Document:

Exhibit
4.43

 

Date March 29, 2004

 

 

THE ROYAL BANK OF SCOTLAND PLC

as “Agent”

 

- and -

 

KNIGHTSBRIDGE TANKERS LIMITED

as “Chargor”

 

 

DEED OF RELEASE

relating to a Mortgage of
Shares dated 12  February

1997

 

 

 

INDEX

 

	
  Clause

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  2

  	
  DEFINITIONS AND
  INTERPRETATION

  	
   

  
	
   

  	
   

  	
   

  
	
  3

  	
  RELEASE

  	
   

  
	
   

  	
   

  	
   

  
	
  4

  	
  FURTHER ASSURANCE

  	
   

  
	
   

  	
   

  	
   

  
	
  5

  	
  COUNTERPARTS

  	
   

  
	
   

  	
   

  	
   

  
	
  6

  	
  GOVERNING LAW

  	
   

  
	
   

  	
   

  	
   

  
	
  7

  	
  EXCLUSION OF THIRD
  PARTY RIGHTS

  	
   

  

 

2

 

THIS DEED OF RELEASE is made on March 29, 2004

 

BETWEEN:

 

(1)           THE ROYAL BANK OF SCOTLAND PLC, registered in Scotland under
number SC090312 whose registered office is at 36 St. Andrew Square, Edinburgh
EH2 2YB (as successor to Goldman Sachs International (“Goldman”) as agent and
trustee for the Finance Parties (as defined in the Facility Agreement as
defined below)) (the “Agent”) and

 

(2)           KNIGHTSBRIDGE TANKERS LIMITED, a company incorporated in Bermuda
whose registered office is at Par-la-Ville Place, 14 Par-la-Ville Road,
Hamilton HM08, Bermuda (the “Chargor”).

 

WHEREAS:

 

(A)          Pursuant to the
Mortgage of Shares, the Chargor, as security for the Secured Liabilities:

 

(i)                                     mortgaged and charged the Shares to the Agent,
by way of a first legal mortgage; and

 

(ii)                                  (subject to Clause 6 of the Mortgage of Shares)
mortgaged and agreed to mortgage and charge to the Agent by way of a first
legal mortgage (a) all dividends paid or payable after the date of the Mortgage
of Shares on all or any of the shares, (b) all stocks, shares, securities,
rights, moneys or property accruing or offered at any time (whether by way of
redemption, bonus, preference, option rights or otherwise) to or in respect of
any of the Shares or in substitution or exchange for or otherwise derived from,
any of the Shares and (c) all dividends, interest or other income in respect of
any such asset as is referred to in (b) of this paragraph (ii).

 

(B)           The Agent has agreed
to release the security created by the Mortgage of Shares.

 

2                                         DEFINITIONS
AND INTERPRETATION

 

2.1                               In this Deed the following definitions
apply:

 

“Facility
Agreement” means the facility agreement dated 6 February 1997 and
made between the Chargor as borrower, the Subsidiaries of the Chargor as
Guarantors, Goldman as Arranger, the Banks, the Swap Parties and Goldman as
agent, as the agency role was transferred from Goldman to the Agent; and

 

“Mortgage of
Shares” means the mortgage of shares dated 12 February 1997 and made
between the Chargor and Goldman for itself and as agent and trustee for the
other Finance Parties, as the agency role was transferred from Goldman to the
Agent.

 

2.2                               Defined expressions. 
Unless otherwise defined herein or the context shall otherwise require,
the meanings ascribed to words and expressions in the Mortgage of Shares shall
have the same meanings in this Deed (including in the Recitals hereto).

 

2.3                               Construction.  The provisions of Clause 1.2
(Interpretation) of the Mortgage of Shares apply, with any necessary
modifications, to this Deed.

 

3                                         RELEASE

 

3.1                               With effect from the date of this
Deed, the Agent irrevocably and unconditionally releases the security created
by the Mortgage of Shares and releases to the Chargor all of the right, title
and interest of the Agent in or to the Security Assets.

 

3

 

4                                         FURTHER ASSURANCE

 

The Agent covenants with the Chargor that, upon the Chargor’s written
request and at the sole cost of the Chargor, it will sign and execute such
further deeds or instruments of release, issue notices or directions and do
such things as may reasonably be required to give effect to the release of
security contained in this Deed.

 

5                                         COUNTERPARTS

 

This Deed may be executed in counterparts which, when taken together,
shall constitute one and the same agreement.

 

6                                         GOVERNING LAW

 

This Deed shall be governed by and construed in accordance with English
law.

 

7                                         EXCLUSION
OF THIRD PARTY RIGHTS

 

A person who is not
a party to this Deed may not enforce any of its terms under the Contracts
(Rights of Third Parties) Act 1999.

 

 

EXECUTED as a DEED on the date appearing the beginning of
this Deed.

 

 

	
  EXECUTED AS A DEED

  	
  )

  	
  /s/ Robert J. Manners

  
	
  by THE ROYAL BANK OF SCOTLAND PLC

  	
  )

  	
   

  
	
  acting by Robert J. Manners

  	
  )

  	
   

  
	
  its duly authorised attorney
  in the presence of:

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature of Witness:

  	
  /s/ Charmaine Rumbelow

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED AS A DEED

  	
  )

  	
  /s/ Nicholas Sherriff

  
	
  by KNIGHTSBRIDGE TANKERS LIMITED

  	
  )

  	
   

  
	
  acting by Nicholas Sherriff

  	
  )

  	
   

  
	
  its duly authorised attorney
  in the presence of:

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature of Witness:

  	
  /s/ illegible

  	
   

  	
   

  
					

 

4Exhibit 4.44.1

 

 

THE ROYAL BANK
OF SCOTLAND PLC

 

 

18 March 2004

 

 

To:          KTL
Mayfair, Inc. (the “Borrower”)

 

Cedarhurst
Tankers LDC (the “Lessee”)

 

Knightsbridge
Tankers Limited (“KTL”)

 

Lawrence
Tankers LDC (“LDC” and, together with KTL, the “Shareholders”)

 

 

Daylight Overdraft Facility

 

1              We are writing to confirm the terms and conditions on which we, The
Royal Bank of Scotland plc (the “Lender”) are willing to make available to
the Borrower a daylight overdraft facility.

 

2              Words and expressions defined in the Loan Agreement entered into or
to be entered into on or around the date hereof among, inter alios, the Lender,
KTL and the Borrower (as a guarantor) (the “Term Loan Agreement”) shall
have the same meanings when used herein. 
In addition the following words and expressions shall have the following
meaning:

“Loan”     means the amount to be advanced to the
Borrower pursuant to this letter agreement or, as the context may require, the
amount advanced and outstanding;

 

3              The Lender hereby agrees to make available to the Borrower a
daylight overdraft facility on the terms and conditions set out below:

 

	
  Amount:

  	
   

  	
  US$34,498,175

  
	
   

  	
   

  	
   

  
	
  Purpose:

  	
   

  	
  to part-finance the purchase by the
  Borrower of its Ship.

  
	
   

  	
   

  	
   

  
	
  Drawdown:

  	
   

  	
  on the date on which the Borrower acquires
  title to its Ship pursuant to the relevant Conditional Sale Agreement
  Transfer and Title Transfer Documents.

  
	
   

  	
   

  	
   

  
	
  Repayment:

  	
   

  	
  on the date of the drawdown.

  
	
   

  	
   

  	
   

  
	
  Conditions Precedent:

  	
   

  	
  satisfaction of the conditions precedent to
  the corresponding Advance under the Loan Agreement, together with such
  further

  

 

 

	
   

  	
   

  	
  conditions as the Lender shall specify by
  reasonable notice to the Borrower.

  

 

4              The proceeds of the Loan shall be paid direct to the Lessor in
partial satisfaction of the obligation of the Borrower to pay the consideration
due under the relevant Conditional Sale Agreement Transfer, the Borrower hereby
irrevocably authorising and instructing the Lender so to pay the proceeds of
the Loan.

 

5              The Loan shall be repaid to the Lender within London banking hours
on the date of drawdown.

 

6              The proceeds of the Loan, once received by the Lessor, will be paid
and applied as follows:

 

(a)           by the
Lessor to the Lessee as part of the rebate of rental due under the lease of the
Ship between the Lessor and the Lessee; then

 

(b)           by the
Lessee to the Shareholders by way of payment of a dividend; then

 

(c)           by KTL
to the Borrower by way of an equity injection; then

 

(d)           by the
Borrower to the Lender in repayment of the Loan.

 

7              Each of the Lessee, the Shareholders, the Borrower and the Lender
hereby irrevocably agrees that payment of the applicable amount due to it as
referred to in paragraph 6 above will be satisfied by the Lessor making payment
of an equal amount to the Lender.  The
Lessee hereby agrees to give an instruction in writing to the Lessor directing
it to make the payment of the relevant portion of the rebate of rental referred
to in paragraph 6 (a) above to the Lender. 
In particular, this letter agreement shall constitute the instructions
of the Shareholders to the Lessee that the dividends referred to in paragraph
6(b) shall be paid in the manner provided for herein.

 

8              The representations and warranties by the Borrower and KTL contained
in Clause 11 of the Term Loan Agreement shall be re-stated by the Borrower with
all references to “this Agreement” being construed to refer to this letter
agreement.

 

9              Each of the Lessee and LDC represents and warrants to the Lender
that:

 

(a)           it is
duly incorporated and validly existing and in good standing under the laws of
the Cayman Islands;

 

(b)           it has
the corporate capacity, and has taken all corporate action and obtained all
consents, licences, approvals and authorisations necessary for it to perform
its obligations under this letter agreement and make the dividend payment referred
to in paragraph 6 (b) above;

 

(c)           this
letter agreement constitutes its legal, valid and binding obligations
enforceable against the Lessee in accordance with its terms subject to any
relevant insolvency laws affecting creditors’ rights generally;

 

(d)           its
execution of this letter agreement and the payment to be made by it as referred
to herein will not involve or lead to a contravention of any law or regulation,
its constitutional documents or any contractual or other restriction which is
binding on it.

 

2

 

10           The
Borrower shall pay to the Lender a fee of $9,000 on the date of drawdown of the
Loan.

 

11           The
following provisions of the Term Loan Agreement shall, as between the Borrower,
KTL and the Lender, apply to this letter agreement as if, with any necessary
consequential amendments, set out in full:

 

Clause
6 (Default Interest)

 

Clause
12 (General Undertakings)

 

Clause
13 (Corporate and Financial Undertakings)

 

Clause
19 (Payments and Calculations)

 

Clause
22 (Fees and Expenses) (excluding Clause 22.1)

 

Clause
23 (Indemnities) (excluding Clauses 23.4 and 23.8)

 

Clause
24 (No set-off or tax deduction)

 

Clause
25 (Illegality)

 

Clause
26 (Increased Costs)

 

Clause
27 (Set-off)

 

Clause
28 (Assignments, Transfers and Changes in Lending Office)

 

Clause
29 (Variations and Waivers)

 

Clause
30 (Notices) (and so that notices to and from the Lessee shall be sent
accordingly)

 

Clause
31 (Supplemental)

 

12           This
letter agreement is governed by English law.

 

13           The parties agree as follows in relation to jurisdiction:

 

3

 

(a)           subject
to sub-paragraph (c) below, the courts of England have exclusive jurisdiction
to settle any dispute arising out of, or in connection with, this letter
agreement (including a dispute regarding the existence, validity or termination
of this letter agreement) (a “Dispute”);

 

(b)           the
Lender, the Borrower, the Lessee and the Shareholders agree that the courts of
England are the most appropriate and convenient courts to settle Disputes and
accordingly none of them will argue to the contrary;

 

(c)           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;

(d)           without
prejudice to any other mode of service allowed under any relevant law, each of
the Borrower, the Lessee and the Shareholders:

 

(i)            irrevocably
appoints Maritime Recovery Limited currently of 20 Salcott Road, PO Box 239,
London SW11 6DJ as its agent for service of process in relation to any
proceedings before the English courts in connection with this letter agreement;
and

 

(ii)           agrees
that failure by the process agent to notify it of the process will not
invalidate the proceedings concerned.

 

Please
indicate your agreement to this matters set out in this letter agreement by
executing the form of acknowledgement set out below.

 

 

Yours
faithfully

 

 

	
  /s/ Robert
  J. Manners

  	
   

  
	
  for and on
  behalf of

  
	
  THE ROYAL BANK OF SCOTLAND PLC

  

 

	
  Witnessed
  by: 

  	
  /s/
  Charmaine Rumbelow

  	
   

  
	
   

  

 

 

We hereby
agree to the matters set out in the above letter and agree to be bound by its
terms.

 

 

	
  /s/ Nicholas
  Sherriff

  	
   

  
	
  for and on
  behalf of

  
	
  KTL MAYFAIR, INC.

  

 

4

 

	
  /s/ Nicholas
  Sherriff

  	
   

  
	
  for and on
  behalf of

  
	
  CEDARHURST TANKERS LDC

  

 

 

	
  /s/ Nicholas
  Sherriff

  	
   

  
	
  for and on
  behalf of

  
	
  KNIGHTSBRIDGE TANKERS LIMITED

  

 

 

	
  /s/ Nicholas
  Sherriff

  	
   

  
	
  for and on
  behalf of

  
	
  LAWRENCE TANKERS LDC

  

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]