed granted for American Bureau of Shipping, Bureau Veritas, DNV.GL and R.I.NA.).

“Charter Period” means
the period from the Delivery Date until the Expiry Date unless otherwise terminated, cancelled or rescinded earlier in accordance with
the terms of this Charter.

“Code” means the US
Internal Revenue Code of 1986.

“Commercial Manager” means
the Initial Commercial Manager or such other company being an experienced and reputable commercial ship management company as shall be
approved in writing by the Lessor (such approval not to be unreasonably withheld or delayed) to carry out the commercial management of
the Vessel.

    	 	2	 

    	 

    

 

“Cut-off Date” means
31 May 2021 or such other date as the Lessor and the Lessee may agree in writing.

“Creditor Party” means
each of the Lessor, any Receiver or Delegate and “Creditor Parties” means together all or any of them.

“Delegate” means any
delegate, agent, attorney or Receiver appointed by the Lessor under any of the Operative Documents.

“DSRA Account” means
the debt service reserve account of the Lessee opened and maintained, or as the context may require, to be opened by the Lessee with the
Account Bank with the account number listed in the schedule to the relevant Account Security.

“DSRA Period” has the
meaning given to it in paragraph (b) of Clause 46.2 (Payments of Earnings etc)

“Default Rate” means
the percentage rate per annum which is 2% per annum over the Floating Rate.

“Delivery” means the
time when:

		(a)	the Lessor shall obtain title to the Vessel under the Memorandum of Agreement; and

		(b)	the Lessee shall accept delivery of the Vessel under this Charter.

“Delivery Date” means
the date on which Delivery occurs.

“Dollars” and “$”
mean the lawful currency of the United States of America.

“Early Termination Event”
means any event or circumstance described in Clause 49 (Illegality) or Clause 50 (Increased Costs).

“Earnings” means:

		(a)	all moneys from time to time due or payable to the Lessee during the Charter Period arising out of the
use or operation of the Vessel, including:

		(i)	all freight and hire, including (without limitation) payments of any nature under any charter, contract
or other agreement for the employment, use, possession and/or operation of the Vessel;

		(ii)	compensation payable to the Lessee in the event of requisition of the Vessel for hire (including any other
compensation for the use of the Vessel by any government authority or other competent authority), remuneration for salvage and towage
services, demurrage and detention moneys and other services performed by the Vessel; and

		(iii)	any compensation or other damages for breach (or payments for variation or termination) of any charterparty
or other contract for the employment of the Vessel; and

		(b)	any sums recoverable under any loss of earnings insurances.

“Environmental Authorisation”
means any Authorisation required at any time under Environmental Law.

“Environmental Claims” means
any claim in connection with any violation of an Environmental Law or Environmental Authorisation which is likely to give rise to any
material liability on the part of the Lessee or any Manager.

    	 	3	 

    	 

    

 

“Environmental Incident”
means any Spill:

		(a)	from the Vessel; or

		(b)	from any other vessel in circumstances where:

		(i)	the Vessel or the Lessee or any Manager may (in the opinion of the Lessee, having made due enquiry) be
liable for Environmental Claims arising from the Spill; and/or

		(ii)	the Vessel may (in the opinion of the Lessee, having made due enquiry) be arrested or attached in connection
with any such Environmental Claim.

“Environmental Law” means
any environmental law, regulation or direction having the force of law in any jurisdiction applicable to the Lessee and/or the relevant
Manager and/or the Vessel.

“EU Ship Recycling Regulation”
means Regulation (EU) No 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling and amending
Regulation (EC) No 1013/2006 and Directive 2009/16/EC (Text with EEA relevance).

“Expiry Date” means
the date falling fifty seven (57) months after the Delivery Date.

“Facility Agreement” means
the facility agreement entered into or to be entered into between the Lessor and the Finance Parties for financing or refinancing of the
acquisition cost of the Vessel.

“Fair Market Value” has
the meaning given to it in paragraph (a) of Clause 59.1 (Valuations).

“Fair Market Value at Closing”
has the meaning given to it in paragraph (a) of Clause 59.1 (Valuations).

“FATCA” means:

		(a)	sections 1471 to 1474 of the Code or any associated regulations;

		(b)	any treaty, law or regulation of any other jurisdiction or relating to an inter-governmental agreement
between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to
in paragraph (a) above; or

		(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

“FATCA Deduction” means
a deduction or withholding from a payment under an Operative Document required by FATCA.

“FATCA Exempt Party” means
a Party that is entitled to receive payments free from any FATCA Deduction.

“Fee Letter” means any
letter dated on or about the date of this Charter between the Lessee and the Lessor setting out any of the fees referred to in Clause
44.1 (Fees).

“Finance Documents” means:

		(a)	the Facility Agreement; and

		(b)	any document granted in favour of any Finance Party as security for the loan made pursuant to the terms
of the Facility Agreement or any part of it whether at the time such loan is drawn or subsequently,

and “Finance
Document” means any of them.

    	 	4	 

    	 

    

 

“Finance Parties” has
the meaning given to it in the Facility Agreement.

“Financial Indebtedness”
means any indebtedness for or in respect of:

		(a)	moneys borrowed and debit balances at banks or other financial institutions;

		(b)	any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent);

		(c)	any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

		(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance
with GAAP, be treated as a balance sheet liability;

		(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse
basis);

		(f)	any derivative transaction entered into in connection with protection against or benefit from fluctuation
in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual
amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account);

		(g)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter
of credit or any other instrument issued by a bank or financial institution;

		(h)	any amount raised by the issue of redeemable shares (other than at the option of the issuer) before the
final Payment Date or are otherwise classified as borrowings under GAAP;

		(i)	any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary
reasons behind the entry into this agreement is to raise finance or (ii) the agreement is in respect of the supply of assets or services
and payment is due more than 180 days after the date of supply;

		(j)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back
or sale and leaseback agreement) of a type not referred to in any other paragraph of this definition having the commercial effect of a
borrowing or otherwise classified as borrowings under GAAP; and

		(k)	(without double counting) the amount of any liability in respect of any guarantee or indemnity for any
of the items referred to in paragraphs (a) to (i) above.

“Fixed Rent” means,
in respect of a Payment Date, the amount in Dollars being:

		(a)	$793,866 each, in respect of the first 15 Payment Dates; and

		(b)	$469,129 each, in respect of the sixteenth (16th) to the nineteenth (19th) Repayment Date,

as each such amount may be reduced pro
rata to the extent the Purchase Price is less than $14,734.500 and/or by any prepayment under Clause 59.2 (Security Coverage Ratio)
and as more particularly set out originally in the Acceptance Certificate and the fifth (5th) column of the relevant Payment Schedule.

“Flag State” means the
Republic of Liberia or such other state as the Lessee shall nominate and shall be approved by the Lessor in writing (such consent not
be unreasonably withheld).

“Floating Rate” means
the percentage rate per annum which is the aggregate of (i) the Base Rate applicable on the relevant Quotation Day and (ii) the Margin.

“GAAP” means generally
accepted accounting principles in the United States of America.

    	 	5	 

    	 

    

 

“General Assignment” means
the Lessee’s assignment entered into or to be entered into between the Lessee and the Lessor, in respect of, amongst other things:

		(a)	the Insurances;

		(b)	the Requisition Compensation;

		(c)	the Earnings;

		(d)	the Sub-Charter 1; and

		(e)	the Sub-Charter 2 or any Replacement Sub-Charter.

“Governmental Agency” means
any government or any governmental agency, semi-governmental or judicial entity or authority (including any stock exchange or any self-regulatory
organisation established under statute).

“Group” means the Guarantor
and its Subsidiaries for the time being.

“Group Member” means
any member of the Group.

“Guarantee” means a
guarantee of the Lessee’s or any other Relevant Party’s payment and performance obligations under any Operative Document to
be executed by the Guarantor in favour of the Lessor.

“Guarantor” means Global
Ship Lease, Inc., a corporation organised and existing under the laws of the Marshall Islands, having its registered business address
at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

“Holding Company” means,
in relation to a person, any other person in respect of which it is a Subsidiary.

“Increased Costs” has
the meaning ascribed to it in Clause 50.1 (Increased Costs). 

“Indemnitee” means:

		(a)	the Lessor, each Receiver, any Delegate and any attorney, agent or other person appointed by them under
the Operative Documents;

		(b)	each Affiliate of those persons; and

		(c)	any officers, directors, employees, advisers, representatives or agents of any of the above persons.

“Initial Commercial Manager”
means Conchart Commercial Inc., a corporation organised and existing under the laws of the Marshall Islands with its registered office
at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

“Initial Technical Manager”
means Technomar Shipping Inc., a corporation organised and existing under the laws of Liberia with its registered office at 80 Broad
street, Monrovia, Liberia.

“Insurance Proceeds” means
any amounts payable in consequence of a claim under any of the Insurances.

“Insurances” means,
in relation to the Vessel:

		(a)	all policies and contracts of insurance; and

		(b)	all entries in a protection and indemnity or war risks or other mutual insurance association,

    	 	6	 

    	 

    

 

in the name of the Lessee or the joint
names of the Lessee and any other person in respect of or in connection with the Vessel and/or (if applicable) its Earnings and includes
al► benefits thereof (including the right to receive claims and to return of premiums).

“Interpolated Screen Rate”
means the rate (rounded to the same number of decimal places as the two (2) relevant Screen Rates) which results from interpolating
on a linear basis between (i) the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less
than the relevant period between one Payment Date and the next (or such other period as may be selected by the Lessor pursuant to Clause
44.8 (Default Interest)) and (ii) the applicable Screen Rate for the shortest period (for which that Screen Rate is available)
which exceeds the relevant period between one Payment Date and the next (or such other period as may be selected by the Lessor pursuant
to Clause 44.8 (Default Interest).

“Inventory of Hazardous Material”
means a statement of compliance issued by a classification society being a member of 1ACS and which includes a list of any and all
materials known to be potentially hazardous utilised in the construction of Vessel and which also may be referred to as a List of Hazardous
Material.

“ISM Code” means the
International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention constituted pursuant to Resolution A.741(18)
(as amended by MSC 104(73) and A.913(22) (superseding A.788(19) of the International Maritime Organisation and incorporated into the Safety
of Life at Sea Convention 1974, and includes any extensions of it and any regulations issued under it, as the same may be amended, supplemented
or superseded from time to time.

“ISSC” means a valid
and current International Ship Security Certificate issued under the 1SPS Code.

“ISPS Code” means the
International Ship and Port Facility Security Code of the International Maritime Organisation incorporated into the Safety of Life at
Sea Convention 1974 and includes any amendments or extensions of it and any regulation issued pursuant to it, as the same may be amended,
supplemented or superseded from time to time.

“Legal Reservations” means:

		(a)	the principle that equitable remedies may be granted or refused at the discretion of a court and
the limitation of enforcement by laws relating to insolvency, reorganisation and any other laws generally affecting the rights of creditors;

		(b)	the time barring of claims under the Limitation Act 1980, and the Foreign Limitation Periods Act 1984
the possibility that an undertaking to assume liability for, or indemnify a person against, non-payment of UK stamp duty may be void and
defences of set-off or counterclaim; and

		(c)	similar principles, rights and defences under the laws of any Relevant Jurisdiction.

“Lessor Account Bank” means
CIT Bank, N.A. of 11 West 42nd Street, 12th Floor, New York, NY 10036 or any other bank or financial institution with which the Payment
Account is at any time held.

“Letter of Quiet Enjoyment A”
means a letter to be delivered by the Security Agent to the Lessee in accordance with Clause 57.6 (Mortgage and Letter of Quiet
Enjoyment) hereof, which, for the avoidance of any doubt, shall include step-in rights in favour of the Security Agent.

“Letter of Quiet Enjoyment B”
means a letter to be delivered by the Lessor to the Sub-Charterer 1 and the Lessee, which, for the avoidance of doubt, shall include
step-in rights in favour of the Lessor and shall be in the form included as Exhibit 1 under clause 43 (Quiet Enjoyment) of the
Sub-Charter 1.

“LIBOR” means, in relation
to any amount denominated in any currency and subject to the provisions of Clause 44.6 (Unavailability of LIBOR):

		(a)	the applicable Screen Rate for a period of three months or such other period equal in length to the relevant
period; or

    	 	7	 

    	 

    

 

		(b)	(if no Screen Rate is available for LIBOR for the relevant period between one Payment Date and the next
Payment Date or such other period as may be selected by the Lessor pursuant to Clause 44.8 (Default Interest)), the Interpolated
Screen Rate,

in each case, as of 11.00 a.m. (London
time) on the relevant Quotation Day for the offering of deposits in the relevant currency and for a period comparable to the relevant
period and if any such rate is less than zero LIBOR will be deemed to be zero.

“Lien” means any mortgage,
charge (whether fixed or floating), pledge, lien, encumbrance, hypothecation, assignment or security interest of any kind securing any
obligation of any person or any type of preferential arrangement (including, without limitation, conditional sale, title transfer and/or
retention arrangements having a similar effect), in each case howsoever arising.

“Losses” means each
and every liability, loss, charge, claim, demand, action, proceeding, damage, judgment, order or other sanction, enforcement, penalty,
fine, fee, commission, interest, lien, salvage, general average, cost and expense of whatsoever nature suffered or incurred by or imposed
on any relevant person, which for the avoidance of doubt, excludes any loss of profit and other consequential or indirect losses of any
nature (but does not exclude any interest or default interest payable under this Charter or any other Operative Document) unless expressly
set out in this Charter or any other Operative Document.

“Maersk Contract” has
the meaning given to it in the Memorandum of Agreement.

“Major Casualty” means
any casualty to the Vessel for which the total insurance claim, inclusive of any deductible, exceeds or may exceed the Major Casualty
Amount.

“Major Casualty Amount”
means $1,000,000.

“Management Agreement” means
any ship management agreement entered or to be entered into between the Lessee and a Manager.

“Manager” means the
Commercial Manager or the Technical Manager and “Managers” means together both of them.

“Manager’s Undertaking”
means any manager’s undertaking executed or to be executed by a Manager in favour of the Lessor, being in such form as the Lessor
may agree.

“Manuals and Technical Records”
means all such records, logs, manuals, handbooks, technical data, drawings, and other materials and documents relating to the Vessel
which are required to be maintained in accordance with Clause 56.13 (Manuals and Technical Records).

“MARPOL” means the International
Convention for the Prevention of Pollution from Ships 1973 (as modified in 1978 and 1997) and includes any extensions of it and any regulation
issued pursuant to it as the same may be supplemented or superseded from time to time.

“Margin” means four
point six four per cent. (4.64%) per annum.

“Material Adverse Effect”
means, in the reasonable opinion of the Lessor, a material adverse effect on:

		(a)	the business and financial condition of any Relevant Party which affects the ability of any Relevant Party
to perform its obligations under the Operative Documents to which it is a party;

		(b)	the validity, legality or enforceability of any Operative Document or the rights or remedies of any Relevant
Party under any Operative Documents; or

		(c)	the validity, legality or enforceability of any Lien expressed to be created under any Security Document
or the priority and ranking of any of such Security Document.

    	 	8	 

    	 

    

 

Memorandum of Agreement” means
the memorandum of agreement dated as of the date of this Charter, together with all addenda, amendments and supplements to it, made between
the Lessee, as seller and the Lessor, as buyer in respect of the Vessel.

“Merger” means the merger
involving the Guarantor and Poseidon Container Holdings LLC completed on 15 November 2018 and as a result of which the Guarantor was the
surviving entity.

“Minimum Number of Shares”
means, at any time, the number of shares in the Guarantor being equal to 50 per cent. of the number of shares in the Guarantor held
by Mr. George Giouroukos (directly or indirectly through one or more affiliates) on the date of completion of the Merger, as such number
may have:

		(a)	increased by means of any share split of the share capital of the Guarantor; or

		(b)	decreased by any reverse split of the share capital of the Guarantor,

in each case, any such
split having occurred since the date of completion of the Merger.

“Mortgage” means the
first priority (or first preferred, as the case may be) ship mortgage in respect of the Vessel and any deed of covenants collateral thereto
executed or to be executed by the Lessor as security for the Lessor’s obligations under the Finance Documents.

“Operating Account” means
the operating account of the Lessee opened and maintained, or as the context may require, to be opened by the Lessee with the Account
Bank with the account number listed in the schedule to the relevant Account Security.

“Operative Documents” means:

		(a)	this Charter (together with the Acceptance Certificate);

		(b)	the Memorandum of Agreement (together with the Bill of Sale);

		(c)	the Guarantee;

		(d)	the Security Documents;

		(e)	the Fee Letter;

		(f)	the Letter of Quiet Enjoyment B;

		(g)	any other document, instrument or agreement which is agreed in writing by the Lessor and the Lessee to
be an Operative Document; and

		(h)	any and all certificates, notices and acknowledgements (including in respect of the Insurances)
entered or to the be entered into pursuant to any of the documents referred in the preceding sub-clauses of this definition,

and “Operative
Document” means any of them.

“Original Financial Statements”
means the audited consolidated financial statements of the Guarantor with respect to the year ending 31 December 2020.

“Outstanding Charter Hire Principal”
means, at the relevant time:

		(a)	on the Delivery Date, the Purchase Price; and

		(b)	on any other date after the Delivery Date, an amount equivalent to the Purchase Price as reduced by each
instalment of Fixed Rent and, if applicable, the Balloon Rental which has been paid or prepaid by the Lessee by that time,

    	 	9	 

    	 

    

 

and as more specifically set out in the
sixth (61 column of the Payment Schedule at the time.

“Outstanding Indebtedness”
means the aggregate of all sums of money from time to time owing by the Lessee to the Lessor whether actually or contingently, present
or future, under this Charter and the other Operative Documents or any of them.

“Party” means a party
to this Charter.

“Payment Account” means
the account (or any sub-account or sub-division thereof) as notified by the Lessor to the Lessee (and any renewal or re-designation thereof)
maintained with the Lessor Account Bank by the Lessor, details of which will be notified in writing to the Lessee by the Lessor.

“Payment Date” means,
subject to Clause 44.7 (Business Days), in relation to the payment of Rent, (1) the date falling three (3) months after
the Delivery Date, (ii) each of the other dates falling at intervals of three (3) months thereafter and (iii) the Expiry Date, in each
case, as more particularly described in the second (2nd) column of the relevant Payment Schedule.

“Payment Schedule” means
the payment schedule set out in Schedule 3 (Payment Schedule) as may be replaced from time to time in accordance with paragraph
(e) of Clause 44.2 (Rent) or in accordance with Clause 59.2 (Security Coverage Ratio).

“Permitted Liens” means:

		(a)	any Liens created by the Operative Documents;

		(b)	any Liens created by the Finance Documents;

		(c)	unless a Termination Event is continuing, any ship repairer’s or outfitter’s possessory lien
in respect of the Vessel for an amount not exceeding the Major Casualty Amount;

		(d)	any lien on the Vessel for master’s, officer’s or crew’s wages outstanding in the ordinary
course of its trading;

		(e)	any lien on the Vessel for salvage; and any other lien arising by operation of law or otherwise in the
ordinary course of the operation, repair or maintenance of a Vessel provided such liens:

		(i)	are not being enforced through arrest; and

		(ii)	are subject, in the case of liens for repair or maintenance, to Clause 56.4 (Repairer’s liens).

“Pollutant” means and
includes oil and its products, any other polluting, toxic or hazardous substance and any other substance whose release into the environment
is regulated or penalised by Environmental Laws.

“Potential Termination Event”
means any event or circumstance specified in Clause 63 (Termination Events) which, with the expiry of a grace period, the giving
of notice or fulfilment of any other relevant condition (or any combination of any of the foregoing) is likely to become a Termination
Event.

“Protocol of Delivery and Acceptance”
has the meaning given to it in the Memorandum of Agreement.

    	 	10	 

    	 

    

 

“Prepayment Fee” means,
in relation to the relevant Purchase Option Date, Termination Sum Payment Date or the date this Charter is terminated by the Lessee pursuant
to Clause 50.3(d) (as applicable):

		(a)	two per cent. (2%) of the amount by which the Outstanding Charter Hire Principal as at that date exceeds
the amount of the outstanding indebtedness of the Lessor under the Facility Agreement as at that date, if that date falls on a day which
is between the first Payment Date and 30 November 2022 (both dates inclusive); or

		(b)	one per cent. (1%) of the amount by which the Outstanding Charter Hire Principal as at that date exceeds
the amount of the outstanding indebtedness of the Lessor under the Facility Agreement as at that date, if that date falls on a day which
is between 1 December 2022 and 30 November 2023 (both dates inclusive).

“Purchase Obligation” means
the obligation of the Lessee to purchase the Vessel on the Purchase Obligation Date, as detailed in Clause 64.3 (Purchase Obligation).

“Purchase Obligation Date”
means the earlier of:

		(a)	the date the Sub-Charter 2 terminates (including by effluxion of time) or is cancelled, rescinded or frustrated
for any reason whatsoever provided that the Vessel is not immediately thereafter delivered by the Lessee to the Sub-Charterer 1
in order to commence service under the Sub-Charter 1;

		(b)	

		(i)	before the commencement of the Sub-Charter 1, the date the Sub-Charter 1 terminates (including by effluxion
of time) or is cancelled, rescinded or frustrated for any reason whatsoever; or

		(ii)	after the commencement of the Sub-Charter 1, the date falling on the earlier of:

		(A)	60 days after the Sub-Charter 1 terminates (including by effluxion of time) or is
cancelled, rescinded or frustrated for any reason whatsoever, provided the Vessel has not been delivered for service under any Replacement
Sub-Charter during such period of 60 days; and/or

		(B)	the date any Replacement Sub-Charter terminates (including by effluxion of time)
or is cancelled, rescinded or frustrated for any reason whatsoever;

		(c)	the date on which a Change of Control occurs; and

		(d)	the Expiry Date.

“Purchase Obligation Price”
has the meaning given to it under Clause 64.3 (Purchase Obligation). 

“Purchase Option” has
the meaning given to it in Clause 64.2 (Purchase Option Price). 

“Purchase Option Price”
has the meaning given to it in Clause 64.2 (Purchase Option Price). 

“Purchase Option Date” has
the meaning given to it in Clause 64.2 (Purchase Option Price). 

“Purchase Price” has
the meaning given to it in the Memorandum of Agreement.

“Quotation Day” means,
in relation to any period for which an interest rate is to be determined, two (2) Business Days before the first day of that period, unless
market practice differs in the London interbank market for a currency, in which case the Quotation Day for that currency will be determined
by the Lessor in accordance with market practice in the London interbank market (and if quotations would normally be given on more than
one day, the Quotation Day will be the last of those days).

    	 	11	 

    	 

    

 

“Receiver” means a receiver
or receiver and manager or administrative receiver of the whole or any part of the Secured Property, appointed by the Lessor under any
of the Operative Documents.

“Relevant Party” means
a party to the Operative Documents (other than the Lessor, any Manager and any Sub-Charterer) and “Relevant Parties” means
together all or any of them.

“Rent” means, in respect
of a Payment Date, the amount in Dollars payable by the Lessee pursuant to Clause 44.2 (Rent) on that Payment Date, comprising
an instalment of Fixed Rent (and including, in the case of the last Payment Date only, the Balloon Rental) and a payment of the applicable
Variable Rent calculated in accordance with Clause 44.9 (Calculation of the Variable Rent and interest).

“Replacement Sub-Charter”
means, in the event that the Sub-Charter 1 is terminated, cancelled, rescinded or frustrated for any reason whatsoever, a charter
that replaces Sub-Charter 1 and satisfies all of the following conditions:

		(a)	it has a fixed term charter period and optional extensions thereof at least equal to the fixed term charter
period which remained and the optional extensions which existed under the Sub-Charter 1 at the time of its termination, cancellation,
rescission or frustration (minus the days elapsed between the time of such termination, cancellation, rescission or frustration and the
date the Vessel enters into service under the Replacement Sub-Charter);

		(b)	it is entered into by the Lessee with a Replacement Sub-Charterer; and

		(c)	it provides for a minimum net daily rate of hire payable by the Replacement Sub-Charterer which equals
or exceeds the relevant net daily rate that was to be payable under the Sub-Charter 1 during the said remaining fixed term charter period
and (as applicable) during the relevant option extensions thereof (had they been exercised by the Sub-Charterer 1).

“Replacement Sub-Charterer”
means a charterer acceptable to the Lessor (such acceptance not to be unreasonably withheld or delayed).

“Requisition” means:

		(a)	any expropriation, confiscation, requisition or acquisition of the Vessel whether for full consideration,
a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government
or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition
for hire for a fixed period not exceeding one year without any right to an extension) unless it is within 30 days redelivered to the full
control of the Lessee; and

		(b)	any capture or seizure of the Vessel (including any hijacking or theft) unless it is within 30 days redelivered
to the full control of the Lessee.

“Requisition Compensation”
includes all compensation or other moneys payable by reason of any Requisition or any arrest or detention of the Vessel in the exercise
or purported exercise of any lien or claim.

“Restricted Person” means
a person that is:

		(a)	listed on, or owned or controlled by a person listed on any Sanctions List;

		(b)	located in, incorporated under the laws of, or owned or controlled by, or acting on behalf of, a person
located in or organised under the laws of a Sanctioned Country; or

		(c)	otherwise a target of Sanctions.

“Sanctioned Country” means
a country or territory that is the subject or the target of Sanctions (currently, Cuba, Iran, North Korea, Syria and Crimea).

    	 	12	 

    	 

    

 

“Sanctions’ means any
trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by a Sanctions
Authority.

“Sanctions Authority” means:

		(a)	the Security Council of the United Nations;

		(b)	the United States of America;

		(c)	the United Kingdom;

		(d)	the European Union;

		(e)	any member state of the European Union;

		(f)	any country with respect to which any Group Member or an Approved Manager is organised or resident, or
has material (financial or otherwise) interests or operations; and

		(g)	the governments and official institutions or agencies of any of the foregoing paragraphs, including without
limitation the U.S. Office of Foreign Asset Control (“OFAC”), the U.S. Department of State, and Her Majesty’s
Treasury (“HMT”).

“Sanctions List” means
the Specially Designated Nationals and Blocked Persons list maintained by OFAC, the Consolidated List of Financial Sanctions Targets maintained
by HMT, or any similar list maintained by, or public announcement of a Sanctions designation made by, a Sanctions Authority, each as amended,
supplemented or substituted from time to time.

“Scheduled Delivery Date”
has the meaning given to it in the Memorandum of Agreement.

“Screen Rate” means,
in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which
takes over the administration of that rate) for dollars and the relevant period displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters
screen (or any replacement Thomson Reuters page which displays that rate), or on the appropriate page of such other information service
which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Lessor may
specify another page or service displaying the relevant rate after consultation with the Lessee.

“Secured Property” means
those assets of the Relevant Parties which from time to time are, or are expressed to be, subject to a Lien created or expressed to be
created in favour of the Lessor pursuant to the Security Documents.

“Security Agent” means
the person as defined in the Facility Agreement as security agent or trustee for the Finance Parties.

“Security Coverage Ratio”
means at any relevant time, the ratio of (i) the Fair Market Value of the Vessel to (ii) the Outstanding Charter Hire Principal, in
each case, at that time.

“Security Documents” means:

		(a)	the General Assignment;

		(b)	the Account Security in relation to each Account;

		(c)	the Share Pledge;

		(d)	any Manager’s Undertaking;

		(e)	any Subordination Deed; and

		(f)	any other document designated as such by the Lessor and the Lessee.

    	 	13	 

    	 

    

 

“Share Pledge” means
the first priority pledge by the Guarantor in respect of all the membership interests in the Lessee executed or to be executed by the
Guarantor in favour of the Lessor.

“Spill” means any actual
emission, spill, release or discharge of a Pollutant into the environment.

“Sub-Charter” means
any of:

		(a)	the Sub-Charter 1; and

		(b)	the Sub-Charter 2 or any Replacement Sub-Charter.

“Sub-Charter 1” means
the time charter dated 19 March 2021 (as may be amended, supplemented and/or novated from time to time) in respect of the Vessel and made
between the Lessee, as disponent owner and the Sub-Charterer 1 as time charterer.

“Sub-Charter 2” means
the time charter dated 20 October 2020 (as may be amended, supplemented and/or novated from time to time) in respect of the Vessel and
made between the Lessee, as disponent owner and the Sub-Charterer 2 as time charterer.

“Sub-Charterer” means:

		(a)	the Sub-Charterer 1; or

		(b)	the Sub-Charterer 2; or

		(c)	any Replacement Sub-Charterer.

“Sub-Charterer 1” means
Maersk A/S, of 50 Esplanaden, DK-1263. Copenhagen, Denmark.

“Sub-Charterer 2” means
Wan Hai Lines (Singapore) Pte. Ltd., of Singapore.

“Subordination Deed” means
a subordination deed that may be required by Clause 54.5 (Subordination).

“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 (or, as the case may be, membership
interest) such person is beneficially entitled to receive more than 50 per cent.

“Tax” means any tax,
levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any
failure to pay or any delay in paying any of the same) and “Taxation” shall be construed accordingly.

“Tax Deduction” means
a deduction or withholding for or on account of Tax from a payment required to be made by any Relevant Party or any Manager to the Lessor
under an Operative Document, other than a FATCA Deduction.

“Tax indemnitee” has
the meaning given to it in Clause 48.2 (Tax indemnity).

“Tax Payment” means
an increased payment made by the Lessee to a Tax lndemnitee under Clause 48.1 (Withholding Taxes) or a payment under Clause 48.2
(Tax indemnity).

“Technical Manager” means
the Initial Technical Manager or such other company being an experienced and reputable technical ship management company as shall be approved
in writing by the Lessor (such approval not to be unreasonably withheld or delayed) to carry out the technical management of the Vessel.

    	 	14	 

    	 

    

 

“Termination Date means the
date on which this Charter or the Charter Period is terminated pursuant to the terms of this Charter.

“Termination Event” means
any event or circumstance described in Clause 63 (Termination Events).

“Termination Sum Payment Date”
has the meaning given to it in Clause 66.2 (Payments on Termination Event or Total Loss).

“Termination Sum” has
the meaning given to it in Clause 66.3 (Lessor’s obligations upon receipt of payment).

“Total Loss” means,
in relation to the Vessel, its:

		(a)	actual, constructive, compromised or arranged total loss; or

		(b)	Requisition.

“Total Loss Date” means,
in relation to the Total Loss:

		(a)	in the case of an actual total loss, the date it happened or, if such date is not known, the date on which
the Vessel was last reported;

		(b)	in the case of a constructive, compromised, agreed or arranged total loss, the earliest of:

		(i)	the date notice of abandonment of the Vessel is given to its insurers; or

		(ii)	if the insurers do not admit such a claim, the date subsequently determined by a competent court of law
to have been the date on which the total loss happened; or

		(iii)	the date upon which a binding agreement as to such compromised, agreed or arranged total loss has been
entered into by the Vessel’s insurers; and

		(c)	in the case of any other type of Total Loss, the date (or the most likely date) on which it appears to
the Lessor that the event constituting the total loss occurred.

“Total Loss Payment Date”
means, following the occurrence of a Total Loss, the earlier of:

		(a)	the ninetieth (90th) day following the relevant Total Loss Date (or such later date as the Lessor may
agree); and

		(b)	the date on which the Lessor and/or the Security Agent receives the Insurance Proceeds in respect of such
Total Loss.

“Transaction Document”
means:

		(a)	each of the Operative Documents;

		(b)	any Management Agreement;

		(c)	the Maersk Contract; and

		(d)	each of the Sub-Charter 1 and the Sub-Charter 2 or any Replacement Sub-Charter.

“Variable Rent” means,
in respect of each Payment Date, an amount in Dollars equal to the applicable Floating Rate multiplied by the Outstanding Charter Hire
Principal, in each case, on the preceding Payment Date or (in respect of the first payment of Variable Rent under this Charter) the Delivery
Date.

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“Vessel” means the 5,762
TEU container carrier with IMO No. 9214202 and which upon Delivery under the Memorandum of Agreement will be registered in the ownership
of the Lessor under the laws of the Flag State, including all component parts, furniture, equipment or accessories of the Vessel, all
substitutions of, additions to, replacements or renewals of, any of these component parts, furniture, equipment or accessories from time
to time made in accordance with this Charter, and any of these component parts, furniture, equipment or accessories which, having been
removed from the Vessel, remain the property of the Lessor pursuant to this Charter and, where the context permits, shall include the
Manuals and Technical Records.

		39.2	Construction

		(a)	Unless a contrary indication appears, any reference in this Charter to:

		(i)	the “Lessor”. the “Lessee”, any “Relevant Party”,
any “Finance Party”, the “Security Agent” or any “Party” shall be construed
so as to include its successors in title, permitted assigns and permitted transferees;

		(ii)	‘assets” includes present and future properties, revenues and rights of every description;

		(iii)	“control” of an entity means:

		(A)	the power (whether by way of ownership of shares or membership interests or any
other equity instrument, proxy, contract, agency or otherwise) to-

		(1)	cast, or control the casting of, more than 50 per cent of the maximum number of votes that might be cast
at a general meeting of that entity; or

		(2)	appoint or remove all, or the majority, of the directors, members or other equivalent officers of that
entity; or

		(3)	give directions with respect to the operating and financial policies of that entity with which the directors,
members or other equivalent officers of that entity are obliged to comply, and/or

		(B)	the holding beneficially of more than 50 per cent of the issued share capital or,
as the case may be, membership interest capital of that entity (excluding any part of that issued share capital or, as the case may be,
membership interest capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital)
(and, for this purpose, any Security Interest over share capital or, as the case may be, membership interest capital shall be disregarded
in determining the beneficial ownership of such share capital or, as the case may be, membership interest capital);

		(iv)	“acting in concert” means, a group of persons who, pursuant to an agreement or understanding
(whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in a person by any of them,
either directly or indirectly;

		(v)	an “Operative Document” or any other agreement or instrument is a reference to that
Operative Document or other agreement or instrument as amended, novated, supplemented, extended or restated;

		(vi)	“including’ shall be construed as “including without limitation” (and cognate
expressions shall be construed similarly);

		(vii)	“indebtedness” includes any obligation (whether incurred as principal or as surety)
for the payment or repayment of money, whether present or future, actual or contingent;

		(viii)	a “person” includes any individual, firm, company, corporation, government, state or
agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate legal personality);

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		(ix)	something being in the “ordinary course of business” of a person or in the “ordinary
course of trading” means something that is in the ordinary course of that person’s current day-to-day operational business
(and not merely anything which that person is entitled to do under its constitutional documents);

		(x)	“law” includes common or customary law and any constitution, decree, judgment, legislation,
order, ordinance, regulation, rule, statue, treaty or other legislative measure in any jurisdiction or any present or future directive,
regulation or requirement, or official or judicial interpretation of any of the foregoing, and any rule, treaty, official directive, request
or guideline of any governmental, intergovernmental or supranational body, agency, department or regulatory, self regulatory or other
authority or organisation;

		(xi)	a “regulation” includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory,
self-regulatory or other authority or organisation;

		(xii)	a provision of law is a reference to that provision as amended or re-enacted; and

		(xiii)	a time of day is a reference to London time.

		(b)	Unless a contrary indication appears, references to Clauses and Schedules are to be construed as references
to clauses of, and schedules to, this Charter. Clause and Schedule headings are for ease of reference only.

		(c)	Unless a contrary indication appears, a term used in any other Operative Document or in any notice or
certificate given under or in connection with any Operative Document has the same meaning in that Operative Document, notice or certificate
as in this Charter.

		(d)	A Potential Termination Event is “continuing” if it has not been remedied or waived;
a Termination Event is “continuing’. if it has not been remedied or waived.

		(e)	In this Charter, unless a contrary indication appears, words importing the plural include the singular
and vice versa, and words importing a gender include every gender.

		39.3	Third party rights

Any person which is an Indemnitee or a
Tax Indemnitee from time to time and is not a Party shall be entitled to enforce such terms of this Charter which provide for the obligations
of the Lessee to be owed to such Indemnitee or Tax Indemnitee, as the case may be, in each case, subject to the provisions of Clause 81
(Governing law) and the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”). The Third Parties
Act applies to this Charter as set out in this Clause 39.3. Save as provided above, a person who is not a Party has no right to
use the Third Parties Act to enforce any term of this Charter and, subject to the other provisions of the other Operative Documents, the
Parties do not require the consent of any third party (including, without limitation, any Indemnitee or Tax Indemnitee who is not a Party)
to amend, rescind, terminate or extend this Charter at any time.

		40	Charter of Vessel

Subject to the terms and conditions of this
Charter, the Lessor shall lease, and the Lessee shall hire, the Vessel for the Charter Period. There shall be no renewal or extension
of the Charter Period beyond the Expiry Date.

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		41	Delivery of Vessel

		41.1	Delivery

		(a)	At the request of the Lessee, the Lessor has entered into the Memorandum of Agreement with the Lessee,
pursuant to which the Lessor has agreed to purchase the Vessel at the Purchase Price payable upon the terms and conditions of the Memorandum
of Agreement.

		(b)	At the same time as the delivery of the Vessel to the Lessor by the Lessee pursuant to the Memorandum
of Agreement, the Lessor shall deliver the Vessel to the Lessee and the Lessee shall take delivery of the Vessel from the Lessor.

		(c)	On Delivery, the Lessee shall execute and deliver to the Lessor the Acceptance Certificate.

		41.2	Acceptance Certificate

The execution and delivery of the Acceptance
Certificate by the Lessee pursuant to Clause 41.1 (Delivery) shall constitute irrevocable, final and conclusive evidence that:

		(a)	the Lessee has accepted the Vessel for the purposes of this Charter; and

		(b)	the Vessel was delivered to the Lessee in a condition in compliance with this Charter.

		41.3	Lessee’s acknowledgement

The Lessee acknowledges and confirms that:

		(a)	the Lessor shall purchase the Vessel pursuant to the Memorandum of Agreement for the sole purpose of leasing
the Vessel to the Lessee pursuant to this Charter;

		(b)	the Lessee shall not be entitled to refuse to accept delivery of the Vessel under this Charter once the
Lessor acquires title to, and receives possession of, the Vessel pursuant to the Memorandum of Agreement;

		(c)	the Lessor’s obligation to pay to the Lessee the Purchase Price under the Memorandum of Agreement
shall be subject to the conditions set out in Clause 42 (Conditions Precedent);

		(d)	the Lessor shall not be liable for any Losses resulting (directly or indirectly) from any defect or alleged
defect in the Vessel or failure or alleged failure of the Vessel to comply with the Memorandum of Agreement; and

		(e)	the Lessee shall be responsible for the condition of the Vessel on the Delivery Date.

		41.4	Cancellation of the Memorandum of Agreement

If the Memorandum of Agreement is terminated,
repudiated, rescinded or cancelled for any reason whatsoever pursuant to the terms of the Memorandum of Agreement, the Lessor shall have
no obligation to charter the Vessel to the Lessee.

		42	Conditions Precedent

		42.1	Lessor’s conditions precedent

		(a)	The obligation of the Lessor to enter into the Memorandum of Agreement and this Charter is subject to
receipt by the Lessor of the documents and evidence set out in Part I of Schedule 1 (Conditions Precedent) on or prior to the date
of this Charter.

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		(b)	The obligation of the Lessor to charter the Vessel to the Lessee under this Charter is subject to:

		(i)	receipt by the Lessor of the documents and evidence set out in Part II of Schedule 1 (Conditions Precedent)
on or prior to the date of the Payment Notice; and

		(ii)	receipt by the Lessor of the documents and evidence set out in Part III of Schedule 1 (Conditions Precedent)
on or prior to the Delivery Date.

		(c)	Each document provided to the Lessor under this Clause 42 shall be in form and substance satisfactory
to the Lessor (acting reasonably).

		(d)	The conditions specified in this Clause 42 are inserted for the sole benefit of the Lessor and may be
waived or deferred in whole or in part and with or without conditions only by the Lessor.

		42.2	Lessor’s further conditions precedent

The obligation of the Lessor to charter
the Vessel to the Lessee or continue to charter the Vessel to the Lessee under this Charter is subject to the further conditions that:

		(a)	the representations and warranties in Clause 51.1 (Lessee representations) hereof and clause 5
of the Memorandum of Agreement shall be true and correct as if each was made with respect to the facts and circumstances existing immediately
prior to the time when the Delivery is to take place;

		(b)	no Potential Termination Event or Termination Event shall have occurred and be continuing or would arise
by reason of the Delivery taking place;

		(c)	no event or circumstance has occurred or exists between the date hereof and the proposed date of Delivery
which would have a Material Adverse Effect;

		(d)	all consents, if any, of any relevant Governmental Agency necessary for the effective performance or consummation
of the transactions contemplated by the Operative Documents to which each Relevant Party or any Manager is a party shall have been obtained
and be in full effect;

		(e)	Delivery shall have occurred on or prior to the Cut-off Date (unless otherwise agreed by the Lessor);
and

		(f)	all of the documents received by the Lessor as contemplated in Clause 42.1 (Lessor’s conditions
precedent) are in full force and effect.

		42.3	Sanctions

		(a)	No Relevant Party nor any Manager, nor any of their Subsidiaries, directors or officers, is a Restricted
Person or is owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Restricted Person and none
of such persons owns or controls a Restricted Person.

		(b)	Notwithstanding any other provision of this Charter or any other Operative Document to the contrary, neither
the Lessor nor any Relevant Party, nor any Manager is obliged to do or omit to do anything if it would, or in its reasonable opinion,
would be likely to constitute a breach of any Sanctions or any laws and regulations relating to anti-money laundering, counter-terrorism
financing or economic and trade sanctions applicable to it.

		(c)	Notwithstanding any other provision of this Charter or any other Operative Document to the contrary but
subject to any statutory obligations and confidentiality undertakings by which the Lessor, any Relevant Party and any Manager may be bound,
each of them agrees to provide any information and documents that are within its possession, custody or control reasonably required by
any other Party in order for that other Party to comply with any Sanctions, any

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Anti-Money Laundering Laws or any other
laws and regulations relating to anti-money laundering, counter-terrorism financing or economic and trade sanctions applicable to it.

		(d)	If the Lessor or any Relevant Party or any Manager is required to disclose information obtained in connection
with this Charter or any other Operative Document to any person in order to comply with any Sanctions or any laws and regulations
relating to anti-money laundering, counter-terrorism financing or economic and trade sanctions applicable to it, each of them agrees that,
if permitted to do so by law, it will immediately notify the other Party of the requirement to disclose such information and that to the
extent permitted by law, such disclosure will not breach any duty of confidentiality owed by any of them to any of the others.

		43	Extent of Lessor’s liability

The Parties agree that:

		(a)	the Vessel shall be leased on an “as is, where is” basis;

		(b)	the Lessor makes no condition, term, representation or warranty as to title, seaworthiness, condition,
design, operation or fitness for use of the Vessel, or as to the eligibility of the Vessel for any particular trade, purpose or operation,
or any other condition, term, representation or warranty with respect to the Vessel; and

		(c)	the Lessee waives all its rights and claims in respect of any condition, term, representation or warranty
described in paragraph (b) above.

		44	Rent, payments and calculations

		44.1	Fees

The Lessee shall pay to the Lessor an arrangement
fee and an administration fee in in the amount and at the times agreed in the Fee Letter.

		44.2	Rent

		(a)	The Lessee shall from the Delivery Date until the end of the Charter Period pay the relevant Rent to the
Lessor on each Payment Date (which for the avoidance of doubt, includes the applicable Fixed Rent and Variable Rent payable on that Payment
Date), as set out more specifically in the second (2nd) column of the relevant Payment Schedule.

		(b)	The Lessee shall pay the Balloon Rental on the final Payment Date, as set out more specifically in the
second (2nd) column of the relevant Payment Schedule.

		(c)	If the Lessee defaults in payment of (i) the applicable Fixed Rent on a Payment Date or (ii) the Balloon
Rental, the Lessee shall pay default interest thereon pursuant to Clause 44.8 (Default Interest).

		(d)	All payments of the Rent (including, when applicable, the Balloon Rental) shall be deemed earned when
paid and shall not be refundable in any circumstances except as expressly provided herein.

		(e)	Schedule 3 (Payment Schedule) has been prepared on the assumptions (inter alia) that the Purchase
Price is $14,734,500, that the Delivery Date will be within April 2021 and that LIBOR shall be 0.50% throughout the Charter Period. If
any assumption is or proves to be incorrect, the Lessor may no later than one (1) Business Day before the Delivery Date deliver to the
Lessee a new schedule to replace Schedule 3 (Payments Schedule) accordingly and thereupon such schedule shall replace Schedule
3 (Payments Schedule) for all purposes. As LIBOR may fluctuate from interest period to interest period, the Parties acknowledge
that the amounts of Variable Rent set out in any Schedule 3 (Payment Schedule) shall be indicative and the amount of each applicable
Variable Rent shall be advised by the Lessor to the Lessee accordingly at the relevant time.

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		44.3	Payment unconditional

		(a)	The Lessee’s obligation to pay Rent and other payments on a “hell and high water” basis
in accordance with this Charter and any other amounts payable by the Lessee under the other Operative Documents shall be absolute and
unconditional irrespective of any matter or contingency, including:

		(i)	any set-off, counterclaim, recoupment, defence or other right which any party to any of the Operative
Documents may have against the other or any other party to the Operative Documents;

		(ii)	the occurrence of a Total Loss or any other occurrence including the loss, destruction, confiscation,
seizure, damage to the Vessel, or the interruption or cessation in or prohibition of the use of, or any requisition for hire or use of,
possession or enjoyment of the Vessel by the Lessee for any reason whatsoever;

		(iii)	any unavailability of the Vessel, including any lack or invalidity of title or any other defect in the
title, seaworthiness, condition, design, merchantability, fitness for use or purpose, or lack of Crew, injury of any Crew, or the ineligibility
of the Vessel for any particular use or trade, or for registration or documentation under the laws of any relevant jurisdiction

		(iv)	any failure or delay on the part of any party to any of the Operative Document, whether with or without
fault on its part, in performing or complying with any of the terms of the Operative Documents;

		(v)	any insolvency, bankruptcy, winding-up, reorganisation, reconstruction, arrangement, readjustment of debt,
dissolution or similar proceedings by or against any of the Lessor, any Relevant Party, any Manager or any other party to any of the Operative
Documents;

		(vi)	any other cause which would, but for this Clause 44.3, have the effect of terminating or affecting the
obligations of the Lessee under any of the Operative Documents; and

		(vii)	any invalidity, unenforceability or lack of due authorisation of, or other defect in, any of the Operative
Documents.

		(b)	It shall be the intention of the Parties that the obligations of the Lessee under this Clause 44.3 shall
survive any frustration of any of the Operative Documents, and that, except as provided for in this Charter, no amount payable or paid
by the Lessee under this Charter to the Lessor shall be repayable to the Lessee.

		44.4	Manner of payment

All payments of the Rent (including, when
applicable, the Balloon Rental), any Purchase Option Price, the Purchase Obligation Price and any other amounts payable by the Lessee
under this Charter and any other Operative Document shall be made:

		(a)	in full, without any set-off or counterclaim and, subject as provided in Clause 48.1 (Withholding Taxes),
free and clear of any deductions or withholdings; and

		(b)	in Dollars, in same day funds before 11:00 a.m. (London time) on the due date for payment, to the Payment
Account or such other account as the Lessor may notify the Lessee in writing at least five (5) Business Days before the due date for payment.

		44.5	Variable Rent periods

The Variable Rent shall be determined in
respect of each period of three (3) months provided always that:

		(a)	the first period shall commence on the Delivery Date and end on the next following Payment Date;

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		(b)	each subsequent period will start on the date immediately after the relevant Payment Date and end on the
next following Payment Date; and

		(c)	the final period for the determination of the Variable Rent shall end on the Expiry Date.

		44.6	Unavailability of LIBOR

In respect of the calculation of LIBOR
for the purposes of determining the Variable Rent, if at any relevant time:

		(a)	no Screen Rate is quoted; and

		(b)	it is not possible to calculate the Interpolated Screen Rate,

the Lessor shall promptly notify the Lessee
stating the circumstances falling within this Clause 44.6 which have caused its notice to be given, following which the Lessor shall determine
an alternative LIBOR rate (the “Alternative LIBOR Rate”) in consultation with the Lessee within fifteen (15) days after
the date on which the Lessor serves such notice (the “Negotiation Period”). Any Alternative LIBOR Rate or alternative
basis on which LIBOR is to be calculated which is agreed during the Negotiation Period shall take effect in accordance with the terms
agreed, and if an Alternative LIBOR Rate or alternative basis on which LIBOR is to be calculated is not agreed within the Negotiation
Period, LIBOR for the relevant interest period will be such rate as certified by the Lessor, acting reasonably.

		44.7	Business Days

Any payment which is due to be made under
an Operative Document on a day which is not a Business Day shall be made on the next Business Day, unless such Business Day falls in the
next calendar month or after the Expiry Date, in which case the due date shall be the preceding Business Day.

		44.8	Default Interest

Without prejudice to the other rights and
remedies of the Lessor hereunder, if any amount due and payable by the Lessee hereunder is not received by the Lessor on the due date
for payment thereof in the manner herein stipulated, the Lessee shall pay interest on the same for the period starting on (and including)
the due date for payment thereof and ending on (but excluding) the date on which the same is received or recovered by the Lessor in full
(after as well as before judgment) at the rate(s) from time to time determined under this Clause 44.8. The period between the due date
for payment of any sum due and payable hereunder or thereunder and the date upon which the obligation to pay such sum is discharged shall
be divided into successive periods, the duration of which shall be selected by the Lessor. During each such period (as well after as before
judgment) the outstanding balance of the unpaid sum shall bear interest which shall accrue from day to day and on the basis of actual
days elapsed and shall be calculated at a rate per annum which is equal to the Default Rate calculated on the basis of a year of three
hundred and sixty (360) days and actual days elapsed. Any such interest shall be due and payable when the relevant unpaid sum is paid
or, if earlier, at the end of each period by reference to which it is calculated.

		44.9	Calculation of the Variable Rent and interest

Except as otherwise expressly provided
in this Charter, all amounts of Variable Rent and any interest payable under this Charter and any other Operative Document shall be calculated
on the basis of a year of three hundred and sixty (360) days or, where the amount is payable in a currency other than Dollars, such period
as is customary for such currency, and the actual number of days elapsed.

		44.10	Certificates and determinations

Any certificate or determination of the Lessor
of a rate or an amount payable under any Operative Document shall specify the relevant rate or amount and shall, in the absence of manifest
error, be conclusive and binding on the Lessee.

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		45	Costs and Expenses

The Lessee shall pay to the Lessor on demand,
on an After Tax Basis, all Losses incurred by the Lessor in connection with:

		(a)	all legal and out-of-pocket expenses of the Lessor in connection with the negotiation, preparation and
execution of the Operative Documents (subject to any agreed maximum amounts agreed in advance between the Lessor and the Lessee);

		(b)	any variation of any Operative Document requested by the Lessee or any waiver or consent required under
any of them;

		(c)	the early termination of the leasing of the Vessel and the sale of the Vessel to the Lessee pursuant to
Clause 64 (Purchase Option and Purchase Obligation) or following the occurrence of an Early Termination Event or a Termination
Event;

		(d)	investigating the occurrence of a Termination Event and the enforcement or preservation of any right conferred
upon the Lessor by any of the Operative Documents, or in respect of the repossession of the Vessel in accordance with the Operative Documents
(or any of them);

		(e)	a breach by the Lessor of its obligations under any of the Finance Documents provided that such breach
is caused (whether directly or indirectly) by a breach of any of the Operative Documents by a Relevant Party or any Manager; and

		(f)	a Total Loss or event which may result in a Total Loss.

		46	Accounts

		46.1	General undertakings

The Lessee undertakes with the Lessor that,
from the date of this Charter and thereafter, it will:

		(a)	open the Operating Account and the DSRA Account with the Account Bank and, in connection therewith, will
from time to time complete all “know your customer” and other returns necessary for such process;

		(b)	maintain the Operating Account and the DSRA Account with the Account Bank; and

		(e)	not withdraw or permit withdrawal of any moneys from the DSRA Account other than in accordance with the
provisions of this Clause 46.

		46.2	Payment of Earnings etc.

		(a)	The Lessee shall after the date of this Charter and throughout the Charter Period, direct any Sub-Charterer
and any other person liable therefor to pay all Earnings and Requisition Compensation payable to the Lessee into the Operating Account,
for application in accordance with this Charter and/or the relevant Security Documents.

		(b)	From the date falling one month after the Delivery Date up until the end of the Charter Period (the “DSRA
Period”), the Lessee shall procure that 1/3rd of the amount of Rent to be paid on the next Payment Date shall be transferred
on a monthly basis to the DSRA Account.

		46.3	Currency

Any moneys required to be credited to the
Operating Account and/or the DSRA Account denominated in a currency other than Dollars shall be paid by the recipient to the Account Bank
which shall purchase Dollars with such moneys at either (i) the spot rate of exchange of the Account Bank or (ii) if no spot rate of exchange
is available, at a rate determined by the Account Bank at 11.00 am (New York time) on the Business Day following the day on which such
moneys are received by the Account

    	 	23	 

    	 

    

 

Bank for the purchase of Dollars with that
other currency and the Account Bank shall credit the proceeds of such conversion to the Operating Account or the DSRA Account (as the
case may be).

		46.4	Operating Account and DSRA Account

		(a)	Subject to paragraph (b) below, the Lessee shall be permitted to withdraw amounts from the Operating Account,
provided that (i) no Potential Termination Event has occurred and is continuing at the time of such withdrawal and (ii) no Potential Termination
Event would arise due to any such withdrawal.

		(b)	The Lessee shall apply the moneys deposited in the Operating Account for the following purposes:

		(i)	to retain and transfer to the DSRA Account the relevant amounts, at the times and in the manner referred
to in Clause 46.2(b);

		(ii)	to retain and transfer to the Payment Account on each Payment Date an amount equal to the Rent due to
be paid to the Lessor on that Payment Date and for such purposes (provided that no such transfer has already been made by the Security
Agent from the DSRA Account in accordance with the provisions of paragraph (c) below) and the Lessor is hereby authorised and instructed
to withdraw from the Operating Account on each Payment Date an amount equal to the Rent due to the Lessor on such Payment Date and transfer
such amount to the Payment Account; provided that the provisions of this paragraph (b)(i) shall not excuse the Lessee from its
obligations to make all payments due to the Lessor on each due date;

		(iii)	towards payment of any other amount including, for the avoidance of doubt, the payment of the Balloon
Rental then due and payable under any of the Operative Documents; and

		(iv)	if there is any surplus remaining in the Operating Account after the applications and retentions under
the preceding paragraphs of this Clause 46.4, such surplus shall be released to, or to the order of, the Lessee.

		(c)	No withdrawals shall be permitted from the DSRA Account without the prior written consent of the Security
Agent and the Security Agent is hereby authorised and instructed to withdraw from the DSRA Account on each Payment Date an amount equal
to the Rent due to the Lessor on such Payment Date and transfer such amount to the Payment Account and such transfer shall be applied
against, and discharge the Lessee’s obligation to pay, the Rent due on that Payment Date.

		46.5	Other provisions

		(a)	The Lessee shall not close the Operating Account and/or the DSRA Account or alter, or permit to alter,
the terms of the Operating Account and/or the DSRA Account from those in force at the time it is designated for the purposes of this Clause
46 or waive any of its rights in relation to the Operating Account and/or the DSRA Account except with the prior written approval of the
Lessor.

		(b)	The Lessee shall deposit with the Lessor all certificates of deposit, receipts or other instruments or
securities relating to the Operating Account and/or the DSRA Account, notify the Lessor of any claim or notice relating to the Operating
Account from any other party and provide the Lessor with any other information it may request concerning the Operating Account.

		47	Indemnities

		47.1	Currency indemnity

		(a)	If any sum due from any Relevant Party or any Manager under any Operative Document (a “Sum”),
or any order, judgment or award given or made in relation to a Sum, has to be

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converted from the currency (the “First
Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of:

		(i)	making or filing a claim or proof against any Relevant Party or any Manager; or

		(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

the Lessee shall indemnify the relevant
Indemnitee, on an After Tax Basis, against all Losses arising out of, or as a result of, the conversion, including any discrepancy between
(A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange
available to the relevant Indemnitee at the time of its receipt of that Sum.

		(b)	The Lessee waives any right it may have in any jurisdiction to pay any amount under any relevant Operative
Document in a currency or currency unit other than that in which it is expressed to be payable.

		47.2	Financial indemnities

The Lessee shall indemnify each relevant
Indemnitee on demand, on an After Tax Basis, against all Losses incurred by such Indemnitee as a result of or in connection with:

		(a)	any default by any Relevant Party or any Manager in payment of any amount due under this Charter or any
other Operative Document;

		(b)	Delivery having failed to occur on the Scheduled Delivery Date (as defined in the Memorandum of Agreement)
by reason of the operation of any one or more of the provisions of this Charter if the Delivery Notice (as defined in the Memorandum of
Agreement) has been served under the Memorandum of Agreement;

		(c)	any costs, charges or expenses which any Relevant Party or any Manager has agreed to pay under any of
the Operative Documents and which are claimed or assessed against or paid by an Indemnitee; and

		(d)	any voluntary termination or any Purchase Option not being exercised in accordance with the notice given
by the Lessee.

		47.3	Operational indemnity

The Lessee shall indemnify each Indemnitee,
on an After Tax Basis, against all Losses incurred by that Indemnitee as a result of, or in connection with (other than in the case where
such Losses are solely and directly a result of the Lessor’s wilful misconduct):

		(a)	the condition, testing, design, manufacture, delivery, redelivery, non-delivery, purchase, export, import,
registration, ownership, classification, leasing, sub-leasing, management, possession, manning, provision of bunkers and lubricating oils,
dry-docking, surveys, control, use, operation, maintenance, repair, replacement, refurbishment, modification, overhaul, insurance, sale
or other disposal, return or storage of, or loss of or damage to, the Vessel, or otherwise in connection with the Vessel, or relating
to loss or destruction of, or damage to, any property, or death or injury of, or other similar loss suffered by, any person relating to
any of these matters;

		(b)	claims which may be made on the ground that any design, article or material in the Vessel or the operation
or use of such design, article or material constitutes an infringement of patent, trademark, copyright or other intellectual property
right or any other right;

		(c)	preventing or attempting to prevent the arrest, confiscation, seizure, taking in execution, impounding,
forfeiture or detention of the Vessel, or in securing the release of the Vessel;

    	 	25	 

    	 

    

 

		(d)	in addition to what is otherwise provided in Clause 24 (Wreck Removal), the Vessel becoming a wreck
or obstruction to navigation, including the removal or destruction of the wreck or obstruction under statutory or other powers;

		(e)	any reflagging, deletion and/or registration of the Vessel by the Lessor which may be required following
the occurrence of a Termination Event;

		(f)	any Environmental Claim or any breach of an Environmental Law or the terms and conditions of an Environmental
Authorisation; or

		(g)	the Lessee contesting any claim pursuant to paragraph (c) of Clause 47.4 (Conduct of claims).

		47.4	Conduct of claims

		(a)	The Lessor shall request each Indemnitee to notify the Lessee as soon as reasonably practicable after
a written claim is made against that Indemnitee with respect to any matter for which the Lessee is responsible under this Clause 47.

		(b)	Any notification given under paragraph (a) above shall give such details as the relevant Indemnitee then
has regarding the claim and any Loss.

		(c)	The Lessee may (with the Lessor’s prior written consent, such consent not to be unreasonably withheld),
in consultation with the Lessor and the relevant Indemnitee, assume and conduct promptly and diligently the defence of any claim of the
Lessor giving rise to an obligation on the Lessee to indemnify under this Charter, provided that:

		(i)	no Termination Event has occurred and is continuing;

		(ii)	the contest does not involve any risk of criminal liability to the Lessor;

		(iii)	independent legal counsel reasonably acceptable to the Lessor is of the opinion, confirmed in writing
to the Lessor, that a reasonable basis exists for contesting the relevant claim; and

		(iv)	the Lessee will be responsible for all Losses suffered by the Lessor as a consequence of the Lessee contesting
the relevant claim.

		(d)	The Lessor will not, by reason of the Lessee contesting a claim in accordance with paragraph above, be
prevented from settling or paying any claim if it is required to do so by applicable law.

		(e)	The Lessee and its insurers shall have the right, at the Lessee’s or its insurers’ expense,
to investigate any claim for which indemnification is sought pursuant to this Charter. The Lessor shall co-operate with the Lessee and/or
its insurers with respect to such investigation.

		47.5	Continuation of indemnities

The indemnities contained in this Charter
in favour of the Indemnitees shall continue in full force and effect notwithstanding:

		(a)	the termination of the leasing of the Vessel to the Lessee under this Charter; or

		(b)	the expiration of the Charter Period by effluxion of time or otherwise.

		47.6	Indemnity payments

		(a)	Any payment becoming due by the Lessee to any Indemnitee under this Charter shall be paid:

		(i)	within ten (10) Business Days of demand made by such Indemnitee; and

    	 	26	 

    	 

    

 

		(ii)	together with interest at the Default Rate from the date of such demand to the date of reimbursement by
the Lessee to such Indemnitee (both before and after judgment).

		(b)	For the avoidance of doubt, it shall not be a condition to the obligation of the Lessee to make a payment
under this Charter in respect of any Loss incurred by an Indemnitee to any third party that the relevant Indemnitee has paid any amount
to the third party, but only that an amount is payable by such Indemnitee.

		(c)	With respect to the giving of the notification under paragraph (a) of Clause 47.4 (Conduct of claims),
each Indemnitee agrees that:

		(i)	such notification shall not limit such lndemnitee’s right to make further or additional demands
on the Lessee in respect of the matter so notified, or in respect of any other matter which is, or may become, the subject of a claim
by such Indemnitee on the Lessee under this Charter; and

		(ii)	the failure or delay by any Indemnitee to give such notification within a reasonable period of time shall
not affect or limit the rights of such Indemnitee under this Charter, or the exercise of such rights in relation to the matter in question,
or to any other matter which is, or may become, the subject of a claim by such Indemnitee on the Lessee under this Charter.

		48	Taxes

		48.1	Withholding Taxes

If, after the date of this Charter, any
Tax Deduction is required to be made:

		(a)	the Lessee shall promptly notify the Lessor in writing after the Lessee becomes aware of such requirement;

		(b)	the Lessee shall pay, or shall procure the payment of, the full amount of such Tax Deduction to the appropriate
entity within the time period for payment permitted by law; and

		(c)	the sum due from any Relevant Party or any Manager in respect of such payment under an Operative Document
which is subject to such Tax Deduction shall be increased to the extent necessary to ensure that, after the making of such Tax Deduction,
the Lessor receives and retains (free from any liability in respect of any such Tax Deduction) on the due date for such payment, a sum
equal to the sum which the Lessor would have received and so retained had no such Tax Deduction been made or required to be made from
such payment. The Lessee shall promptly deliver to the Lessor appropriate receipts evidencing any Tax Deduction so made.

		48.2	Tax indemnity

The Lessee shall pay, and within ten (10)
Business Days from the Lessor’s demand shall indemnify and hold harmless, the Lessor, and its respective directors, officers, successors
and its duly appointed agents (each of whom is referred to in this Clause 48 as a “Tax Indemnitee”) from and against,
any and all documented fees and duties reasonably incurred (including, but not limited to, license and registration fees), Taxes imposed
on or against any Tax Indemnitee upon or with respect to:

		(a)	the purchase, title, ownership, acquisition, acceptance, rejection, delivery, non-delivery, possession,
operation, use, condition, maintenance, repair, sale, remarketing, return, redelivery, storage, manufacture, charter, sub-charter, leasing,
modification, supply, replacement, importation, transfer of title, repossession, exportation or other application or disposition of, or
the imposition of any Lien on, the Vessel or any interest in the Vessel; or

    	 	27	 

    	 

    

 

		(b)	otherwise arising with respect to the Vessel or any Operative Document, any Finance Document or the transactions
contemplated by, or any amounts paid or payable under or in respect of, this Charter, the other Operative Documents and the Finance Documents,

excluding any FATCA Deduction or Tax on
a Tax lndemnitee’s net income or profit.

		48.3	Grossing-up of indemnity payments

		(a)	If any sum payable to any Indemnitee or Tax Indemnitee by the Lessee under this Charter by way of indemnity
proves to be insufficient, by reason of any Taxation imposed on such sum, for the Lessor to discharge the corresponding liability to a
third party, or to reimburse such Indemnitee or Tax Indemnitee for the cost incurred by it in discharging such corresponding liability,
the Lessee shall, upon receipt of evidence showing such insufficiency, pay to the relevant Indemnitee or Tax Indemnitee such additional
sum as (after taking into account such Taxation suffered by the Lessor) shall be required to make up the relevant deficit.

		(b)	If and to the extent that any sum (the “indemnity sum”) constituting (directly or indirectly)
an indemnity to an Indemnitee or Tax Indemnitee, but paid by the Lessee to any person other than an Indemnitee or Tax Indemnitee, shall
be treated as taxable in the hands of such Indemnitee or Tax Indemnitee, the Lessee shall pay to the Lessor such sum (the “compensating
sum”) as (after taking into account any Taxation suffered by the Lessor on the compensating sum) shall reimburse the Indemnitee
or Tax Indemnitee for any Taxation suffered by it in respect of the indemnity sum.

		48.4	Stamp taxes

		(a)	Each Relevant Party and any Manager shall:

		(i)	pay all stamp, documentary, registration or other similar Taxes imposed on or in connection with any of
the Operative Documents to which it is a party; and

		(ii)	provide the Lessor with receipts in respect of such payments, unless such receipts shall not be available,
in which case such Relevant Party or such Manager shall provide the Lessor with satisfactory evidence of such payments.

		(b)	Each Relevant Party and each Manager shall indemnify the Lessor, on an After Tax Basis, against all Losses
arising by reason of any delay or omission by the Relevant Party or such Manager to pay such duties or Taxes.

		49	Illegality

		49.1	Consequences of illegality

		(a)	If, in any applicable jurisdiction, it becomes unlawful for the Lessor or any Relevant Party, or any Manager
to perform any of its obligations or to exercise any of its rights under any of the Operative Documents or any of the Finance Documents
to which it is a party, the Lessor shall be entitled, by giving written notice to the Lessee:

		(i)	to cancel the Memorandum of Agreement and to cancel this Charter, if any such event occurs prior to the
Delivery Date; or

		(ii)	to terminate the Charter if such event occurs after the Delivery Date, in each case, immediately or, if
later, upon the date upon which the relevant illegality will become effective.

		(b)	The Lessor shall not be entitled to exercise any of its rights under paragraph (a) above if any of the
circumstances and/or events mentioned under paragraph (a) above (i) concern a Manager, (ii) such Manager is replaced by another Manager
acceptable to the Lessor within 30 days of the Lessor giving notice to the Lessee or (if earlier) of any Relevant Party becoming aware
of the failure to comply and (iii) such substitute Manager provides to the Lessor a

    	 	28	 

    	 

    

 

Manager’s Undertaking and such other
documents as described in paragraphs 1, 4, 5 and 6(a) of Part I of Schedule 1 (Conditions Precedent) and paragraph 6 of
Part II of Schedule 1 (Conditions Precedent).

		(c)	If, in any applicable jurisdiction, it becomes unlawful for a Finance Party to perform any of its obligations
or to exercise any of its rights under any of the Finance Documents to which it is a party, the Lessor will promptly notify the Lessee
of such event.

		49.2	Termination

		(a)	On the date of the cancellation referred to in Clause 49.1(a)(i), the Lessee shall pay to the Lessor:

		(i)	any Remittance Interest accrued on the Purchase Price;

		(ii)	any relevant Break Costs;

		(iii)	any other amount then due and payable but unpaid by any Relevant Party or any Manager to the Lessor under
any of the Operative Documents;

		(iv)	any cost incurred by the Lessor to the Finance Parties under the Finance Documents as a result of the
occurrence of the cancellation of the Memorandum of Agreement and/or this Charter; and

		(v)	any out of pocket costs (including legal costs) incurred by the Lessor in connection with the cancellation
of the Memorandum of Agreement and/or this Charter.

		(b)	On the date of the termination referred to in Clause 49.1(a)(ii), the Lessee shall pay to the Lessor:

		(i)	any Rent (including, if applicable, the Balloon Rental) due or accrued but unpaid on such date;

		(ii)	the Outstanding Charter Hire Principal on such date;

		(iii)	any interest accrued on any unpaid and overdue Rent (including, if applicable. the Balloon Rental) or
the Outstanding Charter Hire Principal at the Default Rate;

		(iv)	any relevant Break Costs;

		(v)	any fee and other amount then due and payable but unpaid by any Relevant Party or any Manager to the Lessor
under any of the Operative Documents;

		(vi)	any cost incurred by the Lessor to the Finance Parties under the Finance Documents as a result of the
termination of this Charter; and

		(vii)	any out of pocket costs (including legal costs) incurred by the Lessor in connection with the termination
of this Charter.

		49.3	Release and Transfer

Upon receipt by the Lessor of the sums
set out in Clause 49.2 (Termination), the Lessor shall:

		(a)	procure the release of all Liens created by the Lessor on the Vessel and the other security created pursuant
to the Operative Documents; and

		(b)	transfer title to the Vessel to the Lessee or its nominee pursuant to the terms set out in Clause 68 (Transfer
of title) if Delivery of the Vessel under the Memorandum of Agreement has already occurred.

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		50	Increased Costs

		50.1	Increased Costs

		(a)	Subject to Clause 50.2 (Increased Costs exclusions), the Lessee shall, within 10 Business Days,
pay to the relevant Indemnitee the amount of any Increased Costs incurred by such Indemnitee as a result of:

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

		(ii)	compliance with any law or regulation made after the date of this Charter; or

		(iii)	the implementation or application of, or compliance with, Basel III, Reformed Basel CRR or CRR II or any
law or regulation that implements or applies Basel HI, Reformed Basel III, CRR or CRR It.

		(b)	In this Charter:

Basel III means:

		(i)	the agreements on capital requirements, leverage ratio and liquidity standards contained in “Basel
III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for
liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical
capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;

		(ii)	the rules for global systemically important banks contained in “Global systemically important banks:
assessment methodology and the additional loss absorbency requirement — Rules text” published by the Basel Committee on Banking
Supervision in November 2011, as amended, supplemented or restated; and

		(iii)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to
“Basel ill”,

other than, in each such case, the agreements,
rules, guidance and standards set out in Reformed Basel III as amended, supplemented or restated after the date of this Charter.

CRR means either CRR-EU or, as the
context may require, CRR-UK.

CRR-EU means regulation 575/2013
of the European Union on prudential requirements for credit institutions and investment firms and regulation 2019/876 of the European
Union amending Regulation (EU) No 575/2013 and all delegated and implementing regulations supplementing that Regulation.

CRR-UK means CRR-EU as amended and
transposed into the laws of the United Kingdom by the European Union (Withdrawal) Act 2018 and the European Union (Withdrawal Agreement)
Act 2020 and as amended by the Capital Requirements (Amendment) (EU Exit) Regulations 2019.

CRR II means either CRR II-EU or,
as the context may require, CRR II-UK.

CRR II-EU means regulation 2019/876
amending CRR-EU as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty
credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting
and disclosure requirements, and Regulation (EU) No 648/2012 and all delegated and implementing regulations supplementing that Regulation.

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CRR H-UK means CRR II-EU as amended
and transposed into the laws of the United Kingdom by the European Union (Withdrawal) Act 2018 and the European Union (Withdrawal Agreement)
Act 2020 and as amended by the Capital Requirements (Amendment) (EU Exit) Regulations 2019.

Increased Costs means:

		(i)	a reduction in the rate of return from the transactions contemplated by the Operative Documents or on
an Indemnitee’s overall capital (including as a result of any reduction in the rate of return on capital brought about by more capital
being required to be allocated by such Indemnitee);

		(ii)	an additional or increased cost; or

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

which is incurred or suffered by the Lessor
or any of its Affiliates to the extent that it is attributable to the Lessor having entered into any of the Operative Documents or funding
or performing its obligations under any of the Operative Documents.

Reformed Basel ill means the agreements
contained in “Basel III: Finalising post-crisis reforms” published by the Basel Committee on Banking Supervision in December
2017, as amended, supplemented or restated.

		50.2	Increased Costs exclusions

Clause 50.1 (increased Costs) does
not apply to the extent any Increased Cost is:

		(a)	attributable to a Tax Deduction or a FATCA Deduction to be made by the Lessee, any other Relevant Party
or any Manager;

		(b)	compensated for by Clause 48.2 (Tax indemnity) or 48.3 (Gross-up of indemnify payments) (or
would have been compensated for under Clause 48.2 (Tax indemnity) but was not so compensated solely because the exclusions to Clause
48.2 (Tax indemnity) applied); or

		(c)	attributable to the wilful breach by the relevant Indemnitee of any law or regulation.

		50.3	Payment of Increased Costs, indemnity sum or voluntary termination

		(a)	If an Indemnitee or a Tax Indemnitee other than the Lessor wishes to make a claim pursuant to paragraph
(c) of Clause 48.1 (Withholding Taxes), Clause 48.2 (Tax Indemnity) or Clause 50.1 (Increased Costs), it shall notify
the Lessor of the event giving rise to the claim. The Lessor shall then promptly notify the Lessee.

		(b)	Upon receipt of the Lessor’s notification, the Lessee shall notify the Lessor of its intention to
either:

		(i)	pay by means of an adjustment to the Rent, the amount which the Lessor notifies the Lessee that the relevant
Indemnitee or Tax Indemnitee has determined is necessary to compensate it for the Increased Cost or indemnity sum;

		(ii)	if any such event occurs prior to the Delivery, to cancel the Memorandum of Agreement and this Charter;
or

		(iii)	if any such event occurs after the Delivery, to terminate the leasing of the Vessel,

in each case, either immediately or at a future
specified date prior to the latest date permitted by such law or regulation.

    	 	31	 

    	 

    

 

		(c)	If the Lessee elects to voluntarily terminate the Memorandum of Agreement, the Lessor’s obligations
under the Memorandum of Agreement and this Charter shall cease either immediately or on the future specified date which is prior to the
latest date permitted by such law or regulation.

		(d)	If the Lessee elects to voluntarily terminate this Charter, the Charter Period shall be terminated either
immediately or on the future specified date which is prior to the latest date permitted by such law or regulation.

		(e)	On the date of the termination referred to in paragraph (c) above, the Lessee shall pay to the Lessor
any amount then due and payable but unpaid by the Lessee to the Lessor under any of the Operative Documents or by the Lessee to the Lessor
under the Memorandum of Agreement.

		(f)	On the date of the termination referred to in paragraph (d) above, the Lessee shall pay to the Lessor:

		(i)	any Rent (including, if applicable, the Balloon Rental) due or accrued but unpaid on such date;

		(ii)	the Outstanding Charter Hire Principal on such date;

		(iii)	any interest accrued on any unpaid and overdue Rent (including, if applicable, the Balloon Rental) or
the Outstanding Charter Hire Principal at the Default Rate;

		(iv)	the relevant Prepayment Fee, if such termination occurs before 1 December 2023;

		(v)	any cost incurred by the Lessor to the Finance Parties under the Finance Documents as a result of the
termination of this Charter;

		(vi)	any other amount then due and payable but unpaid by the Lessee to the Lessor under any of the Operative
Documents; and

		(vii)	any relevant Break Costs.

		(g)	Upon receipt by the Lessor of the sums set out in paragraph (e) or (f) above, the Lessor shall, as soon
as practically possible:

		(i)	procure the release of all Liens created by the Lessor on the Vessel and the other security created pursuant
to the Operative Documents; and

		(ii)	transfer title to the Vessel to the Lessee or its nominee pursuant to the terms set out in Clause 68 (Transfer
of title) if Delivery of the Vessel under the Memorandum of Agreement has already occurred.

		50.4	FATCA Information

		(a)	Subject to Clause 50.4(c), each Party shall, within ten (10) Business Days of a reasonable request by
the other Party:

		(i)	confirm to that other Party whether it is:

		(A)	a FATCA Exempt Party; or

		(B)	not a FATCA Exempt Party; and

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

    	 	32	 

    	 

    

 

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

		(b)	If a Party confirms to another Party pursuant to Clause 50.4(a)(i) that it is a FATCA Exempt Party and
it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably
promptly.

		(c)	Clause 50.4(a) shall not oblige the Lessor to do anything, which would or might in its reasonable opinion
constitute a breach of:

		(i)	any law or regulation;

		(ii)	any fiduciary duty; or

		(iii)	any duty of confidentiality.

		(d)	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information requested in accordance with paragraphs (a) or (b) above (including, for the avoidance of doubt, where Clause 50.4(c)
applies), then such Party shall be treated for the purposes of the Operative Documents (and payments under them) as if it is not a FATCA
Except Party until such time as the Party in question provided the requested confirmation, forms, documentation or other information.

		51	Representations

		51.1	Lessee representations

The Lessee makes the representations and
warranties set out in this Clause 51.1 to the Lessor on the date of this Charter.

		(a)	Status

		(i)	Each Relevant Party and each Manager is a limited liability company or, as the case may be, a corporation,
duly incorporated, formed and validly existing and, where applicable, in good standing under the laws of its jurisdiction of incorporation.

		(ii)	Each Relevant Party and each Manager has the power and authority to own its assets and carry on its business
as it is now being conducted.

		(b)	Binding obligations

Subject to the Legal Reservations, the
obligations expressed to be assumed by each Relevant Party and each Manager in each Transaction Document to which it is a party are legal,
valid, binding and enforceable in accordance with their terms.

		(c)	Non-conflict with other obligations

The entry into and performance by each
Relevant Party and each Manager of, and the transactions contemplated by, the Transaction Documents to which it is a party do not and
will not conflict with:

		(i)	any law or regulation applicable to it;

		(ii)	its constitutional documents; or

		(iii)	any agreement or instrument binding upon it or any of its assets,

nor constitute a default or termination event
(however described) under any such agreement or instrument, or (except as provided in any Security Document to which each Relevant Party

    	 	33	 

    	 

    

 

and/or any Manager is a party or a Permitted
Lien) result in the existence of, or oblige it to create, any Lien over any of its assets.

		(d)	Power and authority

		(i)	Each Relevant Party and each Manager has the power to enter into, perform and deliver and comply with
its obligations under, and has taken all necessary action to authorise its entry into, performance and delivery of, and compliance with,
the Transaction Documents to which it is a party and the transactions contemplated by those documents and to create the Liens expressed
to be created by the Security Documents to which it is or will be a party.

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

		(e)	Validity and admissibility in evidence

Subject to the Legal Reservations, all
Authorisations required:

		(i)	to enable each Relevant Party or any Manager lawfully to enter into, exercise its rights and comply with
its obligations in, the Transaction Documents to which it is a party;

		(ii)	to make the Transaction Documents to which each Relevant Party and each Manager is a party admissible
in evidence in its jurisdiction of incorporation;

		(iii)	for each Relevant Party and each Manager to carry on its business; and

		(iv)	to enable each Relevant Party and each Manager to create the Liens to be created by it under any Security
Document to which it is a party and to ensure that such Lien has the priority and ranking it is expressed to have,

have been obtained or effected and are
in full force and effect.

		(f)	Governing law and enforcement

Subject to any applicable Legal Reservations:

		(i)	the choice of English law as the governing law of the Transaction Documents (other than each Account Security)
to which a Relevant Party or a Manager is a party, and the choice of the governing law of each Account Security will be recognised and
enforced in its jurisdiction of incorporation; and

		(ii)	any judgment or arbitration award obtained in England in relation to an Transaction Document to which
a Relevant Party or a Manager is a party will be recognised and enforced in its jurisdiction of incorporation.

		(g)	Place of business

		(i)	None of the Relevant Parties has established a place of business in England.

		(ii)	The Lessee’s centre of main interest (as that term is used in Article 3(1) of the Regulation (EU)
2015/848 of 20 May 2015 on insolvency proceedings (recast) (the Regulation)) is situated in Greece and it has no “establishment”
(as that term is used in Article 2(10) of the Regulation) in any other jurisdiction.

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		(h)	No misleading information

		(i)	All information provided by any Relevant Party or any Manager for the purposes of any Operative Document
was true, complete and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.

		(ii)	Any financial projections provided by any Relevant Party or any Manager or on its behalf and delivered
to the Lessor in connection with this Charter have been prepared on the basis of recent historical information and on the basis of reasonable
assumptions.

		(iii)	Nothing has occurred or been omitted from the information so provided and no information has been given
by any Relevant Party or any or any Manager or withheld that results in any such information provided by such Relevant Party or such Manager
or on its behalf being untrue or misleading in any material respect.

		(i)	Financial statements

		(i)	The Guarantor’s financial statements most recently supplied to the Lessor (which, at the date of
this Charter, are the Original Financial Statements) were prepared in accordance with GAAP consistently applied save to the extent expressly
disclosed in such financial statements.

		(ii)	The Guarantor’s financial statements most recently supplied to the Lessor (which, at the date of
this Charter, are the Original Financial Statements) give a true and fair view and represent its financial condition and operations as
at the end of the relevant financial year save to the extent expressly disclosed in such financial statements.

		(iii)	There has been no material adverse change in the Guarantor’s business or financial condition since
the date of the Original Financial Statements.

		(j)	Pari passu ranking

		(i)	Each Security Document to which each Relevant Party or each Manager is a party creates (or, once entered
into, will create) in favour of the Lessor the Security which it is expressed to create with the ranking and priority it is expressed
to have.

		(ii)	Without limiting paragraph (i) above, each Relevant Party’s and each or any Manager’s payment
obligations under each Operative Document to which it is a party rank at least pari passu with the claims of all its other unsecured
and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

		(k)	Insolvency

No insolvency proceeding or creditors’
process described in Clause 63.11 (Insolvency proceedings) has been taken or threatened in relation to any Relevant Party or any
Manager and no petition for the opening of such proceedings has been presented.

		(I)	Deduction of Tax

It is not required under the law applicable
where any Relevant Party or any Manager is incorporated or formed or resident or at its address specified in this Charter or any Operative
Document to make any Tax Deduction from any payment it may make under any Operative Document.

		(m)	No filing or stamp taxes

Under the law of each Relevant Party’s
and each Manager’s jurisdiction of incorporation, it is not necessary that any of the Transaction Documents to which it is a party
be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be
paid in that jurisdiction on or in relation to any of the Transaction Documents

    	 	35	 

    	 

    

 

to which it is a party or the transactions
contemplated by any of the Transaction Documents to which it is a party.

		(n)	No Potential Termination Event

		(i)	No Potential Termination Event is continuing or might reasonably be expected to result from the entry
into or performance of, or the transactions contemplated by, the Transaction Documents to which each Relevant Party and/or each Manager
is a party.

		(ii)	No other event or circumstance is outstanding which constitutes a default under any other agreement or
instrument which is binding on it or to which its assets are subject which would have a Material Adverse Effect.

		(o)	No proceedings pending or threatened

No litigation, arbitration or administrative
proceedings of or before any court, arbitral body or agency (including any Environmental Claims) which, if adversely determined, might
reasonably be expected to have a Material Adverse Effect have been started or threatened against it or any other Relevant Party or any
Manager.

		(p)	Authorised signatures

Any person specified as an authorised signatory
of each Relevant Party and/or each Manager under Schedule 1 (Conditions precedent) is authorised to sign all documents and notices
on its behalf.

		(q)	No immunity

Each Relevant Party and each Manager and
its assets are not entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (including suit,
attachment prior to judgment, execution or other enforcement).

		(r)	Environmental Authorisations

All records, reports, returns, registrations
and information necessary for compliance with any Environmental Law or any Environmental Authorisations have been made or given to the
relevant competent authority in accordance with the requirements thereof.

		(s)	Environmental provisions

		(i)	All applicable Environmental Laws and Environmental Authorisations relating to the Vessel and her operation
and management have been complied with.

		(ii)	No Environmental Claim has been made or threatened against the Lessee or any Manager in connection with
the Vessel.

		(iii)	No Environmental Incident has occurred.

		(t)	Liens

The Vessel will be free from all Liens
at Delivery.

		(u)	Vessel condition

At Delivery, the Vessel will comply with all
requirements of this Charter including, without limitation, in respect of its condition, insurance, class and employment.

    	 	36	 

    	 

    

 

		(v)	Tax compliance

Each Relevant Party and each Manager has
complied in all material respects with all Tax laws and regulations applicable to it and its business.

		(w)	Anti-corruption law and anti-bribery law

Each Relevant Party and each Manager is
not in breach of any laws or regulations relating to the laws of England, the Vessel and its ownership, employment, operation, management
and registration, and in particular each Relevant Party and each Manager has complied with all Anti-Money Laundering Laws and each Relevant
Party and each Manager has instituted and maintained systems, controls, policies and procedures designed to detect and prevent incidences
of money laundering and promote and achieve compliance with Anti-Money Laundering Laws.

		(x)	Membership interests

		(i)	The membership interests of the Lessee are fully paid and not subject to any option to purchase or similar
rights.

		(ii)	The constitutional documents of the Lessee do not and could not restrict or inhibit any transfer of those
membership interests on creation or enforcement of the Security Documents.

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

		(y)	Ownership of Lessee

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

		(z)	No Change of Control

There has not been a Change of Control.

		(aa)	No breach of any Charter Document

Neither the Lessee nor (so far as the Lessee
is aware) any other person is in breach of any Sub-Charter to which it is a party nor has anything occurred which entitles any party to
rescind or terminate it.

		(bb)	No breach of Maersk Contract

The Lessee nor (so far as the Lessee is
aware) any other person is in breach of the Maersk Contract nor has anything occurred which entitles any party to rescind or terminate
it.

		(cc)	Vessel’s employment

The Vessel shall on the Delivery Date:

		(i)	have been delivered, and accepted for service, under the Sub-Charter 2; and

		(ii)	be free of any other charter commitment (save for the charter commitment in respect of the Sub-Charter
1) which, if entered into after that date, would require approval under the Operative Documents.

    	 	37	 

    	 

    

 

		(dd)	Address commission

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

		(ee)	Copies of documents

The copies of those Transaction Documents
which are not Operative Documents and the constitutional documents of the Relevant Parties delivered to the Lessor under Clause 42 (Conditions
Precedent) will be true, complete and accurate copies of such documents and include all amendments and supplements to them as at the
time of such delivery and no other agreements or arrangements exist between any of the parties to those Transaction Documents which would
materially affect the transactions or arrangements contemplated by them or modify or release the obligations of any party under them.

		(ff)	Shares held at the date of the Merger

At the date of the Merger Mr. George Giouroukos
owned (either directly or indirectly) 1,335,404 shares in the Guarantor.

		51.2	Repetition

Each of the representations and warranties
set out in paragraphs (a) to (j) of Clause 51.1 (Lessee representations) are deemed to be made by the Lessee by reference to the
facts and circumstances then existing on the Delivery Date and on each Payment Date.

		52	General Undertakings

		52.1	Lessee undertakings

The undertakings in this Clause 52.1 shall
remain in force from the date of this Charter until the end of the Charter Period.

		(a)	Status

Each Relevant Party and each Manager shall
maintain its corporate existence under the laws of its jurisdiction of incorporation.

		(b)	Authorisations

Each Relevant Party and each Manager shall
promptly:

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

		(ii)	supply certified copies to the Lessor of,

any Authorisation required under any law
or regulation to enable such Relevant Party or such Manager to perform its obligations under any Transaction Document to which it is a
party and to ensure the legality, validity, enforceability or admissibility in evidence in such Relevant Party’s or such Manager’s
jurisdiction of incorporation of any Transaction Document to which such Relevant Party or such Manager is subject or to ensure that each
of the Liens created under the Security Documents has the priority and ranking contemplated by them.

		(c)	Compliance with laws

Each Relevant Party and each Manager shall
comply in all material respects with all laws (including Environmental Laws and Sanctions) to which it may be subject.

    	 	38	 

    	 

    

 

		(d)	Performance of obligations

Each Relevant Party and each Manager shall
comply with all its obligations under any Operative Document to which it is a party.

		(e)	Pari passu

Each Relevant Party and each Manager shall
ensure that its liabilities under any Operative Document to which it is a party rank at least pari passu with all its other unsecured
liabilities except where such liabilities are mandatorily preferred by laws of general application to companies.

		(f)	Notification of default

The Lessee shall notify the Lessor as soon
as it becomes aware of:

		(i)	the occurrence of any Termination Event; or

		(ii)	any matter which indicates that any Termination Event may have occurred,

and in each case,
shall keep the Lessor fully informed of all developments.

		(g)	Notification of litigation

The Lessee shall provide the Lessor with
details of any Environmental Claim, any legal or administrative proceedings involving any Relevant Party, any Manager (but only in relation
to the Vessel), the Vessel or any Operative Document to which any Relevant Party or any Manager is a party as soon as it becomes aware
that such action has been instituted and such action is reasonably likely to have a Material Adverse Effect on the ability of a Relevant
Party or a Manager to perform its obligations under any Operative Document to which it is a party.

		(h)	Provision of information

The Lessee shall provide, or procure that
there is provided, to the Lessor promptly, such information regarding compliance by each Relevant Party and each Manager with the terms
of any Operative Document to which it is a party, or with respect to the Vessel, as the Lessor may from time to time reasonably request.

		(i)	Merger

No Relevant Party shall enter into any
amalgamation, demerger, merger, consolidation or corporate reconstruction (for the purposes of this paragraph (i), each “a process”),
provided that in the case of the Guarantor only, such process is permitted without restrictions so long as:

		(i)	the Guarantor remains the surviving entity of any such process; and

		(ii)	no Termination Event has occurred at the relevant time nor would be triggered as a result of such process;
and

		(iii)	such process does not have a Material Adverse Effect.

		(j)	Change of business

		(i)	The Lessee shall not substantially change the general nature of its business from that carried on at the
date of this Charter without consent of the Lessor.

		(ii)	The Guarantor shall ensure that no substantial change is made to the general nature of its business from
that carried on at the date of this Charter without the prior written consent of the Lessor (such consent not to be unreasonably withheld).

    	 	39	 

    	 

    

 

		(k)	Cancellation, termination and amendment of documents

Except with the prior written consent of
the Lessor, none of the Relevant Parties, nor any Manager shall cancel, terminate or amend or permit to be cancelled, terminated or amended
any Operative Document to which it is a party.

		(I)	Taxes

Each Relevant Party and each Manager shall:

		(i)	file or cause to be filed all tax returns required to be filed in all jurisdictions in which it is situated
or carries on business or otherwise is subject to Taxation;

		(ii)	pay all Taxes shown to be due and payable on such returns or any assessments made against it, except to
the extent these are contested in good faith and by appropriate means where such payment may be lawfully withheld and for which adequate
reserves have been established by it taking into account the amount of Taxes payable;

		(iii)	except as approved by the Lessor, each Relevant Party shall maintain its residence for Tax purposes in
the jurisdiction in which it is currently resident for Tax purposes and ensure that it is not resident for Tax purposes in any other jurisdiction;
and

		(iv)	each Relevant Party and each Manager shall promptly upon becoming aware of the same notify the Lessor
of the imposition or the proposed levy of any taxes (by withholding or otherwise) on any payment to be made by any Relevant Party or any
Manager under any Operative Document to which it is a party.

		(m)	Sanctions, anti-corruption law and anti-bribery law

		(i)	No Relevant Party nor any Manager nor any Group Member:

		(A)	is a Restricted Person;

		(B)	is owned or controlled by or acting directly or indirectly on behalf of or for the
benefit of, a Restricted Person;

		(C)	owns or controls a Restricted Person; or

		(D)	has a Restricted Person serving as a director, officer or, to the best of its knowledge,
employee.

		(ii)	Each Relevant Party, each Group Member and each Manager has instituted and maintains policies and/or internal
procedures designed to prevent violation of Sanctions.

		(iii)	The Vessel is not listed on a Sanctions List or otherwise the target of Sanctions.

		(iv)	No proceeds of the Purchase Price shall be made available, directly or indirectly, to or for the benefit
of a Restricted Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.

		(v)	The Lessee shall, and shall procure that each other Relevant Party and each Manager (including procuring
or as the case may be, using all reasonable endeavours to procure their respective officers and/or directors, of the relevant entity to
do the same) shall (A) comply with all Anti-Money Laundering Laws; (B) maintain systems, controls, policies and procedures designed to
promote and achieve ongoing compliance with Anti-Money Laundering Laws; and (C) in respect of the Lessee, not use, or permit or authorize
any person not to directly or indirectly use, the Purchase Price for any purpose that would breach any Anti-Money Laundering Laws;

    	 	40	 

    	 

    

 

		(vi)	in respect of the Lessee, not lend, invest, contribute or otherwise make available the Purchase Price
to or for any other person in a manner which would result in a violation of Anti-Money Laundering Laws;

		(vii)	the Lessee shall, and shall procure that each other Relevant Party and each Manager shall promptly notify
the Lessor of any non-compliance, by any Relevant Party, any Manager or their respective officers, directors, with all laws and regulations
relating to Anti-Money Laundering Laws as well as provide all information (once available) in relation to its business and operations
which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.

		(n)	Financial statements and Compliance Certificate

The Lessee shall supply to the Lessor:

		(i)	as soon as the same become available, but in any event within 180 days after the end of each financial
year of the Guarantor, the audited consolidated financial statements of the Guarantor for that financial year (the “Annual Financial
Statements”), which shall be the same as those publicly filed with the Security and Exchange Commission of the New York Stock
Exchange;

		(ii)	as soon as the same become available, but in any event within 90 days after the end of the first half
of each financial year of the Guarantor, the unaudited consolidated financial statements of the Guarantor for that financial half year
(the “Semi-Annual Financial Statements”); and

		(iii)	with each set of Annual Financial Statement and Semi-Annual Financial Statements, a Compliance Certificate;
each Compliance Certificate shall, amongst other things, set out (in reasonable detail) computations as to compliance with Clause 53 (Financial
covenants). Each Compliance Certificate shall be signed by the finance director or chief financial officer of the Guarantor or, in
his or her absence, by the Chief Financial Officer of the Guarantor.

		(o)	Requirements as to financial statements

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

		(ii)	Each set of financial statements delivered pursuant to paragraph (n) of this Clause 52.1 shall:

		(A)	be prepared in accordance with GAAP;

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

		(C)	comply with the requirements of the New York Stock Exchange; and

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

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		(iii)	The Lessee shall procure that each set of financial statements delivered pursuant to paragraph (n) of
this Clause 52.1 shall be prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the
preparation of the Original Financial Statements, unless, in relation to any set of financial statements, the Lessee notifies the Lessor
that there has been a change in GAAP or the accounting practices and the Auditors deliver to the Lessor:

		(A)	a description of any change necessary for those financial statements to reflect
the GAAP or accounting practices and reference periods upon which corresponding Original Financial Statements were prepared; and

		(B)	sufficient information, in form and substance as may be reasonably required by the
Lessor, to enable the Lessor to determine whether clause 53 (Financial covenants) has been complied with and to make an accurate
comparison between the financial position indicated in those financial statements and the Original Financial Statements.

		(iv)	Any reference in this Charter to any financial statements shall be construed as a reference to those financial
statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.

		(p)	Change of accounting period

Except with the prior written consent of
the Lessor, neither the Lessee nor the Guarantor shall change its accounting periods or its Auditors.

		(q)	Financing

Each of the Lessor and the Lessee acknowledges
that (i) the rights of the Lessor under the Security Documents and the rights of the Lessee assigned under the Security Documents will
be on-assigned to the Security Agent, (ii) the Lessor will assign its interest in the Vessel’s insurances to the Security Agent
as such interests are constituted in the Security Documents and (iii) the Vessel is to be mortgaged to the Security Agent at the Lessor’s
expense, each as security for the Lessor’s obligations under the Finance Documents and the Lessee hereby consents to each such mortgage
and assignment. The Lessee agrees and undertakes to procure that each of the other Relevant Parties shall cooperate with the Lessor and
the Finance Parties to give effect to the security interests contemplated in the above documents.

		(r)	Information: miscellaneous

The Lessee shall promptly supply to the
Lessor:

		(i)	upon the Lessor’s request, copies of all material documents dispatched by the Lessee or the Guarantor
to its shareholders generally (or any class of them) or its creditors generally (or any class of them) (subject to any confidentiality
restrictions);

		(ii)	at least once in every consecutive period of six (6) months following the Delivery Date, such information
regarding the employment status and operating status of the Vessel as the Lessor may reasonably request;

		(iii)	such further information regarding the financial condition, business and operations of the Lessee and/or
the financial condition of the Guarantor as the Lessor may reasonably request;

		(iv)	such further information and records relating to the Vessel and the Lessee as the Lessor may reasonably
request;

		(v)	any notice being received from any competent authority amending, terminating or suspending or threatening
to amend, terminate or suspend any Authorisation where such action (or implementing the result thereof) constitutes a Material Adverse
Effect;

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		(vi)	upon becoming aware of them, details of any circumstances which may lead to:

		(A)	any Authorisation not being obtained or effected or not remaining in full force
and effect (other than in accordance with its terms); or

		(B)	any Authorisation not being obtained, renewed or effected when required,

where failure to obtain and/or maintain
the same would constitute a Material Adverse Effect.

		(s)	Environmental

The Lessee shall, upon becoming aware of
the same, promptly notify the Lessor and the Security Agent of:

		(i)	any material Environmental Claim or any Environmental Incident;

		(ii)	any material inspections, investigations, studies, audits, tests, reviews and other analysis carried out
by it or on its behalf (but excluding any routine inspection) in relation to any environmental matters; and

		(iii)	details of any material non-compliance by it with any applicable Environmental Law or applicable Environmental
Authorisation or any suspension, revocation or modification of any Environmental Authorisation and shall set out the action it intends
to take with respect to those matters,

in relation to the Vessel.

		(t)	“Know your customer” checks

The Lessee shall promptly upon the request
of the Lessor supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Lessor in line
with other similar information requested by other lessors or financiers of vessels to companies in the Group in order for the Lessor to
conduct any “know your customer” or other similar procedures required by applicable laws and regulations.

		(u)	Ownership of Initial Commercial Manager and Initial Technical Manager

The Lessee shall ensure that each of the
Initial Commercial Manager and the Initial Technical Manager shall not cease to be beneficially and legally owned and controlled in the
manner disclosed in writing by the Lessee to the Lessor on, or prior to, the date of this Charter.

		53	Financial covenants

The Lessee shall:

		(a)	maintain at all times during the Charter Period an amount of no less than $500,000 in the Operating Account;
and

		(b)	procure that the Guarantor shall ensure that on each Financial Testing Date, the aggregate of the Cash
and Cash Equivalents shall not be less than $20,000,000 at the relevant time.

In this Clause 53:

“Cash” means, at any time,
cash at hand and cash at bank and credited to an account in the name of any Group Member and to which the Guarantor is solely (or together
with other Group Members) beneficially entitled, including cash held under any unrestricted minimum liquidity requirements, and, for so
long as such cash has not been blocked due to the existence of any Lien (other than Liens created by the Operative Documents or the Finance
Documents) held by any bank or any other third party or otherwise.

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“Cash Equivalents” means,
at any time:

		(a)	securities issued or directly and fully guaranteed or insured by the government of the United States of
America or any member state of the European Union or any other country whose sovereign debt has a rating of at least “A3”
from Moody’s or at least “A“ from Standard and Poor’s or any agency or instrumentality thereof, having maturities
of not more than one year from the date of acquisition; or

		(b)	demand and time deposits and eurodollar time deposits and certificates of deposit or bankers’ acceptances
with maturities of one year or less from the date of acquisition, in each case, with any financial institution organised under the laws
of any country that is a member of the Organisation for Economic Cooperation and Development:

		(i)	whose long-term debt obligations are rated at least “A-3” or the equivalent
thereof by Standard and Poor’s or at least “P-3” or the equivalent thereof by Moody’s (or if at the time neither
is issuing comparable ratings, then a comparable rating of another rating agency); or

		(ii)	having capital and surplus and undivided profits in excess of $250,000,000,

which are, in each case, in the name of
any Group Member and to which the Guarantor is solely (or together with other Group Members) beneficially entitled and, for so long as
such instrument, security or investment has not been blocked due to the existence of any Lien held by any bank or any other third party
or otherwise, as stated in the most recent financial statements delivered to the Lessor pursuant to Clause 52.1(n) (Financial statements
and Compliance Certificate).

“Financial Testing Date”
means 30 June and 31 December of each financial year.

		54	Business Restrictions

Except as otherwise approved by the Lessor,
the Lessee undertakes that this Clause 54 will be complied with from the date of this Charter until the expiry or termination of the Charter
Period.

		54.1	General negative pledge

		(a)	No Relevant Party and no Manager shall create or permit any Lien (other than a Permitted Lien) to exist,
arise or be created or extended over the Vessel, any membership interests of the Lessee or any other property assigned or charged to the
Lessor or any Finance Party.

		(b)	The Lessee shall not:

		(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby that asset is or may be leased
to, or re-acquired by, any other Relevant Party or any Manager;

		(ii)	sell, transfer, factor or otherwise dispose of any of its receivables;

		(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

		(iv)	enter into any other preferential arrangement having a similar effect,

in circumstances where the arrangement or
transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

    	 	44	 

    	 

    

 

		54.2	Financial Indebtedness

The Lessee shall not (without the Lessor’s
prior written consent) incur or permit to exist, any Financial Indebtedness owed by it to anyone else except:

		(a)	Financial Indebtedness incurred under the Operative Documents; and

		(b)	Financial Indebtedness reasonably incurred in the ordinary course of operating, chartering, repairing
and maintaining the Vessel (including but not limited to any guarantee issued by the Lessee in the ordinary course of its business); and

		(c)	Financial Indebtedness, including all inter-company loans or shareholders’ loans which is subordinated
to the Lessor in accordance with Clause 54.5 (Subordination).

		54.3	Guarantees

The Lessee shall not give or permit to
exist, any guarantee (other than any guarantee which constitutes Financial Indebtedness and is permitted under Clause 54.2(b)) by it in
respect of indebtedness of any person.

		54.4	Loans and credit

The Lessee shall not be a creditor in respect
of Financial Indebtedness other than in respect of:

		(a)	loans or credit to permitted under Clause 54.2 (Financial Indebtedness); or

		(b)	trade credit granted by it to its customers on normal commercial terms in the ordinary course of its trading
activities.

		54.5	Subordination

		(a)	Prior to the occurrence of a Termination Event which is continuing, the Lessee may repay and/or re-draw
all shareholder’s loans and/or intercompany loans from time to time granted by any other Group Member (each, a “Subordinated
Creditor”) to the Lessee (in this Clause 54.5, each, a “Subordinated Debt”).

		(b)	Pursuant to Clause 54.2 (Financial Indebtedness), the Lessee acknowledges to, and undertakes with,
the Lessor that all Subordinated Debts:

		(i)	shall be subordinated in all respects to all amounts owing and which may in future become owing by the
Lessee under the Operative Documents;

		(ii)	shall not be repaid or be subject to payment of interest (although interest may accrue) upon the occurrence
of a Termination Event;

		(iii)	are and shall remain unsecured by any Lien over the whole or any part of the assets of the Lessee; and

		(iv)	shall not be capable of becoming subject to any right of set-off or counterclaim.

		(c)	For the purposes of giving effect to sub-paragraph (b) above, the Lessee shall procure the execution of
a Subordination Deed in a form acceptable to the Lessor, which shall be made between the Lessee, the relevant Subordinated Creditor(s)
and the Lessor.

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		54.6	Bank accounts and other financial transactions

The Lessee shall not:

		(a)	hold cash in any account (other than the Accounts) over or in respect of which any set-off (other than
the usual banker’s right of set off), combination of accounts, netting or Lien exists;

		(b)	maintain any current or deposit account with a bank or financial institution except for the Accounts and
the deposit of money, operation of current accounts and the conduct of electronic banking operations through the Accounts;

		(c)	enter into any obligations under operating leases relating to assets; or

		(d)	be party to any banking or financial transaction, whether on or off balance sheet, that is not expressly
permitted under this Clause 54.

		54.7	Disposals

The Lessee shall not enter into a single
transaction or a series of transactions, whether related or not and whether voluntarily or involuntarily, to dispose of any asset except
for any disposal permitted by the Operative Documents.

		54.8	Contracts and arrangements with affiliates

The Lessee shall not be party to any arrangement
or contract with any of its Affiliates unless such arrangement or contract is on an arm’s length basis.

		54.9	Subsidiaries

The Lessee shall not establish or acquire
a company or other entity.

		54.10	Acquisitions and investments

The Lessee shall not acquire any person,
business, assets or liabilities or make any investment in any person or business or undertaking or enter into any joint-venture arrangement
except:

		(a)	acquisitions of assets in the ordinary course of business (not being new businesses or vessels);

		(b)	the incurrence of liabilities in the ordinary course of its business;

		(c)	any loan or credit not otherwise prohibited under this Charter; and

		(d)	pursuant to any Operative Documents or any Sub-Charter to which it is party.

		54.11	Reduction of capital

The Lessee shall not redeem or purchase
or otherwise reduce any of its equity or any other share capital or, as the case may be, membership interest capital, or any warrants
or any uncalled or unpaid liability in respect of any of them or reduce the amount (if any) for the time being standing to the credit
of its share premium account or capital redemption or other undistributable reserve in any manner.

		54.12	Increase in capital

The Lessee shall not issue membership interests
or other equity interests to anyone who is not a wholly-owned Subsidiary of the Guarantor.

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		54.13	Distributions and other payments

The Lessee shall not (and shall procure
that the Guarantor shall not) make, declare or pay (including by way of set-off, combination of accounts or otherwise) any dividend or
redeem or make any other distribution or payment (whether in cash or in specie), including any interest and/or unpaid dividends, in respect
of its equity or any other membership interest capital or any warrants, unless:

		(a)	no Termination Event is continuing at the time; and

		(b)	no Termination Event would result from doing so.

		54.14	New material contracts

The Lessee shall not enter into any new
contracts after the date of this Charter, except for contracts necessary for the operation and maintenance of the Vessel or otherwise
permitted or required by the Operative Documents to which it is a party.

		54.15	Sanctions undertakings

		(a)	Each Relevant Party undertakes that it shall, and the Guarantor shall procure that each Group Member and
each Manager will, comply with all Sanctions.

		(b)	No Relevant Party shall become a Restricted Person or act on behalf of, or as an agent of, a Restricted
Person. Each Relevant Party shall procure that no other Group Member and no Approved Manager shall, become a Restricted Person or act
on behalf of, or as an agent of, a Restricted Person.

		(c)	Each Relevant Party shall procure, and the Guarantor shall procure that each Group Member and each Manager
shall procure, that no proceeds from any activity or dealing with a Restricted Person are credited to any bank account of the Lessor or
any Affiliate of the Lessor.

		(d)	Each Relevant Party shall, and the Guarantor shall procure that each Group Member and each Manager will
promptly upon becoming aware of them supply to the Lessor details of any claim, action, suit, proceedings or investigation against it
with respect to Sanctions by any Sanctions Authority.

		(e)	No Relevant Party shall, and the Guarantor shall procure that no Group Member nor any Manager will, use
any revenue or benefit derived from any activity or dealing with a Restricted Person in discharging any obligation due or owing to the
Lessor.

		(f)	No Relevant Party shall, and the Guarantor shall procure that no other Group Member nor any Manager shall,
directly or indirectly, use, lend, contribute or otherwise make available any proceeds of the Purchase Price or other transaction contemplated
by this Charter or the Memorandum of Agreement for the purpose of financing any trade, business or other activities with any Restricted
Person.

		55	Use and Employment

The undertakings in this Clause 55 remain
in force from the date of this Charter until the end of the Charter Period.

		55.1	Use

Subject to the terms and conditions of this
Charter, the Lessee shall have the full possession, use and control of the Vessel.

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		55.2	Employment

		(a)	The Lessee shall not employ the Vessel or permit its employment:

		(i)	in any manner, trade or business which is forbidden by the Flag State, or international law, Sanctions
or which is otherwise unlawful or illicit under the law of any relevant jurisdiction;

		(ii)	in carrying illicit or prohibited goods;

		(iii)	in any manner which may render it liable to condemnation in a prize court, or to destruction, seizure,
confiscation, penalty or sanctions; and

		(iv)	in any way inconsistent with the provisions or warranties of, or implied in, or outside the cover provided
by, any Insurance (including but not limited to the International Navigating Limits).

		(b)	In the event of hostilities in any part of the world (whether war be declared or not), the Lessee shall
not employ the Vessel or permit its employment:

		(i)	in carrying any contraband goods; or

		(ii)	to enter or operate within or to continue to operate in any zone after it has been declared a war zone
by any Governmental Agency, the Flag State or by the Vessel’s war risks insurers or which is otherwise excluded from the scope of
coverage of the Vessel’s insurances,

unless the Lessee has, at its own expense,
effected such special, additional or modified insurance cover as is necessary for the Vessel to continue operating in the area affected
by the hostilities referred to in this Clause 55.2 and as approved by the Approved Brokers at any relevant time.

		55.3	Sub-leasing

Except with the prior written consent of
the Lessor (and then only subject to such terms as the Lessor may impose) and save for any of:

		(a)	the Sub-Charter 1;

		(b)	the Sub-Charter 2; and

		(c)	after commencement of the Sub-Charter 1, any Replacement Sub-Charter,

the Lessee shall not let the Vessel on
a charter (whether bareboat, time or voyage) for any period.

		55.4	Sub-Charters

		(a)	Except with the prior written consent of the Lessor, the Sub-Charters shall not be varied in any material
respect (it being understood and agreed by the Parties that material variations shall include any variation of any terms which relate
to (i) the hire rate or any off hire provisions, (ii) the duration (including any options to extend or terms related to such option) or
any cancellation or termination, (iii) the date of delivery, (iv) the counterparties and (v) quiet enjoyment and any rights or terms related
thereto, in each case of a Sub-Charter).

		(b)	Except with the prior written consent of the Lessor, there shall be no release by the Lessee of any obligation
of any other person under the Sub-Charters (including by way of novation or assignment), no waiver of any breach of any such obligation
and no consent to anything which would otherwise be such a breach.

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		(c)	Except with the prior written consent of the Lessor, the Lessee shall not terminate or rescind any Sub-Charter
or withdraw or substitute the Vessel from service under any Sub-Charter or take any similar action.

		(d)	The Lessee shall perform its obligations under any Sub-Charter.

		(e)	The Lessee shall give notice of assignment of any of the Sub-Charters to the other parties to them in
the form specified by the General Assignment and shall use its reasonable endeavours to ensure that the Lessor receives a copy of that
notice acknowledged by each addressee in the form specified therein as soon as practically possible thereafter.

		55.5	Sharing of Earnings

Except with the prior written consent of
the Lessor (and then only subject to such terms as the Lessor may impose), the Lessee shall not enter into any agreement or arrangement
whereby the Earnings may be shared with any person.

		55.6	Lay up

Except with the prior written consent of
the Lessor, the Vessel shall not be laid up or deactivated.

		55.7	Sanctions and Vessel trading

Without limiting Clause 54.15 (Sanctions
undertaking) and 56.15 (Compliance with laws), the Lessee shall procure that:

		(a)	the Vessel shall not be used by or for the benefit of a Restricted Person;

		(b)	the Vessel shall not be used in trading in any manner contrary to Sanctions (or which could be contrary
to Sanctions if Sanctions were binding on each Relevant Party and each Manager);

		(c)	the Vessel shall not make a voyage to or from any Sanctioned Country, Provided that in the case
of an Emergency Event, the Vessel can make such voyage if Lessee reasonably believes that such voyage is required due to such Emergency
Event until the Lessee or, as the case may be, the relevant Manager (in each case, acting prudently) considers that there is no longer
an Emergency Event and provided that the Lessee immediately notifies the Lessor of such Emergency Event and such voyage;

		(d)	the Vessel shall not be traded in any manner which would trigger the operation of any sanctions limitation
or exclusion clause (or similar) in the Insurances; and

		(e)	each Sub-Charter shall contain, for the benefit of the Lessee, language which gives effect to the provisions
of this Clause 55.7 (Sanctions and Vessel trading) and which permits refusal of employment or voyage orders if compliance would
result in a breach of Sanctions (or which would result in a breach of Sanctions if Sanctions were binding on each Relevant Party and each
Manager).

For the purposes of paragraph (c), “Emergency
Event” means, in relation to the Vessel, any event or circumstance that a reasonable person having experience in the management
and operation of ships, would consider to constitute an emergency event or circumstance.

		56	Maintenance and Operation

The undertakings in this Clause 56 remain
in force from the date of this Charter until the end of the Charter Period.

		56.1	Supply and crewing

The Lessee shall procure that the Vessel is
manned, victualled, operated, supplied, fuelled and repaired at its own expense.

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		56.2	Seaworthiness and safe operation

The Lessee shall ensure that the Vessel
will be, at its own expenses:

		(a)	operationally seaworthy; and

		(b)	operated in a proper, safe and seaman-like manner, and in the manner prescribed by all relevant laws and
regulations.

		56.3	Repair

The Lessee shall at its own expenses:

		(a)	keep the Vessel in a good and efficient state of repair; and

		(b)	procure that all repairs to, or replacement of, any damaged, worn or lost parts or equipment are effected
in such manner (both as regards workmanship and quality of materials) as not to diminish the value of the Vessel.

		56.4	Repairers’ liens

Except with the prior written consent (such
consent not to be unreasonably withheld or delayed) of the Lessor (and then only subject to such terms as the Lessor may impose), the
Lessee shall not put the Vessel into the possession of any person for the purpose of work being done upon it if the cost of such work
will exceed or is likely to exceed the Major Casualty Amount (or the equivalent in any other currency), unless such person shall have
first given to the Lessor and in terms satisfactory to it, a written undertaking not to exercise any lien on the Vessel or its Earnings
for the cost of such work or otherwise.

		56.5	Modification

		(a)	Except with the prior written consent of the Lessor, the Lessee shall not make any modification to the
Vessel in consequence of which its structure, type or performance characteristics could or might be adversely altered or its value might
be materially reduced.

		(b)	The Lessee shall furnish the Lessor with copies of all plans in relation to such modifications, (if applicable)
confirmation from the applicable Classification Society and (if applicable) valuation reports.

		(c)	The Lessee shall bear all risk and cost of any such modifications.

		56.6	Removal of parts; equipment owned by third parties

Except with the prior written consent of
the Lessor, the Lessee shall not:

		(a)	remove any part of the Vessel or any equipment unless at the same time it is replaced with equivalent
parts or equipment owned by the Lessee free of any Lien except under the Operative Documents; or

		(b)	install on the Vessel any equipment owned by a third party which cannot be removed without causing damage
to the structure or fabric of the Vessel or without incurring significant expense.

		56.7	Use of equipment

The Lessee shall have the use of all outfit,
equipment, appliances, furnishings, furniture and fittings, spare and replacement parts on board the Vessel at Delivery, and the same
or their substantial equivalent shall be returned to the Lessor on redelivery in good order and condition, except for ordinary wear and
tear, and changes made as permitted under this Charter.

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		56.8	Renewal of equipment

		(a)	The Lessee shall, at its own expense, replace, renew or substitute such items of equipment as shall be
so damaged or worn as to be unfit for use. The Lessee shall procure that all replacements, renewals or substitutions be effected in such
manner as not to materially reduce the value of the Vessel.

		(b)	Title to any part replaced, renewed or substituted shall remain with the Lessor until the part which replaced
it or the new or substituted item of equipment becomes the property of the Lessor.

		56.9	Additional equipment

		(a)	The Lessee may install additional equipment so as to render the Vessel available for any purpose for which
the Lessee may require to use or operate the Vessel, provided that no permanent structural damage is caused to the Vessel by reason
of such installation.

		(b)	Any additional equipment installed shall be considered the property of the Lessee (or, as the case may
be, the Sub-Charterer) who may remove such additional equipment at any time before the end of the Charter Period.

		(c)	The cost of installing or removing any additional equipment, together with the cost of making good any
damage caused by such installation or removal shall be payable in full by the Lessee.

		56.10	Maintenance of class; compliance with Authorisations

The Lessee shall:

		(a)	maintain the present class of the Vessel (namely “ 100 A5 Container ship SOLAS-ll-2, Reg. 19 ERS
IW LC NAV-OC RSCS MC AUT”) with DNV GL, or maintain the Vessel with the equivalent classification notation of a member of the International
Association of Classification Societies acceptable to the Lessor free from any overdue recommendations or conditions adversely affecting
the Vessel’s class; and

		(b)	comply with, and ensure that the Vessel complies with, the provisions of all Authorisations from time
to time applicable to Vessel registered under the laws of the Flag State or otherwise applicable to the Vessel.

		56.11	Surveys

The Lessee shall:

		(a)	submit the Vessel to continuous surveys and such periodical or other surveys as may be required for classification
purposes; and

		(b)	supply to the Lessor copies of all related survey reports which have been issued.

		56.12	Inspection

		(a)	The Lessee shall provide an inspection report, or permit the Lessor or its representatives at the Lessee’s
cost to access the Vessel once every 365 days at any time during the Charter Period, but without interference with the normal operation
of the Vessel, in order to inspect, examine or survey the Vessel on board or instruct a duly authorised surveyor to carry out such survey
on its behalf to ascertain the condition of the Vessel and satisfy itself that the Vessel is being properly repaired and maintained, and
to take copies of the manuals and technical records provided that if a Termination Event has occurred and while the same is continuing
or as a result of such inspection, examination or survey is found to have occurred or following any casualty to the Vessel which is or
is likely to be or to become a Major Casualty, the Lessor shall be entitled to inspect the Vessel (whether by itself or by surveyors or
by any other persons appointed by it) more than once at the cost of the Lessee during such 365 days period and at

    	 	51	 

    	 

    

 

such times as the Lessor shall require
with the prior written notice to the Lessee and the Lessee shall act promptly upon receipt of such notice and shall not unreasonably withhold
or delay such request. The Lessee shall also, at any time within 90 days from the Delivery Date and at any other time the Lessor can inspect
the Vessel pursuant to this Clause 56.12(a), permit the Security Agent or any other Finance Party or its representatives, at the Lessee’s
cost, to access the Vessel, but without interference with the normal operation of the Vessel, in order to inspect, examine or survey the
Vessel on board or instruct a duly authorised surveyor to carry out such survey on its behalf to ascertain the condition of the Vessel
and satisfy itself that the Vessel is being properly repaired and maintained.

		(b)	In relation to each inspection, the Lessee shall afford all proper security, safety items and give all
reasonable assistance or cooperation. The Lessee shall also give the Lessor reasonable advance notice of any intended dry-docking of the
Vessel.

		(c)	The Lessee undertakes to comply with the Lessor’s request for repair of the Vessel if such work
is required to ensure that the Vessel is maintained with the Classification Society and/or to comply with the terms of this Charter.

		56.13	Manuals and Technical Records

The Lessee shall procure that:

		(a)	all certified true copies of records, logs, manuals, handbooks, technical data, drawings and other materials
and documents which are required to be maintained in respect of the Vessel to comply with any applicable laws and regulations, or the
requirements of the Vessel’s approved classification society are maintained;

		(b)	accurate, complete and up-to-date records and logs of all voyages made by the Vessel, and of all maintenance,
repairs and modifications to the Vessel are kept; and

		(c)	the Lessor and its representatives are permitted to examine and take copies of all such records and logs
and other documents.

		56.14	Manager and Designated Person Ashore

The Lessee shall not permit any company
other than a Manager, which shall at all times be in possession of an appropriate and valid Document of Compliance under the ISM Code.

		56.15	Compliance with laws

The Lessee shall do or cause to be done
all things necessary to comply with all national and international conventions, laws, and the rules and regulations thereunder, applicable
to the Lessee and/or the Vessel, including the ISM Code, the ISPS Code, MARPOL, the International Convention on Civil Liability for Bunker
Oil Pollution Damage 2001, (if the Vessel enters or trades through the waters of the United States of America) the Oil Pollution Act 1990
and the Comprehensive Environmental Response, Compensation and Liability Act 1980, as amended, and international conventions, laws, rules
and regulations relating to environmental matters, including discharges of Pollutants.

		56.16	Information relating to the Vessel

The Lessee shall supply to the Lessor:

		(a)	promptly, all such information as the Lessor shall from time to time reasonably request regarding the
Vessel, its compliance with the ISM Code, ISPS Code, MARPOL, the International Convention on Civil Liability for Bunker Oil Pollution
Damage 2001, (if the Vessel enters or trades through the waters of the United States of America) the Oil Pollution Act 1990 and the Comprehensive
Environmental Response, Compensation and Liability Act 1980, as amended, its employment, position and engagements, particulars of all
towages and salvages, and copies of all charters and other contracts of its employment or otherwise concerning the Vessel; and

    	 	52	 

    	 

    

 

		(b)	all such information as the Lessor shall from time to time require regarding the Insurances and copies
of all policies, cover notes and all other contracts of insurance which are from time to time taken out or entered into in respect of
the Vessel or otherwise in connection with the Vessel so that the Lessor is at all times able to determine whether the Vessel has been
adequately insured as provided for in this Charter.

		56.17	Prevention of and release from arrest

		(a)	The Lessee shalt promptly pay and discharge all debts, damages, liabilities and outgoings (other than
Permitted Liens which may subsist on a temporary basis) which have given or may give rise to any maritime, statutory or possessory liens
on, or claims enforceable against, the whole or any part of the Vessel, its Earnings or the Insurances.

		(b)	In the event of:

		(i)	a writ or libel being filed against the whole or any part of the Vessel, its Earnings or the Insurances,
or of any of the same being arrested, attached or levied upon pursuant to legal process or purported legal process; or

		(ii)	detention of the Vessel in exercise or purported exercise of any lien or claim referred to in paragraph
(i) above,

and other than in circumstances where any
of the events stated under paragraphs (i) and (ii) above arise solely as a result of any act or omission of the Lessor, the Lessee shall
procure the discharge of the writ or libel or, as the case may be, the release of the Vessel, its Earnings and the Insurances from such
arrest, attachment, levy or detention within thirty (30) days of receiving notice, by providing bail or procuring the provision of Liens
or otherwise as the circumstances may require.

		56.18	Payment of outgoings and evidence of payments

The Lessee shall:

		(a)	pay all tolls, dues and other outgoings in respect of the Vessel, its Earnings and the Insurances when
due and payable;

		(b)	keep proper books of account in respect of the Vessel and its Earnings and as and when the Lessor may
require, make such books available for inspection on behalf of the Lessor; and

		(c)	furnish satisfactory evidence at the request of the Lessor that:

		(i)	the wages, allotments and the insurance and pension contributions of the master and crew are being promptly
and regularly paid;

		(ii)	all deductions from crew’s wages in respect of any tax liability are being properly accounted for;
and

		(iii)	the master has no claim for disbursements, other than those incurred by him in the ordinary course of
trading.

		56.19	No pledging of credit

The Lessee shall not pledge the credit of
the Lessor or the Vessel for any maintenance, service, replacements, repairs, overhauls of, or modifications to, or alterations in, the
Vessel or otherwise connected with the use or operation of the Vessel.

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		56.20	Notification of certain events

The Lessee shall notify the Lessor by e-mail
and confirm by letter as soon as it becomes aware of:

		(a)	any damage to the Vessel requiring repairs the cost of which will or might, in the opinion of the Lessee
(having made due enquiry), exceed the Major Casualty Amount (or the equivalent in any other currency);

		(b)	any occurrence in consequence of which the Vessel has become or may become a Total Loss;

		(c)	any requisition of the Vessel for hire;

		(d)	any requirement or recommendation made by any insurer or classification society or by any competent authority
which is not complied with within any time limit presented by any insurer, society or authority;

		(e)	any arrest or detention of the Vessel or any exercise or purported exercise of a lien or other claim on
the whole or any part of the Vessel, its Earnings or the Insurances;

		(f)	any petition or notice of meeting to consider any resolution to wind-up the Lessee or the Guarantor (or
any analogous event under the laws of the place of its incorporation);

		(g)	the occurrence of any Potential Termination Event or Termination Event;

		(h)	the occurrence of any collision or damage involving the Vessel in consequence of which the Lessee has
notified any insurer or classification society of such occurrence;

		(i)	the occurrence of any Environmental Claim involving the Vessel; and

		(j)	any withdrawal of any certificate issued pursuant to the ISM Code and lSPS Code.

		56.21	BWTS Works

The Lessee shall, within the time frame
required under any applicable law or regulation and/or by the Classification Society, complete the BWTS Works in accordance with the requirements
of such applicable law, regulation and/or the Classification Society and promptly provide evidence to the Lessor that such BWTS Works
have been successfully completed.

		56.22	Inventory of Hazardous Materials

An Inventory of Hazardous Materials shall
be maintained in relation to the Vessel.

		56.23	Sustainable and socially responsible dismantling of Vessel

The Vessel, when it is to be scrapped or
when sold to an intermediary with the intention of being scrapped be recycled at a recycling yard which conducts its recycling business
in a socially and environmentally responsible manner in accordance with the provisions of The Hong Kong International Convention for the
safe and Environmentally Sound Recycling of Ships 2009 (whether or not it is in force) and/or, if applicable, the EU Ship Recycling Regulation.

		57	Title and Registration

The undertakings in this Clause 57 remain
in force from the date of this Charter until the end of the Charter Period.

		57.1	Title and ownership

		(a)	The Vessel shall belong to the Lessor and title to, and ownership of, the Vessel shall remain vested in
the Lessor.

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		(b)	The Lessee shall have no right, title or interest in or to any part of the Vessel except the rights expressly
set out in this Charter.

		57.2	Registration

		(a)	Except with the prior written consent of the Lessor (such consent not to be unreasonably withheld or delayed),
the Lessee shall not change the name or any particulars of the Vessel.

		(b)	The Lessee shall keep the Vessel registered as a Liberian ship, and shall not do or permit to be done
anything, or omit to do anything which could or might result in:

		(i)	such registration being forfeited or imperilled; or

		(ii)	the Vessel being required to be registered under any other flag.

		(c)	The Lessee shall not register the Vessel or permit her registration under any other laws and flag without
the prior written consent of the Lessor (such consent not to be unreasonably withheld). The Lessee shall bear the cost (including but
not limited to the cost incurred by any Finance Party) of any change in flag as requested by the Lessee or as required by law.

		57.3	Vessel’s name and colours

		(a)	The Lessee shall notify the Lessor in writing of any intended change to the name of the Vessel. The Lessor
shall, at the Lessee’s expense, co-operate in respect of any formalities required in connection with a change of name of the Vessel.

		(b)	The Lessee may, at its own expense, paint the Vessel in its own colours and install and display its insignia
on board.

		57,4	Disposal

Except as permitted under the Operative
Documents to which it is a party, the Lessee shall not attempt, or hold itself out as having any power, to sell, charge, charter or otherwise
encumber or dispose of the Vessel.

		57.5	Notice of ownership and charter

The Lessee shall:

		(a)	place, and at all times and places use due diligence to retain, a properly certified copy of the Mortgage
on board the Vessel with its papers and cause such certified copy of the Mortgage to be exhibited to:

		(i)	any person having business with the Vessel which might give rise to any lien on the Vessel other than
a lien for crew’s wages and salvage; and

		(ii)	any representative of the Lessor or the Security Agent; and

		(b)	place and keep prominently displayed in the chart room and in the Master’s cabin of the Vessel a
framed printed notice in plain type reading as follows:

“NOTICE
OF OWNERSHIP AND LEASE

This Vessel is owned by [.] (the “Lessor”)
and is subject to a bareboat charter between the Lessor and [•] (the “Lessee”).

Neither the Lessee nor any manager nor the
Master of this Vessel nor any servant or agent of any of them have any right, power or authority to contract on behalf of the Lessor,
or to pledge the credit of the Lessor, and none of the Lessee, any manager, the Master of this Vessel or any other person has any right,
power or authority to create, incur or permit to be imposed

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upon this Vessel any commitments or encumbrances
whatsoever other than for crew’s wages and salvage.”.

		57.6	Mortgage and Letter of Quiet Enjoyment A

		(a)	The Lessee acknowledges that the Lessor intends to enter into certain Finance Documents including a Mortgage
in favour of the Security Agent and agrees that the Lessor’s rights under this Charter shall be subject and subordinate in all respects
to the rights of the Security Agent under such Mortgage.

		(b)	The Security Agent shall provide the Lessee a Letter of Quiet Enjoyment A in form required by the Security
Agent and approved by and the Lessor and the Lessee (such approval by the Lessee not to be unreasonably withheld or delayed).

		58	insurance

The Lessee shall bear all risks howsoever
arising whether of use, navigation, operation, possession and/or maintenance of the Vessel for the duration of the Charter. The undertakings
in this Clause 58 remain in force throughout the Charter Period.

In this Clause:

“excess risks” means
the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect
of the Vessel in consequence of its insured value being less than the value at which the Vessel is assessed for the purpose of such claims.

“obligatory insurances”
means all insurances effected, or which the Lessee is obliged to effect under this Clause 58 or any other provision of this Charter
or of another Operative Document.

“policy” includes a
slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms.

“protection and indemnity risks”
means the usual risks covered by a protection and indemnity association which is a member of the International Group of P&I Clubs,
including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are
not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses
(1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71)
or any equivalent provision.

“war risks” includes
the risk of mines and all risks excluded by clauses 29, 30 or 31 of the International Hull Clauses (1/11/02), clauses 29 or 30 of the
international Hull Clauses (1/11/03), clauses 24, 25 or 26 of the Institute Time Clauses (Hulls) (1/11/95) or clauses 23, 24 or 25 of
the Institute Time Clauses (Hulls)(1/10/83) or any equivalent provisions.

		58.1	Maintenance of obligatory insurances

The Lessee shall keep the Vessel insured
at its expense against:

		(a)	all perils of the seas and usual marine risks (including hull and machinery and excess risks) hull war
risks including piracy, hijacking/violent theft and terrorism;

		(b)	protection and indemnity risks (excluding loss of hire) and war risks (including excess war risks including
(but not limited to) crew, cargo liability, pollution liability, removal of wreck and contractual liability); and

		(c)	any other risks (excluding loss of hire unless it is obtained and maintained by the Lessee at any relevant
time) against which the Lessor considers, having regard to practices and other

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circumstances prevailing at the relevant
time, it would be reasonable for the Lessee to insure and which are specified by the Lessor by notice to the Lessee .

		58.2	Terms of obligatory insurances

The Lessee shall effect such insurances:

		(a)	in dollars;

		(b)	in the case of all usual marine risks and war risks, in an amount on an agreed value basis at least the
greater of:

		(i)	120 per cent. of the Outstanding Charter Hire Principal; and

		(ii)	the Fair Market Value of the Vessel for the time being (as determined by the Lessor on the basis of a
valuation obtained from an Approved Valuer);

		(c)	in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover
from time to time available under basic protection and indemnity club entry and in the international marine insurance market;

		(d)	in the case of protection and indemnity risks, in respect of the full tonnage of the Vessel;

		(e)	on terms approved by the Lessor; and

		(f)	through Approved Brokers and with approved insurance companies and/or underwriters (which, for the avoidance
of doubt, are in good standing and of recognised responsibility and reputation) or, in the case of war risks and protection and indemnity
risks, in approved war risks and protection and indemnity risks associations.

		58.3	Further protections for the Lessor

In addition to the terms set out in Clause
58.2 (Terms of obligatory insurances), the Lessee shall procure that the obligatory insurances shall:

		(a)	subject always to paragraph (b), name the Lessee and, if required by the Lessor, the Lessor as named assureds
as well as any Manager or any other person approved by the Lessor provided that such Manager or other person has an interest which is
limited:

		(i)	in respect of any obligatory insurances for hull and machinery and war risks;

		(A)	to any provable out-of-pocket expenses that it has incurred and which form part
of any recoverable claim on underwriters; and

		(B)	to any third party liability claims where cover for such claims is provided by the
policy (and then only in respect of discharge of any claims made against it); and

		(ii)	in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled
to make by way of reimbursement following discharge of any third party liability claims made specifically against it;

		(b)	whenever the Security Agent requires to be endorsed as an additional assured, name (or be amended to name)
the Security Agent as additional assured for its rights and interests, warranted no operational interest and with full waiver of rights
of subrogation against the Security Agent;

		(c)	name the Lessor and the Security Agent as loss payee with such directions for payment as the Lessor may
specify;

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		(d)	provide that all payments by or on behalf of the insurers under the obligatory insurances to the Lessor
or the Security Agent shall be made without set off, counterclaim or deductions or condition whatsoever;

		(e)	provide that the obligatory insurances shall be primary without right of contribution from other insurances
which may be carried by the Security Agent or any other Finance Party; and

		(f)	provide that the Lessor and/or the Security Agent may make proof of loss if the Lessor fails to do so.

		58.4	Renewal of obligatory insurances

The Lessee shall:

		(a)	three (3) Business Days (or such shorter period acceptable to the Lessor) before the expiry of any obligatory
insurance:

		(i)	notify the Lessor of the Approved Brokers (or other insurers) and any protection and indemnity or war
risks association through or with which the Lessor proposes to renew that obligatory insurance and of the proposed terms of renewal; and

		(ii)	obtain the Lessor’s approval to the matters referred to in sub-paragraph (i) above;

		(b)	at least three (3) days (or such shorter period acceptable to the Lessor) before the expiry of any obligatory
insurance, renew that obligatory insurance in accordance with the Lessor’s approval pursuant to paragraph (a) above; and

		(c)	procure that the approved brokers and/or the approved war risks and protection and indemnity associations
with which such a renewal is effected shall at least two (2) days before such expiry notify the Lessor in writing of the terms and conditions
of the renewal.

		58.5	Copies of policies; letters of undertaking

The Lessee shall ensure that the Approved
Brokers provide the Lessor with:

		(a)	pro forma copies of all policies when requested, certificate of insurance and/or cover note relating to
the obligatory insurances which they are to effect or renew in a form required by the Lessor; and

		(b)	a letter or letters or undertaking in a form required by the Lessor and including undertakings by the
Approved Brokers that:

		(i)	they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of
assignment complying with the provisions of Clause 58.3 (Further protections for the Lessor);

		(ii)	they will hold such policies, and the benefit of such insurances, to the order of the Lessor in accordance
with such loss payable clause;

		(iii)	they will advise the Lessor immediately of any material change to the terms of the obligatory insurances
and provide as soon as reasonably practicable but no later than 30 days prior to the notice of cancellation;

		(iv)	they will, if they have not received notice of renewal instructions from the Lessee or its agents, notify
the Lessor as soon as reasonably practicable but no later than 30 days before the expiry of the obligatory insurances;

		(v)	if they receive instructions to renew the obligatory insurances, they will promptly notify the Lessor
of the terms of the instructions;

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		(vi)	they will not set off against any sum recoverable in respect of a claim relating to the Vessel under such
obligatory insurances any premiums or other amounts due to them or any other person whether in respect of the Vessel or otherwise, they
waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts and
they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts;

		(vii)	they will arrange for a separate policy to be issued in respect of the Vessel forthwith upon being so
requested by the Lessor; and

		(viii)	they will immediately notify the Lessor if they receive from the Lessee any insurance company or any underwriter
notice of cancellation of the obligatory insurances.

		58.6	Copies of certificates of entry

The Lessee shall ensure that any protection
and indemnity and/or war risks associations in which the Vessel is entered provide the Lessor with:

		(a)	a certified copy of the certificate of entry for the Vessel;

		(b)	a letter or letters of undertaking in such form as may be required by the Lessor;

		(c)	the endorsement referred to in paragraph (b) of Clause 58.3 (Further protections for the Lessor).

		58.7	Deposit of original policies

The Lessee shall ensure that all policies
relating to obligatory insurances are deposited with the Approved Brokers through which the insurances are effected or renewed.

		58.8	Payment of premiums

The Lessee shall punctually pay all premiums
or other sums payable in respect of the obligatory insurances and produce all relevant receipts when so required by the Lessor.

		58.9	Guarantees

The Lessee shall ensure that any guarantees
required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.

		58.10	Compliance with terms of insurances

		(a)	The Lessee shall not do nor omit to do (nor permit to be done or not to be done) any act or thing which
would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory
insurance repayable in whole or in part.

		(b)	Without limiting paragraph (a) above, the Lessee shall:

		(i)	take all necessary action and comply with all requirements which may from time to time be applicable to
the obligatory insurances, and (without limiting the obligation contained in sub-paragraph (iii) of paragraph (b) of Clause 58.5 (Copies
of policies; letters of undertaking)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications
to which the Lessor has not given its prior approval;

		(ii)	not make any changes relating to the classification or classification society or manager or operator of
the Vessel approved by the underwriters of the obligatory insurances;

		(iii)	make (and promptly supply copies to the Lessor of) all quarterly or other voyage declarations which may
be required by the protection and indemnity risks association in

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which the Vessel is entered to maintain
cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990
or any other applicable legislation); and

		(iv)	not employ the Vessel, nor allow it to be employed, otherwise than in conformity with the terms and conditions
of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium
or otherwise) which the insurers specify.

		58.11	Alteration to terms of insurances

The Lessee shall not make or agree to any
alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance.

		58.12	Settlement of claims

The Lessee shall:

		(a)	not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major
Casualty; and

		(b)	do all things necessary and provide all documents, evidence and information to enable the Lessor to collect
or recover any moneys which at any time become payable in respect of the obligatory insurances.

		58.13	Provision of copies of communications

The Lessee shall provide the Lessor, if
so required by the Lessor, at the time of each such communication, with copies of all written communications between the Lessee and:

		(a)	the Approved Brokers;

		(b)	the approved protection and indemnity and/or war risks associations; and

		(c)	the approved insurance companies and/or underwriters,

		(d)	which relate directly or indirectly to:

		(i)	the Lessee’s obligations relating to the obligatory insurances including, without limitation, all
requisite declarations and payments of additional premiums or calls; and

		(ii)	any credit arrangements made between the Lessee and any of the persons referred to in paragraphs (a) or
(b) above relating wholly or partly to the effecting or maintenance of the obligatory insurances.

		58.14	Provision of information

The Lessee shall promptly provide the Lessor
(or any persons which it may designate) with any information which the Lessor (or any such designated person) requests for the purpose
of:

		(a)	if requested by the Lessor, obtain or prepare any report from an independent marine insurance broker as
to the adequacy of the obligatory insurances effected or proposed to be effected; and/or

		(b)	effecting, maintaining or renewing any such insurances as are referred to in Clause 58.17 (Mortgagee’s
Insurance Interest Policies) or dealing with or considering any matters relating to any such insurances,

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and the Lessee shall, forthwith upon demand,
indemnify the Security Agent in respect of all fees and other expenses incurred by or for the account of the Security Agent in connection
with any such report as is referred to in paragraph (a) above.

		58.15	Innocent Owner’s interest insurance

		(a)	The Lessee shall reimburse to the Lessor on demand within ten (10) Business Days all reasonably and properly
documented costs, premiums and expenses the Lessor has incurred in connection with:

		(i)	an innocent owner’s interest insurance in relation to the Vessel’s hull insurances in an amount
which shall equal to or exceed one hundred and twenty per cent (120%) of the Outstanding Charter Hire Principal from time to time; and

		(ii)	a contingency insurance against third party liabilities for an innocent owner,

or any other similar Lessor insurance provided
that in each case the Lessee’s reimbursement shall be no more than the prevailing international market practice.

		(b)	The Lessor shall also have the option to, having given ten (10) Business Days prior written notice in
respect thereof, request for the Lessee to pay directly the costs, premiums and expenses referred to in paragraph (a) of this Clause 58.15
and the Lessee shall comply with such request.

		58.16	Modification to Insurance

If the Lessor gives notice to the Lessee
to change the terms and requirements of this Clause 58 (which the Lessor may only do, in such manner as it reasonably considers appropriate,
as a result of any material changes of circumstances or practice after the date of this Charter), this Clause 58 shall be modified in
the manner to be agreed between the Parties within 15 Business Days of the Lessor’s relevant notice, provided however that in the
event the Parties fail to reach agreement within the said period this Clause 58 shall be modified in the manner so notified by the Lessor
to the Lessee at any time after such failure.

		58.17	Mortgagee’s Insurance Interest Policies

The Lessee shall reimburse the Lessor or
the Security Agent on demand within seven (7) Business Days with all reasonably and properly documented costs, premiums and expenses the
Lessor incurs in connection with the cost (as conclusively certified by the Lessor) of the Lessor effecting (A) a mortgagee’s interest
insurance on the Vessel and (B) a mortgagee’s interest insurance - additional perils (pollution) on the Vessel, in each case in
an amount and terms as may be reasonably specified by the Lessor having regard to the current market practice.

		58.18	Insurance Proceeds

Unless a Termination Event shall have occurred
and be continuing:

		(a)	each sum receivable in respect of a Major Casualty, other than in respect of protection and indemnity
risk insurances, shall be paid to the Lessor or, as the case may be, the Security Agent;

		(b)	the insurance moneys received by the Lessor or, as the case may be, the Security Agent in respect of any
such Major Casualty shall be paid:

		(i)	to the person to whom the relevant liability shall have been incurred; or

		(ii)	upon the Lessee furnishing evidence satisfactory to the Lessor or the Security Agent that all loss and
damage resulting from the casualty has been properly made good and repaired and paid for by the Lessee, to the Lessee or, at the option
of the Lessor or, as the case may be, the Security Agent where the repairs have not yet been paid for, to the person by whom any repairs
have been or are to be effected;

    	 	61	 

    	 

    

 

		(c)	the receipt by any such person referred to in paragraphs (i) and (ii) of paragraph (b) above shall be
a full and sufficient discharge of the same to the Lessor or, as the case may be, the Security Agent; and

		(d)	subject to the foregoing:

		(i)	each sum receivable in respect of the Insurances (insofar as the same are hull and machinery or war risks
insurances) which does not exceed the Major Casualty Amount shall be paid in full to the Lessee or to its order and shall be applied by
it for the purpose of making good the loss and fully repairing all damage in respect of which the receivable shall have been collected;
and

		(ii)	each sum receivable in respect of protection and indemnity risk Insurances shall be paid direct to the
person to whom the liability, to which that sum relates, was incurred, or to the Lessee in reimbursement to it of moneys expended in satisfaction
of such liability.

Notwithstanding the foregoing, all sums
receivable in respect of the Insurances after the occurrence of a Total Loss or a Termination Event which is continuing shall be paid
to the Lessor and the Lessor shall apply them in accordance with Clause 66.2 (Payments on Termination Event or Total Loss).

		58.19	Financing

The Lessee acknowledges that the Vessel’s
insurance arrangements will be subject to review by the Security Agent and its insurance consultant and agrees to co-operate with the
Security Agent in the provision of information relating to the insurances to the extent that they are commercially reasonable provided
that any modifications to the Vessel’s insurance arrangements shall only be made if duly required in accordance with Clause
58.16 (Modification to Insurance). The Lessee shall, upon request from the Lessor, execute such documents as may be required to
enable the Lessor to comply with its insurance provisions in the Finance Documents, provided that such provisions are not more onerous
than the respective provisions applicable to the Lessee under this Charter.

		59	Asset Coverage Threshold

		59.1	Valuations

		(a)	The Lessor shall be entitled to require the Fair Market Value of the Vessel to be determined (i) not earlier
than thirty (30) days before the Scheduled Delivery Date (the “Fair Market Value at Closing”) and (ii) at any time
during the Charter Period. Prior to the Delivery Date, the Lessee shall bear the cost of all valuations to be delivered pursuant to item
7 (Valuation Reports) of Part II of Schedule 1 (Conditions Precedent) and for the purposes of determining the Fair Market
Value at Closing. After the Delivery Date, the Lessee shall only bear the cost of valuations so obtained twice per year in accordance
with paragraph (b) below, unless there is a breach of Clause 59.2 (Security Coverage Ratio) or a Termination Event occurs which
is continuing, in which event the Lessee shall bear the cost of all such valuations.

		(b)	Subject to paragraph (a) above, the Fair Market Value of the Vessel shall be tested on 30 June and 31
December during each year within the Charter Period (each a “Testing Date”).

The Fair Market Value of the Vessel shall
be the arithmetic average of valuations obtained from two (2) Approved Valuers appointed by the Lessor. Each valuation shall be:

		(i)	provided in Dollars;

		(ii)	issued on a date not earlier than thirty (30) days prior to the Testing Date;

		(iii)	be made with or without physical inspection of the Vessel and on a charter free basis (as the Lessor may
require); and

		(iv)	be on the basis of a sale for prompt delivery for cash at arm’s length on normal commercial terms
as between a willing seller and a willing buyer.

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		(c)	The Lessee shall promptly provide to the Lessor and any Approved Valuer any information which they reasonably
require for the purposes of providing such a valuation.

		59.2	Security Coverage Ratio

If on or after a Testing Date the Lessor
notifies the Lessee that the Security Coverage Ratio is less than one hundred and twenty per cent (120%) (the “Asset Coverage
Threshold”), then the Lessee shall within thirty (30) days of such notice either:

		(a)	prepay such part of the Outstanding Charter Hire Principal as may be necessary in order to restore the
Security Coverage Ratio to comply with the Asset Coverage Threshold; or

		(b)	shall provide additional security in form and amount acceptable to Lessor.

Any prepayment made by the Lessee in accordance
with paragraph (a) above shall be applied against the Outstanding Charter Hire Principal in inverse order of maturity against the Rents
(including the Balloon Rental). As soon as possible after such prepayment is effected the Lessor shall prepare and deliver to the Lessee
a new schedule to replace Schedule 3 (Payments Schedule) accordingly and thereupon such schedule shall replace Schedule 3 (Payments
Schedule) for all purposes.

		59.3	Release of additional security

If the Lessee shall have previously provided
further security to the Lessor pursuant to clause 59.2 (Security Coverage Ratio) and no Termination Event which is continuing exists
and the Security Coverage Ratio is at least equal to the Asset Coverage Threshold (but calculated without taking into account any such
additional security) (following calculation of the same pursuant to valuations obtained by the Lessor pursuant to Clause 59.1 (Valuations),
which are not older than 30 days), the Lessor shall, as soon as reasonably practicable after 7 days’ prior notice from the Lessee
to do so and subject to the Lessor being indemnified to its reasonable satisfaction against the cost of doing so, release any such further
security specified by the Lessor provided that the Lessor is satisfied that, immediately following such release (a) the Security Coverage
Ratio will be at least equal to the Asset Coverage Threshold and (b) no Termination Event will occur as a result of such release.

		60	Risk, Total Loss and Damage

		60.1	Risk

Throughout the Charter Period, the Lessee
shall bear the full risk of:

		(a)	any Total Loss of, or any other damage to, the Vessel; and

		(b)	any other occurrence which shall deprive the Lessee of the use, possession or enjoyment of the Vessel.

		60.2	Notification

The Lessee shall give the Lessor notice
in writing as soon as reasonably practicable of any occurrence as is referred to in Clause 60.1 (Risk) other than repairable
damage the likely cost of rectification of which will not exceed the Major Casualty Amount.

		60.3	Total Loss

		(a)	All sums receivable in respect of the Insurances after occurrence of a Total Loss shall be paid to the
Lessor and the Lessor shall apply them in accordance with Clause 66.2 (Payments on Termination Event or Total Loss).

		(b)	The Lessee shall pay to the Lessor on the Total Loss Payment Date all sums due to the Lessor under Clause
66.2 (Payments on Termination Event or Total Loss) less any amount which has been applied by the Lessor pursuant to paragraph (a).

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		60.4	Payment of Rent

Notwithstanding that the Vessel has become
a Total Loss, the Lessee shall continue to pay Rent on the relevant Payment Dates and in the amounts required under this Charter until
all sums due under Clause 66.2 (Payments on Termination Event or Total Loss) have been paid. The Charter Period will end and the
obligation of the Lessee to pay Rent shall cease on the date on which all sums due under Clause 66.2 (Payments on Termination Event
or Total Loss) have been received by the Lessor.

		61	Requisition

		61.1	Continuation of charter

If the Vessel is requisitioned for hire
or use by any Governmental Agency during the Charter Period:

		(a)	the Lessee shall promptly inform the Lessor of such requisition;

		(b)	unless and until the Vessel becomes a Total Loss following such requisition and the Lessee shall have
paid all sums due pursuant to Clause 66.2 (Payments on Termination Event or Total Loss), the chartering of the Vessel under this
Charter shall continue for the remainder of the Charter Period (subject to the provisions of Clause 66 (Rights following a Termination
Event)) and the Lessee shall remain fully responsible for complying with all its obligations under this Charter, other than such obligations
(not being obligations to make payment) which the Lessee is unable to comply with solely by virtue of such requisition;

		(c)	if there is no Termination Event which is continuing, save as mentioned in paragraph (d) below, the Lessee
shall during the Charter Period be entitled to all requisition hire paid to the Lessor or to the Lessee by such Government Agency or other
competent authority on account of such requisition;

		(d)	the Lessor shall (subject to any right of set-off which the Lessor may have in respect of any amounts
due and unpaid under the terms hereof) pay any requisition hire to the Lessee immediately upon receipt;

		(e)	the Lessee shall as soon as practicable after the end of any requisition for hire, cause the Vessel to
be put into the condition required by this Charter, and where that requisition shall end after the expiry or termination of the Charter
Period, the Lessee shall, as soon as practicable, cause the Vessel to be put into the redelivery condition required by Clause 62.2 (Redelivery
conditions), allowance being made for fair wear and tear in respect of the period from the expiry or termination of the Charter Period;
and

		(f)	the Lessor shall be entitled to all compensation payable in respect of any change in the structure, state
or condition of the Vessel arising during the period of requisition for hire. The Lessor shall apply such compensation in reimbursing
the Lessee for the cost of complying with its obligations under this Charter (and otherwise, to the extent that there remains an excess,
against any other amounts that become due and payable by the Lessee under the Operative Documents), provided always that if a Termination
Event has occurred and is continuing, the Lessor shall be entitled to apply such compensation in or towards settlement of any amounts
owing by the Lessee under this Charter or any of the other Operative Documents which to the Lessee is a party.

		61.2	Requisition at end of Charter Period

If the Vessel is requisitioned for hire
or use at the end of the Charter Period and it is not lawful for the Lessee to complete its purchase of the Vessel pursuant to Clause
64.1 (Purchase Option):

		(a)	the leasing of the Vessel under this Charter shall (unless otherwise agreed between the Parties) be terminated
at the end of the Charter Period, but without prejudice to the accrued rights of the Parties, including the obligation of the Lessee contained
in Clause 62 (Redelivery) (as modified by sub-paragraph 62.1(a)), and the Lessor shall be entitled to any requisition hire payable
for the period from the expiry of the Charter Period; and

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		(b)	if the Lessor is prevented by reason of the requisition for use or hire from transferring title to the
Vessel at the end of the Charter Period, the Lessor shall be temporarily relieved from its obligations to do so. However, the Lessor shall
be obliged immediately upon the release of the Vessel from such requisition, if requested by the Lessee to transfer title to the Vessel
to the Lessee in accordance with Clause 68 (Transfer of title).

		62	Redelivery

		62.1	Redelivery

		(a)	The Vessel will be deemed to have been redelivered by the Lessee to the Lessor in accordance with the
redelivery conditions set out in Clause 62.2 (Redelivery conditions) immediately before completion of the sale of the Vessel pursuant
to Clause 65 (Purchase of Vessel by Lessee).

		(b)	If for any reason the Vessel is not sold pursuant to the exercise of a voluntary termination pursuant
to Clause 65(a), a Purchase Option or the Purchase Obligation (and provided it is not a Total Loss), at the end of the Charter Period
the Lessee shall, at its own expense, redeliver the Vessel to the Lessor in accordance with the redelivery conditions set out in Clause
62.2 (Redelivery conditions).

		62.2	Redelivery conditions

The Lessee shall redeliver the Vessel:

		(a)	safely afloat at an easily accessible, recognised and safe port or anchorage approved by the Lessor (which
is not subject to Sanctions);

		(b)	free of any class notation, statutory recommendations and any other standard certificates or statements
applied in this industry affecting her trading certificates, and with all trading and class certificates valid and without qualification,
and in the event of redelivery occurs prior to the five-year renewal of any class or statutory certificate, all costs of the renewal survey
shall be borne or reimbursed by the Lessee;

		(c)	without any pending condition;

		(d)	in the same (or better) structure, state and condition as at the Delivery Date (fair wear and tear excepted)
and having installed all equipment, spares and replacements installed on the Delivery Date;

		(e)	with all Manuals and Technical Records with at least 3 months’ validity remaining as at the redelivery
date and all the original copies of certificates, documentation and drawings delivered to the Lessee at the Delivery Date;

		(f)	free of crew and officers (unless otherwise agreed by the Lessor) and with all arrears of wages of the
master and crew of the Vessel fully paid;

		(g)	with all machinery fluid reservoirs and tanks, such as unused lubricating oils, hydraulic oils and bunkers
on board the Vessel filled to the same levels as at the Delivery Date;

		(h)	free and clear of all Liens (other than the Liens created pursuant to the Operative Documents or the Finance
Documents) and free of charter; and

		(i)	without prejudice to the above, being in generally good condition, tight, staunch, strong and well and
sufficiently tackled, apparelled, furnished, equipped and in every respect seaworthy (ordinary wear and tear excepted).

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		62.3	Payment of Rent

The Lessee shall continue to pay Rent (including,
when applicable, the Balloon Rental) until the Vessel has been redelivered to the Lessor in accordance with the terms of this Charter
or the sale and purchase of the Vessel by the Lessee has been completed in accordance with the terms of this Charter.

		63	Termination Events

		63.1	The Lessor and the Lessee agree that from the date of this Charter:

		(a)	it is a fundamental term and condition of this Charter and any other Operative Document that none of the
events set out in this Clause 63 shall occur after the date of this Charter or at any time during the Charter Period; and

		(b)	the occurrence of any such event shall constitute a repudiatory breach of this Charter by the Lessee,
entitling the Lessor to accept such repudiation and to exercise any of its rights under Clause 66 (Rights following a Termination Event).

		63.2	Non-payment

Any Relevant Party or any Manager does
not pay on the due date any amount payable pursuant to an Operative Document to which it is a party at the place at and in the currency
in which it is expressed to be payable unless:

		(a)	its failure to pay is caused by administrative or technical error; and

		(b)	payment is received within three (3) Business Days of its due date.

		63.3	Value of security

The Lessee does not comply with Clause
59.2 (Security Coverage Ratio).

		63.4	Financial covenants

The Lessee does not comply with Clause
53 (Financial covenants).

		63.5	Insurance

		(a)	The Insurances of the Vessel are not placed and kept in force in the manner required by Clause 58 (Insurance).

		(b)	Any insurer either:

		(i)	cancels any such Insurances; or

		(ii)	disclaims liability under them or asserts that its liability under them is or should be reduced by reason
of any mis-statement or failure or default by any person.

		63.6	Sanctions

Any undertaking under Clause 54.15 (Sanctions
undertakings) or Clause 55.7 (Sanctions and Vessel trading) is breached.

		63.7	Other obligations

		(a)	Any Relevant Party or any Manager does not comply with any provision of the Operative Documents to which
it is a party (other than those referred to in Clause 52.1(u) (Ownership of Initial Commercial Manager and Initial Technical Manager),
Clause 63.2 (Non-payment), Clause 63.3 (Value of Security), Clause 63.4 (Financial Covenants), Clause 63.5 (Insurance)

    	 	66	 

    	 

    

 

and Clause 63.6 (Sanctions)) and
such non-compliance is not remedied by the Relevant Party within fifteen (15) Business Days of the earlier of (A) the date on which the
Lessee is notified of the breach and (B) such Relevant Party becoming aware of the failure to comply, Provided any such non-compliance
is capable of being remedied to the satisfaction of the Lessor.

		(b)	No Termination Event under paragraph (a) above will occur if such failure to comply (i) concerns a Manager,
(ii) such Manager is replaced by another Manager acceptable to the Lessor within 30 days of the Lessor giving notice to the Lessee or
(if earlier) of any Relevant Party becoming aware of the failure to comply and (iii) such substitute Manager provides to the Lessor a
Manager’s Undertaking and such other documents as described in paragraphs 1, 4, 5 and 6(a) of Part I of Schedule 1 (Conditions
Precedent) and paragraph 6 of Part ll of Schedule 1 (Conditions Precedent).

		63.8	Misrepresentation

Any representation or statement made or
deemed to be made by any Relevant Party or any Manager in any Operative Document to which it is a party proves to have been incorrect
or misleading when made or deemed to be made, unless the circumstances giving rise to the misrepresentation are capable of remedy and
are remedied within 10 Business Days of the Lessor giving notice to the Lessee.

		63.9	Cross default

		(a)	Subject to sub-clause (d) below, any Financial Indebtedness of any Relevant Party is not paid when due
nor within any originally applicable grace period.

		(b)	Subject to sub-clause (d) below, any Financial Indebtedness of any Relevant Party is declared to be or
otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).

		(c)	Subject to sub-clause (d) below, any commitment for any Financial Indebtedness of any Relevant Party is
cancelled or suspended by a creditor of the Relevant Party as a result of an event of default (however described).

		(d)	Any creditor of any Relevant Party becomes entitled to declare any Financial Indebtedness of that Relevant
Party due and payable prior to its specified maturity as a result of an event of default (however described).

		(e)	No Termination Event will occur if the aggregate amount of Financial Indebtedness or commitment for Financial
Indebtedness falling within any of paragraphs (a) to (d) above is:

		(i)	less than $1,000,000 in respect of any such Relevant Party (other than the Guarantor); or

		(ii)	less than $10,000,000 in respect of the Guarantor.

		63.10	Insolvency

A Relevant Party:

		(a)	is unable or admits inability to pay its debts as they fall due;

		(b)	is declared to be unable to pay its debts under applicable law;

		(c)	suspends or threatens to suspend making payments on any of its debts or agrees with any of its creditors
to any standstill period in respect thereof; or

		(d)	by reason of actual or anticipated financial difficulties, commences negotiations with one or more of
its creditors (excluding the Lessor in its capacity as such) with a view to rescheduling any of its indebtedness,

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provided that should such Relevant
Party, for any reason, including without limitation, any actual or anticipated financial difficulties, commence, with prior written notice
to the Lessor, negotiations (without agreeing however, during such negotiations, to any standstill periods) with one or more of its creditors
(including the Lessor in its capacity as such) with a view to rescheduling, deferring, re-organising or suspending any of its indebtedness,
the negotiations themselves or the entering, as a result of such negotiations, into any agreement or contract with one or more of its
creditors (including the Lessor in its capacity as such) setting out terms for any rescheduling, deferral, re-organisation or suspension
of its indebtedness, shall not in itself constitute a Termination Event.

		63.11	Insolvency proceedings

Any corporate action, legal proceedings
or other procedure or step is taken in relation to:

		(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, bankruptcy, administration,
provisional supervision or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Relevant Party;

		(b)	a composition, assignment or arrangement with any creditor of any Relevant Party; or

		(c)	the appointment of a liquidator, receiver, administrator or other similar officer in respect of any Relevant
Party or any of its assets;

or any analogous procedure or step is taken
in any jurisdiction.

		63.12	Creditors’ process

Any expropriation, attachment, sequestration,
distress or execution or any other analogous process or enforcement action affecting:

		(a)	any asset or assets of any Relevant Party (other than the Lessee) having a value of:

		(i)	ten (10) million Dollars ($10,000,000) or more in respect of the Guarantor; or

		(ii)	one (1) million Dollars ($1,000,000) or more in respect of any other Relevant Party,

is not discharged within twelve (12) Business
Days of commencement; or

		(b)	any asset or assets of the Lessee and is not discharged within twelve (12) Business Days of commencement.

		63.13	Cessation of business

Any Relevant Party suspends or ceases or
threatens to suspend or cease to carry on all (or substantially all) its business.

		63.14	Failure to pay final judgment

Any Relevant Party fails to comply with
or pay any sum due from it under any final judgment or any final order made or given by any court of competent jurisdiction within the
period specified in the relevant judgment.

		63.15	Repudiation

Any Relevant Party:

		(a)	repudiates any Transaction Document (other than the Sub-Charters and the Maersk Contract) to which it
is a party; or

		(b)	evidences an intention to repudiate any Transaction Document (other than the Sub-Charters and the Maersk
Contract) to which it is a party.

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		63.16	Liens

Any Security Document to which any Relevant
Party or any Manager is a party is not in full force and effect or does not create in favour of the Lessor the Liens which it is expressed
to create with the ranking and priority it is expressed to have.

		63.17	Arrest of the Vessel

The Vessel is arrested, confiscated, seized,
taken in execution, impounded, forfeited, detained in exercise or purported exercise of any possessory lien or other claim solely due
to the Lessee’s action or omission or default or negligence and the Lessee fails to procure the release of the Vessel within a period
of thirty (30) days thereafter.

		63.18	Change of Manager or Manager’s default

		(a)	Any Management Agreement is repudiated, terminated or cancelled without the consent of the Lessor.

		(b)	Any Manager is in breach of its obligations under the relevant Manager’s Undertaking.

No Termination Event under paragraph (a)
above will occur if (i) the Manager under such Management Agreement so repudiated, terminated or cancelled is replaced by another Manager
acceptable to the Lessor within 30 days of such repudiation, termination or cancellation and (ii) such substitute Manager provides to
the Lessor a Manager’s Undertaking and such other documents as described in paragraphs 1, 4, 5 and 6(a) of Part I of Schedule 1
(Conditions Precedent) and paragraph 6 of Part II of Schedule 1 (Conditions Precedent).

		63.19	Material Adverse Change

Any material adverse change occurs in relation
to any Relevant Party which has a Material Adverse Effect.

		63.20	Ownership of Lessee

The Lessee is not or ceases to be a wholly
owned Subsidiary of the Guarantor.

		63.21	Modification, revocation, termination and expiry of Authorisation, etc.

Any Authorisation required by any Relevant
Party or any Manager or any other party (other than the Lessor) to authorise, or required by any Relevant Party or any Manager or any
other party (other than the Lessor) in connection with the execution, delivery, validity, enforceability or admissibility in evidence
of any of the Operative Documents or the performance by any Relevant Party or any Manager or any other party (other than the Lessor) of
its obligations under any of such documents is modified in a manner unacceptable to the Lessor or is not granted or is revoked or terminated
or expires and is not renewed or otherwise ceases to be in full force and effect and is not reinstated or replaced by the Lessee within
thirty (30) days of its having become aware of the same or any Relevant Party or any Manager or any other party (other than the Lessor)
defaults in the observance of any of the material conditions or restrictions in such Authorisation which default would have a Material
Adverse Effect.

		63.22	Unlawfulness, invalidity and unenforceability

It is or becomes unlawful for any Relevant
Party or any Manager to perform any of its obligations under any of the Operative Documents to which it is a party or any of the Operative
Documents is or becomes wholly or partly invalid or unenforceable as against any Relevant Party or any Manager unless in the opinion of
the Lessor such Relevant Party or such Manager is able to remedy any such event under this Clause 63.22 to its satisfaction within thirty
(30) days of the relevant event occurring.

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		63.23	Security Documents

Any Security Document in favour of the
Lessor or the Guarantee is or becomes wholly or partly invalid or unenforceable.

		63.24	Litigation, arbitration or administrative proceedings

Either any litigation, alternative dispute
resolution, arbitration or administrative, governmental, regulatory or other proceedings are commenced in relation to any Transaction
Document or the transactions contemplated in the Transaction Documents or against any Relevant Party or any of its assets, rights or revenues
which has or might have a Material Adverse Effect.

		64	Purchase Option and Purchase Obligation

		64.1	Purchase Option

		(a)	If no Termination Event has occurred and is continuing, the Lessee shall have the option (the “Purchase
Option”) to purchase the Vessel on the basis set out in Clause 65(b) on each Payment Date (the date on which a Purchase Option
is to be exercised is herein referred to as the “Purchase Option Date).

		(b)	The Purchase Option shall be exercisable by the Lessee by giving irrevocable written notice to the Lessor
at least ninety (90) days prior to the proposed Purchase Option Date.

		64.2	Purchase Option Price

The Lessee shall pay to the Lessor on the
relevant Purchase Option Date (the “Purchase Option Price”):

		(a)	any Rent due or accrued but unpaid;

		(b)	the Outstanding Charter Hire Principal;

		(c)	any interest accrued due on the unpaid and overdue Rent or the Outstanding Charter Hire Principal at the
Default Rate;

		(d)	if that Purchase Option Date falls before 1 December 2023, the relevant Prepayment Fee;

		(e)	any reasonable and documented costs incurred by the Lessor to the Finance Parties under the Finance Documents
as a result of the Purchase Option being exercised (and upon this Charter and the other Operative Documents being terminated);

		(f)	any other amounts due and payable but unpaid by any Relevant Party or any Manager to the Lessor under
any of the Operative Documents; and

		(g)	any out of pocket costs (including reasonable and documented legal costs) incurred by the Lessor in connection
with the early termination hereunder,

in each case on the relevant Purchase Option
Date.

Upon irrevocable and unconditional payment
of all of the amounts set out in Clause 64.2 (Purchase Option Price), this Charter and any other Operative Documents shall terminate
and, without prejudice to Clause 82 (Survival of terms), the provisions of Clause 65 (Purchase of Vessel by Lessee) shall
apply.

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		64.3	Purchase Obligation

On the relevant Purchase Obligation Date,
the Lessee shall purchase the Vessel on the basis set out in Clause 65(b) and shall pay the Lessor the aggregate of the following (the
“Purchase Obligation Price”):

		(a)	any Rent due or accrued but unpaid;

		(b)	the Outstanding Charter Hire Principal;

		(c)	any interest accrued due on the unpaid and overdue Rent or the Outstanding Charter Hire Principal at the
Default Rate;

		(d)	any relevant Break Costs;

		(e)	any reasonable and documented costs incurred by the Lessor to the Finance Parties under the Finance Documents
as a result of this Charter and the other Operative Documents being terminated;

		(f)	any other amounts due and payable but unpaid by any Relevant Party or any Manager to the Lessor under
any of the Operative Documents; and

		(g)	any out of pocket costs (including reasonable and documented legal costs) incurred by the Lessor in connection
with the early termination hereunder,

in each case on the relevant Purchase Obligation
Date.

Upon irrevocable and unconditional payment
of the Purchase Obligation Price, this Charter and any other Operative Documents shall terminate and, without prejudice to Clause 82 (Survival
of terms), the provisions of Clause 65 (Purchase of Vessel by Lessee) shall apply.

		65	Purchase of Vessel by Lessee

		(a)	Immediately upon receipt by the Lessor of the sums set out in Clause 64.2 (Purchase Option Price) or
Clause 64.3 (Purchase Obligation), as the case may be, the Lessor shall transfer title to the Vessel to the Lessee or its nominee
on the terms set out in Clause 68 (Transfer of title).

		(b)	The Vessel shall be sold or transferred by the Lessor to the Lessee on the following terms:

		(i)	for a consideration of $1;

		(ii)	the sale will be on an “as is, where is” basis;

		(iii)	the Lessor shall pass to the Lessee such title to the Vessel as the Lessor has acquired pursuant to the
Memorandum of Agreement, warranted free of all Liens created by the Lessor;

		(iv)	the sale shall exclude all liability of the Lessor, to the same extent as such liability is excluded by
Clause 43 (Extent of Lessor’s liability), except for the warranty given by the Lessor in paragraph (iii) above;

		(v)	if the Vessel is, at the date of sale, subject to any requisition for hire, the sale will be subject to
such requisition;

		(vi)	the Lessor will transfer to the Lessee or its nominee the benefit of all Vessel rights which it then holds;

		(vii)	any terms implied to such sale by any applicable statute or law are hereby excluded to the extent such
exclusion can legally be made and without limiting the generality of the foregoing, this sale of the Vessel shall be specifically outside
the terms of the UK Sale

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of Goods Act 1979 or any statutory modification
or re-enactment thereof for the time being in force; and

		(viii)	all reasonable and documented costs, expenses. Taxes and any payment of a similar nature arising in connection
with the sale of the Vessel by the Lessor shall be for the account of the Lessee.

		66	Rights following a Termination Event

		66.1	Rights on Termination Event

If a Termination Event occurs and while
the same is continuing, the Lessor may:

		(a)	by written notice to the Lessee:

		(i)	effect compliance on the Lessee’s behalf with any requirements in respect of which the Lessee is
in default and if the Lessor incurs any expense in effecting such compliance, the Lessor shall be entitled (without prejudice to Clause
66.2 (Payments on Termination Event or Total Loss)) to recover such expense from the Lessee together with interest on it at the
Default Rate from the date on which such expenditure is incurred by the Lessor until the date of reimbursement by the Lessee (both before
and after judgment), and/or

		(ii)	proceed by appropriate court action or actions to enforce performance of this Charter, or to recover damages
for the breach of this Charter; and/or

		(iii)	accept the repudiation of this Charter by the Lessee, and cancel the Memorandum of Agreement and/or terminate
the leasing of the Vessel under this Charter with immediate effect (but without prejudice to the continuing obligations of the Lessee
under this Charter and the other Operative Documents) and/or require the Lessee to purchase the Vessel or redeliver the Vessel to the
Lessor in accordance with Clause 62 (Redelivery), following the completion of which all rights of the Lessee under this Charter
(other than its right to pay the relevant Termination Sum and take title to the Vessel in accordance with Clause 66.1(a)(v)) will cease;
and/or

		(iv)	inspect the Vessel and/or, subject to applicable law, take possession of the Vessel, for which purposes
the Lessor may enter any premises belonging to or in the occupation or control of the Lessee where the Vessel may be located; and/or

		(v)	notify the Lessee of the occurrence of the same and demand the payment of the Termination Sum by the Lessee,
whereupon the Lessee shall immediately pay the Termination Sum to the Lessor (and upon receipt of the Termination Sum in full, the Lessor
shall sell, transfer and redeliver, at the cost and expense of the Lessee, the Vessel to the Lessee in accordance with Clause 68 (Transfer
of title)); and

		(b)	exercise any or all of its rights, remedies powers or discretions under the Security Documents.

		66.2	Payments on Termination Event or Total Loss

Upon termination of the leasing of the
Vessel pursuant to paragraph (iii) of Clause 66.1 (Rights on Termination Event) (the “Termination Sum Payment Date”)
or upon occurrence of a Total Loss Payment Date, the Lessee shall immediately pay to the Lessor (provided that in the case of a Total
Loss, any amounts which have been received directly by the Security Agent or, as the case may be, the Lessor in respect of such Total
Loss under the Insurances, shall reduce the amount that the Lessee is obliged to pay under paragraph (a) of this Clause 66.2 by the amount
so received in the order set out in paragraph (a) of this Clause 66.2) by way of agreed compensation for loss of bargain and as a genuine
pre-estimate of damages and not as a penalty:

		(a)	in case of the occurrence of a Total Loss Payment Date, the aggregate of the following:

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		(i)	any Rent (including, if applicable, the Balloon Rental) due or accrued but unpaid;

		(ii)	the Outstanding Charter Hire Principal;

		(iii)	any interest accrued and unpaid on the unpaid Rent (including, if applicable, the Balloon Rental) or the
Outstanding Charter Hire Principal at the Default Rate;

		(iv)	any relevant Break Costs;

		(v)	any reasonable and documented costs incurred by the Lessor to the Finance Parties under the Finance Documents
in connection with the early termination and/or cancellation hereunder;

		(vi)	any fee or other amount due and payable but unpaid by any Relevant Party or any Manager to the Lessor
under any of the Operative Documents; and

		(vii)	any out of pocket costs (including legal costs) incurred by the Lessor in connection with the early termination
and/or cancellation hereunder,

in each case on the Total Loss Payment
Date or, failing payment on such date, on the date the relevant amount is actually received by the Lessor;

		(b)	in case of a termination due to the occurrence of a Termination Event which is continuing, the aggregate
of the following:

		(i)	any Rent (including, if applicable, the Balloon Rental) due or accrued but unpaid;

		(ii)	the Outstanding Charter Hire Principal;

		(iii)	any interest accrued on any unpaid and overdue Rent or on the Outstanding Charter Hire Principal at the
Default Rate;

		(iv)	any relevant Break Costs;

		(v)	if that Termination Sum Payment Date falls before 1 December 2023, the relevant Prepayment Fee;

		(vi)	any costs incurred by the Lessor to the Finance Parties under the Finance Documents in connection with
the early termination and/or cancellation hereunder;

		(vii)	any other amount due and payable but unpaid by any Relevant Party or any Manager to the Lessor under any
of the Operative Documents; and

		(viii)	any out-of-pocket costs (including legal costs) incurred by the Lessor in connection with the early termination
hereunder,

in each case on the Termination Sum Payment
Date or, failing payment on such date, on the date the relevant amount is actually received by the Lessor.

For the avoidance of any doubt, any amounts
paid by the Lessee under paragraphs (a) or (b) of this Clause 66.2 shall be applied in accordance with Clause 67.1 (Order of application).

		66.3	Lessor’s obligations upon receipt of payment

Immediately upon receipt by the Lessor
of the applicable sums set out in Clause 66.2 (Payments on Termination Event or Total Loss) (the “Termination Sum”),
the Lessor shall:

		(a)	as soon as reasonably practicable, procure the release of the Mortgage and all other Liens created by
the Lessor on the Vessel and the other security created pursuant to the Operative Documents; and

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		(b)	save where the Vessel is a Total Loss, transfer title to the Vessel to the Lessee or its nominee pursuant
to Clause 68 (Transfer of title).

		66.4	Failure to pay Termination Sum

If the Lessee fails to pay the Termination
Sum within seven (7) Business Days of the Total Loss Payment Date or the Termination Sum Payment Date (as the case may be), the Lessor
shall be entitled after the expiry of such seven (7) Business Days’ period (without further notice to the Lessee) to sell the Vessel
to any third party on an arms-length basis, subject to the proceeds of such sale being applied in accordance with Clause 67 (Application
of proceeds), provided however that in the event:

		(a)	the Lessor has not yet entered into any agreement for the sale of the Vessel; and

		(b)	the Lessee furnishes the Lessor with an Offer by a Potential Buyer,

the Lessor shall sell the Vessel to such
Potential Buyer under a memorandum of agreement, which shall be (i) on terms acceptable to the Lessor and (ii) (inter alia) in
all respects compliant with the provisions of The Hong Kong International Convention for the safe and Environmentally Sound Recycling
of Ships 2009 (whether or not it is in force) and/or, if applicable, the EU Ship Recycling Regulation.

For the avoidance of any doubt, the proceeds
of such sale shall be applied in accordance with Clause 67.1 (Order of application).

For the purposes of this Clause 66.4:

“Offer” means a firm
offer for the purchase of the Vessel by a Potential Buyer:

		(a)	for a purchase price in cash (payable on delivery and acceptance of the Vessel) not less than the Relevant
Amount; and

		(b)	otherwise on customary terms for sale and purchase of commercial vessels of similar type.

“Potential Buyer” means
an entity which is:

		(a)	acceptable to the Lessor (such acceptance not to be unreasonably withheld);

		(b)	not a Restricted Person nor any of any of its Subsidiaries, directors or officers, is a Restricted Person
nor is owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Restricted Person and none of such
persons owns or controls a Restricted Person; and

		(c)	not an Affiliate of the Guarantor.

“Relevant Amount” means
the Termination Sum estimated to be payable on the potential delivery date of the Vessel under any memorandum of agreement entered into
between the Lessor and a Potential Buyer.

		67	Application of Proceeds

		67.1	Order of application

All amounts received or recovered by the Lessor
in connection with the realisation or enforcement of all of or any part of the Operative Documents (or any of them) or the Liens constituted
thereunder or any surplus the Lessor received from the sale of the Vessel pursuant to Clause 66.4 (Failure to pay Termination Sum)
shall each be held by the Lessor on trust to apply them at any time the Lessor sees fit, to the extent permitted by applicable law
(subject to the provisions of this Clause 67), in the following order of priority:

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		(a)	in payment of all costs and expenses incurred by any Creditor Party in connection with any realisation
or enforcement of the Operative Documents taken in accordance with the terms of the Operative Documents;

		(b)	in or towards payment to the Lessor of all amounts due to it but unpaid under the Operative Documents;

		(c)	if no Relevant Party or no Manager is under any further actual or contingent liability under any Operative
Document, in payment to any person to whom the Lessor is obliged to pay in priority to any Relevant Party or any Manager; and

		(d)	the balance, if any, in payment to any relevant Relevant Party or Manager.

		67.2	investment of Proceeds

Prior to the application of the proceeds
of the Relevant Documents in accordance with Clause 67.1 (Order of Application) the Lessor may, at its discretion, hold all or
part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Lessor with a financial institution
for so long as the Lessor shall think fit (the interest being credited to the relevant account) pending the application from time to time
of those monies at the Lessor’s discretion in accordance with the provisions of this Clause 67 (Application of proceeds).

		67.3	Currency Conversion

		(a)	For the purpose of, or pending the discharge of, any of the Outstanding Indebtedness the Lessor may convert
any moneys received or recovered by the Lessor from one currency to another, at the spot rate at which the Lessor is able to purchase
the currency in which the Outstanding Indebtedness are due with the amount received.

		(b)	The obligations of any Relevant Party and/or any Manager to pay in the due currency shall only be satisfied
to the extent of the amount of the due currency purchased after deducting the costs of conversion.

		67.4	Permitted Deductions

The Lessor shall be entitled (a) to set
aside by way of reserve amounts required to meet and (b) to make and pay, any deductions and withholdings (on account of taxes or otherwise)
which it is or may be required by any applicable law to make from any distribution or payment made by it under this Charter, and to pay
all taxes which may be assessed against it in respect of any of the Secured Property.

		68	Transfer of title

Immediately upon receipt by the Lessor
of the sums referred to in Clause 49 (Illegality), Clause 50.3 (Payment of Increased Costs, indemnity sum or voluntary termination), Clause
64 (Purchase Option and Purchase Obligation) or Clause 66.2 (Payments on Termination Event or Total Loss) (as applicable), the Lessor
shall:

		(a)	procure the release of the Mortgage and all other Liens created by the Lessor on the Vessel and the other
security created pursuant to the Operative Documents;

		(b)	transfer all its right, title and interest in the Vessel to the Lessee or its nominee on the terms set
out in Clause 65(b);

		(c)	at the Lessee’s expense, execute in favour of, and deliver to, the Lessee a bill of sale in respect
of the Vessel conveying the same title as was transferred to the Lessor pursuant to the Memorandum of Agreement; and

		(d)	transfer to the Lessee or its nominee the benefit of all Vessel rights which it then holds.

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		69	Substitute Performance

		69.1	Lessor’s right

		(a)	If the Lessee fails to:

		(i)	do, or cause to be done, anything which it is obliged to do, or cause to be done, under any of the Operative
Documents; or

		(ii)	make any payment which it is obliged to make under any of the Operative Documents (other than a payment
to the Lessor),

the Lessor shall be at liberty to (with
prior notice to the Lessee) do, or cause to be done, that thing or make, or cause to be made, that payment itself, to the extent permitted
by applicable law.

		(b)	The Lessee shall not cease to be in breach of any of its obligations under any of the Operative Documents
by reason of anything done, or caused to be done, or any payment made, or caused to be made, by the Lessor pursuant to paragraph (a) above,
except in the case of the Lessor’s willful misconduct.

		69.2	Costs

The Lessee shall:

		(a)	pay to the Lessor all reasonable and documented expenses incurred by the Lessor in connection with its
doing, or causing to be done, anything pursuant to paragraph (a) of Clause 69.1 (Lessor’s right); and

		(b)	reimburse the Lessor for any such payment made, or caused to be made, by the Lessor together with interest
at the Default Rate for the period starting on (and including) the date on which the demand was given by the Lessor and ending on (but
excluding) the date on which the same is paid or reimbursed to the Lessor.

		70	Further Assurances

Each of the Lessor (at no cost to it) and
the Lessee shall promptly take such steps as the Lessor or the Lessee may deem necessary or appropriate to:

		(a)	establish, maintain and protect the rights and remedies of the Lessor or the Lessee; and

		(b)	carry out and effect the intent and purpose of the Operative Documents.

		71	Assignment

		(a)	Except in accordance with the terms of the Operative Documents, no Party may assign or transfer any of
its rights or obligations under this Charter without the prior written consent of the other Party.

		(b)	The Lessee hereby consents to any assignment by the Lessor of any of its rights under this Charter and
under the other Operative Documents to the Security Agent pursuant to the Finance Documents (without any cost to the Lessee) and to the
exercise of any of the rights of the Security Agent, subject to the provisions of the Letter of Quiet Enjoyment A.

		(c)	Subject to paragraph (e) below, the Lessee further hereby consents to any assignment by the Lessor of
any of its rights and/or transfer of any of its obligations under this Charter to any Affiliate of the Lessor provided that (i) any such
assignment or transfer shall not result in any increased cost or liability for the Lessee under this Charter as a result of circumstances
existing at the time of such assignment or transfer (as applicable) and (ii) the Lessor shall notify the Lessee of such assignment and/or
transfer.

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		(d)	Subject to paragraph (e) below, the Lessor may, with the prior written consent of the Lessee (such consent
not to be unreasonably withheld or delayed), assign any of its rights and/or transfer any of its obligations under this Charter and/or
under any other Operative Document to another person, provided that (i) any such assignment or transfer shall not result in any increased
cost or liability for the Lessee under this Charter as a result of circumstances existing at the time of such assignment or transfer (as
applicable) and (ii) the Lessor shall notify the Lessee of such assignment and/or transfer.

		(e)	At any time after the occurrence of a Termination Event, the Lessor may assign any of its rights and/or
transfer any of its obligations under any Operative Document to any person without the consent of, and without notice to, the Lessee.

		72	Disclosure of Information

At any time after the date of this Charter
and during the Charter Period, each of the Lessor and the Lessee shall keep confidential and shall not, without the prior written consent
of the other, disclose to any person:

		(a)	the financial details of, or the transactions contemplated by, the Operative Documents; or

		(b)	any information provided pursuant to any of the Operative Documents,

provided that the Parties may disclose
any such information without consent:

		(i)	to any person to the extent required for the purpose of any litigation, arbitration or regulatory proceedings
or procedure;

		(ii)	to any person (including but not limited to any investor and potential investor of the Relevant Party
or any Manager or any party entitled under the Operative Documents or Finance Document) to whom, and to the extent that, information is
required to be disclosed by any applicable law or regulation;

		(iii)	to any Governmental Agency;

		(iv)	to the Finance Parties or any other party to any of the Operative Documents;

		(v)	to the auditors, legal or insurance advisors, underwriters or brokers or any professional service provider
of the Lessor, the Lessee or of any of the persons listed in paragraph (iv) above who shall be instructed to maintain the confidentiality
of any information supplied to them;

		(vi)	to the Lessor Account Bank or the Account Bank;

		(vii)	to any employee, officer or shareholder of the Lessor, the Lessee, any Relevant Party or any Manager;
or

		(viii)	in any manner contemplated by any of the Operative Documents.

		73	Notices

		73.1	Communications in writing

Any communication to be made under or in connection
with this Charter shall be made in writing and, unless otherwise stated, may be made by letter or (under Clause 73.4 (Electronic communication))
email.

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		73.2	Addresses

The address and email address (and the
department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to
be made or delivered under or in connection with this Charter are as follows:

If to the Lessor at:

8 Akadimias Street

10671 Athens, Greece

Attn:Mr. Charalampos Antoniou I Mr. Athanasios
Voudris

Email:harris.antoniou@neptuneinternational.ch I sakis.voudris@neptuneleasing.com

If to the Lessee at:

c/o Technomar Shipping Inc.

3-5 Menandrou Street

14561 Kifisia, Athens, Greece

Attn:Ms Maria Danezi / Mr. Tassos Psaropoulos

Email:mdanezi@technomar.gr / t.psaropoulos@technomar.gr,

or to any substitute address, email address
or department or officer as the relevant Party may notify to the other Party by not less than 5 Business Days’ prior notice in writing.

		73.3	Delivery

Any communication or document made or delivered
by one Party to the other Party under or in connection with this Charter will only be effective:

		(a)	if by way of letter, when it has been left at the relevant address or 5 Business Days after being deposited
in the post postage prepaid in an envelope addressed to it at that address; or

		(b)	if by way of email, if it complies with the rules under Clause 73.4 (Electronic communication),

and, if a particular department or officer
is specified as part of its address details provided under Clause 73.2 (Addresses), if addressed to that department or officer.

		73.4	Electronic communication

		(a)	Any communication to be made between the Parties under or in connection with this Charter may be made
by electronic mail or other electronic means, and the Parties hereby agree:

		(i)	that, unless and until notified to the contrary, this is to be an accepted form of communication;

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

		(iii)	to notify each other of any change to their address or any other such information supplied by them.

		(b)	Any electronic communication made by one Party to another Party will be effective when it is sent by the
sender Party unless the sender Party receives a message indicating failed delivery.

		(c)	A Party shall notify the other Party promptly upon becoming aware that its electronic mail system or other
electronic means of communication cannot be used due to technical failure (and that failure is or is likely to be continuing for more
than 24 hours). Until that Party has

    	 	78	 

    	 

    

 

notified the other Party that the failure
has been remedied, all notices between the Parties shall be sent by letter in accordance with this Clause 73.

		73.5	English language

		(a)	Any notice given under or in connection with this Charter must be in English.

		(b)	All other documents provided under or in connection with this Charter must be:

		(i)	in English; or

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

		74	Partial Invalidity

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

		75	Remedies and Waivers

No failure to exercise, nor any delay in
exercising, on the part of the Lessor, any right or remedy under this Charter shall operate as a waiver, nor shall any single or partial
exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies
provided in this Charter are cumulative and not exclusive of any rights or remedies provided by law.

		76	Amendments and Waivers

Any term of this Charter may be amended
or waived only with the consent of the Lessor and the Lessee.

		77	Contractual Recognition of Bail-In

Notwithstanding any other term of any Operative
Document or any other agreement, arrangement or understanding between the Parties, each Party (and any other Relevant Party or any Manager
who is a party to any other Operative Document to which this clause is expressed by the terms of that other Operative Document to apply)
acknowledges and accepts that any liability of the Lessor to any Relevant Party or any Manager under or in connection with the Operative
Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect
of:

		(a)	any Bail-In Action in relation to any such liability, including (without limitation):

		(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued
but unpaid interest) in respect of any such liability;

		(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership that
may be issued to, or conferred on, it; and (iii)a cancellation of any such liability; and

		(b)	a variation of any term of any Operative Document to the extent necessary to give effect to any Bail-In
Action in relation to any such liability.

    	 	79	 

    	 

    

 

In this Clause 77:

Article 55 BRRD means Article 55
of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

Bail-In Action means the exercise
of any Write-down and Conversion Powers.

Bail-In Legislation means.

		(a)	in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55
BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;

		(b)	in relation to the United Kingdom, the UK Bail-In Legislation; and

		(c)	in relation to any other state other than such an EEA Member Country and the United Kingdom, any analogous
law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law
or regulation.

EEA Member Country means any member
state of the European Union, Iceland, Liechtenstein and Norway.

EU Bail-In Legislation Schedule means
the document described as such and published by the Loan Market Association (or any successor person) from time to time.

Resolution Authority means any body
which has authority to exercise any Write-down and Conversion Powers.

UK Bail-In Legislation means Part
I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of
unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration
or other insolvency proceedings).

Write-down and Conversion Powers means:

		(a)	in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time,
the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;

		(b)	

		(i)	in relation to any other applicable Bail-In Legislation other than the UK Bail-In Legislation, any powers
under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial
institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a
liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into
shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect
as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In
Legislation that are related to or ancillary to any of those powers; and

		(ii)	any similar or analogous powers under that Bail-In Legislation; and

		(b)	in relation to any UK Bail-In Legislation:

		(i)	any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that
is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to
cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that

    	 	80	 

    	 

    

 

liability arises, to convert all or part
of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers
under that UK Bail-In Legislation that are related to or ancillary to any of those powers.

		78	Replacement of Screen Rate

		(a)	If a Screen Rate Replacement Event has occurred and the Base Rate is to be determined by reference to
the Screen Rate, the Lessor and the Lessee shall enter into negotiations in good faith with a view to agreeing:

		(i)	the use of a Replacement Benchmark in place of the Screen Rate from and including a date no later than
1 June 2023; and

		(ii)	amendments for any or all of the following:

		(A)	aligning any provision of any Operative Document to the use of that Replacement
Benchmark;

		(B)	enabling that Replacement Benchmark to be used for the calculation of interest under
this Charter (including, without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the
purposes of this Charter);

		(C)	implementing market conventions applicable to that Replacement Benchmark;

		(D)	providing for appropriate fallback (and market disruption) provisions for that Replacement
Benchmark; or

		(E)	adjusting the pricing to reduce or eliminate, to the extent reasonably practicable,
any transfer of economic value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment
or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment
shall be determined on the basis of that designation, nomination or recommendation).

		(b)	In this Clause 78:

Relevant Nominating Body means any
applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired
by, or constituted at the request of, any of them or the Financial Stability Board.

Replacement Benchmark means a benchmark
rate which is:

		(a)	formally designated, nominated or recommended as the replacement for the Screen Rate by:

		(i)	the administrator of the Screen Rate (provided that the market or economic reality that such benchmark
rate measures is the same as that measured by the Screen Rate); or

		(ii)	any Relevant Nominating Body,

		(b)	and if replacements have, at the relevant time, been formally designated, nominated or recommended under
both paragraphs, the “Replacement Benchmark” will be the replacement under paragraph a (ii) of this definition;

    	 	81	 

    	 

    

 

		(c)	in the opinion of the Lessor and the Lessee, generally accepted in the international or any relevant domestic
syndicated loan markets as the appropriate successor to the Screen Rate; or

		(d)	in the opinion of the Lessor and the Lessee, an appropriate successor to the Screen Rate.

Screen Rate Replacement Event means,
in relation to the Screen Rate:

		(a)	the methodology, formula or other means of determining the Screen Rate has, in the opinion of either the
Lessor or the Lessee, materially changed;

		(b)	any of the following applies:

		(i)	either:

		(A)	the administrator of the Screen Rate or its supervisor publicly announces that such
administrator is insolvent; or

		(B)	information is published in any order, decree, notice, petition or filing, however
described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which
reasonably confirms that the administrator of the Screen Rate is insolvent,

provided that, in each case, at that time,
there is no successor administrator to continue to provide the Screen Rate;

		(ii)	the administrator of the Screen Rate publicly announces that it has ceased or will cease, to provide the
Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide the Screen Rate;

		(iii)	the supervisor of the administrator of the Screen Rate publicly announces that such Screen Rate has been
or will be permanently or indefinitely discontinued;

		(iv)	the administrator of the Screen Rate or its supervisor announces that the Screen Rate may no longer be
used; and

		(v)	the supervisor of the administrator of the Screen Rate makes a public announcement or publishes information:

		(A)	stating that the Screen Rate is no longer or, as of a specified future date will
no longer be, representative of the underlying market or economic reality that it is intended to measure and that representativeness will
not be restored (as determined by such supervisor); and

		(B)	with awareness that any such announcement or publication will engage certain triggers
for fallback provisions in contracts which may be activated by any such pre-cessation announcement or publication; or

		(c)	the administrator of the Screen Rate determines that the Screen Rate should be calculated in accordance
with its reduced submissions or other contingency or fallback policies or arrangements and either:

		(i)	the circumstance(s) or event(s) leading to such determination are not (in the opinion of either the Lessor
or the Lessee) temporary; or

		(ii)	the Screen Rate is calculated in accordance with any such policy or arrangement for a period of no less
than 5 Business Days; or

    	 	82	 

    	 

    

 

		(d)	in the opinion of either the Lessor or the Lessee the Screen Rate is otherwise no longer appropriate for
the purposes of calculating interest under this Charter.

		79	Counterparts

This Charter may be executed in any number
of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Charter.

		80	Time of the Essence

Without prejudice to any grace periods
contained in this Charter, the time stipulated in this Charter for all payments payable by the Lessee, and for the performance of the
Lessee’s obligations under this Charter, will be of the essence of this Charter.

		81	Governing Law

This Charter, and all non-contractual obligations
arising from or in connection with this Charter, shall be governed by, and construed in accordance with, English law.

		82	Survival of Terms

The Lessee’s and the Lessor’s
rights and obligations under this Clause 82 and under Clauses 44 (Rent, Payments and Calculations), 45 (Costs and Expenses), 47 (Indemnities),
48 (Taxes), 62 (Redelivery), Clause 66 (Rights following a Termination Event) and Clause (b) of 68 (Transfer of Title) of this Charter
and the rights of each Indemnitee and Tax Indemnitee under Clauses 47 (Indemnities) and 48 (Taxes), of this Charter shall survive any
termination of the Charter Period or any termination of this Charter or any other Operative Document.

		83	Enforcement

		83.1	Jurisdiction of English courts

		(a)	Subject to paragraph (c) below, the courts of England and Wales have exclusive jurisdiction to settle
any dispute arising out of or in connection with this Charter (including any dispute relating to any non-contractual obligation arising
from or in connection with this Charter and any dispute regarding the existence, validity or termination of this Charter) (a “Dispute”).

		(b)	The parties to this Charter agree that the courts of England and Wales are the most appropriate and convenient
courts to settle Disputes and accordingly no party to this Charter will argue to the contrary.

		(c)	This Clause 83.1 is for the benefit of the Lessor only. As a result, the Lessor shall not be prevented
from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Lessor may take
concurrent proceedings in any number of jurisdictions.

		83.2	Appointment of process agent

The Lessee agrees that the documents which
start any proceedings in relation to any Operative Document, and any other documents required to be served in connection with those proceedings,
may be served on it by being delivered to Messrs Saville & Co. at its registered office or place of business in England and Wales,
currently at 46 New Broad Street, London EC2M 1.1H, England, or to such other address in England and Wales as the Lessee may specify by
notice in writing to the Lessor. Nothing in this Clause 83.2 shall affect the right of either Party to serve process in any other manner
permitted by law. This Clause 83.2 applies to proceedings in England and proceedings elsewhere.

    	 	83	 

    	 

    

 

		83.3	Waiver of immunities

To the extent that either Party has acquired
or may, after the date of this Charter, acquire any immunity, with respect to itself and its revenues and assets (irrespective of their
use or intended use), on the grounds of sovereignty or other similar grounds from:

		(a)	suit;

		(b)	jurisdiction of any court;

		(c)	relief by way of injunction or order for specific performance or recovery of property;

		(d)	attachment of its assets (whether before or after judgment); and

		(e)	execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled
in any proceedings in the courts of any jurisdiction (and irrevocably agrees, to the extent permitted by applicable law, that it will
not claim any immunity in any such proceedings), that Party irrevocably waives, to the extent permitted by applicable law, such immunity
in respect of its obligations under this Charter.

IN WITNESS WHEREOF the Parties have
caused this Charter to be duly executed as a deed and delivered on the date first above written.

    	 	84	 

    	 

    

 

Schedule

Conditions Precedent

Part 1

Conditions Precedent to effectiveness of
the Memorandum of Agreement and this Charter

		1	Relevant Parties

		(a)	A copy, certified as true copy by a director or an officer of each Relevant Party, each Manager and each
Subordinated Creditor, of the constitutional documents of each Relevant Party and each Subordinated Creditor and its register of directors,
register of members and register of mortgages and charges.

		(b)	A copy, certified as true copy by a director or an officer of each Relevant Party, each Manager and each
Subordinated Creditor, of a resolution of the board of directors or a unanimous written resolution of each Relevant Party, each Manager
and each Subordinated Creditor:

		(i)	approving the terms of, and the transactions contemplated by, the Operative Documents to which it is a
party and resolving that it executes, delivers and performs the Operative Documents to which it is a party;

		(ii)	authorising a specified person or persons to execute the Operative Documents to which it is a party on
its behalf;

		(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
to be signed and/or despatched by it under or in connection with the Operative Documents to which it is a party; and

		(iv)	in the case of the Guarantor or any other Relevant Party, or any Manager providing third party security,
resolving that it is in its best interests to enter into the transactions contemplated by the Operative Documents to which it is a party.

		(c)	A certificate of the Guarantor (signed by a director) confirming that guaranteeing or securing, as appropriate,
the obligations of any Relevant Party or any Manager under the Operative Documents to which such Relevant Party or such Manager is a party,
would not cause any borrowing, guarantee, security or similar limit binding on any Relevant Party or any Manager to be exceeded.

		(d)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (a) above
who is to actually execute the Operative Documents.

		(e)	If relevant, a copy, certified as true copy by a director or an officer of each Relevant Party and each
Manager, of a resolutions signed by all the holders of the issued shares in each Relevant Party (other than the Guarantor) or each Manager,
approving the terms of, and the transactions contemplated by, the Operative Documents to which such Relevant Party or such Manager is
a party.

		(f)	If relevant, a copy, certified as a true copy by a director or an officer of each Relevant Party and each
Subordinated Creditor, of a power of attorney of each Relevant Party and each Subordinated Creditor.

		(g)	A certificate of an authorised signatory of each Relevant Party, each Manager and each Subordinated Creditor
certifying that each copy document relating to it specified in this Schedule 1 is correct, complete and in full force and effect as at
a date no earlier than the date of this Charter.

    	 	85	 

    	 

    

 

		2	Operative Documents

The Memorandum of Agreement, this Charter,
the Fee Letter, the Guarantee, the Share Pledge, any Subordination Deed, each duly executed by the relevant parties (other than the Lessor)
thereto.

		3	Legal Opinions

		(a)	A draft legal opinion in relation to English law from Norton Rose Fulbright Greece satisfactory to the
Lessor.

		(b)	A draft legal opinion in relation to Marshall Islands and Liberian law from Hill Dickinson International
satisfactory to the Lessor.

		(c)	Draft of any other legal opinion satisfactory to the Lessor as required by the Lessor.

		4	“Know your customer” information

Such documentation and information as the
Lessor may reasonably request to comply with “know your customer” or similar identification procedures under all laws and
regulations applicable to the Lessor, the Initial Commercial and the Initial Technical Manager.

		5	Copies of documents

A copy, certified as a true copy by a director
of the Lessee, of each Management Agreement, each Sub-Charter and the Maersk Contract.

		6	Other documents and evidence

		(a)	Evidence that any process agent referred to in clause 83.2 (Appointment of process agent) or any
equivalent provision of any other Operative Document entered into on or before the Delivery Date, if not a Relevant Party or a Manager,
has accepted its appointment.

		(b)	The Original Financial Statements.

    	 	86	 

    	 

    

 

Part II

Conditions precedent to issuance of the
Payment Notice

in respect of the Purchase Price

		1	Corporate documents

A certificate from an authorised signatory
of the Relevant Party and each Manager confirming that the resolutions referred to in the certificate described in Schedule 1 (Conditions
Precedent) remain in full force and effect and have not been amended, modified or revoked in any respect.

		2	Operative Documents

The Manager’s Undertaking, the Account
Security of each Account, any Subordination Deed, the Letter of Quiet Enjoyment B, the General Assignment together with all ancillary
documents to be delivered pursuant thereto, each duly executed by the relevant parties (other than the Lessor) thereto.

		3	Other documents and evidence

		(a)	Copies, certified as true copies by a director of the Lessee, of all documents which the Lessor may reasonably
require evidencing that all Authorisations with respect to or in connection with the registration of the Vessel under the laws of the
Flag State have been taken or obtained.

		(b)	A copy of any other Authorisation or other document, opinion or assurance which the Lessor considers to
be necessary or desirable (if the Lessor has notified the Lessee accordingly) in connection with the entry into and performance of the
transactions contemplated by any Operative Document or for the validity and enforceability of any Operative Document.

		(c)	Evidence satisfactory to the Lessor that the Operating Account and the DSRA Account has been opened with
the Account Bank.

		(d)	Documentary evidence showing that the Lessee is a wholly owned direct Subsidiary of the Guarantor.

		(e)	Documentary evidence that:

		(i)	prior to Delivery, there will be no Lien of any kind whatsoever on the Vessel, her earnings or insurance;
and

		(ii)	the required insurances for the Vessel with effect from the Delivery Date have been arranged through acceptable
brokers and/or with acceptable underwriters.

		4	Insurance

A satisfactory opinion from Willis Towers
Watson or other insurance consultants approved by the Lessor on the insurances effected or to be effected on the Vessel pursuant to this
Charter.

		5	Fees

Evidence that any fee then due from the
Lessee has been paid.

		6	Manager

A copy, certified as a true copy by a director
of the Manager, of the Document of Compliance of the Manager issued pursuant to the ISM Code.

    	 	87	 

    	 

    

 

		7	Valuation Reports

Two valuation reports of the Vessel, each
issued by an Approved Valuer in accordance with Clause 59.1 (Valuations), and being acceptable in all respects to the Lessor,

		8	Legal Opinion

		(a)	A draft legal opinion in relation to English law from Norton Rose Fulbright Greece satisfactory to the
Lessor.

		(b)	A draft legal opinion in relation to New York law from Norton Rose Fulbright (US) LLP satisfactory to
the Lessor.

		(c)	A draft legal opinion in relation to Marshall Islands and Liberian law from Hill Dickinson International
satisfactory to the Lessor.

		(d)	Draft of any other legal opinion satisfactory to the Lessor as required by the Lessor.

		9	Inspection Report

If required by the Lessor, a physical inspection
report from a surveyor appointed by the Lessor at the cost of the Lessee, demonstrating that the Vessel is in satisfactory condition and
maintains specifications acceptable to the Lessor.

		10	Dry-docking

Evidence satisfactory to the Lessor that
the Vessel has successfully completed its 4th dry-docking.

		11	IHM certificate

A copy of the certificate being the document
listing all the potentially hazardous materials on board the Vessel.

    	 	88	 

    	 

    

 

Part III

Conditions precedent to Delivery

		1	Purchase price under the Maersk Contract

Evidence that the full purchase price of
the Vessel under the Maersk Contract will have been paid upon the Purchase Price being released in accordance with clause 3.2 (Payment)
of the Memorandum of Agreement and that the Maersk Seller will not have any Lien or other right to detain the Vessel.

		2	Vessel requirements

		(a)	An original or a copy of the Bill of Sale and an original Protocol of Delivery and Acceptance, as evidence
that the Vessel has been delivered to, and accepted by, the Lessor under the Memorandum of Agreement.

		(b)	An original Acceptance Certificate.

		(c)	Evidence that the Vessel:

		(i)	is (or will be, simultaneously with the release of the Purchase Price in accordance with clause 4.2 (Payment)
of the Memorandum of Agreement) registered in the name of the Lessor under the laws of the Flag State free of Liens;

		(ii)	is classed in accordance with Clause 56.10 (Maintenance of class; compliance with Authorisations);

		(iii)	is insured in accordance with the provisions of Clause 58 (Insurance), and all requirements of Clause
58 (Insurance) in respect of such insurance have been complied with;

		(iv)	is in possession of (or evidence satisfactory to the Lessor that the Lessee has duly applied to the relevant
authorities for the issuance of) a valid International Air Pollution Prevention Certificate (IAPPC) under Annex VI (Regulations for the
Prevention of Air Pollution from Ships) to MARPOL;

		(v)	is in possession of (or evidence satisfactory to the Lessor that the Lessee has duly applied to the relevant
authorities for the issuance of) a valid Safety Management Certificate under the ISM Code and a valid International Ship Security (ISS)
Certificate; and

		(vi)	is in possession of (or evidence satisfactory to the Lessor that the Lessee has duly applied to the relevant
authorities for the issuance of) a certificate issued pursuant to Article 7 of the International Convention on Civil Liability for Bunker
Oil Pollution Damage 2001.

		3	Insurance

A satisfactory opinion from Willis Towers
Watson or other insurance consultants approved by the Lessor on the Insurances.

		4	Legal Opinions

		(a)	A draft legal opinion in relation to English law from Norton Rose Fulbright Greece satisfactory to the
Lessor.

		(b)	A legal opinion in relation to New York law from Norton Rose Fulbright US LLP satisfactory to the Lessor.

    	 	89	 

    	 

    

 

		(c)	A legal opinion in relation to Marshall Islands and Liberian law from Hill Dickinson International satisfactory
to the Lessor.

		(d)	Any other legal opinion satisfactory to the Lessor as required by the Lessor.

		5	Delivery and acceptance of the Vessel under the Sub-Charter 2

Evidence that the Vessel has been delivered
to, and accepted by, the Sub-Charterer 2 pursuant to the terms of the Sub-Charter 2.

    	 	90	 

    	 

    

 

Schedule 2

Form of Acceptance Certificate

Dated: [●] 2021

Charter Agreement dated [0] 2021 (the “Charter”)
between NML Violetta Inc. (the “Lessor”) and GSL Violetta LLC (the “Lessee”) relating to the container carrier
vessel named GSL Violetta (the “Vessel”)

		1	We refer to the Charter. This is the Acceptance Certificate. Terms defined
in the Charter shall have the same meaning in this Acceptance Certificate.

		2	We confirm that today as at [●] hours ([●] time), is the
Delivery Date.

		3	We further confirm that, as at the date hereof:

		(a)	the Purchase Price is $[●];

		(b)	the Purchase Obligation Price is:

		(i)	if the Purchase Obligation Date is the date a Change of Control occurs, the sum in Dollars determined
in accordance with Clause 64.3 (Purchase Obligation);

		(ii)	if the Purchase Obligation Date is on [●], $[●];

		(iii)	if the Purchase Obligation Date is on [●], $[●];

		(iv)	if the Purchase Obligation Date is on [●], $[●]; or

		(v)	if the Purchase Obligation Date is on the Expiry Date, $[●],

and, in each case under sub-paragraphs
(ii) to (v) above, any other amount payable to the Lessee in accordance with Clause 64.3 (Purchase Obligation);

		(c)	the Fixed Rent payable by the Lessee on each Payment Date is:

		(i)	for the first (1st) to the fifteenth (15th) (inclusive) Payment Date, $[●];
and

		(ii)	for sixteenth (16th) to the nineteenth (19th) Payment Date (inclusive), $[●]; and

		(d)	the Balloon Rental payable on the last Payment Date is $[●].

		4	The Lessee further confirms that:

		(a)	the Vessel was duly accepted by the Lessee in accordance with, and subject to the provisions of, the Charter.
The execution and delivery of this Acceptance Certificate confirms the acceptance of the Vessel by the Lessee for all purposes of the
Charter;

		(b)	the Lessee became obliged to pay to the Lessor the amounts provided for in the Charter with respect to
the Vessel;

		(c)	the Vessel is insured in accordance with the Charter;

		(d)	the representations and warranties contained in Clause 51.1 (Lessee representations) of the Charter
are true by reference to the facts and circumstances existing at the date of this Acceptance Certificate;

		(e)	there has been affixed to the Vessel the notice required by Clause 57.5 (Notice of ownership and charter)
of the Charter; and

    	 	91	 

    	 

    

 

		(f)	no Potential Termination Event or Termination Event has occurred and is continuing.

 

	The Lessor	 	The Lessee
	 	 	 
	For and on behalf of	 	For and on behalf of
	NML VIOLETTA INC.	 	GSL VIOLETTA LLC
	 	 	 
	 	 	 
	By:	 	 	By:	 
	 	Name:	 	 	 	Name:	 
	 	Title:	 	 	 	Title:	 

 

 

    	 	92	 

    	 

    

 

Schedule 3

Payment Schedule

GSL Violetta Rent (assuming Purchase Price of
$14,734,500, drawdown within April 2021 and a 3 months LIBOR rate of 0.50% for the entire Charter Period)

	Payment	Payment 

Date	Opening 

Balance	Rent (per 

quarter)	Fixed Rent	Outstanding 

Charterhire 

Principle
	 	May-2021	 	 	 	 
	1	Aug-2021	$14,734,500	$983,204	$793,866	$13,940,634
	2	Nov-2021	$13,940,634	$973,003	$793,866	$13,146,769
	3	Feb-2022	$13,146,769	$962,802	$793,866	$12,352,903
	4	May-2022	$12,352,903	$952,601	$793,866	$11,559,037
	5	Aug-2022	$11,559,037	$942,399	$793,866	$10,765,171
	6	Nov-2022	$10,765,171	$932,198	$793,866	$9,971,306
	7	Feb-2023	$9,971,306	$921,997	$793,866	$9,177,440
	8	May-2023	$9,177,440	$911,796	$793,866	$8,383,574
	9	Aug-2023	$8,383,574	$901,595	$793,866	$7,589,709
	10	Nov-2023	$7,589,709	$891,393	$793,866	$6,795,843
	11	Feb-2024	$6,795,843	$881,192	$793,866	$6,001,977
	12	May-2024	$6,001,977	$870,991	$793,866	$5,208,112
	13	Aug-2024	$5,208,112	$860,790	$793,866	$4,414,246
	14	Nov-2024	$4,414,246	$850,589	$793,866	$3,620,380
	15	Feb-2025	$3,620,380	$840,388	$793,866	$2,826,514
	16	May-2025	$2,826,514	$505,449	$469,129	$2,357,386
	17	Aug-2025	$2,357,386	$499,421	$469,129	$1,888,257
	18	Nov-2025	$1,888,257	$493,393	$469,129	$1,419,129
	19	Feb-2026	$1,419,129	$487,364	$469,129	$950,000
	19 (Balloon Rental)	Feb-2026	$950,000	 	 	 

 

    	 	93	 

    	 

    

 

Schedule 4

Form of Compliance Certificate

To:NML VIOLETTA INC. as Lessor

From:GLOBAL SHIP LEASE, INC.

Dated: [●]

Dear Sirs

Bareboat charter dated [●] 2021 (the
“Charter”) made between GSL Violetta LLC as lessee and [●] as lessor in respect of container carrier “GSL Violetta”

		1	We refer to the Charter. This is a Compliance Certificate. Terms defined
in the Charter have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

		2	We confirm that:

		(a)	on the basis of the calculations appended to this Certificate, as at [30 June] [31 December] 202[●]
the aggregate of the Cash and Cash Equivalents maintained on a consolidated basis is equal to $[●] (whereas pursuant to clause 53
(Financial Covenants) of the Charter it is required that the aggregate of the Cash and Cash Equivalents maintained on a consolidated
basis is not less than $20,000,000;

		(b)	on the basis of the calculations appended to this Certificate, as at [30 June)(31 December] 202[●]
the Lessee maintains in the Operating Account the amount of $[●] whereas pursuant to clause 53 (Financial Covenants) it is
required that the Lessee maintains an amount of no less than $500,000 in the Operating Account; and

		(c)	on the basis of the valuations and calculations appended to this Certificate, as at [30 June][31 December]
202[●] the Security Coverage Ratio is [●]%, whereas pursuant to clause 59.2 (Security Coverage Ratio) of the Charter
the Security Coverage Ratio should be no less than one hundred and twenty per cent (120%).

	 	 
	 	 
	Signed:	
 

	 
	 	
    [Officer] (office held to be stated)

    of

    GLOBAL SHIP LEASE, INC.
	 

 

    	 	94	 

    	 

    

 

EXECUTED BY THE PARTIES

The Lessor

	
    For and on behalf of

    NML VIOLETTA INC.

    and SIGNED by

    as attorney-in-fact

     

    Witnessed/Verified by
	
    )

    )

    )

    )
	
     

    /s/ Athanasios Voudris            

    Athanasios Voudris

    Director

 

	 	 
	 	 
	
    Andreas Papachristodoulou
	 
	Name:  Andreas Papachristodoulou	 
	Title:    Solicitor	 
	            Norton Rose Fulbright Greece	 
	 	 
	Address:	 
	Fax:	 
	Email:	 
	Attn:	 

 

 

 

 

 

 

The Lessee

 

	
    EXECUTED as a DEED

    for and on behalf of

    GSL VIOLETTA LLC

    and SIGNED by

    as attorney-in-fact
	
    )

    )

    )

    )
	
     

    /s/  Vassiliki Georgopoulos        

    Vassiliki Georgopoulos

 

	 	 
	 	 
	
    /s/ Andreas Papachristodoulou
	 
	Name:  Andreas Papachristodoulou	 
	Title:    Solicitor	 
	            Norton Rose Fulbright Greece	 
	 	 
	Address:	 
	Fax:	 
	Email:	 
	Attn:	 

 

    	 	95	 

    	 

    

 

 

 

DATED    12   
May 2021

 

GSL VIOLETTA
LLC

(AS SELLER)

AND

nml
violetta inc.

(AS BUYER)

 

 

MEMORANDUM
OF AGREEMENT

IN RESPECT
OF

ONE (1) container
vessel named 

GSL VIOLETTA (ex-E.R. LONDON)

 

 

 

 

 

 

 

 

 

 

 

 

 

    	ATH-#6129502-v9
		 

    	 

    

 

	Contents
	Clause	Page

 

	1	Definitions and interpretation	1
	 	 	 
	2	Sale and Purchase	2
	 	 	 
	3	Time and place of Delivery	4
	 	 	 
	4	Purchase Price, Payment and other matters	4
	 	 	 
	5	Representations	6
	 	 	 
	6	Notification of certain events	6
	 	 	 
	7	Seller’s acknowledgments	6
	 	 	 
	8	Excluded Terms	6
	 	 	 
	9	Assignment	6
	 	 	 
	10	General	6
	 	 	 
	11	Governing Law	7
	 	 	 
	12	Enforcement	7

 

    	ATH-#6129502-v9
		 

    	 

    

THIS AGREEMENT is dated   12 
May 2021 and made

BETWEEN:

		(1)	GSL VIOLETTA LLC, a limited liability company formed and existing under the laws of the Republic
of Liberia, with its registered address at 80 Broad Street, Monrovia, Republic of Liberia, as seller (the “Seller”);
and

		(2)	NML VIOLETTA INC., a corporation organised and existing under the laws of the Republic of Liberia,
with its registered address at 80 Broad Street, Monrovia, Republic of Liberia, as buyer (the “Buyer”, which expression
includes its successors in title).

BACKGROUND:

		(A)	The Seller is the sole legal and beneficial owner of one (1) 5,762 TEU container vessel, built in 2000
by Samsung Heavy Industries Co., Ltd., bearing IMO No. 9214202, named GSL Violetta, along with all its appurtenances, equipment,
materials, stores and spare parts whether on board or on shore as of the date of this Agreement (together the “Vessel”).

		(B)	The Seller has agreed to sell and deliver the Vessel to the Buyer and the Buyer has agreed to (a) purchase
the Vessel from the Seller and (b) pay the Purchase Price (as defined below), upon the terms and conditions set forth in this Agreement.

		(C)	The Buyer has agreed to let the Vessel to the Seller and the Seller has agreed to hire the Vessel from
the Buyer immediately upon the acceptance of the Vessel by the Buyer from the Seller under this Agreement, pursuant to the terms and conditions
set forth in a bareboat charter agreement (as amended and or supplemented from time to time, the “Charter”) entered
into on the same date as this Agreement between the Buyer, as owner, and the Seller as demise charterer.

IT IS AGREED as follows:

		1	Definitions and interpretation

		1.1	Definitions

Words and expressions having defined meanings
in the Charter shall, except where otherwise defined herein, have the same meanings when used in this Agreement, and in this Agreement:

“Bill of Sale” has the
meaning given to it in Clause 4.8(a) (Deliverables).

“Business Day” means
a day (other than a Saturday or Sunday):

		(a)	in relation to any date for payment of amounts under this Agreement, on which commercial banks and the
relevant financial markets are open for general business in Athens, London and New York City and the principal financial centre of the
country of the currency of payment; and

		(b)	in relation to any other matter, on which commercial banks are open for general business in Athens, London
and New York City.

“Charter” has the meaning
given to it in Recital (C) hereof.

“Cut-off Date” means
31 May 2021 or such other date as the Buyer and the Seller may agree in writing.

“Delivery” has the meaning
given to it in the Charter.

    	ATH-#6129502-v9
	1	 

    	 

    

“Delivery Date” has the
meaning given to it in Clause 3(b) (Time and place of Delivery).

    	ATH-#6129502-v9
	2	 

    	 

    

 

“Delivery Location”
means the place where the Seller (with prior notice to the Buyer) will deliver the Vessel to the Buyer which would not give rise to the
payment of any Taxes in respect of the transfer of title from the Seller to the Buyer.

“Delivery Notice” has
the meaning give to it in Clause 3 (Time and place of Delivery).

“Dollars” and “$”
each means available and freely transferrable and convertible funds in the lawful currency of the United States of America.

“Payment Notice” means
a notice of the amount payable by the Buyer under this Agreement, being the Purchase Price, to be issued by the Seller to the Buyer at
least one (1) Business Day prior to the Scheduled Delivery Date.

“Protocol of Delivery and Acceptance”
has the meaning given to it in Clause 4.8(b) (Deliverables).

“Purchase Price” has
the meaning given to it in Clause 4.1 (Purchase Price).

“Remittance Interest”
means the amount of interest payable by the Seller to the Buyer in accordance with Clause 4.3 (Remittance Interest) on the Purchase
Price, as calculated by the Buyer on the basis of 464 basis points plus overnight USD LIBOR for the relevant period, which shall accrue
on such amount:

		(a)	in the event that the Vessel is not delivered to the Buyer on the Delivery Date, during the period commencing
on the Remittance Date and ending on the date the Purchase Price is returned by the Lessor Account Bank to the Buyer or to its order;
and

		(b)	in the event that the Vessel is delivered to the Buyer on the Delivery Date, during the period commencing
on the Remittance Date and ending on the Delivery Date (both dates inclusive).

“Scheduled Delivery Date”
has the meaning given to it in Clause 3 (Time and place of Delivery).

“Taxes” means any tax,
levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any
failure to pay or any delay in paying any of the same).

		1.2	Construction

Unless a contrary indication appears, references
to Clauses and the Schedule are to be construed as references to clauses of, and the schedule to, this Agreement. Clauses and the Schedule
headings are for ease of reference only.

		1.3	Third party rights

A person who is not a party to this Agreement
has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Agreement.

		2	Sale and Purchase

		2.1	Agreement for sale and purchase

The Seller hereby agrees to sell and the
Buyer hereby agrees to purchase the Vessel on the terms and conditions hereinafter set forth.

    	ATH-#6129502-v9
	3	 

    	 

    

 

		2.2	Effectiveness of this Agreement

This Agreement shall become effective upon
the later of:

		(a)	execution of the Charter by the parties thereto; and

		(b)	receipt by the Buyer of the documents and evidence specified in part I of schedule 1 (Conditions Precedent)
to the Charter in form and substance satisfactory to the Buyer.

		2.3	Cancellation of this Agreement

		(a)	If at any time before Delivery occurs:

		(i)	the Sub-Charter 1 is cancelled, rescinded, frustrated, terminated or declared null and void for whatever
reason; or

		(ii)	the Charter is cancelled, rescinded, frustrated, terminated or declared null and void for whatever reason;
or

		(iii)	the Buyer fails to pay the Purchase Price in accordance with the provisions of Clause 4.2 (Payment),

the Seller or (in the case of paragraphs
(i) and (ii) to above only) the Buyer may, by giving written notice to the other party hereto, cancel this Agreement whereupon each party
hereto shall be released from all its liabilities and obligations under this Agreement and neither party hereto shall have a claim or
demand against the other party, save as provided in paragraph (d) below.

		(b)	If at any time before Delivery occurs the Vessel becomes a Total Loss this Agreement shall be automatically
cancelled whereupon each party hereto shall be released from all its liabilities and obligations under this Agreement and neither party
hereto shall have a claim or demand against the other party, save as provided in paragraph (d) below.

		(c)	If Delivery does not occur on or before the earlier of:

		(i)	the Scheduled Delivery Date or such later date as the Buyer may agree in writing; and

		(ii)	the Cut-off Date,

this Agreement shall be automatically cancelled
whereupon each party hereto shall be released from all its liabilities and obligations under this Agreement and neither party hereto shall
have a claim or demand against the other party, save as provided in paragraph (d) below.

		(d)	In the event that this Agreement is cancelled pursuant to the terms of paragraph (a) (other than paragraph
(a)(iii)), (b) or (c) of this Clause 2.3 (Cancellation of this Agreement) or clause 49.2 of the Charter or clause 50.3(c) of the
Charter, the Seller shall pay to the Buyer within five (5) Business Days of demand:

		(i)	any Remittance Interest accrued on the Purchase Price;

		(ii)	any Break Costs incurred by the Buyer;

		(iii)	any amount then due and payable but unpaid by any Relevant Party to the Buyer or the Lessor under any
of the Operative Documents;

    	ATH-#6129502-v9
	4	 

    	 

    

		(iv)	any cost incurred by the Buyer to the Finance Parties under the Finance Documents as a result of the cancellation
of this Agreement; and

    	ATH-#6129502-v9
	5	 

    	 

    

 

		(v)	any documented out of pocket costs (including legal costs) reasonably incurred by the Buyer in connection
with any of the Operative Documents and/or the cancellation of this Agreement.

		3	Time and place of Delivery

		(a)	The Seller shall give the Buyer an irrevocable notice in writing of delivery (the “Delivery Notice”)
which will specify the scheduled delivery date for the Vessel (such date the “Scheduled Delivery Date”) not later than
10.00 a.m. (London time) 1 day (or such shorter period as the Buyer and the Seller may agree) prior to the Scheduled Delivery Date. At
the time of Delivery, the Vessel shall be located at the Delivery Location.

		(b)	In exchange of the Purchase Price, the Vessel shall be delivered by the Seller, with full title guarantee,
to the Buyer on the Scheduled Delivery Date or such other date (not later than the Cut-Off Date), each being a Business Day, as may be
agreed in writing between the Seller and the Buyer (the date on which the Vessel shall be delivered to and accepted by the Buyer under
this Agreement, the “Delivery Date”), free and clear of all Liens and otherwise on the terms set forth herein.

		4	Purchase Price, Payment and other matters

		4.1	Purchase Price

		(a)	The purchase price of the Vessel under this Agreement (the “Purchase Price”) shall
be an amount in Dollars equal to the lesser of:

		(i)	75 per cent of the Fair Market Value at Closing, as determined by the Buyer and advised to the Seller
on request at any time prior to the Payment Notice being served by the Seller but not earlier than 30 days before the Scheduled Delivery
Date; and

		(ii)	Dollars Fourteen million seven hundred and thirty four thousand and five hundred ($14,734,500).

		(b)	The Purchase Price shall be inclusive of any VAT or other indirect Tax payable in any relevant jurisdiction.

		4.2	Payment

Subject to the terms of this Agreement,
including Clause 4.5 (Conditions Precedent) and Clause 4.6 (Buyer's further conditions precedent), and provided always that
the Seller has served a Payment Notice and a Delivery Notice:

		(a)	not earlier than one (1) Business Day before the Scheduled Delivery Date (the “Remittance Date”),
the Purchase Price shall be credited to the Payment Account; and

		(b)	the Purchase Price will be released to the Seller in immediately available bank funds on the Delivery
Date to the Operating Account.

		4.3	Remittance Interest

The Seller shall pay to the Buyer the applicable
Remittance Interest as notified by the Buyer to the Seller within five (5) Business Days of demand by the Buyer.

    	ATH-#6129502-v9
	6	 

    	 

    

		4.4	No Deductions

All payments by the parties under this Agreement
shall be made without set-off or counterclaim, free and clear of and without deduction for or on account of all Taxes unless the relevant
payor is required by law to make any such deduction or withholding, in which event the relevant payor

    	ATH-#6129502-v9
	7	 

    	 

    

 

 

shall ensure that any deduction or withholding
by it does not exceed the minimum amount legally required.

		4.5	Conditions Precedent

The obligation of the Buyer to pay the
Purchase Price and to purchase the Vessel from the Seller under this Agreement on the Delivery Date is subject to the conditions precedent
that:

		(a)	on or prior to the date of the Payment Notice issued by the Seller, the Buyer shall have received the
documents and evidence specified in part II of schedule 1 (Conditions Precedent) to the Charter in form and substance satisfactory
to the Buyer; and

		(b)	on or prior to the Delivery Date the Buyer shall have received the documents and evidence specified in
part III of schedule 1 (Conditions Precedent) to the Charter in form and substance satisfactory to the Buyer.

		4.6	Buyer's further conditions precedent

The obligation of the Buyer to pay the
Purchase Price and to purchase the Vessel from the Seller under this Agreement on the Delivery Date is subject to the further conditions
that:

		(a)	no Potential Termination Event or Termination Event shall have occurred and be continuing or would arise
by reason of payment of the Purchase Price under this Agreement or by reason of the Delivery taking place;

		(b)	on Delivery, the Vessel, its earnings and insurances are free of Liens; and

		(c)	this Agreement has not been cancelled pursuant to Clause 2.3 (Cancellation of this Agreement) or
otherwise terminated, rescinded or frustrated.

		4.7	Waiver of conditions precedent

The conditions specified in this Clause
4 are inserted for the sole benefit of the Buyer and may be waived or deferred in whole or in part and with or without conditions by the
Buyer only.

		4.8	Deliverables

		(a)	On the Delivery Date, the Seller shall deliver to the Buyer a duly executed bill of sale in a form recordable
in the Flag State (the “Bill of Sale”) whereupon:

		(i)	the full legal and beneficial title to;

		(ii)	interest in; and

		(iii)	all ownership rights with respect to,

in each case, the Vessel shall pass from
the Seller to the Buyer.

		(b)	On the Delivery Date, the Seller and the Buyer shall execute and deliver to each other a protocol of delivery
and acceptance (the “Protocol of Delivery and Acceptance”) in the customary form acceptable to the Buyer and the Seller,
whereupon the Seller has given, and the Buyer has received, possession of the Vessel.

		(c)	Items on board the Vessel which are on hire or owned by third parties shall remain on board the Vessel
but are excluded from the sale.

    	ATH-#6129502-v9
	8	 

    	 

    

		5	Representations

		5.1	Seller's Representations

The Seller makes the representations and
warranties set out in clause 51.1 (Representations) of the Charter to the Buyer.

		5.2	Repetition

The representations and warranties set
out in the Charter shall be made (to the same extent as made or repeated in accordance with clause 51.2 (Repetition) of the Charter)
as of the date hereof and, with respect to the facts and circumstances existing immediately prior to the time of the Payment Notice, the
time when payment of the Purchase Price is made and on the Delivery Date.

		6	Notification of certain events

The Seller undertakes to inform the Buyer
of a Total Loss as soon as it occurs. The Seller also undertakes to inform promptly the Buyer in the event that the Sub-Charter 1 or the
Charter is for any reason terminated, cancelled, rescinded, repudiated or frustrated.

		7	Seller’s acknowledgments

The Seller hereby acknowledges that:

		(a)	the Buyer is not a manufacturer or dealer in vessels and is relying on the Seller in all respects to check
all the matters concerning the Vessel, its safety, condition, quality, fitness for purpose, licensing, registration and maintenance before
entering into this Agreement; and

		(b)	the Buyer has entered into this Agreement in reliance on the truth and accuracy of the Seller's representations
and warranties specified in this Agreement and the Charter.

		8	Excluded Terms

Any terms implied to this Agreement by
any applicable statute or law are hereby excluded to the extent such exclusion can legally be made. Without limiting the generality of
the foregoing, this Agreement and the sale of the Vessel are specifically outside the terms of the UK Sale of Goods Act 1979 or any statutory
modification or re-enactment thereof for the time being in force.

		9	Assignment

		9.1	Assignment by the Seller

The Seller may not assign or transfer any
of its rights or obligations under this Agreement without the prior written consent of the Buyer.

		9.2	Assignment by the Buyer

The Buyer may assign or transfer any of
its rights or obligations under this Agreement subject to and in accordance with the terms of clause 71 (Assignment) of the Charter.

    	ATH-#6129502-v9
	9	 

    	 

    

		10	General

		10.1	Notices

The provisions of clause 73 (Notices)
of the Charter are incorporated in this Agreement as if set out in full herein mutatis mutandis and with each reference therein
to the Lessee being deemed

    	ATH-#6129502-v9
	10	 

    	 

    

 

 

to be a reference to the Seller and with
each reference therein to the Lessor being deemed to be a reference to the Buyer and with the address details of each of the Lessee and
the Lessor being as set out in the Charter or to such other address or facsimile number as is notified by the Buyer to the Seller, or
vice versa, under this Agreement.

		10.2	Miscellaneous

		(a)	This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

		(b)	The rights and remedies of each of the parties under this Agreement are cumulative and are in addition
to any rights or remedies that any party may otherwise have at law or in equity. This Agreement may be amended, superseded, modified,
supplemented or terminated, and the terms hereof may be waived, only by a written instrument signed by the parties or, in the case of
a waiver, by the party waiving compliance. No failure or delay on the part of any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof. No waiver on the part of any party of any such right, power or privilege, nor any single or partial
exercise of any such right, power or privilege, shall preclude any other or further exercise thereof or the exercise of any other such
right, power or privilege.

		(c)	If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any
respect under the applicable law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions hereof
nor the legality, validity or enforceability of such provision under the applicable law of any other jurisdiction shall in any way be
affected or impaired thereby.

		(d)	This Agreement together with the Charter constitutes the complete agreement of the parties hereto regarding
the subject matter hereof and supersedes all prior proposals, agreements, understandings, and written and oral communications in relation
thereto.

		(e)	The Seller shall, if and when required by the Buyer, promptly do whatever the Buyer shall require to facilitate
the exercise or proposed exercise by the Buyer of any of its rights under this Agreement.

		(f)	The time stipulated in this Agreement for all payments by the Buyer to the Seller or by the Seller to
the Buyer and for the prompt performance of the Seller's and the Buyer's other obligations under this Agreement will be of the essence
of this Agreement.

		11	Governing Law

This Agreement, and all non-contractual
obligations arising from or in connection with this Agreement, are governed by English law.

		12	Enforcement

		12.1	Jurisdiction of English courts

		(a)	Subject to paragraph (c) below, the courts of England and Wales have exclusive jurisdiction to settle
any dispute arising out of or in connection with this Agreement (including any dispute relating to any non-contractual obligation arising
from or in connection with this Agreement and any dispute regarding the existence, validity or termination of this Agreement) (a “Dispute”).

    	ATH-#6129502-v9
	11	 

    	 

    

		(b)	The parties to this Agreement agree that the courts of England and Wales are the most appropriate and
convenient courts to settle Disputes and accordingly no party to this Agreement will argue to the contrary.

    	ATH-#6129502-v9
	12	 

    	 

    

 

		(c)	This Clause 12 is for the benefit of the Buyer only. As a result, the Buyer shall not be prevented from
taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Buyer may take concurrent
proceedings in any number of jurisdictions.

		12.2	Appointment of process agent

The Seller agrees that the documents which
start any proceedings in relation this Agreement and any other documents required to be served in connection with those proceedings, may
be served on it by being delivered to Messrs Saville & Co. at its registered office or place of business in England and Wales, currently
at 46 New Broad Street, London EC2M 1JH, England, or to such other address in England and Wales as the Seller may specify by notice in
writing to the Buyer. Nothing in this Clause 12.2 shall affect the right of the Buyer to serve process in any other manner permitted by
law. This Clause 12.2 applies to proceedings in England and proceedings elsewhere.

THIS AGREEMENT has been executed
as a deed by each of the Buyer and the Seller and is delivered by each of the Buyer and the Seller as a deed.

    	ATH-#6129502-v9
	13	 

    	 

    

 

The Buyer 

	
    EXECUTED as a DEED

    by Anthanasios Voudris

    acting as attorney-in-fact for

    NML VIOLETTA INC.

    in the presence of
	
    )

    )

    )

    )

    )
	/s/ Anthanasios Voudris            

 

	 	 
	
    /s/ Andreas Papachristoulou
	 
	
    Name: Andreas Papachristoulou

    Title: Solicitor

    Norton Rose Fulbright Greece

    Address:

    Email:

    Attn:
	 

 

 

The Seller 

	
    EXECUTED as a DEED

    by Vassiliki Georgopoulos

    acting as attorney-in-fact for

    GSL VIOLETTA LLC

    in the presence of
	
    )

    )

    )

    )

    )
	/s/ Vassiliki Georgopoulos       

 

 

	 	 
	
    /s/ Andreas Papachristoulou
	 
	
    Name: Andreas Papachristoulou

    Title: Solicitor

    Norton Rose Fulbright Greece

    Address:

    Email:

    Attn:
	 

 

 

    	ATH-#6129502-v9
	14

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