Document:

Exhibit 10.10

   

  CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[***]”.
      SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF DISCLOSED.

   

  961-3010001-001

   

  MEMORANDUM OF AGREEMENT

   

  This memorandum of agreement (this “Agreement”) is made on 25 September 2018

   

  BETWEEN

   

  		(A)	COMPASS SHIPPING 23 CORPORATION LIMITED, a corporation incorporated in Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
          (the “Buyer”); and

   

  		(B)	GOLAR FSRU8 CORPORATION, a corporation incorporated in Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the “Seller”).

   

  BACKGROUND

   

  		(A)	The Seller has agreed to sell to the Buyer and the Buyer has agreed to purchase m.v. “Golar Nanook” (including all Buyer-furnished Equipment) (the “Vessel”) from the Seller on the Delivery Date (as defined
          below) in accordance with this Agreement.

   

  		(B)	Upon completion of the sale and purchase of the Vessel, the Buyer will bareboat charter the Vessel to the Charterer in accordance with a bareboat charter agreement to be entered into on or about the date of this
          Agreement.

   

  		1.	DEFINITIONS

   

  		1.1	Terms when used in this Agreement, unless defined differently in this Agreement, shall have the same meaning given to them in the Bareboat Charter.

   

  “Approved Valuer” means any of Fearnley, Affinity, Clarksons and Braemar, or any other shipbroker agreed by the
    Seller and the Buyer.

   

  “Banking Days” are days on which banks are open in London, the country of the currency stipulated for the Purchase
    Price in Clause 3 (Purchase Price), in the place of closing stipulated in Clause 7 (Documentation) and the People’s Republic of China.

   

  “Bareboat Charter” means the bareboat charter dated on or around the date of this Agreement between the Buyer as
    lessor and the Seller as lessee.

   

  “Builder” means Samsung Heavy Industries Co., Ltd.

   

  “Buyer-furnished Equipment” has the meaning given to that term under the Shipbuilding Contract.

   

  

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  “Cancelling Date” means 31st December 2018.

   

  “Charterer” means the Seller in its capacity as charterer under the Bareboat Charter.

   

  “Class” means the class notation referred to in Clause 2.

   

  “Classification Society” means the society referred in Clause 2.

   

  “Delivery Date” means the date the Vessel is delivered by the Seller to the Buyer under this Agreement, as evidenced
    by the Protocol of Delivery and Acceptance, duly executed by the Buyer and the Seller and in any case no later than the Cancelling Date.

   

  “Flag State” means the Republic of the Marshall Islands.

   

  “Lender” means any lender which will fund all or part of the Net Purchase Price, always provided that such lender
    will be a reputable international bank or financial institution.

   

  “Net Purchase Price” means the difference between the Purchase Price and the Initial Charterhire and must not exceed
    US$[***] ([***] United States Dollars and [***] cents).

   

  “Parties” means the Seller and the Buyer, and each a “Party”.

   

  “Port State” means Majuro, Marshall Islands.

   

  “Protocol of Delivery and Acceptance” means the protocol of delivery and acceptance in the form set out in Appendix
    1.

   

  “Purchase Price” has the meaning given to that term in Clause 3.2.

   

  “Shipbuilding Contract” means the shipbuilding contract dated 17 July 2015 made between (i) the Seller and (ii) the
    Builder in respect of the Vessel as amended and supplemented from time to time, including the Specifications.

   

  “Specifications” has the meaning given to that expression in the Shipbuilding Contract.

   

  “Taxes” means any and all present and future taxes, levies, imposts, duties, charges, fees, deductions and
    withholdings of any nature whatsoever imposed, levied, collected, withheld or assessed by any governmental, fiscal or other competent authority in any jurisdiction (including any value added tax or similar tax and any stamp duty, documentary,
    registration or similar tax together with any penalty, cost, interest and expenses payable in connection with any failure to pay, or delay in paying, any of the same) and “Tax” shall be construed accordingly.

   

  “Total Loss” means:

   

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

   

  		(b)	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 1 year without any right to an
          extension) unless it is redelivered within 30 days to the full control of the Owner or the Charterer; or

   

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  		(c)	any arrest, condemnation, capture, seizure or detention of the Vessel (including any hijacking or theft but excluding any event specified in paragraph (b) of this definition) unless it is redelivered within 90 days
          to the full control of the Owner or the Charterer.

   

  		2.	SALE OF THE VESSEL

   

  The Seller hereby agrees to sell the Vessel to the Buyer and the Buyer hereby agrees to buy the Vessel described below
    pursuant to the terms and conditions of this Agreement:

   

  Name of vessel: Golar Nanook

   

  IMO Number: 9655808

   

  Classification Society: DNV GL

   

  Class Notation: X1A1, Tanker for Liquefied Gas Ship type 2G (Membrane tank,
    Maximum pressure 70kPaG, Minimum temperature -163°C and Specific gravity 500kg/m3), NAUTICUS (Newbuilding), EO, BIS, TMON, COAT-PSPC(B), GAS FUELLED, COMF-V(3)C(3), CSA-2, REGAS, Recyclable, BWM-E(s)

   

  Year of Build: 2018

   

  Builder/Yard: Samsung Heavy Industries Co. Ltd

   

  Flag: the Marshall Islands

   

  Place of Registration: the Marshall Islands

   

  Upon the completion of the sale, the Charterer shall take delivery of and bareboat charter the Vessel from the Buyer.

   

  		3.	PURCHASE PRICE

   

  		3.1	The purchase price for the Vessel shall be determined based on and equal to the arithmetic average valuation provided by any three of the Approved Valuers appointed by the Buyer but in any case shall not exceed
          US$[***] ([***] United States Dollars).

   

  		3.2	The Buyer shall instruct any three of the Approved Valuers to provide a valuation certificate by no earlier than one (1) month before the Delivery Date. The Buyer and the Seller shall derive the purchase price of the
          Vessel from the prices set out in such valuation certificates in accordance with Clause 3.1, and confirm in writing of the purchase price (the “Purchase Price”) at least five (5) Business Days before the Delivery Date or such earlier date
          as the Seller and Buyer may agree. The costs of providing such valuation certificates by the Approved Valuers shall be at the Seller’s expense.

   

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  		4.	PAYMENT OF THE PURCHASE PRICE

   

  		4.1	The Seller and the Buyer agree that on the Delivery Date the Buyer shall pay to the Seller an amount equal to the Net Purchase Price.

   

  		4.2	The Parties agree that the Initial Charterhire shall be paid in accordance with clause 26.1 (Charterhire) of the Bareboat Charter.

   

  		4.3	Any charge from the Buyer’s bank, including intermediate bank(s), if any, incurred for remitting the Net Purchase Price shall be for the Buyer’s account and any charge from the Seller’s bank, including intermediate
          bank(s), if any, incurred in receiving the Net Purchase Price shall be for the Seller’s account.

   

  		4.4	No later than one (1) Business Day prior to the Delivery Date, the Buyer shall transfer the Net Purchase Price by way of a conditional payment order (MT199) substantially in the form attached hereto as Appendix 2 in
          two separate instalments to:

   

  		(a)	the nominated bank account of the Builder; and

   

  		(b)	the Seller’s nominated account,

   

  both as notified by the Seller to the Buyer in writing no later than five (5) Business Days in advance provided that release
    of the Net Purchase Price to the Builder and the Seller will be subject to presentation to the bank nominated by the Seller of a duly executed protocol of delivery and acceptance of the Vessel under this Agreement signed on behalf of the Buyer and the
    Seller.

   

  		4.5	On the Delivery Date, the Buyer shall be entitled to receive the setup fee stipulated in a fee letter between the Buyer, the Seller and the Charterer (the “Fee Letter”). It is agreed that the fee is payable by
          the Charterer independent of the Purchase Price.

   

  		4.6	The Seller agrees that the payment by the Buyer of the relevant portion of the Net Purchase Price to the Builder will satisfy Buyer’s obligation under Clause 4.1 to pay that portion of the Net Purchase Price to the
          Seller under this Agreement.

   

  		5.	TIME AND PLACE OF DELIVERY, INSPECTION AND NOTICES

   

  		5.1	The Vessel shall be delivered by the Seller to the Buyer on the Delivery Date at a location to be agreed between the Seller and the Buyer. The expected Delivery Date is subject to further notices of the Seller served
          pursuant to Clause 5.3; however in any case, the delivery shall take place before the Cancelling Date.

   

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  		5.2	Simultaneously with delivery under this Agreement, the Vessel shall be deemed delivered by the Buyer as owner to the Charterer as charterer under the Bareboat Charter.

   

  		5.3	Should the Vessel become a Total Loss before the Delivery Date and/or before the provisions of Clause 7 (Documentation) have been satisfied by the Seller, this Agreement shall be null and void and, if the
          actual, constructive or compromised total loss occurs before delivery and/or before the provisions as set out in Clause 7 (Documentation) have been satisfied due to an act, omission or termination by the Buyer where such act, omission or
          termination by the Buyer is not attributable to a breach by the Charterer, no set-up fee shall be due from the Seller.

   

  		5.4	The Buyer is entitled to inspect or appoint an independent surveyor to inspect the Vessel at a mutually agreeable time before the Delivery Date and the Seller shall provide full access to the Vessel and necessary
          cooperation to facilitate such inspection.

   

  		6.	SPARES, BUNKERS AND OTHER ITEMS

   

  The Seller shall deliver the Vessel, including the Buyer-furnished Equipment, to the Buyer with everything belonging to her
    on board and on shore in accordance with the terms of this Agreement. All spare parts and spare equipment including spare propeller(s)/propeller blade(s), spare anchor, if any, belonging to the Vessel at the time of delivery used or unused, whether on
    board or not shall become the Buyer’s property at delivery, but spares on order are excluded.

   

  An inventory of unused lubricating oil, grease, fuel oil or other liquids, and consumables left on board at delivery of the
    Vessel shall be deemed to be taken over and be paid for by the Charterer. No payment shall be made by the Buyer to the Seller for such unused lubricating oil, grease, fuel oil or other liquids, and consumables on board on the date of delivery of the
    Vessel. The Seller or the Charterer shall provide the original payment receipt on the Delivery Date to show that they have paid such unused lubricating oil, grease, fuel oil or other liquids, and consumables.

   

  		7.	DOCUMENTATION

   

  The place of closing is at London or as the Parties may otherwise agree where the following shall occur or be provided, as
    the case may be:

   

  		(a)	In exchange for payment of the Purchase Price (subject to the adjustments as set out in Clause 4), the Seller shall provide the Buyer with the following delivery documents:

   

  		(i)	Evidence that all payments made by the Seller to the Builder under the Shipbuilding Contract on or prior to the Delivery Date have been made;

   

  		(ii)	Legal bill(s) of sale in a form recordable in the Flag State, transferring the title of the Vessel and stating that the Vessel is free from all mortgages, encumbrances and maritime liens or any other debts
          whatsoever, duly notarially attested and legalised or apostilled, as required by the Flag State;

   

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  		(iii)	Evidence that all necessary corporate, shareholder and other action has been taken by the Seller to authorise the execution, delivery and performance of this Agreement;

   

  		(iv)	Power of attorney of the Seller appointing one or more representatives to act on behalf of the Seller in the performance of this Agreement, duly notarially attested and legalised or apostilled (as required);

   

  		(v)	an Interim Classification Certificate from the Classification Society confirming that the Vessel is in Class free of condition/recommendation;

   

  		(vi)	Declarations of warranty issued by the Seller stating that the Vessel is free from any liens, charges, claims, mortgages, taxes, or other encumbrances whatsoever nature;

   

  		(vii)	Commercial invoice for the Vessel signed by the Seller; and

   

  		(viii)	Any additional documents as may reasonably be required by the competent authorities of the Flag State for the purpose of registering the Vessel.

   

  		(b)	At the time of delivery the Buyer shall provide the Seller with:

   

  		(i)	Evidence that all necessary corporate, shareholder and other action has been taken by the Buyer to authorise the execution, delivery and performance of this Agreement, and if required by the relevant ship registry,
          duly notarially attested and legalised or apostilled; and

   

  		(ii)	Power of attorney of the Buyer appointing one or more representatives to act on behalf of the Buyer in the performance of this Agreement, and if required by the relevant ship registry, duly notarially attested and
          legalised or apostilled (as appropriate).

   

  		(c)	Final certificates of the Vessel issued by the Classification Society with no annotation or conditions.

   

  		(d)	If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorised translator or certified by a lawyer qualified to
          practice in the country of the translated language.

   

  		(e)	Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Seller shall also hand to the Buyer the classification certificate(s) as well as all plans, drawings and manuals, (excluding
          ISM/ISPS manuals, which are on board the Vessel). Other certificates which are on board the Vessel shall also be handed over to the Buyer unless the Seller are required to retain the same, in which case the Buyer have the right to take copies.

   

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  		(f)	Other technical documentation which may be in the Seller’s possession shall promptly after delivery be forwarded to the Buyer, if they so request. The Seller may keep the Vessel’s log books but the Buyer have the
          right to take copies of the same.

   

  		(g)	The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Seller to the Buyer.

   

  		(h)	A copy of the Bareboat Charter (a form of which is attached as Appendix 3 of this Agreement) duly executed by the Buyer as owner and the Charterer as charterer and confirmation from the Buyer that all conditions
          precedent have been met under the Bareboat Charter.

   

  		(i)	If applicable, documents that may be reasonably requested by the Finance Parties; for the avoidance of doubt, the Seller further consents that the Buyer shall be entitled to assign any security interest provided by
          the Seller in favour of the Buyer to the Lender as security for the loan.

   

  		8.	ENCUMBRANCES

   

  The Seller warrants that the Vessel, at the time of delivery, is free from all charters (save for the Sub-Charter and the
    CELSE Charter), encumbrances, mortgages and maritime liens or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Seller hereby undertake to indemnify the Buyer against all consequences of claims made
    against the Vessel which have been incurred prior to the time of delivery.

   

  		9.	TAXES, FEES AND EXPENSES

   

  		(a)	The Seller shall be responsible for and shall indemnify and hold harmless the Buyer against any Taxes (other than Taxes imposed, or levied on or against the overall income, profits or gains of the Buyer) imposed on
          either party as a result of or in connection with the purchase of the Vessel pursuant to this Agreement and registration in the Flag State, and any other matters contemplated by this Agreement.

   

  		(b)	The Seller shall within seven (7) Banking Days of demand by the Buyer pay to the Buyer an amount equal to the loss, liability or cost which the Buyer determines will be or has been (directly or indirectly) suffered
          for or on account of Tax by the Buyer in connection with the purchase of the Vessel pursuant to this Agreement and registration in the Flag State.

   

  		(c)	The Buyer shall promptly notify Seller of any event which will give, or has given, rise to a claim under this Clause 9.

   

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  		10.	CONDITION ON DELIVERY

   

  The Vessel shall be delivered to the Buyer with her Class maintained without condition/recommendation and free from any damage
    affecting class and classification certificates and national/international certificates as at the time of delivery to the Buyer.

   

  		11.	NAME/MARKINGS

   

  The Vessel’s name will remain unchanged.

   

  		12.	BUYER’S DEFAULT

   

  If the Buyer fails to pay the Net Purchase Price in accordance with Clause 4 (Payment of Purchase Price), the Seller
    shall have the right to cancel this Agreement and the Seller shall be entitled to claim further compensation for their losses and all expenses incurred together with interest, provided that the Seller shall not be entitled if such losses or expenses
    arose out of or were in connection with:

   

  		(a)	the failure by the Charterer to take delivery of the Vessel under the Bareboat Charter;

   

  		(b)	gross negligence or wilful misconduct of the Seller; or

   

  		(c)	the failure by the Charterer to satisfy any condition precedent under this Agreement or the Bareboat Charter and which has not been waived or deferred by the Buyer, or which results in the failure of delivery of the
          Vessel to the Buyer under this Agreement.

   

  		13.	SELLER’S DEFAULT

   

  		13.1	Should the Seller fail to be ready to validly complete a legal transfer by the Cancelling Date, the Buyer shall have the option to cancel this Agreement. If before the Buyer has taken delivery of the Vessel, the
          Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date, the Buyer may choose to cancel this Agreement with immediate effect.

   

  		13.2	Should the Seller fail to be ready to validly complete a legal transfer in Clause 13.1 they shall make due compensation to the Buyer for their loss and for all expenses together with interest whether or not the Buyer
          cancel this Agreement.

   

  		14.	REPRESENTATIONS AND WARRANTIES

   

  		14.1	Each Party represents and warrants to the other Party that:

   

  		(a)	it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation and has power to carry on its business as it is now being conducted and to own its property and other assets; and

   

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  		(b)	it has power to execute, deliver and perform its obligations under this Agreement and all necessary corporate, shareholder and other actions have been taken to authorise the execution, delivery and performance of the
          same and this Agreement constitutes its valid and legally binding obligations.

   

  		14.2	The Seller represents and warrants to the Buyer that the following statements are, at the date of this Agreement, true and accurate:

   

  		(a)	neither the execution, delivery and performance by the Seller of the Shipbuilding Contract or this Agreement, nor the consummation of any of the transactions by the Seller contemplated by the Shipbuilding Contract or
          this Agreement, require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect of, any governmental authority or agency, except such as have been obtained and are in full force and
          effect;

   

  		(b)	the Shipbuilding Contract and this Agreement each constitute legal, valid and binding obligations of the Seller;

   

  		(c)	no payments are due or payable to or from the Builder for early or late delivery of the Vessel pursuant to the Shipbuilding Contract;

   

  		(d)	the Seller has supplied the Buyer with true, complete and up-to-date copies of the Shipbuilding Contract;

   

  		(e)	there are no proceedings, claims or disputes outstanding between the Seller and the Builder under the Shipbuilding Contract, nor is the Seller aware of any unremedied defaults by the Builder or the Seller under the
          Shipbuilding Contract and all obligations under the Shipbuilding Contract falling to be performed by the Seller on or prior to the date of this Agreement have been fully performed to date by the Seller and, so far as the Seller is aware, the
          Builder is not in material breach of the Shipbuilding Contract;

   

  		(f)	the Shipbuilding Contract has not been amended, varied, cancelled, novated or terminated and there are or were no circumstances existing which entitle the Seller to terminate or cancel the Shipbuilding Contract;

   

  		(g)	the rights of the Seller to sell the Vessel or under the Shipbuilding Contract are not subject to any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, security interest or other
          encumbrance securing any obligation of any person;

   

  		(h)	the Shipbuilding Contract is the entire agreement between the parties to it as to the construction and sale of the Vessel;

   

  		(i)	the Seller entered into the Shipbuilding Contract as principal; and

   

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  		(j)	all payments due under the Shipbuilding Contract have been paid and no title to any part of the Vessel has been transferred by the Builder to the Seller or any person connected with the Seller.

   

  		14.3	The representations and warranties given in this clause 14 shall survive the execution of this Agreement and shall be deemed to be repeated on the Delivery Date and as at the Delivery in each case by reference to the
          facts and circumstances subsisting at such time.

   

  		15.	SEVERABILITY OF PROVISIONS

   

  If any provision of this Agreement is or subsequently becomes void, unenforceable or illegal, that shall not affect the
    validity, enforceability or legality of the other provisions of this Agreement.

   

  		16.	COUNTERPARTS

   

  This Agreement may be executed in any number of counterparts, all of which, taken together shall constitute one and the same
    agreement and either Party may enter into this Agreement by executing a counterpart.

   

  		17.	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 to enjoy the benefit of any term of this Agreement. However, notwithstanding any term of this Agreement to the contrary, no variation of this Agreement, and no release or compromise of any liability hereunder shall require consent or approval of any
    third party.

   

  		18.	ASSIGNMENT

   

  		18.1	No party to this Agreement shall be entitled to assign its rights or transfer any of its rights and/or obligations, under this Agreement without the prior written consent of the other parties to it. This provision
          shall not apply to any assignment or transfer of rights by the Buyer to the Finance Parties.

   

  		18.2	Notwithstanding the above clause 18.1, after signing this Agreement the Buyer shall have the right to transfer title, or the right in title, to the Vessel to a third party by way of novation or a direct or indirect
          sale, subject to the Seller’s consent which consent must not be unreasonably withheld.

   

  		19.	LAW AND JURISDICTION

   

  		19.1	This Agreement and any non-contractual obligations connected with it shall be governed by and construed in accordance with English law.

   

  		19.2	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement or any non-contractual obligations connected with it (a Dispute) and the Parties agree that
          the courts of England are the most appropriate and convenient courts to settle Disputes and, accordingly, the Parties will not argue to the contrary.

   

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  		19.3	Without prejudice to any other mode of service allowed under any relevant law, the Seller irrevocably appoint Golar Management Ltd whose registered office is at 6111 Floor, The Zig Zag, 70 Victoria Street, London,
          SW1E 6SQ, United Kingdom as its agent for service of process in relation to any proceedings before the English courts in connection with this Agreement and agree that failure by the process agent to notify the Seller of the process will not
          invalidate the proceedings concerned. If that process agent is unable for any reason to act as agent for service of process, the Seller will immediately (and in any event within ten days of such event taking place) appoint another agent on terms
          acceptable to the Buyer. Failing this, the Buyer may appoint another agent for this purpose.

   

  		19.4	19.4 Without prejudice to any other mode of service allowed under any relevant law, the Buyer irrevocably appoints China Construction Bank (London) Limited whose registered office is at 111 Old Broad Street, London
          EC2 1AP, United Kingdom as its agent for service of process in relation to any proceedings before the English courts in connection with this Agreement and agree that failure by the process agent to notify the Buyer of the process will not
          invalidate the proceedings concerned. If that process agent is unable for any reason to act as agent for service of process, the Buyer will immediately (and in any event within ten days of such event taking place) appoint another agent on terms
          acceptable to the Seller. Failing this, the Seller may appoint another agent for this purpose.

   

  		20.	NOTICES

   

  All notices to be provided under this Agreement shall be in the English language and in writing. Contact details for
    recipients of notices are as follows:

   

  

  	For the Buyer:	CCB Financial Leasing Corporation Limited
	 	Ship leasing Department
	 	11th Floor, Building 4
	 	ChangAnXingRong Center
	 	No.1 Naoshikou Street, XiCheng District,
	 	Beijing, 100031
	 	The People’s Republic of China
	 	 
	For the Seller/the Charterer:	c/o Golar Management Ltd.
	 	6th Floor
	 	The Zig Zag
	 	70 Victoria Street
	 	London
	 	SW1E 6SQ
	 	United Kingdom

  

    

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  		21.	ENTIRE AGREEMENT

   

  The written terms of this Agreement comprise the entire agreement between the Buyer and the Seller in relation to the sale
    and purchase of the Vessel and supersede all previous agreements whether oral or written between the Parties in relation thereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or
    remedy in respect of any statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by any applicable statute or law are hereby excluded
    to the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude any liability for fraud.

   

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  	For and on behalf of the Seller:	 	For and on behalf of the Buyer:
	 	 	 	 	 
	Name:	 /s/ Eduardo Maranhao	 	Name:	/s/ Haibo Yin
	 	 	 
	Title:	 Authorized Signatory	 	Title: 	Executive Director

   

  For and on behalf of the Charterer:

  

  	 	 	 	 
	Name: 	/s/ Eduardo Maranhao	 	 	 
	 	 	 	 
	Title:	 Authorized Signatory	 	 	 
	 	 	 	 

   

  

  
    
      

  

  Appendix 1

    FORM OF PROTOCOL OF DELIVERY AND ACCEPTANCE

   

  	1

   

  

  
    
      

  

  Appendix 2

    FORM OF MT199 NOTICE

   

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  Appendix 3

    FORM OF BAREBOAT CHARTER 

  

   

  

  	3Exhibit 10.11

  	 	 	 	 
	
          1.    Shipbroker

           

          N/A

           

        	
          BIMCO STANDARD BAREBOAT CHARTER 

              CODE NAME: “BARECON 2001”

        	 
	
          2. Place and date

           

               17 December      2019

           

        
	
          3.    Owners/Place of business (Cl. 1)

          Oriental Fleet LNG 02 Limited

           

          Trust Company Complex 

          

          Ajeltake Road, Ajeltake Island 

          

          Majuro, the Marshall Islands 

          

          MH96960

           

        	
          4.    Bareboat Charterers/Place of business (Cl. 1)

           

          Golar Hull M2023 Corp.

          

          Trust Company Complex 

          

          Ajeltake Road, Ajeltake Island 

          

          Majuro, the Marshall Islands 

          

          MH 96960

           

        
	
          5.    Vessel’s name, call sign and flag (Cl. 1 and 3)

          Name: “Golar Penguin”

          

          Call Sign: V7AE8

          

          Flag: The Republic of the Marshall Islands

           

        	 
	
          6.    Type of Vessel

          LNG carrier

           

        	
          7.    GT/NT

          GT: 102100 tons

          

          NT: 30631 tons

           

        
	
          8.    When/Where built

          2014

          

          Samsung Heavy Industries Co., Ltd., Korea

           

        	
          9.    Total DWT (abt.) in metric tons on summer freeboard

          82182 MT

           

        
	
          10.  Classification Society (Cl. 3)

          DNV GL

           

        	
          11.   Date of last special survey by the Vessel’s classification society

          19 October 2019

           

        
	
          12.   Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3)

          N/A

           

        
	
          13.  Port or Place of delivery (Cl. 3)

          As per MOA

           

        	
          14.  Time for delivery (Cl. 4)

          See Additional Clause 35 

          

          (Delivery)

           

        	
          15.   Cancelling date (Cl. 5)

          See Additional Clause 34

              (Background)

           

        
	
          16.  Port or Place of redelivery (Cl. 15)

          see Additional Clause 44 (Redelivery)

           

        	
          17.  No. of months’ validity of trading and class certificates upon redelivery (Cl. 15)

          

          N/A

           

        
	
          18.  Running days’ notice if other than stated in Cl. 4

          N/A

           

        	
          19.  Frequency of dry-docking (Cl. 10(g))

          In accordance with Classification Society or flag state requirements

           

        
	
          20.  Trading limits (Cl. 6)

          Trading worldwide always within International Navigating Limits

           

        	 
	
          21.  Charter period (Cl. 2)

          72 months commencing from the Actual Delivery Date

           

        	
          22.  Charter hire (Cl. 11)

          See Additional Clause 40 (Hire)

           

        
	
          23.  New class and other safety requirements (state percentage of Vessel’s insurance value acc. to Box

                29) (Cl. 10(a)(ii))

          See Additional Clause 39(c) (Structural changes and alterations)

           

        
	
          24.  Rate of interest payable acc. to Cl. 11 (f) and, if applicable, acc. to PART IV

          

          

          See Additional Clause 40 (Hire)

           

        	
          25.  Currency and method of payment (Cl. 11)

          US Dollars (see also Additional Clause 40 (Hire))

           

        
	
          26.  Place of payment; also state beneficiary and bank account (Cl. 11)

          See Additional Clause 40 (Hire)

           

        	
          27.  Bank guarantee/bond (sum and place) (Cl. 24) (optional)

          N/A

           

        

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
      insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
      responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

   

   

  
     

    
      
 

  

   

  	“BARECON 2001” STANDARD BAREBOAT CHARTER	PART I

   

  	
          28.  Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) applies state date of Financial Instrument and name of
            Mortgagee(s)/Place of business) (CI. 12)

          

           

          12(b) applies; form of Financial Instrument and name of Mortgagee to be determined

           

        	
          29.  Insurance (hull and machinery and war risks) (state value acc. to CI. 13(f) or, if applicable, acc. to Cl. 14(k)) (also
            state if Cl. 14 applies)

          

           

          See Additional Clause 42 (Insurance)

           

        
	
          30.  Additional insurance cover, if any, for Owners’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(q))

          

           

          No limitation

           

        	
          31.  Additional insurance cover, if any, for Charterers’ account limited to (CI. 13(b) or, if applicable, Cl. 14(q))

          

           

          No limitation

           

        
	
          32.  Latent defects (only to be filled in if period other than stated in Cl. 3)

           

        	
          33.  Brokerage commission and to whom payable (Cl. 27)

          

          N/A

           

        
	
          34.  Grace period (state number of clear banking days) (Cl. 28)

          

           

          See Additional Clause 52 (Termination Events)

           

        	
          35.  Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed Place of Arbitration must be stated (Cl. 30)

          

          N/A

           

        
	
          36.  War cancellation (indicate countries agreed) (Cl. 26(f))

          

          N/A

           

        
	
          37.  Newbuilding Vessel (indicate with “yes” or “no” whether PART III applies) (optional)

          

          No; Part Ill does not apply

           

        	
          38.  Name and place of Builders (only to be filled in if PART III applies)

          

          N/A

           

        
	
          39.  Vessel’s Yard Building No. (only to be filled in if PART III applies)

          

          N/A

           

        	
          40.  Date of Building Contract (only to be filled in if PART III applies)

          

          N/A

           

        
	
          41.  Liquidated damages and costs shall accrue to (state party acc. to Cl. 1)

           

          

          a)       N/A

          

          b)       N/A

          

          C)      N/A

           

        	 
	
          42.  Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV applies) (optional)

          

           

          No; Part IV does not apply

           

        	
          43.  Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional)

          

           

          

          No; Part V does not apply

           

        
	
          44.  Flag and Country of the Bareboat Charter Registry (only to be filled in if PART V applies)

          

          N/A

           

        	
          45.  Country of the Underlying Registry (only to be filled in if PART V applies)

          

          N/A

           

        
	
          46.  Number of additional clauses covering special provisions, if agreed

           

          Clause 32 (Definitions) to Clause 81 (Conflicts)

           

        	 

   

  PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART

      II. In the event of a conflict of conditions, 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 if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a
    conflict of conditions, the provisions of 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.

   

  	
          Signature (Owners)

        	 	
          Signature (Charterers)

        	 
	 	 	 	 	 	 
	 	
          For and on behalf of

          

          Oriental Fleet LNG 02 Limited

        	 	 	
          For and on behalf of 

          

          Golar Hull M2023 Corp.

        	 
	 	 	 	 	 	 
	 	
          /s/ Li Bing

        	 	 	
          /s/ Rodrigo Fortes

        	 
	 	
          Name:    LI BING

        	 	 	
          Name:    Rodrigo Fortes

        	 
	 	
          Title:     Director

        	 	 	
          Title:      Attorney-in-fact

        	 
	 	 	 	 	 	 

  

   

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
      insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
      responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated documen

   

   

  
     

    
      
 

  

   

  

  PART II

  

  “BARECON 2001” Standard Bareboat Charter

   

  
    	1.  Definitions	1
	In this Charter, the following terms shall have the	2
	meanings hereby assigned to them:	3
	“The Owners” shall mean the party identified in Box 3;	4
	“The Charterers” shall mean the party identified in Box 4;	5
	“The Vessel” shall mean the vessel named in Box 5 and	6
	with particulars as stated in Boxes 6 to 12.	7
	“Financial Instrument” means the mortgage, deed of	8
	covenant or other such financial security instrument as	9
	annexed to this Charter and stated in Box 28. See
                  also	10
	Addtional Clauses 32 (Definitions) and 33 	 
	(Interpretations).	 
	2.  Charter Period	11
	In consideration of the hire detailed in Box 22,	12
	the Owners have agreed to let and the Charterers have	13
	agreed to hire the Vessel for the period stated in Box 21	14
	(“the Agreed Charter Period”) period stated in Box 21	 
	(“The Charter Period”).	15
	3.  Delivery	16
	See Additional Clause 35 (Delivery)	 
	(not applicable when Part III applies, as indicated in Box 37)	17
	(a) The Owners shall before and at the time of delivery	18
	exercise due diligence to make the Vessel seaworthy	19
	And in every respect ready in hull, machinery and	20
	equipment for service under this Charter.	21
	The Vessel shall be delivered by the Owners and taken	22
	over by the Charterers at the port or place indicated in	23
	Box 13 in such ready safe berth as the Charterers may	24
	direct.	25
	(b) The Vessel shall be properly documented on	26
	delivery in accordance with the laws of the flag State	27
	indicated in Box 5 and the requirements of the	28
	classification society stated in Box 10. The Vessel upon	29
	delivery shall have her survey cycles up to date and	30
	trading and class certificates valid for at least the number	31
	of months agreed in Box 12.	32
	(c) The delivery of the Vessel by the Owners and the	33
	taking over of the Vessel by the Charterers shall	34
	constitute a full performance by the Owners of all the	35
	Owners’ obligations under this Clause 3, and thereafter	36
	the Charterers shall not be entitled to make or assert	37
	any claim against the Owners on account of any	38
	conditions, representations or warranties expressed or	39
	implied with respect to the Vessel but the Owners shall	40
	be liable for the cost of but not the time for repairs or	41
	renewals occasioned by latent defects in the Vessel,	42
	her machinery or appurtenances, existing at the time of	43
	delivery under this Charter, provided such defects have	44
	manifested themselves within twelve (12) months after	45
	delivery unless otherwise provided in Box 32.	46
	4.  Time for Delivery	47
	See Additional Clause 35 (Delivery)	 
	(not applicable when Part III applies, as indicated in Box 37)	48
	The Vessel shall not be delivered before the date	49
	indicated in Box 14 without the Charterers’ consent and	50
	the Owners shall exercise due diligence to deliver the	51
	Vessel not later than the date indicated in Box 15.	52
	Unless otherwise agreed in Box 18, the Owners shall	53
	give the Charterers not less than thirty (30) running days’	54
	preliminary and not less than fourteen (14) running days’	55
	definite notice of the date on which the Vessel is	56
	expected to be ready for delivery.	57
	The Owners shall keep the Charterers closely advised	58
	of possible changes in the Vessel’s position.	59
	5.  Cancelling	60
	See Additional Clause 34 (Background)	 
	(not applicable when Part III applies, as indicated in Box 37)	61
	(a) Should the Vessel not be delivered latest by the	62
	cancelling date indicated in Box 15, the Charterers shall	63
	have the option of cancelling this Charter by giving the	64
	Owners notice of cancellation within thirty six (36)	65
	running hours after the cancelling date stated in Box	66
	15, failing which this Charter shall remain in full force	67

  

  
    	and effect.	68
	(b) If it appears that the Vessel will be delayed beyond	69
	the cancelling date, the Owners may, as soon as they	70
	are in a position to state with reasonable certainty the	71
	day on which the Vessel should be ready, give notice	72
	thereof to the Charterers asking whether they will	73
	exercise their option of cancelling, and the option must	74
	then be declared within one hundred and sixty eight	75
	(168) running hours of the receipt by the Charterers of	76
	such notice or within thirty six (36) running hours after	77
	the cancelling date, whichever is the earlier. If the	78
	Charterers do not then exercise their option of cancelling,	79
	the seventh day after the readiness date stated in the	80
	Owners’ notice shall be substituted for the cancelling	81
	date indicated in Box 15 for the purpose of this Clause

                  5.	82
	(c) Cancellation under this Clause 5 shall

                be without	83
	prejudice to any claim the Charterers may otherwise	84
	have on the Owners under this Charter.	85
	6.  Trading Restrictions	86
	The Vessel shall be employed in lawful trades for the	87
	carriage of suitable lawful merchandise within the trading	88
	limits indicated in Box 20.	89
	The Charterers undertake not to employ the Vessel or	90
	suffer the Vessel to be employed otherwise than in	91
	conformity with the terms of the contracts of	92
	insuranceInsurances (as defined in Additional Clause 32 (Definitions))	 
	(including any warranties expressed or implied therein)	93
	without first obtaining the consent of the insurers to such	94
	employment and complying with such requirements as	95
	to extra premium or otherwise as the insurers may	96
	prescribe.	97
	The Charterers also undertake not to employ the Vessel	98
	or suffer her employment in any trade or business which	99
	is forbidden by the law of any country to which the Vessel	100
	may sail or is otherwise illicit or in carrying illicit or	101
	prohibited goods or in any manner whatsoever which	102
	may render her liable to condemnation, destruction,	103
	seizure or confiscation.	104
	Notwithstanding any other provisions contained in this	105
	Charter it is agreed that nuclear fuels or radioactive	106
	products or waste are specifically excluded from the	107
	cargo permitted to be loaded or carried under this	108
	Charter. This exclusion does not apply to radio-isotopes	109
	used or intended to be used for any industrial,	110
	commercial, agricultural, medical or scientific purposes	111
	provided the Owners’ prior approval has been obtained	112
	to loading thereof.	113
	7.  Surveys on Delivery and Redelivery	114
	(not applicable when Part III applies, as indicated in Box 37)	115
	The Owners and Charterers shall each appoint	116
	surveyors for the purpose of determining and agreeing	117
	in writing the condition of the Vessel at the time of	118
	delivery and redelivery hereunder. The Owners shall	119
	bear all expenses of the On hire Survey including loss	120
	of time, if any, and the Charterers shall bear all expenses	121
	of the Off hire Survey including loss of time, if any, at	122
	the daily equivalent to the rate of hire or pro rata thereof.	123
	8.  Inspection	124
	Subject to Additional Clause 43 (Inspection) Tthe	125
	Owners shall have the right at any time after giving	 
	reasonable notice to the Charterers to inspect or survey	126
	the Vessel or instruct a duly authorised surveyor to carry	127
	out such survey on their behalf in accordance with	128
	Additional Clause 43 (Inspection):- 	 
	(a) to ascertain the condition of the Vessel and satisfy	129
	themselves that the Vessel is being properly repaired	130
	and maintained. The costs and fees for each such	131
	inspection	 
	or survey shall be paid in accordance with Additional	132
	Clause 43 (Inspection) by the Owners unless the	 
	Vessel	 
	is found to require repairs or maintenance in order to	133

  

  

   

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
      insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
      responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated documen

   

   

  
     

    
      
 

  

   

  PART II

  

  “BARECON 2001” Standard Bareboat Charter

   

  
    	achieve the condition so provided;	134
	(b) in dry-dock in accordance with Additional Clause	135
	43 (Inspection) if the Charterers have not dry docked 	 
	Her in accordance with Clause 10(g). The costs and fees	136
	for such inspection or survey shall be paid by the	137
	Charterers;
              and	138
	(c) for any other commercial reason they consider	139
	necessary (provided it does not unduly interfere with	140
	the commercial operation of the Vessel). The costs and	141
	fees for such inspection(s) and survey(s)
              shall be paid in	142
	accordance with Additional Clause 43 (Inspection).by	 
	the	 
	Owners.	143
	 	 
	All time used in respect of inspection, survey or repairs	144
	shall be for the Charterers’ account and form part of the	145
	Charter Period.	146
	The Charterers shall also permit the Owners to inspect	147
	the Vessel’s log books whenever requested and shall	148
	whenever required by the Owners furnish them with full	149
	information regarding any casualties or other accidents	150
	or damage to the Vessel.	151
	 	 
	9.  Inventories, Oil and Stores	152
	A complete inventory of the Vessel’s entire equipment,	153
	outfit including spare parts, appliances and of all	154
	consumable stores on board the Vessel shall be made	155
	by the Charterers in conjunction with the Owners on	156
	delivery and again on redelivery of the Vessel. Without	157
	limiting the foregoing, Tthe	 
	Charterers shall also provide and the

              Owners,	158
	respectively, shall at the	 
	time of delivery and redelivery take over and pay for with	159
	a complete inventory of all	 
	bunkers, lubricating oil, unbroached provisions, paints,	160
	ropes and other consumable stores (excluding spare	161
	parts) in
              the said Vessel at the then current market prices	162
	at the ports of delivery and redelivery, respectively. The	163
	Charterers shall ensure that all spare parts listed in the	164
	inventory and used during the Charter Period are	165
	replaced at their expense prior to on redelivery of the	166
	Vessel.See also Additional Clause 37 (Bunkers and	167
	luboils)	 
	10. Maintenance and Operation	168
	(a)(i)Maintenance and Repairs - During the Charter	169
	Period the Vessel shall be in the full possession	170
	and at the absolute disposal for all purposes of the	171
	Charterers and under their complete control in	172
	every respect. The Charterers shall maintain the	173
	Vessel, her machinery, boilers, appurtenances and	174
	spare parts in a good state of repair, in efficient	175
	operating condition and in accordance with good	176
	commercial maintenance practice for vessels of	177
	this type and, except as	 
	provided for in Clause 14(l), if applicable,
            at their	178
	own expense they shall at all times keep the	179
	Vessel’s Class fully up to date with the Classification	180
	Society indicated in Box 10 and maintain all other	181
	necessary certificates in force at all times.	182
	(ii) New Class and Other Safety Requirements In the	183
	event of any improvement, structural changes or	184
	new equipment becoming necessary for the	185
	continued operation of the Vessel by reason of new	186
	class requirements or by compulsory legislation	187
	costing (excluding the Charterers’ loss of time)	188
	more than the percentage stated in Box 23, or if	189
	Box 23 is left blank, 5 per cent. of the Vessel’s	190
	insurance value as stated in Box 29, then the	191
	extent, if any, to which the rate of hire shall be varied	192
	and the ratio in which the cost of compliance shall	193
	be shared between the parties concerned in order	194
	to achieve a reasonable distribution thereof as	195
	between the Owners and the Charterers having	196
	regard, inter alia, to the length of the period	197
	remaining under this Charter shall, in the absence	198

  

  
    	of agreement, be referred to the dispute resolution	199
	method agreed in Clause 30.	200
	(iii) Financial Security - The Charterers shall maintain	201
	financial security or responsibility in respect of third	202
	party liabilities as required by any government,	203
	including federal, state or municipal or other division	204
	or authority thereof, to enable the Vessel, without	205
	penalty or charge, lawfully to enter, remain at, or	206
	leave any port, place, territorial or contiguous	207
	waters of any country, state or municipality in	208
	performance of this Charter without any delay. This	209
	obligation shall apply whether or not such	210
	requirements have been lawfully imposed by such	211
	government or division or authority thereof.	212
	The Charterers shall make and maintain all arrange-	213
	ments by bond or otherwise as may be necessary to	214
	satisfy such requirements at the Charterers’ sole	215
	expense and the Charterers shall indemnify the Owners	216
	against all consequences whatsoever (including loss of	217
	time) for any failure or inability to do so.	218
	(b) Operation of the Vessel - The Charterers shall at	219
	their own expense and by their own procurement man,	220
	victual, navigate, operate, supply, fuel and, whenever	221
	required, repair the Vessel during the Charter Period	222
	and they shall pay all charges and expenses of every	223
	kind and nature whatsoever incidental to their use and	224
	operation of the Vessel under this Charter, including	225
	annual flag State fees and any foreign general	226
	municipality and/or state taxes. The Master, officers	227
	and crew of the Vessel shall be the servants of the Charterers	228
	for all purposes whatsoever, even if for any reason	229
	appointed by the Owners.	230
	Charterers shall comply with the regulations regarding	231
	officers and crew in force in the country of the Vessel’s	232
	flag or any other applicable law.	233
	(c) The Charterers shall keep the Owners and the	234
	mortgagee(s) advised of the intended employment,	235
	planned dry-docking and major repairs of the Vessel,	236
	as reasonably required. See also Additional Clause 61	237
	(Operational notifiable events)	 
	(d) Flag and Name of Vessel – See Additional Clause 54	238
	(Name of Vessel) During the Charter	 
	Period, the Charterers shall have the liberty to paint the	239
	Vessel in their own colours, install and display their	240
	funnel insignia and fly their own house flag. The	241
	Charterers shall not, also have the liberty,
              unless with	242
	the Owners’	 
	consent, which shall not be unreasonably withheld, to	243
	change the flag and/or the name of the Vessel during	244
	the Charter Period. Painting and re painting, instalment	245
	and re-instalment, registration and re registration, if	246
	required by the Owners, shall be at the Charterers’	247
	expense and time.	248
	(e) Changes to the Vessel See Additional Clause 39	249
	(Structural changes and alterations)- Subject to Clause 	 
	10(a)(ii),	 
	the Charterers shall make no structural changes in the	250
	Vessel or changes in the machinery, boilers, appurten	251
	ances or spare parts thereof without in each instance	252
	first securing the Owners’ approval thereof. If the Owners	253
	so agree, the Charterers shall, if the Owners so require,	254
	restore the Vessel to its former condition before the	255
	termination of this Charter.	256
	(f) Use of the Vessel’s Outfit, Equipment and	257
	Appliances - The Charterers shall have the use of all	258
	outfit, equipment, and appliances on board the Vessel	259
	at the time of delivery, provided the same or their	260
	substantial equivalent shall be returned to the Owners	261
	on redelivery in the same good order and condition as	262
	when received, ordinary wear and tear excepted. The	263
	Charterers shall from time to time during the Charter	264
	Period replace such items of equipment as shall be so	265
	damaged or worn as to be unfit for use. The Charterers	266
	are to procure that all repairs to or replacement of any	267
	damaged, worn or lost parts or equipment be effected	268

  

  

   

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
      insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
      responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated documen

   

   

  
     

    
      
 

  

   

  PART II 

  “BARECON 2001” Standard Bareboat Charter

   

  
    	in such manner (both as regards workmanship and	269
	quality of materials) as not to diminish the value of the	270
	Vessel. The Charterers have the right to fit additional	271
	equipment at their expense and risk but title to such	272
	additional equipment shall be deemed to have 	 
	passed to the Owners immediately upon such fitting 	 
	(except for rental/leased items) and the Charterers	 
	shall remove such equipment at the end of the period if	273
	requested by the Owners. Any equipment including radio	274
	equipment on hire on the Vessel at time of delivery shall	275
	be kept and maintained by the Charterers and the	276
	Charterers shall assume the obligations and liabilities	277
	of the Owners under any lease contracts in connection	278
	therewith and shall reimburse the Owners for all	279
	expenses incurred in connection therewith, also for any	280
	new equipment required in order to comply with radio	281
	regulations.	282
	(g) Periodical Dry-Docking - The Charterers shall dry-	283
	dock the Vessel and clean and paint her underwater	284
	parts whenever the same may be necessary, but not	285
	less than once during the period stated in Box 19 or, if	286
	Box 19 has been
              left blank, every sixty (60) calendar	287
	months after delivery or such other period as may be	288
	required by the Classification Society or flag State.	289
	11. Hire	290
	See Additional Clause 40 (Hire)	 
	(a) The Charterers shall pay hire due to the Owners	291
	punctually in accordance with the terms of this Charter	292
	in respect of which time shall be of the essence.	293
	(b) The Charterers shall pay to the Owners for the hire	294
	of the Vessel a lump sum in the amount indicated in	295
	Box 22 which shall be payable not later than every thirty	296
	(30) running days in advance, the first lump sum being	297
	payable on the date and hour of the Vessel’s delivery to	298
	the Charterers. Hire shall be paid continuously	299
	throughout the Charter Period.	300
	(c) Payment of hire shall be made in cash without	301
	discount in the currency and in the manner indicated in	302
	Box 25 and at the place mentioned in Box 26.	303
	(d) Final payment of hire, if for a period of less than	304
	thirty (30) running days, shall be calculated proportionally	305
	according to the number of days and hours remaining	306
	before redelivery and advance payment to be effected	307
	accordingly.	308
	(e) Should the Vessel be lost or missing, hire shall	309
	cease from the date and time when she was lost or last	310
	heard of. The date upon which the Vessel is to be treated	311
	as lost or missing shall be ten (10) days after the Vessel	312
	was last reported or when the Vessel is posted as	313
	missing by Lloyd’s, whichever occurs first. Any hire paid	314
	in advance to be adjusted accordingly.	315
	(f) Any delay in payment of hire shall entitle the	316
	Owners to interest at the rate per annum as agreed	317
	in Box 24. If Box 24 has

                not been filled in, the three months	318
	Interbank offered rate in London (LIBOR or its successor)	319
	for the currency stated in Box 25, as quoted by the
                British	320
	Bankers’ Association (BBA) on the date when the hire	321
	fell due, increased by 2 per cent., shall apply.	322
	(g) Payment of interest due under sub clause 11(f)	323
	shall be made within seven (7) running days of the date	324
	of the Owners’ invoice specifying the amount payable	325
	or, in the absence of an invoice, at the time of the next	326
	hire payment date.	327
	12. Mortgage	328
	(only to apply if Box 28 has been appropriately filled
                in)	329
	*) (a) The Owners warrant that they have not effected	330
	any mortgage(s) of the Vessel and that they shall not	331
	effect any mortgage(s) without the prior consent of the	332
	Charterers, which shall not be unreasonably withheld.	333
	*) (b) The Vessel chartered under this Charter is may be	334
	financed	 
	by a mortgage according to the Financial Instrument in	335
	accordance with Additional Clause 47 (Owners’ 	 

  

  
    	mortgage).	 
	The Charterers undertake to comply, and provide such	336
	information and documents to enable the Owners to	337
	comply, with all such instructions or directions in regard	338
	to the employment, insurances, operation, repairs and	339
	maintenance of the Vessel as laid down in the Financial	340
	Instrument or as may be directed from time to time during	341
	the currency of the Charter by the mortgagee(s) in	342
	conformity with the each
              Financial Instrument provided	343
	that such instructions or directions shall not be more	 
	onerous than those pursuant to and under this	 
	Charter. See also Additional Clause 47 (Owners’ 	 
	mortgage)The

                Charterers	 
	confirm that, for this purpose, they have acquainted	344
	themselves with all relevant terms, conditions and	345
	provisions of the Financial Instrument and agree to	346
	acknowledge this in writing in any form that may be	347
	required by the mortgagee(s). The Owners warrant that	348
	they have not effected any mortgage(s) other than stated	349
	in Box 28 and that they shall not agree to any	350
	amendment of the mortgage(s) referred to in Box 28 or	351
	effect any other mortgage(s) without the prior consent	352
	of the Charterers, which shall not be unreasonably	353
	withheld.	354
	*) (Optional, Clauses 12(a) and 12(b)
                are alternatives;	355
	indicate alternative agreed in Box 28).	356
	13. Insurance and Repairs	357
	See Additional Clause 42 (Insurance)	 
	(a) During the Charter Period the Vessel shall be kept	358
	insured by the Charterers at their expense against hull	359
	and machinery, war and Protection and Indemnity risks	360
	(and any risks against which it is compulsory to insure	361
	for the operation of the Vessel, including maintaining	362
	financial security in accordance with sub clause	363
	10(a)(iii)) in such form as the Owners shall in writing	364
	approve, which approval shall not be un reasonably	365
	withheld. Such insurances shall be arranged by the	366
	Charterers to protect the interests of both the Owners	367
	and the Charterers and the mortgagee(s) (if any), and	368
	The Charterers shall be at liberty to protect under such	369
	insurances the interests of any managers they may	370
	appoint. Insurance policies shall cover the Owners and	371
	the Charterers according to their respective interests.	372
	Subject to the provisions of the Financial Instrument, if	373
	any, and the approval of the Owners and the insurers,	374
	the Charterers shall effect all insured repairs and shall	375
	undertake settlement and reimbursement from the	376
	insurers of all costs in connection with such repairs as	377
	well as insured charges, expenses and liabilities to the	378
	extent of coverage under the insurances herein provided	379
	for.	380
	The Charterers also to remain responsible for and to	381
	effect repairs and settlement of costs and expenses	382
	incurred thereby in respect of all other repairs not	383
	covered by the insurances and/or not exceeding any	384
	possible franchise(s) or deductibles provided for in the	385
	insurances.	386
	All time used for repairs under the provisions of sub	387
	clause 13(a) and for repairs of latent defects according	388
	to Clause 3(c) above, including any deviation, shall be	389
	for the Charterers’ account.	390
	(b) If the conditions of the above insurances permit	391
	additional insurance to be placed by the parties, such	392
	cover shall be limited to the amount for each party set	393
	out in Box 30 and Box 31,
                respectively. The Owners or	394
	the Charterers as the case may be shall immediately	395
	furnish the other party with particulars of any additional	396
	insurance effected, including copies of any cover notes	397
	or policies and the written consent of the insurers of	398
	any such required insurance in any case where the	399
	consent of such insurers is necessary.	400
	(c) The Charterers shall upon the request of the	401
	Owners, provide information and promptly execute such	402
	documents as may be required to enable the Owners to	403

  

  

   

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
      insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
      responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated documen

   

   

  
     

    
      
 

  

   

  PART II 

  “BARECON 2001” Standard Bareboat Charter

   

  
    	comply with the insurance provisions of the Financial	404
	Instrument.	405
	(d) Subject to the provisions of the Financial Instru-	406
	ment, if any, should the Vessel become an actual,	407
	constructive, compromised or agreed total loss under	408
	the insurances required under sub clause 13(a), all	409
	insurance payments for such loss shall be paid to the	410
	Owners who shall distribute the moneys between the	411
	Owners and the Charterers according to their respective	412
	interests. The Charterers undertake to notify the Owners	413
	and the mortgagee(s), if any, of any occurrences in	414
	consequence of which the Vessel is likely to become a	415
	total loss as defined in this Clause.	416
	(e) The Owners shall upon the request of the	417
	Charterers, promptly execute such documents as may	418
	be required to enable the Charterers to abandon the	419
	Vessel to insurers and claim a constructive total loss.	420
	(f) For the purpose of insurance coverage against hull	421
	and machinery and war risks under the provisions of	422
	sub clause 13(a), the value of the Vessel is the sum	423
	indicated in Box 29.	424
	14. Insurance, Repairs and Classification	425
	(Optional, only to apply if expressly agreed and stated	426
	in Box 29, in which event Clause 13
              shall be considered	427
	deleted).	428
	(a) During the Charter Period the Vessel shall be kept	429
	insured by the Owners at their expense against hull and	430
	machinery and war risks under the form of policy or	431
	policies attached hereto. The Owners and/or insurers	432
	shall not have any right of recovery or subrogation	433
	against the Charterers on account of loss of or any	434
	damage to the Vessel or her machinery or appurt	435
	enances covered by such insurance, or on account of	436
	payments made to discharge claims against or liabilities	437
	of the Vessel or the Owners covered by such insurance.	438
	Insurance policies shall cover the Owners and the	439
	Charterers according to their respective interests.	440
	(b) During the Charter Period the Vessel shall be kept	441
	insured by the Charterers at their expense against	442
	Protection and Indemnity risks (and any risks against	443
	which it is compulsory to insure for the operation of the	444
	Vessel, including maintaining financial security in	445
	accordance with sub clause 10(a)(iii)) in such form as	446
	the Owners shall in writing approve which approval shall	447
	not be unreasonably withheld.	448
	(c) In the event that any act or negligence of the	449
	Charterers shall vitiate any of the insurance herein	450
	provided, the Charterers shall pay to the Owners all	451
	losses and indemnify the Owners against all claims and	452
	demands which would otherwise have been covered by	453
	such insurance.	454
	(d) The Charterers shall, subject to the approval of the	455
	Owners or Owners’ Underwriters, effect all insured	456
	repairs, and the Charterers shall undertake settlement	457
	of all miscellaneous expenses in connection with such	458
	repairs as well as all insured charges, expenses and	459
	liabilities, to the extent of coverage under the insurances	460
	provided for under the provisions of sub clause 14(a).	461
	The Charterers to be secured reimbursement through	462
	the Owners’ Underwriters for such expenditures upon	463
	presentation of accounts.	464
	(e) The Charterers to remain responsible for and to	465
	effect repairs and settlement of costs and expenses	466
	incurred thereby in respect of all other repairs not	467
	covered by the insurances and/or not exceeding any	468
	possible franchise(s) or deductibles provided for in the	469
	insurances.	470
	(f) All time used for repairs under the provisions of	471
	sub clauses 14(d) and 14(e) and
                for repairs of latent	472
	defects according to Clause 3 above, including any	473
	deviation, shall be for the Charterers’ account and shall	474
	form part of the Charter Period.	475
	The Owners shall not be responsible for any expenses	476
	as are incident to the use and operation of the Vessel	477

  

  
    	for such time as may be required to make such repairs.	478
	(g) If the conditions of the above insurances permit	479
	additional insurance to be placed by the parties such	480
	cover shall be limited to the amount for each party set	481
	out in Box 30 and Box 31,
                respectively. The Owners or	482
	the Charterers as the case may be shall immediately	483
	furnish the other party with particulars of any additional	484
	insurance effected, including copies of any cover notes	485
	or policies and the written consent of the insurers of	486
	any such required insurance in any case where the	487
	consent of such insurers is necessary.	488
	(h) Should the Vessel become an actual, constructive,	489
	compromised or agreed total loss under the insurances	490
	required under sub clause 14(a), all insurance payments	491
	for such loss shall be paid to the Owners, who shall	492
	distribute the moneys between themselves and the	493
	Charterers according to their respective interests.	494
	(i) If the Vessel becomes an actual, constructive,	495
	compromised or agreed total loss under the insurances	496
	arranged by the Owners in accordance with sub clause	497
	14(a), this Charter shall terminate as of the date of such	498
	loss.	499
	(j) The Charterers shall upon the request of the	500
	Owners, promptly execute such documents as may be	501
	required to enable the Owners to abandon the Vessel	502
	to the insurers and claim a constructive total loss.	503
	(k) For the purpose of insurance coverage against hull	504
	and machinery and war risks under the provisions of	505
	sub clause 14(a), the value of the Vessel is the sum	506
	indicated in Box 29.	507
	(l) Notwithstanding anything contained in sub clause	508
	10(a), it is agreed that under the provisions of Clause	509
	14, if applicable, the Owners shall keep the Vessel’s	510
	Class fully up to date with the Classification Society	511
	indicated in Box 10 and maintain all other necessary	512
	certificates in force at all times.	513
	15. Redelivery	514
	See Additional Clauses 44 (Redelivery) and	 
	45 (Redelivery conditions)	 
	At the expiration of the Charter Period the Vessel shall	515
	be redelivered by the Charterers to the Owners at a	516
	safe and ice free port or place as indicated in Box 16, in	517
	such ready safe berth as the Owners may direct. The	518
	Charterers shall give the Owners not less than thirty	519
	(30) running days’ preliminary notice of expected date,	520
	range of ports of redelivery or port or place of redelivery	521
	and not less than fourteen (14) running days’ definite	522
	notice of expected date and port or place of redelivery.	523
	Any changes thereafter in the Vessel’s position shall be	524
	notified immediately to the Owners.	525
	The Charterers warrant that they will not permit the	526
	Vessel to commence a voyage (including any preceding	527
	ballast voyage) which cannot reasonably be expected	528
	to be completed in time to allow redelivery of the Vessel	529
	within the Charter Period. Notwithstanding the above,	530
	should the Charterers fail to redeliver the Vessel within	531
	The Charter Period, the Charterers shall pay the daily	532
	equivalent to the rate of hire stated in Box 22 plus 10	533
	per cent. or to the market rate, whichever is the higher,	534
	for the number of days by which the Charter Period is	535
	exceeded. All other terms, conditions and provisions of	536
	this Charter shall continue to apply.	537
	Subject to the provisions of Clause 10, the Vessel shall	538
	be redelivered to the Owners in the same or as good	539
	structure, state, condition and class as that in which she	540
	was delivered, fair wear and tear not affecting class	541
	excepted.	542
	The Vessel upon redelivery shall have her survey cycles	543
	up to date and trading and class certificates valid for at	544
	least the number of months agreed in Box 17.	545
	16. Non-Lien	546
	The Charterers will not suffer, nor permit to be continued,	547
	any lien or encumbrance incurred by them or their	548

  

  

   

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
      insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
      responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated documen

   

   

  
     

    
      
 

  

   

  PART II

  

  “BARECON 2001” Standard Bareboat Charter

   

  
    	agents other than a Permitted Security Interest (as	549
	defined in Additional Clause 32 (Definitions)), 	 
	which might have priority over the title and	 
	interest of the Owners in the Vessel. The Charterers	550
	further agree to fasten to the Vessel in a conspicuous	551
	place and to keep so fastened during the Charter Period	552
	a notice reading as follows:	553
	“This Vessel is the property of (name of Owners). It is	554
	under a bareboat charter to (name of Charterers) and by	555
	the terms	 
	of the Charter Party neither the Charterers nor the	556
	Master have any right, power or authority to create, incur	557
	or permit to be imposed on the Vessel any lien	558
	whatsoever, or to contract on behalf of the Owners, or	559
	to involve the Owners in any liability.”	 
	17. Indemnity (See also Additional Clause 62 (Further	560
	Indemnities)	 
	(a) The Charterers shall indemnify the Owners against	561
	any loss, damage or expense incurred by the Owners	562
	arising out of or in relation to the operation of the Vessel	563
	by the Charterers, and against any lien of whatsoever	564
	nature arising out of an event occurring during the	565
	Charter Period. If the Vessel be arrested or otherwise	566
	detained by reason of claims or liens arising out of her	567
	operation hereunder by the Charterers, the Charterers	568
	shall at their own expense take all reasonable steps to	569
	secure that within a reasonable time the Vessel is	570
	released, including the provision of bail.	571
	Without prejudice to the generality of the foregoing, the	572
	Charterers agree to indemnify the Owners against all	573
	consequences or liabilities arising from the Master,	574
	officers or agents signing Bills of Lading or other	575
	documents.	576
	(b) If the Vessel be arrested or otherwise detained by	577
	reason of a claim or claims against the Owners, the	578
	Owners shall at their own expense take all reasonable	579
	steps to secure that within a reasonable time the Vessel	580
	is released, including the provision of bail.	581
	In such circumstances the Owners shall indemnify the	582
	Charterers against any loss, damage or expense	583
	incurred by the Charterers (includingexcluding
              hire paid	584
	under	 
	this Charter) as a direct consequence of such arrest or	585
	detention.	586
	18. Lien	587
	The Owners to have a lien upon all cargoes, sub hires	588
	and sub freights belonging or due to the Charterers or	589
	any sub charterers and any Bill of Lading freight for all	590
	claims under this Charter, and the Charterers to have a	591
	lien on the Vessel for all moneys paid in advance and	592
	not earned.	593
	19. Salvage	594
	All salvage and towage performed by the Vessel shall	595
	be for the Charterers’ benefit and the cost of repairing	596
	damage occasioned thereby shall be borne by the	597
	Charterers.	598
	20. Wreck Removal	599
	In the event of the Vessel becoming a wreck or	600
	obstruction to navigation the Charterers shall indemnify	601
	the Owners against any sums whatsoever which the	602
	Owners shall become liable to pay and shall pay in	603
	consequence of the Vessel becoming a wreck or	604
	obstruction to navigation.	605
	21. General Average	606
	The Owners shall not contribute to General Average.	607
	22. Assignment, Sub-Charter and Sale	608
	See Additional Clause 53 (Sub-chartering)	609
	(a) The Charterers shall not assign this Charter nor	 
	sub charter the Vessel on a bareboat basis except with	610
	the prior consent in writing of the Owners, which shall	611
	not be unreasonably withheld, and subject to such terms	612

  

  
    	and conditions as the Owners shall approve.	613
	(b) The Owners shall not sell the Vessel during the	614
	currency of this Charter except with the prior written	615
	consent of the Charterers, which shall not be unreason	616
	ably withheld, and subject to the buyer accepting an	617
	assignment of this Charter.	618
	23. Contracts of Carriage	619
	*) (a) The Charterers
              are to procure that all documents	620
	issued during the Charter Period evidencing the terms	621
	and conditions agreed in respect of carriage of goods	622
	shall contain a paramount clause incorporating any	623
	legislation relating to carrier’s liability for cargo	624
	compulsorily applicable in the trade; if no such legislation	625
	exists, the documents shall incorporate the Hague-Visby	626
	Rules. The documents shall also contain the New Jason	627
	Clause and the Both-to-Blame Collision Clause.	628
	*) (b) The Charterers are to procure that all passenger	629
	tickets issued during the Charter Period for the carriage	630
	of passengers and their luggage under this Charter shall	631
	contain a paramount clause incorporating any legislation	632
	relating to carrier’s liability for passengers and their	633
	luggage compulsorily applicable in the trade; if no such	634
	legislation exists, the passenger tickets shall incorporate	635
	the Athens Convention Relating to the Carriage of	636
	Passengers and their Luggage by Sea, 1974, and any	637
	protocol thereto.	638
	*) Delete as applicable.	639
	24. Bank Guarantee	640
	(Optional, only to apply if Box 27 filled in)	641
	The Charterers undertake to furnish, before delivery of	642
	the Vessel, a first class bank guarantee or bond in the	643
	sum and at the place as indicated in Box 27 as guarantee	644
	for full performance of their obligations under this	645
	Charter.	646
	25. Requisition/Acquisition	647
	(a) In the event of the Requisition for Hire of the Vessel	648
	by any governmental or other competent	649
	authorityGovernmental Agency (as defined in	 
	Additional Clause 32 (Definitions))	 
	(hereinafter referred to as “Requisition for Hire”)	650
	irrespective of the date during the Charter Period when	651
	“Requisition for Hire” may occur then, unless and until	652
	the Vessel becomes a Total Loss during such	 
	Requisition for Hire,
              and irrespective of the	 
	length thereof and whether or not it be for an indefinite	653
	or a limited period of time, and irrespective of whether it	654
	may or will remain in force for the remainder of the	655
	Charter Period, this Charter shall not be deemed thereby	656
	or thereupon to be frustrated or otherwise terminated	657
	and the Charterers shall continue to pay the stipulated	658
	hire in the manner provided by this Charter until the time	659
	when the Charter would have terminated pursuant to	660
	any of the provisions hereof always provided however	661
	that in the event of “Requisition for Hire” any Requisition	662
	Hire or compensation received or receivable by the	663
	Owners shall be payable to the Charterers during the	664
	remainder of the Charter Period or the period of the	665
	“Requisition for Hire” whichever be the shorter.	666
	(b) In the event of the Owners being deprived of their	667
	ownership in the Vessel by any Compulsory Acquisition	668
	of the Vessel or requisition for title by any governmental	669
	or other competent authority (hereinafter referred to as	670
	“Compulsory Acquisition”), then, irrespective of the date	671
	during the Charter Period when “Compulsory Acqui-	672
	sition” may occur, this Charter shall be deemed	673
	terminated as of the date of such “Compulsory	674
	Acquisition”. In such event Charter Hire to be considered	675
	as earned and to be paid up to the date and time of	676
	such “Compulsory Acquisition”.	677
	26. War	678
	(a) For the purpose of this Clause, the words “War	679
	Risks” shall include any war (whether actual or	680

  

  

   

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
      insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
      responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated documen

   

   

  
     

    
      
 

  

   

  PART II

  

  “BARECON 2001” Standard Bareboat Charter

   

  
    	threatened), act of war, civil war, hostilities, revolution,	681
	rebellion, civil commotion, warlike operations, the laying	682
	of mines (whether actual or reported), acts of piracy,	683
	acts of terrorists, acts of hostility or malicious damage,	684
	blockades (whether imposed against all vessels or	685
	imposed selectively against vessels of certain flags or	686
	ownership, or against certain cargoes or crews or	687
	otherwise howsoever), by any person, body, terrorist or	688
	political group, or the Government of any state	689
	whatsoever, which may be dangerous or are likely to be	690
	or to become dangerous to the Vessel, her cargo, crew	691
	or other persons on board the Vessel.	692
	(b) The Vessel, unless the written consent of the	693
	Owners be first obtained, shall not continue to or go	694
	through any port, place, area or zone (whether of land	695
	or sea), or any waterway or canal, where it reasonably	696
	appears that the Vessel, her cargo, crew or other	697
	persons on board the Vessel, in the reasonable	698
	judgement of the Owners, may be, or are likely to be,	699
	exposed to War Risks. Should the Vessel be within any	700
	such place as aforesaid, which only becomes danger-	701
	ous, or is likely to be or to become dangerous, after her	702
	entry into it, the Owners shall have the right to require	703
	the Vessel to leave such area.	704
	(c) The Vessel shall not load contraband cargo, or to	705
	pass through any blockade, whether such blockade be	706
	imposed on all vessels, or is imposed selectively in any	707
	way whatsoever against vessels of certain flags or	708
	ownership, or against certain cargoes or crews or	709
	otherwise howsoever, or to proceed to an area where	710
	she shall be subject, or is likely to be subject to	711
	a belligerent’s right of search and/or confiscation.	712
	(d) If the insurers of the war risks insurance, when	713
	Clause 14 is applicable, should require payment of	714
	premiums and/or calls because, pursuant to the	715
	Charterers’ orders, the Vessel is within, or is due to enter	716
	and remain within, any area or areas which are specified	717
	by such insurers as being subject to additional premiums	718
	because of War Risks, then the Charterers shall pay to	719
	the relevant insurers directly such premiums and/or 	 
	calls immediately when such premiums and/or calls 	 
	are due.	 
	shall be reimbursed by the Charterers to the Owners at	720
	the same time as the next payment of hire is due.	721
	(e) The Charterers shall have the liberty:	722
	(i) to comply with all orders, directions, recommend-	723
	ations or advice as to departure, arrival, routes,	724
	sailing in convoy, ports of call, stoppages,	725
	destinations, discharge of cargo, delivery, or in any	726
	other way whatsoever, which are given by the	727
	Government of the Nation under whose flag the	728
	Vessel sails, or any other Government, body or	729
	group whatsoever acting with the power to compel	730
	compliance with their orders or directions;	731
	(ii) to comply with the orders, directions or recom-	732
	mendations of any war risks underwriters who have	733
	the authority to give the same under the terms of	734
	the war risks insurance;	735
	(iii) to comply with the terms of any resolution of the	736
	Security Council of the United Nations, any	737
	directives of the European Community, the effective	738
	orders of any other Supranational body which has	739
	the right to issue and give the same, and with	740
	national laws aimed at enforcing the same to which	741
	the Owners are subject, and to obey the orders	742
	and directions of those who are charged with their	743
	enforcement.	744
	(f) In the event of outbreak of war (whether there be a	745
	declaration of war or not) (i) between any two or more	746
	of the following countries: the United States of America;	747
	Russia; the United Kingdom; France; and the People’s	748
	Republic of China, (ii) between any two or more of the	749
	countries stated in Box 36, both the Owners and the	750
	Charterers shall have the right to cancel this Charter,	751
	whereupon the Charterers shall redeliver the Vessel to	752

  

  
    	the Owners in accordance with Clause 15, if
                the Vessel	753
	has cargo on board after discharge thereof at	754
	destination, or if debarred under this Clause from	755
	reaching or entering it at a near, open and safe port as	756
	directed by the Owners, or if the Vessel has no cargo	757
	on board, at the port at which the Vessel then is or if at	758
	sea at a near, open and safe port as directed by the	759
	Owners. In all cases hire shall continue to be paid in	760
	accordance with Clause 11 and except as aforesaid all	761
	other provisions of this Charter shall apply until	762
	redelivery.	763
	27. Commission	764
	The Owners to pay a commission at the rate indicated	765
	in Box 33 to the Brokers named in Box

                  33 on any hire	766
	paid under the Charter. If no rate is indicated in Box 33,	767
	the commission to be paid by the Owners shall cover	768
	the actual expenses of the Brokers and a reasonable	769
	fee for their work.	770
	If the full hire is not paid owing to breach of the Charter	771
	by either of the parties the party liable therefor shall	772
	indemnify the Brokers against their loss of commission.	773
	Should the parties agree to cancel the Charter, the	774
	Owners shall indemnify the Brokers against any loss of	775
	commission but in such case the commission shall not	776
	exceed the brokerage on one year’s hire.	777
	 	 
	28. Termination	778
	See Additional Clauses 52 (Termination Events) and	 
	57 (Total Loss)	 
	(a) Charterers’ Default	779
	The Owners shall be entitled to withdraw the Vessel from	780
	the service of the Charterers and terminate the Charter	781
	with immediate effect by written notice to the Charterers if:	782
	(i) the Charterers fail to pay hire in accordance with	783
	Clause 11. However, where there is a failure to	784
	make punctual payment of hire due to oversight,	785
	negligence, errors or omissions on the part of the	786
	Charterers or their bankers, the Owners shall give	787
	the Charterers written notice of the number of clear	788
	banking days stated in Box 34 (as recognised at	789
	the agreed place of payment) in which to rectify	790
	the failure, and when so rectified within such	791
	number of days following the Owners’ notice, the	792
	payment shall stand as regular and punctual.	793
	Failure by the Charterers to pay hire within the	794
	number of days stated in Box 34 of their receiving	795
	the Owners’ notice as provided herein, shall entitle	796
	the Owners to withdraw the Vessel from the service	797
	of the Charterers and terminate the Charter without	798
	further notice;	799
	(ii) the Charterers fail to comply with the requirements of:	800
	(1) Clause 6 (Trading Restrictions)	801
	(2) Clause 13(a) (Insurance and Repairs)	802
	provided that the Owners shall have the option, by	803
	written notice to the Charterers, to give the	804
	Charterers a specified number of days grace within	805
	which to rectify the failure without prejudice to the	806
	Owners’ right to withdraw and terminate under this	807
	Clause if the Charterers fail to comply with such	808
	notice;	809
	(iii) the Charterers fail to rectify any failure to comply	810
	with the requirements of sub clause 10(a)(i)	811
	(Maintenance and Repairs) as soon as practically	812
	possible after the Owners have requested them in	813
	writing so to do and in any event so that the Vessel’s	814
	insurance cover is not prejudiced.	815
	(b) Owners’ Default	816
	If the Owners shall by any act or omission be in breach	817
	of their obligations under this Charter to the extent that	818
	the Charterers are deprived of the use of the Vessel	819
	and such breach continues for a period of fourteen (14)	820
	running days after written notice thereof has been given	821
	by the Charterers to the Owners, the Charterers shall	822
	be entitled to terminate this Charter with immediate effect	823

  

  

   

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
      insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
      responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated documen

   

   

  
     

    
      
 

  

   

  PART II

  

  “BARECON 2001” Standard Bareboat Charter

   

  
    	by written notice to the Owners.	824
	(c) Loss of Vessel	825
	This Charter shall be deemed to be terminated if the	826
	Vessel becomes a total loss or is declared as a	827
	constructive or compromised or arranged total loss. For	828
	the purpose of this sub clause, the Vessel shall not be	829
	deemed to be lost unless she has either become an	830
	actual total loss or agreement has been reached with	831
	her underwriters in respect of her constructive,	832
	compromised or arranged total loss or if such agreement	833
	with her underwriters is not reached it is adjudged by a	834
	competent tribunal that a constructive loss of the Vessel	835
	has occurred.	836
	(d) Either party shall be entitled to terminate this	837
	Charter with immediate effect by written notice to the	838
	other party in the event of an order being made or	839
	resolution passed for the winding up, dissolution,	840
	liquidation or bankruptcy of the other party (otherwise	841
	than for the purpose of reconstruction or amalgamation)	842
	or if a receiver is appointed, or if it suspends payment,	843
	ceases to carry on business or makes any special	844
	arrangement or composition with its creditors.	845
	(e) The termination of this Charter shall be without	846
	prejudice to all rights accrued due between the parties	847
	prior to the date of termination and to any claim that	848
	either party might have.	849
	29. Repossession	850
	In the event of the termination of this Charter in	851
	accordance with the applicable provisions of this Charter	852
	Clause 28, 	 
	the Owners shall have the right to repossess the Vessel	853
	from the Charterers at her current or next port of call, or	854
	at a port or place convenient to them without hindrance	855
	or interference by the Charterers, courts or local	856
	authorities. Pending physical repossession of the Vessel	857
	in accordance with this Clause 29, the Charterers shall	858
	hold the Vessel as gratuitous bailee only to the Owners	859
	and the Charterers shall procure that the master and 	 
	crew follow the orders and directions of the Owners.	 
	The Owners shall arrange for an authorised represent-	860
	ative to board the Vessel as soon as reasonably	861
	practicable following the termination of the Charter. The	862
	Vessel shall be deemed to be repossessed by the	863
	Owners from the Charterers upon the boarding of the	864
	Vessel by the Owners’ representative. All arrangements	865
	and expenses relating to the settling of wages,	866
	disembarkation and repatriation of the Charterers’	867
	Master, officers and crew shall be the sole responsibility	868
	of the Charterers.	869
	30. Dispute Resolution	870
	See Additional Clause 78 (Law and arbitration)	 
	*)(a) This Contract shall be governed by and construed	871
	in accordance with English law and any dispute arising	872
	out of or in connection with this Contract shall be referred	873
	to arbitration in London in accordance with the Arbitration	874
	Act 1996 or any statutory modification or re enactment	875
	thereof save to the extent necessary to give effect to	876
	the provisions of this Clause.	877
	The arbitration shall be conducted in accordance with	878
	the London Maritime Arbitrators Association (LMAA)	879
	Terms current at the time when the arbitration proceed	880
	ings are commenced.	881
	The reference shall be to three arbitrators. A party	882
	wishing to refer a dispute to arbitration shall appoint its	883
	arbitrator and send notice of such appointment in writing	884
	to the other party requiring the other party to appoint its	885
	own arbitrator within 14 calendar days of that notice and	886
	stating that it will appoint its arbitrator as sole arbitrator	887
	unless the other party appoints its own arbitrator and	888
	gives notice that it has done so within the 14 days	889
	specified. If the other party does not appoint its own	890
	arbitrator and give notice that it has done so within the	891
	14 days specified, the party referring a dispute to	892

  

  
    	arbitration may, without the requirement of any further	893
	prior notice to the other party, appoint its arbitrator as	894
	sole arbitrator and shall advise the other party	895
	accordingly. The award of a sole arbitrator shall be	896
	binding on both parties as if he had been appointed by	897
	agreement.	898
	Nothing herein shall prevent the parties agreeing in	899
	writing to vary these provisions to provide for the	900
	appointment of a sole arbitrator.	901
	In cases where neither the claim nor any counterclaim	902
	exceeds the sum of US$50,000 (or such other sum as	903
	the parties may agree) the arbitration shall be conducted	904
	in accordance with the LMAA Small Claims Procedure	905
	current at the time when the arbitration proceedings are	906
	commenced.	907
	*) (b) This Contract shall be governed by and construed	908
	
            in accordance with Title 9 of the United States Code

          	909
	
            and the Maritime Law of the United States and any

          	910
	
            dispute arising out of or in connection with this Contract

          	911
	
            shall be referred to three persons at New York, one to

          	912
	
            be appointed by each of the parties hereto, and the third

          	913
	
            by the two so chosen; their decision or that of any two

          	914
	
            of them shall be final, and for the purposes of enforcing

          	915
	
            any award, judgement may be entered on an award by

          	916
	
            any court of competent jurisdiction. The proceedings

          	917
	
            shall be conducted in accordance with the rules of the

          	918
	
            Society of Maritime Arbitrators, Inc.

          	919
	
            In cases where neither the claim nor any counterclaim

          	920
	
            exceeds the sum of US$50,000 (or such other sum as

          	921
	
            the parties may agree) the arbitration shall be conducted

          	922
	
            in accordance with the Shortened Arbitration Procedure

          	923
	
            of the Society of Maritime Arbitrators, Inc. current at

          	924
	
            the time when the arbitration proceedings are commenced.

          	925
	*) (c) This Contract shall be governed by and construed	926
	in accordance with the laws of the place mutually agreed	927
	by the parties and any dispute arising out of or in	928
	connection with this Contract shall be referred to	929
	arbitration at a mutually agreed place, subject to the	930
	procedures applicable there.	931
	(d) Notwithstanding (a), (b) or (c) above, the parties	932
	may agree at any time to refer to mediation any	933
	difference and/or dispute arising out of or in connection	934
	with this Contract.	935
	In the case of a dispute in respect of which arbitration	936
	has been commenced under (a), (b) or (c) above, the	937
	following shall apply:	938
	(i) Either party may at any time and from time to time	939
	elect to refer the dispute or part of the dispute to	940
	mediation by service on the other party of a written	941
	notice (the “Mediation Notice”) calling on the other	942
	party to agree to mediation.	943
	(ii) The other party shall thereupon within 14 calendar	944
	days of receipt of the Mediation Notice confirm that	945
	they agree to mediation, in which case the parties	946
	shall thereafter agree a mediator within a further	947
	14 calendar days, failing which on the application	948
	of either party a mediator will be appointed promptly	949
	by the Arbitration Tribunal (“the Tribunal”) or such	950
	person as the Tribunal may designate for that	951
	purpose. The mediation shall be conducted in such	952
	place and in accordance with such procedure and	953
	on such terms as the parties may agree or, in the	954
	event of disagreement, as may be set by the	955
	mediator.	956
	(iii) If the other party does not agree to mediate, that	957
	fact may be brought to the attention of the Tribunal	958
	and may be taken into account by the Tribunal when	959
	allocating the costs of the arbitration as between	960
	the parties.	961
	(iv) The mediation shall not affect the right of either	962
	party to seek such relief or take such steps as it	963
	considers necessary to protect its interest.	964
	(v) Either party may advise the Tribunal that they have	965
	agreed to mediation. The arbitration procedure shall	966
	continue during the conduct of the mediation but	967

  

  

   

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
      insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
      responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated documen

   

   

  
     

    
      
 

  

   

  PART II

  

  “BARECON 2001” Standard Bareboat Charter

   

  
    	the Tribunal may take the mediation timetable into	968
	account when setting the timetable for steps in the	969
	arbitration.	970
	(vi) Unless otherwise agreed or specified in the	971
	mediation terms, each party shall bear its own costs	972
	incurred in the mediation and the parties shall share	973
	equally the mediator’s costs and expenses.	974
	(vii) The mediation process shall be without prejudice	975
	and confidential and no information or documents	976
	disclosed during it shall be revealed to the Tribunal	977
	except to the extent that they are disclosable under	978
	the law and procedure governing the arbitration.	979
	(Note: The parties should be aware that the mediation	980
	process may not necessarily interrupt time limits.)	981
	(e) If Box 35 in Part I is not appropriately filled
                in, sub clause	982
	30(a) of this Clause shall apply. Sub clause 30(d) shall	983
	apply in all cases.	984
	*) Sub clauses 30(a), 30(b) and

              30(c) are alternatives;	985
	indicate alternative agreed in Box 35.	986
	31. Notices	987
	See Additional Clause 73 (Notices)	988
	(a) Any notice to be given by either party to the other	 
	party shall be in writing and may be sent by fax, telex,	989
	registered or recorded mail or by personal service.	990
	(b) The address of the Parties for service of such	991
	communication shall be as stated in Boxes 3 and 4	992
	respectively.	993

  

   

  

   

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any
      insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no
      responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated documen

   

   

  
     

    
      
 

  

   

  	 	“BARECON 2001” Standard Bareboat Charter	 
	 		 
	 	
          PART III

          

          PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY

          

        	OPTIONAL 

              PART
	 	(Optional, only to apply if expressly agreed and stated in Box 37)	 

   

  
    	1.  Specifications and Building Contract	1
	(a) The Vessel shall be constructed in accordance with	2
	the Building Contract (hereafter called “the Building	3
	Contract”) as annexed to this Charter, made between the	4
	Builders and the Owners and in accordance with the	5
	specifications and plans annexed thereto, such Building	6
	Contract, specifications and plans having been counter-	7
	signed as approved by the Charterers.	8
	(b) No change shall be made in the Building Contract or	9
	in the specifications or plans of the Vessel as approved by	10
	the Charterers as aforesaid, without the Charterers’	11
	consent.	12
	(c) The Charterers shall have the right to send their	13
	representative to the Builders’ Yard to inspect the Vessel	14
	during the course of her construction to satisfy themselves	15
	that construction is in accordance with such approved	16
	specifications and plans as referred to under sub-clause	17
	(a) of this Clause.	18
	(d) The Vessel shall be built in accordance with the	19
	Building Contract and shall be of the description set out	20
	therein. Subject to the provisions of sub-clause 2(c)(ii)	21
	hereunder, the Charterers shall be bound to accept the	22
	Vessel from the Owners, completed and constructed in	23
	accordance with the Building Contract, on the date of	24
	delivery by the Builders. The Charterers undertake that	25
	having accepted the Vessel they will not thereafter raise	26
	any claims against the Owners in respect of the Vessel’s	27
	performance or specification or defects, if any.	28
	Nevertheless, in respect of any repairs, replacements or	29
	defects which appear within the first 12 months from	30
	delivery by the Builders, the Owners shall endeavour to	31
	compel the Builders to repair, replace or remedy any defects	32
	or to recover from the Builders any expenditure incurred in	33
	carrying out such repairs, replacements or remedies.	34
	However, the Owners’ liability to the Charterers shall be	35
	limited to the extent the Owners have a valid claim against	36
	the Builders under the guarantee clause of the Building	37
	Contract (a copy whereof has been supplied to the	38
	Charterers). The Charterers shall be bound to accept such	39
	sums as the Owners are reasonably able to recover under	40
	this Clause and shall make no further claim on the Owners	41
	for the difference between the amount(s) so recovered and	42
	the actual expenditure on repairs, replacement or	43
	remedying defects or for any loss of time incurred.	44
	Any liquidated damages for physical defects or deficiencies	45
	shall accrue to the account of the party stated in Box 41(a)	46
	or if not filled in shall be shared equally between the parties.	47
	The costs of pursuing a claim or claims against the Builders	48
	under this Clause (including any liability to the Builders)	49
	shall be borne by the party stated in Box 41(b) or if not	50
	filled in shall be shared equally between the parties.	51
	 	 
	2.  Time and Place of Delivery	52
	(a) Subject to the Vessel having completed her	53
	acceptance trials including trials of cargo equipment in	54
	accordance with the Building Contract and specifications	55
	to the satisfaction of the Charterers, the Owners shall give	56
	and the Charterers shall take delivery of the Vessel afloat	57
	when ready for delivery and properly documented at the	58
	Builders’ Yard or some other safe and readily accessible	59
	dock, wharf or place as may be agreed between the parties	60
	hereto and the Builders. Under the Building Contract the	61
	Builders have estimated that the Vessel will be ready for	62
	delivery to the Owners as therein provided but the delivery	63
	date for the purpose of this Charter shall be the date when	64
	the Vessel is in fact ready for delivery by the Builders after	65
	completion of trials whether that be before or after as	66
	indicated in the Building Contract. The Charterers shall not	67
	be entitled to refuse acceptance of delivery of the Vessel	68

  

  
    	and upon and after such acceptance, subject to Clause	69
	1(d), the Charterers shall not be entitled to make any claim	70
	against the Owners in respect of any conditions,	71
	representations or warranties, whether express or implied,	72
	as to the seaworthiness of the Vessel or in respect of delay	73
	in delivery.	74
	(b) If for any reason other than a default by the Owners	75
	under the Building Contract, the Builders become entitled	76
	under that Contract not to deliver the Vessel to the Owners,	77
	the Owners shall upon giving to the Charterers written	78
	notice of Builders becoming so entitled, be excused from	79
	giving delivery of the Vessel to the Charterers and upon	80
	receipt of such notice by the Charterers this Charter shall	81
	cease to have effect.	82
	(c) If for any reason the Owners become entitled under	83
	the Building Contract to reject the Vessel the Owners shall,	84
	before exercising such right of rejection, consult the	85
	Charterers and thereupon	86
	(i) if the Charterers do not wish to take delivery of the Vessel	87
	they shall inform the Owners within seven (7) running days	88
	by notice in writing and upon receipt by the Owners of such	89
	notice this Charter shall cease to have effect; or	90
	(ii) if the Charterers wish to take delivery of the Vessel	91
	they may by notice in writing within seven (7) running days	92
	require the Owners to negotiate with the Builders as to the	93
	terms on which delivery should be taken and/or refrain from	94
	exercising their right to rejection and upon receipt of such	95
	notice the Owners shall commence such negotiations and/	96
	or take delivery of the Vessel from the Builders and deliver	97
	her to the Charterers;	98
	(iii) in no circumstances shall the Charterers be entitled to	99
	reject the Vessel unless the Owners are able to reject the	100
	Vessel from the Builders;	101
	(iv) if this Charter terminates under sub-clause (b) or (c) of	102
	this Clause, the Owners shall thereafter not be liable to the	103
	Charterers for any claim under or arising out of this Charter	104
	or its termination.	105
	(d) Any liquidated damages for delay in delivery under the	106
	Building Contract and any costs incurred in pursuing a claim	107
	therefor shall accrue to the account of the party stated in	108
	Box 41(c) or if not filled in shall be shared equally between	109
	the parties.	110
	 	 
	3. Guarantee Works	111
	If not otherwise agreed, the Owners authorise the	112
	Charterers to arrange for the guarantee works to be	113
	performed in accordance with the building contract terms,	114
	and hire to continue during the period of guarantee works.	115
	The Charterers have to advise the Owners about the	116
	performance to the extent the Owners may request.	117
	 	 
	4. Name of Vessel	118
	The name of the Vessel shall be mutually agreed between	119
	the Owners and the Charterers and the Vessel shall be	120
	painted in the colours, display the funnel insignia and fly	121
	the house flag as required by the Charterers.	122
	 	 
	5. Survey on Redelivery	123
	The Owners and the Charterers shall appoint surveyors	124
	for the purpose of determining and agreeing in writing the	125
	condition of the Vessel at the time of re-delivery.	126
	Without prejudice to Clause 15 (Part II), the Charterers	127
	shall bear all survey expenses and all other costs, if any,	128
	including the cost of docking and undocking, if required,	129
	as well as all repair costs incurred. The Charterers shall	130
	also bear all loss of time spent in connection with any	131
	docking and undocking as well as repairs, which shall be	132
	paid at the rate of hire per day or pro rata.	133

  

  

   

   

  
     

    
      
 

  

   

  	 	“BARECON 2001” Standard Bareboat Charter	 
	 		 
	 	PART IV 

            HIRE/PURCHASE AGREEEMNT	OPTIONAL 

              PART
	 	(Optional, only to apply if expressly agreed and stated in Box 42)	 

   

  
    	See Additional Clause 56 (Purchase obligation and	1
	transfer of title)	 
	On expiration of this Charter and provided the Charterers	 
	have fulfilled their obligations according to Part I and II	2
	as well as Part III, if applicable, it is agreed, that on	3
	payment of the final payment of hire as per Clause 11	4
	the Charterers have purchased the Vessel with	5
	everything belonging to her and the Vessel is fully paid	6
	for.	7
	 	 
	In the following paragraphs the Owners are referred to	8
	as the Sellers and the Charterers as the Buyers.	9
	 	 
	The Vessel shall be delivered by the Sellers and taken	10
	over by the Buyers on expiration of the Charter.	11
	 	 
	The Sellers guarantee that the Vessel, at the time of	12
	delivery, is free from all encumbrances and maritime	13
	liens or any debts whatsoever other than those arising	14
	from anything done or not done by the Buyers or any	15
	existing mortgage agreed not to be paid off by the time	16
	of delivery. Should any claims, which have been incurred	17
	prior to the time of delivery be made against the Vessel,	18
	the Sellers hereby undertake to indemnify the Buyers	19
	against all consequences of such claims to the extent it	20
	can be proved that the Sellers are responsible for such	21
	claims. Any taxes, notarial, consular and other charges	22
	and expenses connected with the purchase and	23
	registration under Buyers’ flag, shall be for Buyers’	24
	account. Any taxes, consular and other charges and	25
	expenses connected with closing of the Sellers’ register,	26

  

  
    	shall be for Sellers’ account.	27
	In exchange for payment of the last month’s hire	28
	instalment the Sellers shall furnish the Buyers with a	29
	Bill of Sale duly attested and legalized, together with a	30
	certificate setting out the registered encumbrances, if	31
	any. On delivery of the Vessel the Sellers shall provide	32
	for deletion of the Vessel from the Ship’s Register and	33
	deliver a certificate of deletion to the Buyers.	34
	The Sellers shall, at the time of delivery, hand to the	35
	Buyers all classification certificates (for hull, engines,	36
	anchors, chains, etc.), as well as all plans which may	37
	be in Sellers’ possession.	38
	 	 
	The Wireless Installation and Nautical Instruments,	39
	unless on hire, shall be included in the sale without any	40
	extra payment.	41
	 	 
	The Vessel with everything belonging to her shall be at	42
	Sellers’ risk and expense until she is delivered to the	43
	Buyers, subject to the conditions of this Contract and	44
	the Vessel with everything belonging to her shall be	45
	delivered and taken over as she is at the time of delivery,	46
	after which the Sellers shall have no responsibility for	47
	possible faults or deficiencies of any description.	48
	 	 
	The Buyers undertake to pay for the repatriation of the	49
	Master, officers and other personnel if appointed by the	50
	Sellers to the port where the Vessel entered the Bareboat	51
	Charter as per Clause 3 (Part II) or to pay the equivalent	52
	cost for their journey to any other place.	53

  

  

   

   

  
     

    
      
 

  

   

  	 	“BARECON 2001” Standard Bareboat Charter	 
	 		 
	 	PART V 

            PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A

            BAREBOAT CHARTER REGISTRY	OPTIONAL 

            PART
	 	(Optional, only to apply if expressly agreed and stated in Box 43)	 

   

  
    	1. Definitions	1
	For the purpose of this PART V, the following terms shall	2
	have the meanings hereby assigned to them:	3
	“The Bareboat Charter Registry” shall mean the registry	4
	of the State whose flag the Vessel will fly and in which	5
	the Charterers are registered as the bareboat charterers	6
	during the period of the Bareboat Charter.	7
	“The Underlying Registry” shall mean the registry of the	8
	state in which the Owners of the Vessel are registered	9
	as Owners and to which jurisdiction and control of the	10
	Vessel will revert upon termination of the Bareboat	11
	Charter Registration.	12
	2. Mortgage	13
	The Vessel chartered under this Charter is financed by	14
	a mortgage and the provisions of Clause 12(b) (Part II)	15
	shall apply.	16

  

  
    	3. Termination of Charter by Default	17
	If the Vessel chartered under this Charter is registered	18
	in a Bareboat Charter Registry as stated in Box 44, and	19
	if the Owners shall default in the payment of any amounts	20
	due under the mortgage(s) specified in Box 28, the	21
	Charterers shall, if so required by the mortgagee, direct	22
	the Owners to re register the Vessel in the Underlying	23
	Registry as shown in Box 45.	24
	In the event of the Vessel being deleted from the	25
	Bareboat Charter Registry as stated in Box 44, due to a	26
	default by the Owners in the payment of any amounts	27
	due under the mortgage(s), the Charterers shall have	28
	the right to terminate this Charter forthwith and without	29
	prejudice to any other claim they may have against the	30
	Owners under this Charter.	31

  

  

   

   

  
     

    
      
 

  

  

  

  

  Execution version

   

  

  	CONTENTS	 
	 	 
	 	 	Page
	32.	Definitions	3
	33.	Interpretations	20
	34.	Background	22
	35.	Delivery	22
	36.	Conditions precedent	24
	37.	Bunkers and luboils	27
	38.	Further maintenance and operation	27
	39.	Structural changes and alterations	28
	40.	Hire	29
	41.	Increased Costs	33
	42.	Insurance	35
	43.	Inspection	42
	44.	Redelivery	43
	45.	Redelivery conditions	43
	46.	Survey on redelivery	44
	47.	Owners’ mortgage	44
	48.	Charterers’ representations and warranties	45
	49.	Charterers’ undertakings	48
	50.	Financial covenants	55
	51.	Value maintenance clause	56
	52.	Termination Events	58
	53.	Sub-chartering	62
	54.	Name of Vessel	63
	55.	Purchase Option	63
	56.	Purchase Obligation and transfer of title	64
	57.	Total Loss	65
	58.	Appointment of Approved Manager	66
	59.	Fees and expenses	67
	60.	Stamp duties	67
	61.	Operational notifiable events	67
	62.	Further indemnities	68
	63.	Set-off	70
	64.	Further assurances and undertakings	70
	65.	Cumulative rights	70
	66.	No waiver	70
	67.	Entire agreement	71

  

   

  OFI /Golar Power - Bareboat Charter Additional Clauses

   

  
     

    
      
 

  

   

  	 	 	

        
	68.	Amendments	71
	69.	Invalidity	71
	70.	English language	71
	71.	No partnership	71
	72.	Disclosure of information	71
	73.	Notices	72
	74.	Survival of Charterers’ obligations	73
	75.	Counterparts	73
	76.	Third Parties Act	74
	77.	Waiver of immunity	74
	78.	Law and arbitration	74
	79.	FATCA	75
	80.	Owners’ undertakings	75
	81.	Conflicts	76
	SCHEDULE 1 FORM OF PROTOCOL OF DELIVERY AND ACCEPTANCE	77
	SCHEDULE 2 FORM OF TITLE RE-TRANSFER PROTOCOL OF DELIVERY AND ACCEPTANCE	78
	SCHEDULE 3 FORM OF COMPLIANCE CERTIFICATE	79
	SIGNATURE PAGE	81

   

  OFI /Golar Power - Bareboat Charter Additional Clauses

   

  
     

    
      
 

  

  
   

  ADDITIONAL CLAUSES

        TO BAREBOAT CHARTER FOR LNG CARRIER “GOLAR PENGUIN”

   

  32.          Definitions

   

  In this Charter:

   

  “Account Bank” means Nordea Bank Abp,
      London Branch (or such other bank or financial institution as selected or designated by the Charterers (with the consent of the Owners) from time to time).

   

  “Account Charge” means the deed of charge
      over the Earnings Account and all amounts from time to time standing to the credit to the Earnings Account from the Charterers in favour of the Owners.

   

  “Actual Delivery Date” means the date of
      delivery of the Vessel by the Owners to the Charterers under this Charter.

   

  “Actual Owners’ Cost” means the “Purchase
      Price” as defined in the MOA.

   

  “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.

   

  “Agreement Term” means the period
      commencing on the date of this Charter and terminating on the later of:

   

  		(a)	the expiration of the Charter Period; and

   

  		(b)	the date on which all money of any nature owed by the Obligors to the Owners under the Transaction
            Documents or otherwise in connection with the Vessel have been paid in full to the Owners and no obligations of the Obligors of any nature to the Owners or otherwise in connection with the Transaction Documents or with the Vessel remain
            unperformed or undischarged (whether or not following (i) the occurrence of a Termination Event or (ii) the exercise of the Purchase Option in accordance with the terms of this Charter).

   

  “AML Laws” means as to any Obligor and in
      relation to money laundering or terrorism, any treaty, law (including the common law), statute, ordinance, code, rule, regulation, guidelines, license, permit requirement, order or determination of any Governmental Agency, and the interpretation or
      administration thereof, in each case applicable to or binding upon such Obligor.

   

  “Applicable Rate” means:

   

  		(a)	for any Hire Period of which the Variable Hire Determination Date falls before the occurrence of a
            Screen Rate Replacement Event, LIBOR; or

   

  		(b)	for any Hire Period of which the Variable Hire Determination Date falls upon or after the occurrence
            of a Screen Rate Replacement Event but before a Replacement Benchmark is agreed on pursuant to paragraph (o)(i)(A) of Clause 40 (Hire), the Substitute Rate; or

   

  		(c)	for any Hire Period of which the Variable Hire Determination Date falls upon or after a Replacement
            Benchmark is agreed on pursuant to paragraph (o)(i)(A) of Clause 40 (Hire), the Replacement Benchmark.

   

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  “Approved Broker” means such firm or firms
      of insurance brokers as the Charterers may appoint from time to time and in each case approved by the Owners.

   

  “Approved Commercial Manager” means:

   

  		(a)	Golar Management Limited;

   

  		(b)	any other member of the Group; or

   

  		(c)	any other third party management company acceptable to the Owners and appointed by the Charterers
            for the commercial management of the Vessel.

   

  “Approved Manager” means either the
      Approved Commercial Manager or, as the context may require, the Approved Technical Manager.

   

  “Approved Technical Manager” means:

   

  		(a)	Golar Management Norway AS;

   

  		(b)	any other member of the Group; or

   

  		(c)	any other third party management company acceptable to the Owners and appointed by the Charterers
            for the technical management of the Vessel.

   

  “Approved Valuer” means each of (a) Arrow
      Shipbroking, (b) Braemar ACM Shipbroking, (c) Clarksons Platou, (d) Fearnleys AS, (e) Howe Robinson, (f) Maersk Broker and any other reputable and independent ship brokers proposed by the Charterers and approved by the Owners.

   

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

   

  “Balloon” means an amount which equals
      forty two per cent. (42%) of the Actual Owners’ Cost.

   

  “Break Costs” means all costs, losses,
      premiums or penalties incurred by the Owners (including, without limitation, but without double-counting, all costs, losses, premiums or penalties incurred by the Owners under the Finance Documents) as a result of the receipt by the Owners of any
      payment under or in relation to the Transaction Documents on a day other than the due date for payment of the sum in question

   

  “Business Day” means a day (other than a
      Saturday or Sunday) on which banks and financial markets are open for business in Hong Kong, London, New York, Oslo and Shanghai.

   

  “Cancelling Date” means the “Cancelling
      Date” as set out in clause 26 (Further definitions) of the MOA.

   

  “Cash Collateral” means the aggregate
      amount deposited into the Owners’ Account pursuant to paragraph (y) (Related Vessel Sale Proceeds Surplus and Cash Collateral) of Clause 49 (Charterers’ undertakings) and paragraph (c)(ii)(A) of Clause 51 (Value maintenance clause).

   

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  “Cash Reserves” has the meaning given to
      such term in paragraph (v) (Earnings Account) of Clause 49 (Charterers’ undertaking).

   

  “Chargor” means Golar Power Penguin Corp.,
      a company incorporated under the laws of the Republic of the Marshall Islands (with registration number: 103309) whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands, MH96960.

   

  “Charter Period” means, subject to
      paragraph (k) (Illegality) of Clause 40 (Hire), Clauses 52 (Termination Events), 55 (Purchase Option), 56 (Purchase Obligation and transfer of title) and 57 (Total Loss), the period of seventy two (72)
      consecutive months commencing from the Actual Delivery Date.

   

  “Charterers’ Assignment” means the deed of
      assignment executed or to be executed (as the case may be) by the Charterers in favour of the Owners in relation to certain of the Charterers’ rights and interest in and to (among other things):

   

  		(a)	the Earnings;

   

  		(b)	the Insurances;

   

  		(c)	the Requisition Compensation;

   

  		(d)	any Sub-Charter which (1) is on demise chartering basis or (2) has a duration (taking into account
            any option to renew or extend) of more than twelve (12) months; and

   

  		(e)	any Sub-Charter Guarantee or Security Interest in favour of the Charterers for the performance of
            the obligations of any Sub-Charterers under any Sub-Charter referred to under paragraph (d) above.

   

  “Classification Society” means the vessel
      classification society referred to in Box 10 (Classification Society) of this Charter, or such other member of the International Association of Classification Societies (IACS) as the Charterers may select and the Owners may approve from time
      to time.

   

  “Cost Balance” means, at any time during
      the Agreement Term, an amount equal to the Actual Owners’ Cost as may be deducted by payment, prepayment, or deemed payment of:

   

  		(a)	the Upfront Hire;

   

  		(b)	Principal Hire; and

   

  		(c)	the Balloon.

   

  “Default Termination” means a Termination
      pursuant to the provisions of Clause 52 (Termination Events).

   

  “Earnings” means all hires, freights,
      passage moneys, pool income and other sums payable to or for the account of the Charterers and/or the Sub-Charterers in respect of the Vessel including (without limitation) all earnings received or to be received from each Sub-Charter, all
      remuneration for salvage and towage services, demurrage and detention moneys, contributions in general average, compensation in respect of any requisition for hire, and damages and other payments (whether awarded by any court or arbitral tribunal or
      by agreement or otherwise) for breach, termination or variation of any contract for the operation, employment or use of the Vessel.

   

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  “Earnings Account” means, in relation to
      the Vessel, the US Dollar account in the name of the Charterers (with IBAN: [***]) opened with the Account Bank, and includes any sub-account thereof and such account
      which is designated by the Owners as the earnings account for the purposes of this Charter.

   

  “Environmental Approvals” means any present
      or future permit, licence, approval, ruling, variance, exemption or other Authorisation required under the applicable Environmental Law.

   

  “Environmental Claim” means any claim,
      proceeding, formal notice or investigation 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 into the Vessel or into or upon the air, sea, land or
            soils (including the seabed) or surface water of Environmentally Sensitive Material within or from the Vessel; or

   

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

   

  “Environmental Law” means any present or
      future law or regulation 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.

   

  “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.

   

  “Fair Market Value” means the fair market
      value of the Vessel as ascertained in accordance with paragraph (b) (Valuations) of Clause 51 (Value maintenance clause).

   

  “FATCA Deduction” has the meaning given to
      such term in Clause 79 (FATCA).

   

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  “Finance Document” means any facility
      agreement, security document, fee letter and any other document designated as such by the Finance Parties and the Owners and which have been or may be (as the case may be) entered into between the Finance Parties and the Owners for the purpose of,
      among other things, financing or (as the case may be) refinancing the Actual Owners’ Cost.

   

  “Finance Party” means:

   

  		(a)	any Affiliate of the Owners which is party to a Finance Document (other than the Owners and other
            entities which may have agreed or be intended as debtors and/or obligors thereunder); or

   

  		(b)	any bank or financial institution which is party to a Finance Document (other than the Owners and
            other entities which may have agreed or be intended as debtors and/or obligors thereunder),

   

  and “Finance Parties” means two or more of
      them.

   

  “Financial Indebtedness” means any
      indebtedness for or in respect of:

   

  		(a)	moneys borrowed;

   

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

   

  		(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures,
            loan stock or 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 amount raised under any other transaction (including any forward sale or hire 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 protecting against or benefit from fluctuations 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 respect of 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 respect of any guarantee or indemnity for any of the items referred
            to in paragraphs (a) to (h) above.

   

  “Financing Principal” means an amount which
      equals the difference between the Actual Owners’ Cost and the Upfront Hire.

   

  “Flag State” means, in relation to the
      Vessel, The Republic of The Marshall Islands or such other state and/or registry as the Charterers shall nominate and as may be approved in writing by the Owners.

   

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  “GAAP” means generally accepted accounting
      principles in the United States of America.

   

  “GLNG Compliance Certificate” means a
      certificate delivered pursuant to sub-paragraph (i) of paragraph (m) (Compliance Certificate) of Clause 49 (Charterers’ undertakings) and signed by the chief financial officer or any other authorised signatory of the Guarantor
      substantially in the form set out in Part I (Form of GLNG Compliance Certificate) of Schedule 3 (Form of Compliance Certificate).

   

  “Golar Power” means Golar Power Limited, a
      company incorporated under the laws of Bermuda with registration number 51481 and whose registered address is at 2nd Floor, S.E. Pearman Building, 9 Par-la-Ville Road,
      Hamilton HM11 Bermuda.

   

  “Golar Power Compliance Certificate” means
      a certificate delivered pursuant to sub-paragraph (ii) of paragraph (m) (Compliance Certificate) of Clause 49 (Charterers’ undertakings) and signed by a director of Golar Power substantially in the form set out in Part II (Form of
        Golar Power Compliance Certificate) of Schedule 3 (Form of Compliance Certificate).

   

  “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 from time to time.

   

  “Guarantee” means the guarantee made or to
      be made by the Guarantor in favour of the Owners in respect of the Obligors’ obligations under the Transaction Documents.

   

  “Guarantor” means Golar LNG Limited, a
      company incorporated under the laws of Bermuda with registered number 30506 and whose registered address is at 2nd Floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM11, Bermuda.

   

  “Handling Fee” means the non-refundable
      handling fee in the amount equal to one point three cent. (1.3%) of the Financing Principal.

   

  “Hire” means each or any combination or
      aggregate of (as the context may require):

   

  		(a)	the Upfront Hire;

   

  		(b)	the relevant Principal Hire;

   

  		(c)	the relevant Variable Hire; and

   

  		(d)	the Balloon.

   

  “Hire Payment Date” means the first day of
      each and any Hire Period, it being understood that there are altogether twenty four (24) Hire Payment Dates.

   

  “Hire Period” means each and every
      consecutive three (3)-month period during the Charter Period, the first Hire Period to commence on the Actual Delivery Date and each and any successive Hire Period to commence on the last day of the preceding Hire Period, provided that if a
      Hire Period would otherwise extend beyond the expiration of the Charter Period, then such Hire Period shall terminate on the expiration of the Charter Period.

   

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

   

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  “Hong Kong” means the Hong Kong Special
      Administrative Region of The People’s Republic of China.

   

  “IAPPC” means a valid international air
      pollution prevention certificate for the Vessel issued under Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as modified in 1978 and 1997).

   

  “Indemnitee” has the meaning given to such
      term in Clause 62 (Further indemnities).

   

  “Innocent Owners’ Interest Insurances”
      means all policies and contracts of innocent owners’ interest insurance and innocent owners’ additional perils (oil pollution) from time to time taken out by the Owners in relation to the Vessel.

   

  “Insurances” means all policies and
      contracts of insurance (including all entries in protection and indemnity or war risks associations) which are from time to time taken out or entered into by the Charterers in respect of or in connection with the Vessel or her increased value or her
      earnings and (where the context permits) all benefits under such contracts and policies, including all claims of any nature and returns of premium.

   

  “ISM Code” means the International Safety
      Management Code for the Safe Operation of Ships and for Pollution Prevention adopted by the International Maritime Organisation, as the same may be amended, supplemented or superseded from time to time (and the terms “safety management system”,
      “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code).

   

  “ISPS Code” means the International Ship
      and Port Facility Security Code adopted by the International Maritime Organisation (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 ISPS Code.

   

  “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 other laws generally affecting the rights of creditors;

   

  		(b)	the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume
            liability for, or indemnify a person against, non-payment of United Kingdom stamp duty may be void and defences of set-off or counterclaim;

   

  		(c)	similar principles, rights and defences under the laws of any Relevant Jurisdiction; and

   

  		(d)	any reservations as to matters of law (but excluding at all times any reservations or qualifications
            as to matters of fact) referred to in the legal opinions delivered to the Owners under Clause 36 (Conditions precedent) of this Charter.

   

  “LIBOR” means the applicable Screen Rate at
      or about 11.00 am (London time) on the relevant Variable Hire Determination Date for the offering of deposits in US Dollars for a period comparable to the relevant Hire Period and, if any such rate is below zero, LIBOR will be deemed to be zero.

   

  “Limitation Acts” means the Limitation Act
      1980 and the Foreign Limitation Periods Act 1984.

   

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    9 

    
      
 

  

   

  “Major Casualty Amount” means five million
      US Dollars (US$5,000,000) or the equivalent in any other currency or currencies.

   

  “Manager’s Undertaking” means a written
      undertaking and confirmation of an Approved Commercial Manager or (as the case may be) an Approved Technical Manager executed or to be executed in favour of the Owners.

   

  “Margin” means three point six per cent.
      (3.60%) per annum.

   

  “MARPOL” means the International Convention
      for the Prevention of Pollution from Ships adopted by the International Maritime Organisation (as the same may be amended, supplemented or superseded from time to time).

   

  “Material Adverse Effect” means a material
      adverse effect on:

   

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

   

  		(b)	the ability of any Obligor to perform its obligations under the Transaction Documents to which it is
            a party; or

   

  		(c)	the validity, legality or enforceability of any Transaction Document or the rights or remedies of
            the Owners under the Transaction Documents.

   

  “MOA” has the meaning given to such term in
      Clause 34 (Background).

   

  “Mortgagees’ Interest Insurances” means all
      policies and contracts of mortgagees’ interest insurance and mortgagees’ additional perils (oil pollution) insurance from time to time taken out by any Finance Party in relation to the Vessel.

   

  “Net Sale Proceeds” means the proceeds of a
      sale of the Vessel received, net of any fees, commissions, costs, disbursements or other expenses incurred by the Owners as a result of the Owners arranging the proposed sale.

   

  “Obligors” means, together, the Charterers,
      the Chargor, the Guarantor and the Related Charterer and “Obligor” means any one (1) of them.

   

  “Original Financial Statements” means:

   

  		(a)	in relation to the Charterers, their audited financial statements for the financial year ended 31
            December 2018 and their unaudited quarterly management accounts for the financial quarter ended 30 September 2019; and

   

  		(b)	in relation to the Guarantor, its audited consolidated financial statements for the financial year
            ended 31 December 2018 (the “Guarantor Annual Original Financial Statements”) and its unaudited quarterly management accounts for the financial quarter ended 30 September 2019.

   

  “Owners’ Account” has the meaning given to
      such term in paragraph (f) (Payment account information) of Clause 40 (Hire).

   

  “Owners’ Bank” has the meaning given to
      such term in paragraph (f) (Payment account information) of Clause 40 (Hire).

   

  “Party” means a party to this Charter and “Parties”
      means both of them.

   

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  “PDA” means the protocol of delivery and
      acceptance in relation to the Vessel to be executed between the Owners and the Charterers, substantially in the form of Schedule 1 (Form of Protocol of Delivery and Acceptance) hereto.

   

  “Permitted Mortgagee” means a Finance Party
      holding a mortgage over the Vessel in accordance with Clause 47 (Owners’ mortgage).

   

  “Permitted Security Interest” means any:

   

  		(a)	Security Interest created by the Transaction Documents and the Finance Documents;

   

  		(b)	unless a Termination Event has occurred and is continuing, any ship repairer’s or outfitter’s
            possessory lien for an amount not exceeding the Major Casualty Amount;

   

  		(c)	any lien arising by operation of law in the ordinary course of her trading (other than for master’s,
            officer’s or crew’s wages outstanding);

   

  		(d)	any lien for salvage; and

   

  		(e)	Security Interest the creation of which has been otherwise expressly permitted in writing by the
            Owners.

   

  “Potential Termination Event” means an
      event or circumstance which would, with the expiry of any permitted grace period, the giving of any notice, the lapse of time, or a determination of the Owners (or any combination of the foregoing) be a Termination Event.

   

  “Prepositioning Date” has the meaning given
      to such term in the MOA.

   

  “Principal Hire” has the meaning given to
      such term in sub-paragraph (a)(ii) of Clause 40 (Hire).

   

  “Project Documents” means, together, the
      Transaction Documents, any Sub-Charter and any Sub-Charter Guarantee.

   

  “Purchase Obligation” means the Charterers’
      obligation to purchase the Vessel at the applicable Purchase Obligation Price in accordance with Clause 56 (Purchase Obligation and transfer of title).

   

  “Purchase Obligation Date” has the meaning
      given to such term in paragraph (b) (Purchase Obligation - outbreak of war) of Clause 56 (Purchase Obligation and transfer of title).

   

  “Purchase Obligation Notice” has the
      meaning given to such term in paragraph (b) (Purchase Obligation - outbreak of war) of Clause 56 (Purchase Obligation and transfer of title).

   

  “Purchase Obligation Price” means:

   

  		(a)	in relation to the Purchase Obligation pursuant to paragraph (a) (Purchase Obligation - expiry of
              Agreed Charter Period) of Clause 56 (Purchase Obligation and transfer of title), the aggregate of:

   

  		(i)	one US Dollar (US$1.0); and

   

  		(ii)	all Unpaid Sums due and payable together with interest accrued thereon pursuant to paragraph (i) (Default

              interest) of Clause 40 (Hire) from the due date for payment thereof up to the date of actual payment;

   

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  		(b)	in relation to the Purchase Obligation pursuant to paragraph (b) (Purchase Obligation - outbreak
              of war) of Clause 56 (Purchase Obligation and transfer of title), the aggregate of:

   

  		(i)	an amount equal to the then current Cost Balance;

   

  		(ii)	all Hire due and payable, but unpaid, under this Charter up to (and including) the Purchase
            Obligation Date together with interest accrued thereon pursuant to paragraph (i) (Default interest) of Clause 40 (Hire) from the due date for payment thereof to the date of actual payment;

   

  		(iii)	all other Unpaid Sums due and payable together with interest accrued thereon pursuant to paragraph
            (i) (Default interest) of Clause 40 (Hire) from the due date for payment thereof up to the date of actual payment;

   

  		(iv)	the Break Costs (if any) if the Purchase Obligation Date does not fall on a Hire Payment Date;

   

  		(v)	any legal costs incurred by the Owners in respect of the implementation of the Purchase Obligation;

   

  		(vi)	any other reasonable costs, losses, liabilities and expenses incurred or suffered by the Owners in
            connection with any Finance Document as a result of the implementation of the Purchase Obligation; and

   

  		(i)	any other sums as the Owners may be entitled to under the terms of this Charter, including (but not
            limited to) any payments referred to in paragraph (a) of Clause 17 (Indemnity) and Clause 62 (Further indemnities).

   

  “Purchase Option” means the option to
      purchase the Vessel at the applicable Purchase Option Price which the Charterers may exercise in accordance with Clause 55 (Purchase Option).

   

  “Purchase Option Date” means the date
      indicated in the Purchase Option Notice, being a Business Day on which the Charterers may exercise the Purchase Option in accordance with Clause 55 (Purchase Option).

   

  “Purchase Option Fee” means, in respect of
      the relevant Purchase Option Date, an amount that is calculated by multiplying the then current Cost Balance by the percentage applicable to the period in which the Purchase Option Date falls (the “Relevant Period”) in accordance with the
      following table:

   

  	Description of the Relevant Period	 	Percentage of Cost Balance to be utilised for calculating the Purchase Option Fee (%)
	 	 	 
	Commencing on (and inclusive of) the Actual Delivery Date and ending on (and inclusive of) the day
            falling immediately before the second (2nd) anniversary of the Actual Delivery Date	 	2.0
	 	 	 
	
          Commencing on (and inclusive of) the second (2nd) anniversary of the Actual Delivery Date and ending on (and inclusive of) the day falling immediately before the third (3rd) anniversary of the Actual Delivery Date 

        	 	1.5
	 	 	 
	Commencing on (and inclusive of) the third (3rd) anniversary of the Actual Delivery Date and ending on (and inclusive of) the day falling immediately before the fourth (4th)
            anniversary of the Actual Delivery Date	 	1.0
	 	 	 
	Commencing on (and inclusive of) the fourth (4th) anniversary of the Actual Delivery Date	 	0.5

   

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  “Purchase Option Notice” means a written
      notice (in such form as the Owners and the Charterers may agree) which the Charterers may deliver to the Owners for the purpose of the Charterers exercising the Purchase Option.

   

  “Purchase Option Price” means the amount
      due and payable by the Charterers to the Owners pursuant to Clause 55 (Purchase Option), being the aggregate of:

   

  		(a)	an amount equal to the then current Cost Balance;

   

  		(b)	the applicable Purchase Option Fee;

   

  		(c)	all Hire due and payable, but unpaid, under this Charter up to (and including) the Purchase Option
            Date together with interest accrued thereon pursuant to paragraph (i) (Default interest) of Clause 40 (Hire) from the due date for payment thereof to the date of actual payment;

   

  		(d)	all other Unpaid Sums due and payable together with interest accrued thereon pursuant to paragraph
            (i) (Default interest) of Clause 40 (Hire) from the due date for payment thereof up to the date of actual payment;

   

  		(e)	the Break Costs (if any) if the Purchase Option Date does not fall on a Hire Payment Date;

   

  		(f)	any legal costs incurred by the Owners in respect of the exercise of the Purchase Option;

   

  		(g)	any other reasonable costs, losses, liabilities and expenses incurred or suffered by the Owners in
            connection with any Finance Document as a result of the Charterers’ exercise of the Purchase Option; and

   

  		(h)	any other sums as the Owners may be entitled to under the terms of this Charter, including (but not
            limited to) any payments referred to in paragraph (a) of Clause 17 (Indemnity) and Clause 62 (Further indemnities).

   

  “Quiet Enjoyment Letter” means:

   

  		(a)	the quiet enjoyment letter to be entered into between the Owners, any Permitted Mortgagee and the
            Charterers;

   

  		(b)	if applicable, any quiet enjoyment letter to be entered into between any Transferee pursuant to
            Clause 47 (Owners’ mortgage), the Permitted Mortgagee and the Charterers; and

   

  		(c)	if applicable, any quiet enjoyment letter to be entered into between the Owners and/or any Permitted
            Mortgagee (in relation to the Permitted Mortgagee, on a reasonable efforts only basis), the Charterers and any Sub-Charterers,

   

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  		 in each case, in a form acceptable to all parties and, in particular, containing language to the
            effect that the Permitted Mortgagee (i) (in the absence of any Termination Event) allows the Charterers unfettered use and quiet enjoyment without interruption of the Vessel in accordance with the terms and conditions of this Charter, (ii)
            fully acknowledges the terms of this Charter, including the Purchase Option, (iii) has the right to step into this Charter in place of the Owners and (iv) undertakes for a specific period of time not to exercise any right it may have against
            the Vessel, in the case of a breach by the Owners of the Finance Documents (in the absence of any Termination Event), without the consent of the Charterers, and acknowledges that the Charterers, during such period shall have (a) a right of
            first refusal to purchase the Vessel at a price in line with (if applicable) the Purchase Option Price (less any Purchase Option Fee) or (if applicable) the then applicable Cost Balance at such time or (b) a right to arrange for an alternative
            financing and/or ownership structure.

    

  “Related Charter” means, in relation to the
      Related Vessel, the bareboat charter dated 6 March 2017 and entered into between the Related Owner (as owners) and the Related Charterer (as bareboat charterers) (as may be amended, modified, supplemented, novated or substituted from time to time).

   

  “Related Charterer” means Golar Hull M2022
      Corp., a corporation incorporated under the laws of the Republic of the Marshall Islands (with registration number: 46819) whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands, MH96960.

   

  “Related Owner” means Oriental Fleet LNG 01
      Limited 东方富利LNG01有限公司, a company formed under the laws of the British Virgin Islands (with BVI company number: 1936283) whose registered office is at Ritter House, Wickhams Cay II, Road Town, Tortola, British Virgin Islands.

   

  “Related Vessel” means the 160,000 m3 LNG
      carrier named “Golar Crystal” with IMO number 9624926.

   

  “Related Vessel Cost Balance” means the
      “Financing Principal” defined in the Related Charter.

   

  “Related Vessel Sale Proceeds Surplus”
      means the “Vessel Sale Proceeds Surplus” defined in the Related Charter and paid to the Owners by the Related Owner pursuant to clause 53(k) (Surplus of sale proceeds) of the Related Charter.

   

  “Relevant Jurisdictions” means, in relation
      to an Obligor:-

   

  		(a)	its jurisdiction of incorporation;

   

  		(b)	any jurisdiction where any asset subject to or intended to be subject to any Security Interest to be
            created by it pursuant to the relevant Security Document is situated;

   

  		(c)	any jurisdiction where it conducts its business, or where its centre of main interest is situated or
            where its central management and control is or has recently been exercised; 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.

   

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  “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,

   

  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 Owners and the Charterers, generally accepted in the international or any relevant
            domestic syndicated loan markets as the appropriate successor to the Screen Rate; or

   

  		(c)	in the opinion of the Owners and the Charterers, an appropriate successor to the Screen Rate.

   

  “Requisition Compensation” means all
      compensation or other money which may from time to time be payable to the Charterers as a result of the Vessel being requisitioned for title or in any other way compulsorily acquired (other than by way of requisition for hire).

   

  “Restricted Party” means a person or entity
      that is (i) listed on, or owned or controlled by a person listed on, any Sanctions List; (ii) a national of, located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, a person located in or organised under the
      laws of a country or territory that is the target of country-wide or territory-wide Sanctions; or (iii) otherwise a target of Sanctions (“target of Sanctions” signifying a person with whom a US person or other national of Sanctions Authority would be
      prohibited or restricted by law from engaging in trade, business or other activities).

   

  “Sanctions” means the economic sanction
      laws, regulations, embargoes or restrictive measures administered, enacted or enforced by: (i) the United States government; (ii) the United Nations; (iii) the European Union; (iv) the United Kingdom; or (v) the respective governmental institutions
      and agencies of any of the foregoing, including, without limitation, the Office of Foreign Assets Control of the US Department of Treasury (“OFAC”), the United States Department of State and Her Majesty’s Treasury (“HMT”) (together, the
      “Sanctions Authorities”).

   

  “Sanctions List” means the “Specially
      Designated Nationals and Blocked Persons” list maintained by the OFAC, the Consolidated List of Financial Sanctions Targets and the Investment Ban List maintained by HMT, or any similar list maintained by, or public announcement of Sanctions
      designation made by, any of the Sanctions Authorities.

   

  “Screen Rate” means the London interbank
      offered rate administered by the ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for US Dollars for the relevant period displayed on page LIBOR01 or LIBOR 02 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 Owners may specify another page or service displaying the appropriate rate after consultation with the Charterers.

   

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  “Screen Rate Replacement Event” means, in relation to the Screen Rate that:

   

  		(a)	the methodology, formula or other means of determining that Screen Rate has, in the opinion of the
            Owners and the Charterers, materially changed; or

   

  		(b)	   

        

   

  		(i)	   

        

   

  		(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 the Screen Rate has
            been or will be permanently or indefinitely discontinued; or

   

  		(iv)	the administrator of the Screen Rate or its supervisor announces that the Screen Rate may no longer
            be used; or

   

  		(c)	the administrator of that 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 events leading to such determination are not temporary; or

   

  		(ii)	the Screen Rate is calculated in accordance with any such policy or arrangement for a period no less
            than three months; or

   

  		(d)	in the opinion of the Owners and the Charterers, the Screen Rate is otherwise no longer appropriate
            for the purposes of calculating the Variable Hire under this Charter.

   

  “Security Documents” means, in relation to
      the Vessel, collectively the following:

   

  		(a)	the Account Charge;

   

  		(b)	the Charterers’ Assignment;

   

  		(c)	the Guarantee;

   

  		(d)	each Manager’s Undertaking;

   

  		(e)	the Share Charge; and

   

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  		(f)	any other document that may at any time be executed by any person guaranteeing, creating, evidencing
            or perfecting any Security Interest to secure all or part of all the Obligors’ obligations under or in connection with the Transaction Documents,

   

  and “Security Document” means any one of
      them.

   

  “Security Interest” means a 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.

   

  “Sellers” means the Charterers in their
      capacity as sellers under the MOA. “Settlement Date” means, following a Total Loss of the Vessel, the earlier of:

   

  		(a)	the date which falls on the earlier of:

   

  		(i)	ninety (90) days after the date of occurrence of the Total Loss; and

   

  		(ii)	seventy two (72) months after the Actual Delivery Date,

   

  in each case, if such date is not a Business Day,
      the immediately preceding Business Day; and

   

  		(b)	the date on which the Owners receive the Total Loss Proceeds in respect of the Total Loss.

   

  “Share Charge” means the charge over the
      entire issued share capital of the Charterers executed or (as the case may be) to be executed by the Chargor in favour of the Owners.

   

  “Shareholder Funding” means any funding
      provided or to be provided by Golar Power to the Charterers (and which shall be subordinated (to the satisfaction to the Owners) in all respects to any and all amounts owing by the Charterers to the Owners under the Transaction Documents).

   

  “Sub-Charter” means any charterparty or
      contract of employment in respect of the Vessel entered into between the Charterers as disponent owners and any Sub-Charterers.

   

  “Sub-Charter Guarantee” means any guarantee
      provided by a Sub-Charter Guarantor in favour of the Charterers in respect of the relevant Sub-Charterers’ obligations under the relevant Sub-Charter.

   

  “Sub-Charter Guarantor” means any
      sub-charter guarantor in connection with a Sub-Charter which is or will be a party to a Sub-Charter Guarantee.

   

  “Sub-Charterers” means any sub-charterers
      which are or will be parties to the relevant Sub-Charter.

   

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

   

  “Substitute Rate” has the meaning given to
      such term in paragraph (o)(i)(B) of Clause 40 (Hire).

   

  “Tax” or “tax” means any present and
      future tax (including, without limitation, value added tax, consumption tax or any other tax in respect of added value or any income), levy, impost, duty or other charge or withholding of any nature (including any penalty or interest payable in
      connection with any failure to pay or any delay in paying any of the same); and “Taxes”, “taxes”, “Taxation” and “taxation” shall be construed accordingly.

   

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  “Termination” means the termination at any
      time of the chartering of the Vessel under this Charter.

   

  “Termination Event” means each of the
      events specified in paragraph (a) (Termination Events) of Clause 52 (Termination Events).

   

  “Termination Notice” means the termination
      notice referred to in (as the context may require):

   

  		(a)	paragraph (k) (Illegality) of Clause 40 (Hire); or

   

  		(b)	paragraph (c) (Owners’ options after occurrence of a Termination Event) of Clause 52 (Termination

              Events).

   

  “Termination Payment Date” means:

   

  		(a)	in respect of a Termination in accordance with paragraph (k) (Illegality) of Clause 40 (Hire),

            the date specified in the Termination Notice served on the Charterers pursuant to that Clause;

   

  		(b)	in respect of a Default Termination, the date specified in the Termination Notice served on the
            Charterers pursuant to paragraph (c) (Owners’ options after occurrence of a Termination Event) of Clause 52 (Termination Events) in respect of such Default Termination; or

   

  		(c)	in respect of a Total Loss Termination, the Settlement Date in respect of the Total Loss which gives
            rise to such Total Loss Termination.

   

  “Termination Sum” means an amount
      representing the Owners’ losses as a result of a Termination prior to the expiry of the Agreed Charter Period (other than by virtue of the Charterers exercising the Purchase Option in accordance with Clause 55 (Purchase Option)), which both
      parties acknowledge as a genuine and reasonable pre-estimate of the Owners’ losses in the event of such Termination and shall consist of the following:

   

  		(a)	an amount equal to the then current Cost Balance;

   

  		(b)	all Hire due and payable, but unpaid, under this Charter up to (and including) the relevant
            Termination Payment Date together with interest accrued thereon pursuant to paragraph (i) (Default interest) of Clause 40 (Hire) from the due date for payment thereof to the date of actual payment;

   

  		(c)	all other Unpaid Sums due and payable, together with interest accrued thereon pursuant to paragraph
            (i) (Default interest) of Clause 40 (Hire) from the due date for payment thereof up to the date of actual payment;

   

  		(d)	the Break Costs (if any) if the Termination Payment Date does not fall on a Hire Payment Date;

   

  		(e)	any legal costs incurred by the Owners in respect of the Termination;

   

  		(f)	so long as the Vessel is not being transferred to the Charterers, all liabilities, costs and
            expenses so incurred in recovering possession of, and in repositioning, berthing, insuring and maintaining the Vessel for carrying out any works or modifications required to cause
            the Vessel to conform with the provisions of Clauses 44 (Redelivery) and 45 (Redelivery conditions);

   

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  		(g)	any other reasonable costs, losses, liabilities and expenses incurred or suffered by the Owners
            solely in connection with any Finance Document as a result of the Termination; and

   

  		(h)	any other sums as the Owners may be entitled to under the terms of this Charter, including (but not
            limited to) any payments referred to in paragraph (a) of Clause 17 (Indemnity) and Clause 62 (Further indemnities).

   

  “Test Date” has the meaning given to such
      term in paragraph (a) (Definitions) of Clause 51(Value maintenance clause).

   

  “Third Parties Act” means the Contracts
      (Rights of Third Parties) Act 1999.

   

  “Title Re-Transfer PDA” means the protocol
      of delivery and acceptance in relation to the re-transfer of the Vessel to be executed between the Owners and the Charterers, substantially in the form of Schedule 2 (Form of Title Re-Transfer Protocol of Delivery and Acceptance) hereto upon
      expiration of the Charter Period.

   

  “Total Loss” means, during the Charter
      Period:

   

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

   

  		(b)	the requisition for title or compulsory acquisition of the Vessel by any Governmental Agency;

   

  		(c)	the capture, seizure, arrest, detention, hijacking, theft, condemnation as prize, confiscation or
            forfeiture of the Vessel (not falling within (b) above), unless the Vessel is released and returned to the possession of the Owners or the Charterers within thirty (30) days after the capture, seizure, arrest, detention, hijacking, theft,
            condemnation as prize, confiscation or forfeiture in question,

   

  and for the purpose of this Charter, (i) an actual
      Total Loss of the Vessel shall be deemed to have occurred at the date and time when the Vessel was lost but if the date of the loss is unknown the actual Total Loss shall be deemed to have occurred on the date on which the Vessel was last reported,
      (ii) a constructive Total Loss shall be deemed to have occurred at the date and time at which a notice of abandonment of the Vessel is given to the insurers of the Vessel, and (iii) a compromised, agreed or arranged Total Loss shall be deemed to have
      occurred on the date of the relevant compromise, agreement or arrangement.

   

  “Total Loss Proceeds” means the proceeds of
      the Insurances or any other compensation of any description in respect of a Total Loss unconditionally received and retained by or on behalf of the Owners in respect of a Total Loss.

   

  “Total Loss Termination” means a
      Termination pursuant to the provisions of paragraph (a) (Total Loss Termination) of Clause 57 (Total Loss).

   

  “Transaction Documents” means, together,
      this Charter, the MOA, the Security Documents and such other documents as may be designated as such by the Owners and the Charterers from time to time.

   

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

   

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  “Upfront Hire” means the non-refundable
      advance hire payment which the Charterers are obliged to pay upfront to the Owners, being an amount equal to thirty per cent. (30%) of the Actual Owners’ Cost.

   

  “US Dollars”, “Dollars”, “USD”,

      “US$” and “$” each means available and freely transferable and convertible funds in lawful currency of the United States of America.

   

  “US Tax Obligor” means:

   

  		(a)	an obligor which is resident for tax purposes in the United States of America; or

   

  		(b)	an obligor some or all of whose payments under the Transaction Documents to which it is a party are
            from sources within the United States for US federal income tax purposes.

   

  “Valuation Report” means, in relation to
      the Vessel, a desktop valuation report (without physical inspection) addressed to the Owners from an Approved Valuer on the basis of a charter-free sale for prompt delivery for cash at arm’s length on normal commercial terms as between a willing
      seller and a willing buyer.

   

  “Variable Hire” has the meaning given to
      such term in sub-paragraph (a)(iii) of Clause 40 (Hire).

   

  “Variable Hire Determination Date” means,
      in relation to a Hire Period, the date falling fourteen (14) Business Days prior to the first day of such Hire Period.

   

  “Vessel” means the 160,000 m3 LNG carrier
      named “Golar Penguin” as more particularly described in Boxes 5 (Vessel’s name, call sign and flag) to 10 (Classification Society) of this Charter.

   

  “Vessel Management Agreement” means, in
      relation to the Vessel, each technical, commercial and/or crew management agreement executed or to be executed (as the case may be) between (a) an Approved Manager (as technical, commercial and/or crew manager (as the case may be)), and (b) the
      Charterers (as demise owners).

   

  	33.	Interpretations

   

  		(a)	In this Charter, unless the context otherwise requires, any reference to:

   

  		(i)	this Charter include the Schedule hereto and references to Clauses and Schedules are, unless
            otherwise specified, references to Clauses of and Schedules to this Charter and, in the case of a Schedule, to such Schedule as incorporated in this Charter as substituted from time to time;

   

  		(ii)	any statutory or other legislative provision shall be construed as including any statutory or
            legislative modification or re-enactment thereof, or any substitution therefor;

   

  		(iii)	the term “Vessel” includes any part of the Vessel;

   

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

   

  		(v)	the “Owners”, the “Charterers”, the “Chargor”, the “Guarantor”, any “Obligor”,

            any ” Sub-Charterers” or any other person include any of their respective successors, permitted assignees and permitted transferees;

   

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  		(vi)	a “Project Document” or any other agreement, instrument or document include such Project
            Document or other agreement, instrument or document as the same may from time to time by amended, modified, supplemented, novated or substituted;

   

  		(vii)	the “equivalent” in one currency (the “first currency”) as at any date of an amount in
            another currency (the “second currency”) shall be construed as a reference to the amount of the first currency which could be purchased with such amount of the second currency at the spot rate of exchange quoted by the Owners’ Bank at or
            about 11:00 a.m. (Hong Kong time) two (2) business days (being a day other than Saturday or Sunday on which banks and foreign exchange markets are generally open for business in Hong Kong) prior to such date for the purpose of the first
            currency with the second currency for delivery and value on such date;

   

  		(viii)	“hereof”, “herein” and “hereunder” and other words of similar import means this
            Charter as a whole (including the Schedules) and not any particular part hereof;

   

  		(ix)	“law” includes common or customary law and any constitution, decree, judgment, legislation,
            order, ordinance, regulation, rule, statute, treaty or other legislative measure in any jurisdiction or any present or future directive, regulation, request or requirement, or official or judicial interpretation of any of the foregoing, in each
            case having the force of law and, if not having the force of law, in respect of which compliance is generally customary;

   

  		(x)	“month” means, save as otherwise provided, a period starting on one day in a calendar month
            and ending on the numerically corresponding day in the next calendar month, except that 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 day in that calendar
            month;

   

  		(xi)	the word “person” or “persons” or to words importing persons include, without
            limitation, any state, divisions of a state, government, individuals, partnerships, corporations, ventures, government agencies, committees, departments, authorities and other bodies, corporate or unincorporated, whether having distinct legal
            personality or not;

   

  		(xii)	the “winding-up”, “dissolution”, “administration”, “liquidation”, “insolvency”,

            “reorganisation”, “readjustment of debt”, “suspension of payments”, “moratorium” or “bankruptcy” (and their derivatives and cognate expressions) of any person shall each be construed so as to include the
            others and any equivalent or analogous proceedings or event under the laws of any jurisdiction in which such person is incorporated or any jurisdiction in which such person carries on business;

   

  		(xiii)	“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, extended passenger cover 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 or 1/11/03), clause 8 of the Institute Time Clauses (Hull)(1/10/83) or clause 8 of the Institute
            Time Clauses (Hulls)(1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

   

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  		(xiv)	a Potential Termination Event or Termination Event is “continuing” if it has not been
            remedied or waived; and

   

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

   

  		(b)	Headings are for the purpose of reference only, have no legal or other significance, and shall be
            ignored in the interpretation of this Charter.

   

  		(c)	A time of day (unless otherwise specified) is a reference to Hong Kong time.

   

  	34.	Background

   

  		(a)	The MOA By a memorandum of agreement (the “MOA”) of even date herewith made
            between the Owners (as buyers thereunder) and the Sellers (as sellers thereunder), the Owners have agreed to purchase and the Sellers have agreed to sell the Vessel subject to the terms and conditions therein.

   

  		(b)	Transfer of ownership pursuant to MOA Accordingly the parties hereby agree that this
            Charter is subject to the effective transfer of ownership of the Vessel to the Owners pursuant to the MOA.

   

  		(c)	Cancelling Events If:

   

  		(i)	the Vessel is not delivered by the Cancelling Date (or such later date as the Owners and Sellers may
            agree);

   

  		(ii)	it becomes unlawful for the Owners (as buyers) to perform or comply with any or all of their
            obligations under the MOA, or any of the obligations of the Owners under the MOA is not or ceases to be legal, valid, binding and enforceable; or

   

  		(iii)	the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in
            full force and effect for any reason,

   

  then (notwithstanding any rights and claims which the parties to the MOA
      may have against each other under the MOA) neither Party shall be liable to the other for any claim arising out of this Charter and this Charter shall immediately terminate and be cancelled (with the exception of Clause 17 (Indemnity) (Part
      II) and Clause 62 (Further indemnities)), provided that:

   

  		(A)	the Owners shall be entitled to retain all fees paid by the Charterers pursuant to Clause 59 (Fees
            and expense) and, without prejudice to Clause 59 (Fees and expenses), if any fees which are or have been due and payable pursuant to such Clause but have not so been paid by the Charterers, the Charterers shall forthwith pay such fees to the
            Owners); and

   

  		(B)	such payment shall not be construed as a penalty but shall represent an agreed estimate of the loss
            and damage suffered by the Owners in entering into this Charter and shall therefore be paid as compensation to the Owners.

   

  	35.	Delivery

   

  		(a)	Conditions to delivery The obligation of the Owners to charter the Vessel to the
            Charterers pursuant to this Charter shall be subject to the following conditions:

   
  		(i)	delivery of the Vessel by the Charterers to the Owners pursuant to the terms of the MOA;

  

  

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  		(ii)	the Owners obtaining full title to the Vessel pursuant to the terms of the MOA;

   

  		(iii)	no Termination Event having occurred which is continuing on or prior to the Actual Delivery Date;

   

  		(iv)	the representations and warranties referred to in Clause 48 (Charterers’ representations and
              warranties) being true and correct on the date of this Charter and the Actual Delivery Date;

   

  		(v)	the Actual Delivery Date falling on or before the Cancelling Date (or such later date as may be
            agreed between the Owners (as buyer under the MOA) and the Sellers); and

   

  		(vi)	the Owners having received, or being satisfied that they will receive, the documents and evidence
            referred to in paragraph (a) (Owners’ conditions precedent) of Clause 36 (Conditions precedent), in each case in all respects in form and substance satisfactory to them on or before the Actual Delivery Date.

   

  		(b)	Delivery and acceptance Provided that the conditions referred to in paragraph (a) (Conditions

              to delivery) above have been fulfilled or waived to the satisfaction of the Owners (which shall be evidenced in writing by the Owners), the Owners and the Charterers agree that:

   

  		(i)	the Charterers shall, at their own expense, upon the Actual Delivery Date arrange for the Vessel to
            be registered under the laws and flag of the Flag State and in the name of the Owners as legal owner and the Charterers as demise charterers;

   

  		(ii)	the Charterers shall take delivery of the Vessel from the Owners under this Charter (such delivery
            to be conclusively evidenced by a duly executed PDA) immediately following the acceptance of delivery of the Vessel by the Owners from the Sellers pursuant to the MOA;

   

  		(iii)	the Charterers will accept the Vessel:

   

  		(A)	on an “as is where is” basis in exactly the same form and state as the Vessel is delivered by the
            Sellers to the Owners pursuant to the MOA;

   

  		(B)	in such form and state with any faults, deficiencies and errors of description; and

   

  		(C)	for the avoidance of doubt, no underwater inspection shall be performed at the time of commencement
            of this Charter on the basis that any repairs required at the next scheduled dry-docking are the responsibility of the Charterers; and

   

  		(iv)	the Charterers shall have no right to refuse acceptance of delivery of the Vessel into this Charter
            if the Vessel is delivered to the Owners pursuant to the MOA and, notwithstanding and without prejudice to the foregoing, the Owners and the Charterers nonetheless agree to enter into and execute the PDA on delivery of the Vessel under this
            Charter.

   

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  		(c)	No representation or warranty from Owners The Charterers acknowledge and agree that
            the Owners are not the manufacturer or original supplier of the Vessel which has been purchased by the Owners pursuant to the MOA, and have therefore made no representations or warranties in respect of the Vessel or any part thereof, and hereby
            waive all their rights in respect of any warranty or condition implied (whether statutory or otherwise) on the part of the Owners and all claims against the Owners howsoever the same might arise at any time in respect of the Vessel, or arising
            out of the construction, operation or performance of the Vessel and the chartering thereof under this Charter (including, without limitation, in respect of the seaworthiness or otherwise of the Vessel).

   

  		(d)	No liability from Owners In particular, and without prejudice to the generality of
            paragraph (c) (No representation or warranty from Owners) above, the Owners shall be under no liability whatsoever, howsoever arising, in respect of the injury, death, loss, damage or delay of or to or in connection with the Vessel or any
            person or property whatsoever, whether onboard the Vessel or elsewhere, and irrespective of whether such injury, death, loss, damage or delay shall arise from the unseaworthiness of the Vessel. For the purpose of this paragraph (d), “delay”
            shall include delay to the Vessel (whether in respect of delivery under this Charter or thereafter and any other delay whatsoever).

   

  	36.	Conditions precedent

   

  		(a)	Owners’ conditions precedent Notwithstanding anything to the contrary in this Charter,
            the obligations of the Owners to charter the Vessel to the Charterers under this Charter are subject to and conditional upon the Owners’ receipt of following documents and evidence (in each case in form and substance acceptable to the Owners)
            on or before the Actual Delivery Date:

   

  		(i)	an original of each of the following:

   

  		(A)	the duly executed Charter;

   

  		(B)	the duly executed Security Documents together with all documents required by any of them; and

   

  		(C)	the duly executed MOA;

   

  		(ii)	certified true copies of the memorandum and articles of association (or equivalent documents) (and
            all amendments thereto) of each Obligor and any other documents required to be filed or registered or issued under the laws of their jurisdiction of incorporation to establish their incorporation;

   

  		(iii)	certified true copies of resolutions passed at meetings of the board of directors of each Obligor
            (other than the Guarantor) and a certified true copy of an extract of resolutions passed at meetings of the board of directors of the Guarantor, each evidencing the relevant Obligor’s respective approval of the Transaction Documents and
            authorising appropriate officers, directors or attorneys to execute the same and to sign all notices required to be given hereunder or thereunder on their behalf or other evidence of such approvals and authorisations as shall be acceptable to
            the Owners;

   

  		(iv)	a specimen of the signature of each person authorised by the resolution referred to in sub-paragraph
            (iii) above;

   

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  		(v)	a certified true copy of a certificate of good standing of each Obligor (other than the Guarantor)
            and a certified true copy of a certificate of compliance of the Guarantor, each issued no earlier than ten (10) days prior to the Actual Delivery Date;

   

  		(vi)	an original certificate of an authorised signatory of each Obligor certifying that each copy
            document relating to it specified in this paragraph (a) is correct, complete and in full force and effect;

   

  		(vii)	if applicable, the original power of attorney of each Obligor under which any document (including
            the Transaction Documents) are to be executed or transactions undertaken by them;

   

  		(viii)	if applicable, copies (certified true where possible) of all Authorisations as may be necessary to
            authorise the performance by each of the Obligors of its obligations under the Transaction Documents to which it is or (as the case may be) will be a party, and the execution, validity and enforceability of such Transaction Documents;

   

  		(ix)	an original transcript of registry issued by the Flag State on the Actual Delivery Date evidencing
            that the Sellers are the owners of the Vessel and the Vessel is free from registered encumbrance and mortgages;

   

  		(x)	copies or, where applicable, electronic copies of the following:

   

  		(A)	the Original Financial Statements in relation to the Charterers and the Guarantor;

   

  		(B)	each duly executed Vessel Management Agreement;

   

  		(C)	the Vessel’s current Safety Management Certificate (as such term is defined pursuant to the ISM
            Code);

   

  		(D)	each applicable Approved Technical Manager’s current Document of Compliance (as such term is defined
            pursuant to the ISM Code);

   

  		(E)	the Vessel’s current ISSC;

   

  		(F)	the Vessel’s current IAPPC;

   

  		(G)	the Vessel’s classification certificate evidencing that she is free of all conditions of class from
            the Classification Society;

   

  in each case (and where applicable) together with
      all addenda, amendments or supplements;

   

  		(xi)	evidence that:

   

  		(A)	all the conditions precedents under clause 8 (Conditions precedent) of the MOA have been, or,
            in the Owners’ opinion, will be satisfied on the Actual Delivery Date;

   

  		(B)	the Charterers have paid the Handling Fee and all other payable fees, costs and expenses in
            accordance with Clause 59 (Fees and expenses);

   

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  		(C)	on or immediately after the Actual Delivery Date, the Vessel will be registered (or at least
            provisionally registered, if applicable) under the laws and flag of the Flag State and in the name of the Owners with all associated costs and expenses paid by the Charterers in accordance with paragraph (b)(vii) (Other costs and expenses)
            of Clause 59 (Fees and expenses);

   

  		(D)	the Vessel is insured in the manner required by the Transaction Documents (including, in particular,
            evidence that Innocent Owners’ Interest Insurances have been arranged and that the Owners have been or will be reimbursed by the Charterers for all costs, premiums and expenses paid or incurred by the Owners in connection therewith), together
            with:

   

  		(1)	(if required by the Owners) an insurance report (in form and substance acceptable to the Owners) in
            respect of the Insurances issued by an insurance adviser appointed by the Owners or confirmation satisfactory to the Owners that such an insurance report will be issued;

   

  		(2)	evidence that the relevant loss payable clause (in a form as the Owners may approve) has been or
            will be endorsed on or attached to the policies, the cover notes or certificates of entry relating to the Insurances; and

   

  		(3)	evidence that letters of undertaking (each in a form as the Owners may approve) will be issued;

   

  		(E)	the Cash Reserves (in an amount which complies with paragraph (v) (Earnings Account) of
            Clause 49 (Charterers’ undertaking)) have been credited into the Earnings Account;

   

  		(F)	the Upfront Hire has been deducted from the Actual Owners’ Cost or (as the case may be) paid in
            accordance with the terms of this Charter; and

   

  		(G)	any process agent referred to in any Transaction Document has accepted its appointment;

   

  		(xii)	a legal opinion of the legal advisers to the Owners in each of the following relevant jurisdictions:

   

  		(A)	England and Wales;

   

  		(B)	Bermuda; and

   

  		(C)	The Republic of the Marshall Islands,

   

  or confirmation satisfactory to the Owners that
      such an opinion will be given; and

   

  		(xiii)	a copy of any other Authorisation or other document, opinion or assurance which the Owners
            reasonably consider to be necessary or desirable 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 (including,
            without limitation in relation to or for the purposes of any financing by the Owners).

   

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  		(b)	Owners’ discretion regarding conditions precedent If the Owners in their sole
            discretion agree at the request of the Charterers to deliver the Vessel under this Charter to the Charterers before all of the documents and evidence required under paragraph (a) (Owners’ conditions precedent) above have been delivered
            to or to the order of the Owners, the Charterers undertake to deliver all outstanding documents and evidence to or to the order of the Owners no later than seven (7) Business Days after the Actual Delivery Date (or such later date as the Owners
            may agree in writing, acting in their sole discretion). The delivery of the Vessel by the Owners to the Charterers under this Charter shall not, unless otherwise notified by the Owners (acting in their sole discretion) to the Charterers in
            writing, be taken as a waiver of the Owners’ right to require production of all the documents and evidenced required by this Clause 36.

   

  		(c)	Certified true copies Each certified true copy document referred to this Clause 36
            must be certified by a director, company secretary or duly authorised representative of the relevant Obligor as being true and complete as at a date no later than the Actual Delivery Date.

   

  		(d)	Original document If any of the original documents required under paragraph (a) (Owners’

              conditions precedent) above cannot be delivered to the Owners on or prior to the Actual Delivery Date, the Owners will rely on a scanned copy of such document to proceed with the delivery of the Vessel as long as evidence that such
            original document is in transit to the Owners by courier is provided by the Charterers.

   

  	37.	Bunkers and luboils

   

  		(a)	At delivery the Charterers shall take over all bunkers, lubricating oil, water and unbroached
            provisions in the Vessel without cost.

   

  		(b)	To the extent that Clause 44 (Redelivery) applies, at redelivery the Owners shall take over
            and pay for all bunkers, unused lubricating oil, water and unbroached provisions and other consumable stores in the Vessel at the Charterers’ net contract invoiced prices (including Charterers’ usual discounts).

   

  	38.	Further maintenance and operation

   

  		(a)	Maintenance The good commercial maintenance practice under Clause 10 (Maintenance
              and Operation) (Part II) of this Charter shall be deemed to include:

   

  		(i)	the maintenance and operation of the Vessel by the Charterers in accordance with:

   

  		(A)	the relevant regulations, requirements and recommendations of the Classification Society;

   

  		(B)	the relevant regulations, requirements and recommendations of the country and flag of the Vessel’s
            registry;

   

  		(C)	any applicable IMO regulations (including, without limitation, the ISM Code, the ISPS Code and
            MARPOL);

   

  		(D)	all other applicable regulations, requirements and recommendations; and

   

  		(E)	the Charterers’ operations and maintenance manuals;

   

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  		(ii)	the maintenance and operation of the Vessel by the Charterers taking into account:

   

  		(A)	engine manufacturers’ recommended maintenance and service schedules;

   

  		(B)	builder’s operations and maintenance manuals; and

   

  		(iii)	recommended maintenance and service schedules of all installed equipment and pipework.

   

  		(b)	Access to class records The Charterers covenant with the Owners to arrange (at the
            Charterers’ costs) access to class records and inspection records for the Owners as available to the Charterers.

   

  		(c)	Extra equipment Any equipment that is found not to be required on board as a result of
            regulation or operational experience is either to be, at the Charterers’ option, removed at the Charterers’ expense or to be maintained in operable condition.

   

  	39.	Structural changes and alterations

   

  		(a)	The Charterers shall make no structural changes in the Vessel or changes in the machinery, engines,
            appurtenances or spare parts thereof without in each instance first securing the Owners’ consent thereto except where any such change:

   

  		(i)	does not have a material adverse effect on the Vessel’s certification or the Vessel’s fitness for
            purpose; and

   

  		(ii)	will not materially diminish the value of the Vessel and/or have a material adverse effect on the
            safety, performance, value or marketability of the Vessel.

   

  		(b)	Upon the occurrence of any Termination Event which is continuing, and if the Vessel is not being
            transferred to the Charterers pursuant to and in accordance with paragraph (g) (Transfer of title) of Clause 52 (Termination Events) and the Owners decide to retake possession of the Vessel pursuant to paragraph (d) of Clause 52 (Termination

              Events), then the Charterers shall, in each case at their expense, restore the Vessel to its former condition unless the changes made are carried out:

   

  		(i)	with the prior written consent of the Owners; or

   

  		(ii)	to improve the performance, operation or marketability of the Vessel; or

   

  		(iii)	as a result of a regulatory compliance.

   

  		(c)	Any improvement, structural changes or new equipment becoming necessary for the continued operation
            of the Vessel by reason of new class requirements or by compulsory legislation shall be for the Charterers’ account and the Charterers shall not have any right to recover from the Owners any part of the cost for such improvements, changes or
            new equipment either during the Charter Period, or at redelivery of the Vessel. Unless otherwise requested by the Owners, the Charterers shall not remove any such improvement structural changes or new equipment at redelivery of the Vessel. The
            Charterers shall upon request give written notice to the Owners of any such improvement, structural changes or new equipment.

   

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  	40.	Hire

   

  		(a)	Hire during Charter Period In consideration of the Owners’ agreement to charter the
            Vessel to the Charterers during the Charter Period pursuant to the terms hereof, the Charterers shall pay (or, in respect of the Upfront Hire only and subject to compliance with paragraph (i) below, be deemed to have paid) to the Owners each of
            the following sums on the relevant dates as follows:

   

  		(i)	by way of advance hire which is payable upfront, an amount equal to the Upfront Hire on or before
            the Actual Delivery Date which:

   

  		(A)	is non-refundable under any circumstances; and

   

  		(B)	shall be deducted from the Actual Owners’ Cost in accordance with the MOA;

   

  		(ii)	by way of principal hire (each a “Principal Hire”) on each Hire Payment Date an amount equal
            to one twenty-fourth (1/24th) of the difference between (A) the Financing Principal and (B) the Balloon; and

   

  		(iii)	by way of variable hire (each a “Variable Hire”), the variable hire then payable on the
            corresponding Hire Payment Date. The amount of Variable Hire payable on each Hire Payment Date is calculated in accordance with the following formula:

   

  A x B x C

   

  whereby

   

  		A	= the Cost Balance immediately prior to the relevant Hire Payment Date

   

  		B	= the aggregate of the Margin and the Applicable Rate for the relevant Hire Period commencing on
            that Hire Payment Date

   

  		C	= a fraction whose denominator is three hundred and sixty (360) and numerator is the number of days
            which will elapse from that Hire Payment Date (including that date) until, in respect of the Hire Payment Date of the final Hire Period during the Charter Period, the last day of such Hire Period (including that day), and, in respect of all
            other Hire Payment Dates, the next Hire Payment Date (not including that date).

   

  		(b)	Payment of Balloon Unless (i) the Purchase Option Price or (ii) the Termination Sum
            has been, in each case, paid in full in accordance with the terms of this Charter, the Charterers shall pay to the Owners, on the final Hire Payment Date and in addition to any Principal Hire and Variable Hire, an amount equal to the Balloon.

   

  		(c)	Accrual of Variable Hire For the purpose of determining any Hire payment under
            paragraph (a) (Hire during Charter Period) above, Variable Hire shall accrue from and including the first (1st) day of the relevant Hire Period;

   

  

  		(d)	Payment of Hire Each Hire payment shall be made in advance on each Hire Payment Date
            (Hong Kong time) (in respect of which time is of the essence) with the first Hire Payment Date falling on the Actual Delivery Date. The Charterers shall, no later than 4:00 p.m. (Hong Kong time) on the relevant Hire Payment Date (in respect of
            which time is of the essence), provide the Owners with documentary evidence showing that the amount of the Hire for the relevant Hire Period has been remitted to the Owners’ Account
            on or before the relevant Hire Payment Date.

   

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  		(e)	Non-Business Day Any payment provided herein due on any day which is not a Business
            Day shall be payable on the preceding Business Day.

   

  		(f)	Payment account information All payments under this Charter shall be made to the
            account opened in the name of the Owners with such bank as the Owners may choose in Hong Kong (the “Owners’ Bank”), the details of which shall be notified by the Owners to the Charterers at least five (5) Business Days prior to the first
            Hire Payment Date (or such other account as the Owners may from time to time notify the Charterers in writing at least five (5) Business Days before the due date for payment) (the “Owners’ Account”) for credit to the account of the
            Owners.

   

  		(g)	Charterers’ Hire payment obligation absolute Following delivery of the Vessel to, and
            acceptance by, the Charterers under this Charter, the Charterers’ obligation to pay Hire in accordance with this Clause 40 shall be absolute irrespective of any contingency whatsoever including but not limited to:

   

  		(i)	any set-off, counterclaim, recoupment, defence or other right which either party to this Charter may
            have against the other;

   

  		(ii)	any unavailability of the Vessel, for any reason, including but not limited to any action or
            inaction by any Sub-Charterers, seaworthiness, condition, design, operation, merchantability or fitness for use or purpose of the Vessel or any apparent or latent defects in the Vessel or its machinery and equipment or the ineligibility of the
            Vessel for any particular use or trade or for registration of documentation under the laws of any relevant jurisdiction or lack of registration or the absence or withdrawal of any consent required under the applicable law of any relevant
            jurisdiction for the ownership, chartering, use or operation of the Vessel or any damage to the Vessel;

   

  		(iii)	any lack or invalidity of title or any other defect in title, provided such lack or invalidity of
            title or defect does not affect the quiet and peaceful use, possession and enjoyment of the Vessel;

   

  		(iv)	any failure or delay on the part of either party to this Charter, whether with or without fault on
            its part, in performing or complying with any of the terms, conditions or other provisions of this Charter;

   

  		(v)	any insolvency, bankruptcy, reorganisation, arrangement, readjustment of debt, dissolution,
            administration, liquidation or similar proceedings by or against the Owners, any Obligor or Sub-Charterers, or any change in the constitution of the Owners, any Obligor or Sub-Charterers;

   

  		(vi)	any invalidity or unenforceability or lack of due authorisation of or any defect in this Charter or
            any Sub-Charter; or

   

  		(vii)	any other cause which would but for this provision have the effect of terminating or in any way
            affecting the obligations of the Charterers hereunder,

   

  it being the intention of the parties that the
      provisions of this Clause 40, and the obligation of the Charterers to pay Hire and make any payments under this Charter, shall (save as expressly provided in this Clause 40) survive any frustration and that, save as expressly provided in this
      Charter, no moneys paid under this Charter by the Charterers to the Owners shall in any event or circumstance be repayable to the Charterers. For the avoidance of doubt, the obligation of Charterers to pay Hire under this Charter shall not be
      affected by any breach of this Charter by the Owners, it being understood that the Charterers shall, in the event of such breach, be entitled to claim compensation for their losses, documented damages or expenses (excluding Hire paid under this
      Charter).

   

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  		(h)	All payments free from deductions

   

  		(i)	All payments of Hire and all other Unpaid Sums to the Owners pursuant to this Charter and the other
            relevant Transaction Documents shall be made in immediately available funds in US Dollars and free and clear of, and without deduction for or on account of, any bank charges and any Taxes (including a FATCA Deduction).

   

  		(ii)	In the event that the Charterers are required by any law or regulation to make any deduction or
            withholding (including a FATCA Deduction) on account of any taxes which arise as a consequence of any payment due under this Charter, then:

   

  		(A)	the Charterers shall notify the Owners promptly after they become aware of such requirement;

   

  		(B)	the Charterers shall remit the amount of such taxes to the appropriate taxation authority within any
            applicable time limits and in any event prior to the date on which penalties attach thereto; and

   

  		(C)	such payment shall be increased by such amount as may be necessary to ensure that the Owners receive
            a net amount which, after deducting or withholding such taxes, is equal to the full amount which the Owners would have received had such payment not been subject to such taxes.

   

  		(iii)	The Charterers shall forward to the Owners evidence reasonably satisfactory to the Owners that any
            such taxes have been remitted to the appropriate taxation authority within thirty (30) days of the expiry of any time limit within which such taxes must be so remitted or, if earlier, the date on which such taxes are so remitted.

   

  		(iv)	Mitigation The Owners shall, subject to sub-paragraph (v) (Limitation of liability)
            below and in consultation with the Charterers, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to any of this paragraph (h) or Clause 41 (Increased
              Costs), including (but not limited to) transferring their rights and obligations under the Transaction Documents to an Affiliate (in accordance with Clause 47 (Owners’ mortgage). The above does not in any way limit the obligations
            of any Obligor under the Transaction Documents.

   

  		(v)	Limitation of liability The Charterers shall promptly indemnify the Owners for all
            costs and expenses reasonably incurred by the Owners as a result of steps taken by the Owners under sub-paragraph (iv) (Mitigation) above. The Owners are not obliged to take any steps under sub-paragraph (iv) (Mitigation) above if, in
            their opinion (acting reasonably), to do so might be prejudicial to them.

   

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  		(i)	Default interest Subject to paragraph (a)(i) (Non-payment) of Clause 52 (Termination

              Events), if the Charterers fail to pay any amount payable by it under a Transaction 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 is two per cent. (2%) per annum higher than the aggregate of the Margin and the Applicable Rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Cost Balance for successive Hire
            Periods. Any interest accruing under this paragraph (i) shall be immediately payable by the Charterers on demand by the Owners. Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Hire
            Period applicable to that Unpaid Sum but will remain immediately due and payable.

   

  		(j)	Hire payment obligation to survive termination In the event that this Charter is
            terminated for whatever reason, the Charterers’ obligation to pay Hire and such other Unpaid Sum which (in each case) has accrued due before, and which remains unpaid, at the date of such termination shall continue notwithstanding such
            termination.

   

  		(k)	Illegality In the event that it becomes unlawful or it is prohibited for the Owners
            to charter the Vessel to the Charterers pursuant to this Charter, then the Owners shall notify the Charterers of the relevant event and negotiate in good faith with the Charterers for a period of thirty (30) days from the date of the receipt of
            the relevant notice by the Charterers to agree an alternative. If such agreement is not reached within such thirty (30)-day period, the Parties agree that, in such circumstances, the Owners shall have the right to terminate this Charter by
            delivering to the Charterers a termination notice specifying a Termination Payment Date, whereupon the Charterers shall be obliged to pay to the Owners the Termination Sum on the Termination Payment Date and comply with such other terms and
            conditions as may be specified in such termination notice.

   

  		(l)	Break Costs The Charterers shall, within three (3) Business Days of the Owners’
            demand, pay to the Owners the Break Costs.

   

  		(m)	Certificates and determinations Any certification or determination by the Owners of a
            rate or amount under any Transaction Document is, in the absence of fraud or manifest error, conclusive evidence of the matters to which it relates.

   

  		(n)	Day count convention Any Hire, interest, commission or fee accruing under an
            Transaction Document will accrue from day to day and is calculated on the basis of the actual number of days that will elapse or have elapsed and a year of 360 days (or, where the amount is payable in a currency other than US Dollars, such
            period as is customary for such currency).

   

  		(o)	Alternative rate

   

  		(i)	If a Screen Rate Replacement Event has occurred,

   

  		(A)	the Owners and the Charterers shall enter into negotiations, taking into account the then current
            market standards and with a view to agreeing on a Replacement Benchmark and any other amendment or waiver which relates to:

   

  		(1)	aligning any provision of any Transaction Document to the use of that Replacement Benchmark;

   

  		(2)	enabling that Replacement Benchmark to be used for the calculation of Variable Hire under this
            Charter (including,without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Charter);

   

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  		(3)	implementing market conventions applicable to that Replacement Benchmark;

   

  		(4)	providing for appropriate fallback (and market disruption) provisions for that Replacement
            Benchmark; or

   

  		(5)	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), and

   

  		(B)	until such time as a Replacement Benchmark and the related amendments have been agreed and without
            prejudice to the obligation of the Parties to enter into negotiations with a view to agreeing a Replacement Benchmark pursuant to sub-paragraph (i) above, for any Hire Period of which the Variable Hire Determination Date falls upon or after the
            occurrence of a Screen Rate Replacement Event, the rate to be used for the purpose of calculating the Variable Hire for such Hire Period shall be the rate notified by the Owners to the Charterers two (2) Business Days prior to the first day of
            that Hire Period, to be that which expresses as a percentage rate per annum the cost to the Owners of funding the Cost Balance from whatever source they may reasonably select and if such rate is less than zero then it shall be deemed to be zero
            (the “Substitute Rate”).

   

  		(ii)	If sub-paragraph (i) above applies, the Charterers shall, within three (3) Business Days of demand,
            reimburse the Owners for the amount of all costs and expenses (including legal fees) reasonably incurred by the Owners in responding to, evaluating, negotiating or complying with paragraph (i) above. This shall include, for the avoidance of
            doubt, any costs and expenses incurred in relation to ensuring that all the Transaction Documents remain valid and fully perfected following any amendment or waiver.

   

  	41.	Increased Costs

   

  		(a)	Increased Costs Subject to paragraph (c) (Exceptions) below, the Charterers
            shall, within three (3) Business Days of a demand by the Owners, pay to the Owners the amount of any Increased Costs incurred by the Owners as a result of:

   

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

   

  		(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, CRR or CRD IV or any other law or regulation which implements Basel III, CRR or CRD IV (whether such implementation, application or compliance is by a government, regulator or the Owners).

   

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  In this Charter:

   

  		(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;

   

  		(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 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, supplemented or
            restated.

   

  		(iii)	“CRR” means 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, supplemented or restated.

   

  		(iv)	“Increased Costs” means:

   

  		(A)	a reduction in the rate of return from the Hire or on the Owners’ overall capital;

   

  		(B)	an additional or increased cost; or

   

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

   

  which is incurred or suffered by the Owners to the
      extent that it is attributable to the Owners having entered into any Transaction Document or funding or performing its obligations under any Transaction Document.

   

  		(b)	Increased Cost claims

   

  		(i)	The Owners shall promptly notify the Charterers of any claim arising from paragraph (a) (Increased

              Costs) above and of the event giving rise to such claim.

   

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  		(ii)	The Owners shall, as soon as practicable after having made a demand in respect of such claim,
            provide a certificate confirming the amount of their Increased Costs.

   

  		(c)	Exceptions Paragraph (a) (Increased Costs) above does not apply to the extent
            that any Increased Cost is:

   

  		(i)	compensated for by a payment made under sub-paragraph (h)(ii)(C) (All payments free from
              deductions) of Clause 40 (Hire);

   

  		(ii)	compensated for by a payment made under Clause 60 (Stamp duties);

   

  		(iii)	attributable to a FATCA Deduction required to be made by either Party, an Obligor or a Finance Party
            (if applicable);

   

  		(iv)	attributable to the wilful breach by the Owners of any law or regulation; or

   

  		(v)	attributable to the implementation or application of, or compliance with, the “International
            Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Charter (but excluding any amendment arising out of
            Basel III) (“Basel II”) or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator or the Owners).

   

  	42.	Insurance

   

  		(a)	Charterers’ obligation to place insurance During the Agreement Term, the Charterers
            shall at their expense keep the Vessel insured against fire and usual marine risks (including hull and machinery and excess risks), oil pollution liability risks, war (including, if applicable, “War Risks” as defined in paragraph (a) of Clause
            26 (War)), protection and indemnity risks (and any risks against which it is compulsory to insure for the operation for the Vessel) (and if the Vessel trades in Japan, social responsibility risks (if required by the port or terminal owner) on
            industry standard terms applicable at the time or on such other terms as the Owners shall in writing approve):

   

  		(i)	in US Dollars; and

   

  		(ii)	in such market and on such terms as the Owners shall approve in writing.

   

  		(b)	Beneficiaries of insurances Such insurances shall be arranged by the Charterers to
            protect the interests of the Owners, the Charterers and (if any) the Finance Parties, and the Charterers shall be at liberty to protect under such insurances the interests of any Approved Manager and the interest of any other named assured or
            co-assured provided that:

   

  		(i)	the interest of such Approved Manager, other named assured or co-assured is limited:

   

  		(A)	in respect of any insurances for hull and machinery and war risks:

   

  		(1)	to any provable out-of-pocket expenses that they have incurred and which form part of any
            recoverable claim on underwriters; and

   

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  		(2)	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 such claims made specifically against them); and

   

  		(B)	in respect of any insurances for protection and indemnity risks, to any recoveries they are entitled
            to make by way of reimbursement following discharge of any third party liability claims made specifically against them; and

   

  		(ii)	if required by the Owners and/or the Finance Parties, each such Approved Manager, other named
            assured or co-assured shall execute an undertaking in favour of the Owners and/or the Finance Parties confirming paragraph (i) above, each in form and substance acceptable to the Owners and/or the Finance Parties.

   

  		(c)	Scope of insurance The policies of Insurance shall cover the Owners, the Charterers
            and (if any) the Finance Parties according to their respective interests. Subject to the approval of the Owners (acting on the instructions or with the approval of the Finance Parties (in each case if applicable)) and the insurers, the
            Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the insurers of all costs in connection with such repairs as well as insured charges, expenses and liabilities to the extent of coverage under the
            insurances herein provided for.

   

  		(d)	Repairs etc. not covered by Insurances The Charterers shall also remain responsible
            for and to effect repairs and settlement of costs and expenses incurred thereby in respect of all other repairs not covered by the Insurance and/or not exceeding any possible franchise(s) or deductibles provided for in the Insurance.

   

  		(e)	H&M and war risks coverage The Charterers shall arrange that, at any time during
            the Agreement Term, the hull and machinery and war risks insurance (including increased value insurance) shall be:

   

  		(i)	in an amount not less than the greater of:

   

  		(A)	one hundred and twenty per cent. (120%) of the Cost Balance at that time; and

   

  		(B)	the latest Fair Market Value of the Vessel ascertained prior to such time.

   

  		(ii)	effected through first class international insurers or underwriter acceptable to the Owners; and

   

  		(iii)	on industry standard terms applicable at the time or otherwise on terms acceptable to the Owners.

   

  		(f)	Protection and indemnity coverage The Vessel shall be entered in Skuld or other
            protection and indemnity association which is a member of the International Group of P&I Clubs (the “IG”) acceptable to the Owners on customary terms and shall be covered against liability for pollution claims in an amount not less
            than one thousand million US Dollars (US$1,000,000,000) or the maximum amount of cover from time to time provided by members of the IG (if such maximum amount of cover is higher than one thousand million US Dollars (US$1,000,000,000)). The
            P&I cover shall include freight, demurrage and defence cover. All insurances shall include customary protection in favour of the Owners and (if any) the FinanceParties such as
            notice of cancellation and exclusion from liability for premiums or calls.

   

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  		(g)	Placing of Insurances Without prejudice to paragraph (e) (H&M and war risks
              coverage) or (f) (Protection and indemnity coverage) above, the Charterers undertake to place the Insurances in such markets, in such currency, on such terms and conditions, and (unless any Insurances are placed directly and not
            through a broker) with an Approved Broker or such other first class and reputable brokers as the Owners shall have approved in writing.

   

  		(h)	No alteration to terms of Insurances The Charterers shall not materially alter the
            terms of any of the Insurances nor allow any person to be co-assured under any of the Insurances without the prior written consent of the Owners (such consent not to be unreasonably withheld or delayed). The Charterers shall, (A) no later than
            seven (7) days before the Actual Delivery Date and (B) at any other time upon request of the Owners, supply the Owners with such information as the Owners may in their discretion require with regard to the terms of the Insurances and the
            brokers, underwriters or associations through or with which the Insurances are placed.

   

  		(i)	Insurance report The Charterers shall:

   

  		(i)	reimburse the Owners on demand all costs and expenses incurred by the Owners in obtaining a report
            on the adequacy of the Insurances from an insurance adviser instructed by the Owners which report may be obtained no more than once per calendar year provided that if the terms of any of the Insurances are altered subsequent to a report being
            obtained, the Owners may obtain a further report in that calendar year and the Charterers shall reimburse the Owners on demand all costs and expenses incurred by the Owners in obtaining such further report; and

   

  		(ii)	procure that there is delivered to such insurance adviser all such information in relation to the
            Insurances as such insurance adviser may reasonably require.

   

  		(j)	Payment of premiums etc. The Charterers undertake duly and punctually to pay all
            premiums, calls and contributions, and all other sums at any time payable in connection with the Insurances, and, at their own expense, to arrange and provide any guarantees from time to time required by any underwriters, protection and
            indemnity or war risks association. From time to time at the Owners’ request, the Charterers will provide the Owners with evidence satisfactory to the Owners that such premiums, calls, contributions and other sums have been duly and punctually
            paid; that any such guarantees have been duly given; and that all declarations and notices required by the terms of any of the Insurances to be made or given by or on behalf of the Charterers to brokers, underwriters or associations have been
            duly and punctually made or given.

   

  		(k)	Compliance with Insurances The Charterers will comply in all respects with all terms
            and conditions of the Insurances and will make all such declarations to brokers, underwriters and associations as may be required to enable the Vessel to operate in accordance with the terms and conditions of the Insurances. The Charterers will
            not do, nor permit to be done, any act, nor make, nor permit to be made, any omission, as a result of which any of the Insurances may become liable to be suspended, cancelled or avoided, or may become unenforceable, or as a result of which any
            sums payable under or in connection with any of the Insurances may be reduced or become liable to be repaid or rescinded in whole or in part. In particular, but without limitation, the Charterers will not permit the Vessel to be employed other
            than in conformity with the Insurances without first taking out additional insurance cover in respect of that employment in all respects to the satisfaction of the Owners, and the
            Charterers will promptly notify the Owners of any new material requirement imposed by any broker, underwriter or association in relation to any of the Insurances.

   

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  		(l)	Renewal of Insurances The Charterers will no later than seven (7) days before the
            expiry of any of the Insurances renew them and shall immediately give the Owners and, if applicable, the Finance Parties such details of those renewals as the Owners and, if applicable, the Finance Parties may require.

   

  		(m)	Delivery of documents relating to Insurances The Charterers shall:

   

  		(i)	deliver to the Owners and, if applicable, the Finance Parties, copies of all policies, certificates
            of entry (endorsed with the appropriate loss payable clauses as may be required by the Owners and, if applicable, the Finance Parties from time to time) and such other documents relating to the Insurances as may be required by the Owners and,
            if applicable, the Finance Parties;

   

  		(ii)	procure that a loss payable clause (substantially in the form attached to the Charterers’
            Assignment) or, in the case of entries in a protection and indemnity association, a note of the Owners’ interest in such form as the Owners may approve (acting reasonably in line with applicable market standard), shall be endorsed on or
            attached to the policies, cover notes or certificates of entry relating to the Insurances; and

   

  		(iii)	procure that letters of undertaking (in such form as the Owners and, if applicable, the Finance
            Parties may approve) shall be issued to the Owners and, if applicable, the Finance Parties by the brokers, underwriters or associations through which the Insurances are placed (or, in the case of protection and indemnity or war risks
            associations, by their managers).

   

  		(n)	Fleet cover If the Vessel is at any time during the Agreement Term insured under any
            form of fleet cover (other than in relation to the Vessel’s entry in a protection and indemnity association or war risks associations (if applicable)), the Charterers shall procure that those letters of undertaking contain confirmation that the
            brokers, underwriters or association (as the case may be) will not set-off claims relating to the Vessel against premiums, calls or contributions in respect of any other vessel or other insurance, and that the insurance cover of the Vessel will
            not be cancelled by reason of non-payment of premiums, calls or contributions relating to any other vessel or other insurance. Failing receipt of those confirmations, the Charterers will instruct the brokers, underwriters or association
            concerned to issue a separate policy or certificate for the Vessel in the sole name of the Charterers or of the Charterers’ brokers as agents for the Charterers.

   

  		(o)	Provision of information on casualty, accident or damage The Charterers shall promptly
            provide the Owners and, if applicable, the Finance Parties with full information regarding any casualty or other accident or damage to the Vessel the repair costs of which (whether before or after adjudication) would reasonably be expected to
            exceed the Major Casualty Amount including, without limitation, any communication with all parties involved in case of a claim under any of the Insurances.

   

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  		(p)	Step-in rights of Owners and Finance Parties The Charterers agree that, on and at any
            time after the occurrence of a Termination Event which is continuing, the Owners and, if applicable, the Finance Parties shall be entitled to:

   

  		(i)	collect, sue for, recover and give a good discharge for all claims in respect of any of the
            Insurances;

   

  		(ii)	pay collecting brokers the customary commission on all sums collected in respect of those claims;

   

  		(iii)	compromise all such claims or refer them to arbitration or any other form of judicial or
            non-judicial determination; and

   

  		(iv)	otherwise deal with such claims in such manner as the Owners and, if applicable, the Finance Parties
            shall in their discretion think fit.

   

  		(q)	Total loss insurance proceeds Whether or not a Termination Event shall have occurred,
            the proceeds of any claim under any of the Insurances in respect of a Total Loss shall be paid and applied in accordance with Clause 57 (Total Loss).

   

  		(r)	Disputes with brokers, underwriters or associations In the event of any claim in
            respect of any of the Insurances (other than in respect of a Total Loss), if the Charterers shall fail to reach agreement with any of the brokers, underwriters or associations for the immediate restoration of the Vessel, or for payment to third
            parties, within such time as the Owners and, if applicable, the Finance Parties may stipulate, the Owners and, if applicable, the Finance Parties shall be entitled to require payment to themselves. In the event of any dispute arising between
            the Charterers and any broker, underwriter or association with respect to any obligation to make any payment to the Charterers or to the Owners and/or (if applicable) the Finance Parties under or in connection with any of the Insurances, or
            with respect to the amount of any such payment, the Owners and/or (if applicable) the Finance Parties shall be entitled to settle that dispute directly with the broker, underwriter or association concerned. Any such settlement shall be binding
            on the Charterers.

   

  		(s)	Payment of insurance proceeds

   

  		(i)	The Owners agree that any amounts which may become due under any protection and indemnity entry or
            insurance shall be paid to the Charterers to reimburse the Charterers for, and in discharge of, the loss, damage or expense in respect of which they shall have become due, unless, at the time the amount in question becomes due, a Termination
            Event shall have occurred and is continuing, in which event the Owners shall be entitled to receive the amounts in question and to apply them either:

   

  		(A)	in reduction of the Termination Sum owed by the Charterers pursuant to paragraph (e) of Clause 52 (Termination

              Events); or

   

  		(B)	at the option of the Owners, to the Charterers and/or other third parties in discharge of the
            liability in respect of which they were paid.

   

  		(ii)	Without prejudice to the forgoing and subject to the terms of the Finance Documents (if any), all
            other claims in relation to the Insurances (other than in respect of a Total Loss), shall, unless and until the occurrence of a Termination Event which is continuing, in which event all claims under the relevant policy shall be payable directly
            to the Owners, be payable as follows:

   

  		(A)	a claim in respect of any one casualty where the aggregate claim against all insurers does not
            exceed the Major Casualty Amount, prior to adjustment for any franchise or deductible under the terms of the relevant policy, shall be paid directly to the Charterers (as agent for
            the Owners) for the repair, salvage or other charges involved or as a reimbursement if the Charterers fully repaired the damage to the satisfaction of the Owners and paid all of the salvage or other charges; or

   

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  		(B)	a claim in respect of any one casualty where the aggregate claim against all insurers exceeds the
            Major Casualty Amount prior to adjustment for any franchise or deductible under the terms of the relevant policy shall, subject to the prior written consent of the Owners, be paid to the Charterers as and when the Vessel is restored to her
            former state and condition and the liability in respect of which the insurance loss is payable is discharged, and provided that the insurers may with such consent make payment on account of repairs in the course of being effected but, in the
            absence of such prior written consent shall be payable directly to the Owners.

   

  		(t)	Settlement, compromise or abandonment of claims The Charterers shall not settle,
            compromise or abandon any claim under or in connection with any of the Insurances (other than a claim of less than the Major Casualty Amount arising other than from a Total Loss) without the prior written consent of the Owners and, if
            applicable, the Finance Parties.

   

  		(u)	Owners’ rights to maintain Insurances If the Charterers fail to effect or keep in
            force the Insurances, the Owners may (but shall not be obliged to) effect and/or keep in force such insurances on the Vessel and such entries in protection and indemnity or war risks associations as the Owners in their discretion consider
            desirable, and the Owners may (but shall not be obliged to) pay any unpaid premiums, calls or contributions. The Charterers will reimburse the Owners from time to time on demand for all such premiums, calls or contributions paid by the Owners,
            together with interest calculated in accordance with paragraph (i) (Default interest) of Clause 40 (Hire) from the date of payment by the Owners until the date of reimbursement.

   

  		(v)	Environmental protection issues The Charterers shall comply strictly with the
            requirements of any legislation relating to pollution or protection of the environment which may from time to time be applicable to the Vessel in any jurisdiction in which the Vessel shall trade and in particular the Charterers shall comply
            strictly with the requirements of the United States Oil Pollution Act 1990 (the “Act”) if the Vessel is to trade in the United States of America and Exclusive Economic Zone (as defined in the Act). Before any such trade is commenced and
            during the entire period during which such trade is carried on, the Charterers shall:

   

  		(i)	pay any additional premiums required to maintain protection and indemnity cover for oil pollution up
            to the limit available to the Charterers for the Vessel in the market;

   

  		(ii)	make all such quarterly or other voyage declarations as may from time to time be required by the
            Vessel’s protection and indemnity association in order to maintain such cover, and promptly deliver to the Owners copies of such declarations;

   

  		(iii)	submit the Vessel to such additional periodic, classification, structural or other surveys which may
            be required by the Vessel’s protection and indemnity insurers to maintain cover for such trade and promptly deliver to the Owners copies of reports made in respect of such surveys;

   

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  		(iv)	implement any recommendations contained in the reports issued following the surveys referred to in
            sub-paragraph (v)(iii) above within the shorter of (x) the relevant time limits contained in such reports, or (y) ten (10) Business Days, and provide evidence satisfactory to the Owners that the protection and indemnity insurers are satisfied
            that this has been done; and

   

  		(v)	in addition to the foregoing (if such trade is in the United States of America and Exclusive
            Economic Zone):

   

  		(A)	obtain and retain a certificate of financial responsibility under the Act in form and substance
            satisfactory to the United States Coast Guard and provide the Owners with evidence of the same;

   

  		(B)	procure that the protection and indemnity insurances do not contain a US Trading Exclusion Clause or
            any other analogous provision and provide the Owners with evidence that this is so; and

   

  		(C)	comply strictly with any operational or structural regulations issued from time to time by any
            relevant authorities under the Act so that at all times the Vessel falls within the provisions which limit strict liability under the Act for oil pollution.

   

  		(w)	Innocent Owners’ Interest Insurance and Mortgagees’ Interest Insurance The Owners
            shall be at liberty to, at any time during the Agreement Term, take out an Innocent Owners’ Interest Insurance in relation to the Vessel for such amounts and on such terms and conditions as the Owners may from time to time decide and any
            Finance Party shall be at liberty to take out a Mortgagees’ Interest Insurance in relation to the Vessel for such amounts and on such terms and conditions as that Finance Party may from time to time decide.

   

  		(x)	Reimbursement in respect of the Innocent Owners’ Interest Insurance and Mortgagees’ Interest
                Insurance The Charterers shall from time to time upon the Owners’ demand:

   

  		(i)	reimburse the Owners for all costs, premiums and expenses paid or incurred by the Owners in
            connection with any Innocent Owners’ Interest Insurance; and

   

  		(ii)	reimburse the Owners or any Finance Party for all costs, premiums and expenses paid or incurred by
            the Owners or that Finance Party in connection with any Mortgagees’ Interest Insurance,

   

  provided that (for the purpose of such
      reimbursement only) the costs, premiums and expenses in connection with the Innocent Owners’ Interest Insurances and the Mortgagees’ Interest Insurances shall be no more than such costs, premiums and expenses if the aggregate of the insured amount of
      the Innocent Owners’ Interest Insurances and that of the Mortgagees’ Interest Insurances does not exceed one hundred and twenty per cent. (120%) of the then current Cost Balance.

   

  		(y)	Cooperation by the Charterers The Charterers agree and undertake that:

   

  		(i)	in the event that the Charterers receive any payment in relation to the Insurances in contravention
            of this Charter, the Charterers will hold such payment on trust and on behalf of the Owners;

   

  		(ii)	the Charterers will not refuse, withhold (or otherwise delay giving) consent to the payment of any
            amount which becomes payable to the Owners under the Insurances (to the extent that such payment is payable to the Owners in accordance with terms of this Charter);

   

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  		(iii)	at the request of the Owners and at the cost of the Charterers, place any other insurance in line
            with international industry standards as may be requested by the Owners and/or the Finance Parties (if any), acting reasonably and subject to the opinion(s) of international reputable and independent insurance consultants; and

   

  		(iv)	from time to time on the written request of the Owners, the Charterers will promptly execute and
            deliver to the Owners all documents which the Owners may require for the purpose of obtaining any payment in relation to the Insurances (to the extent that such payment is payable to the Owners in accordance with the terms of this Charter).

   

  	43.	Inspection

   

  		(a)	Owners’ right to inspect For so long as no Termination Event has occurred and is
            continuing, the Owners shall exercise the inspection rights under Clause 8 (Inspection):

   

  		(i)	no more than once per calendar year on such date as the Owners may determine (and not at all if
            during a calendar year the Vessel is inspected pursuant to paragraph (c) (Inspection during dry-docking) below);

   

  		(ii)	during normal business hours and upon reasonable written notice; and

   

  		(iii)	so as not to disrupt the commercial operation of the Vessel,

   

  and, in each case, the Charterers must grant or
      procure that the Owners and/or their representatives are given access to the Vessel, provided that the above shall not apply after the occurrence of a Termination Event and the Owners shall, in such event, be entitled to inspect or survey or
      instruct a duly authorised surveyor to carry out such survey of the Vessel on their behalf at any time upon the occurrence of a Termination Event.

   

  		(b)	Inspection costs generally All reasonable, properly incurred and documented
            out-of-pocket costs and expenses of any such visit, inspection or survey carried out in accordance with Clause 8 (Inspection) and paragraph (a) (Owners’ right to inspect) above shall be for the account of the Charterers.

   

  		(c)	Inspection during dry-docking The Charterers must give the Owners not less than two
            (2) months’ prior notice of any dry-docking of the Vessel to be performed during the Charter Period, and must:

   

  		(i)	permit and/or procure permission for, the Owners and/or any person designated by the Owners to
            inspect and survey the Vessel during such dry-docking (so long as such inspection is during normal business hours, is upon reasonable written notice and does not disrupt the dry-docking of the Vessel); and

   

  		(ii)	provide, or procure the provision of, proper facilities for such inspection.

   

  		(d)	Inspection costs during dry-docking All reasonable, properly incurred and documented
            out-of-pocket costs and expenses of any visit, inspection or survey carried out in accordance with paragraph (c) (Inspection during dry-docking) above shall be for the account of the Charterers.

   

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  		(e)	No liability upon Owners regarding inspection The Owners shall not:

   

  		(i)	have any duty or liability to make any visit, inspection or survey pursuant to this Charter; or

   

  		(ii)	incur any liability or obligations by not making any inspection or have any liability arising out of
            any visit, inspection or survey.

   

  	44.	Redelivery

   

  Upon:

   

  		(a)	the occurrence of any Termination Event which is continuing and if the Owners decide to retake
            possession of the Vessel pursuant to paragraph (d) of Clause 52 (Owners’ options after occurrence of Termination Event); or

   

  		(b)	the expiry of the Agreed Charter Period (and subject to no Total Loss having occurred and no
            Purchase Option or Purchase Obligation being exercised),

   

  the Charterers shall, at their own cost and
      expense, redeliver or cause to be redelivered the Vessel to the Owners at a safe, ice free port where the Vessel would be afloat at all times in a ready safe berth or anchorage, in accordance with Clauses 45 (Redelivery conditions) and 46 (Survey

        on redelivery).

   

  If the Vessel is to be redelivered pursuant to
      paragraph (b) above, the Charterers shall give the Owners not less than forty five (45) running days’ preliminary notice of expected date of redelivery and not less than thirty (30) running days’ definite notice of expected date of redelivery and
      port of redelivery.

   

  	45.	Redelivery conditions

   

  		(a)	Redelivery conditions If the Vessel is to be redelivered pursuant to Clause 44 (Redelivery),

            in addition to what has been agreed in Clause 44 (Redelivery), the condition of the Vessel shall at redelivery be as follows:

   

  		(i)	the Vessel shall be free of any class conditions, recommendations and/or statutory breaches
            affecting the validity of its trading certificates;

   

  		(ii)	the Vessel must be redelivered with all equipment and spares or replacement items which were on
            board at the time of the delivery under the MOA (save for any spare part or spare equipment which has been consumed in the course of operating the Vessel) and transferred to the Owners pursuant to the MOA and the log book (or a certified copy
            if the original cannot be provided) and other technical documentation which may be in the Charterers’ possession shall promptly be forwarded to the Owners at the Charterers’ expense;

   

  		(iii)	the Vessel must be redelivered with all national and international trading certificates and
            hull/machinery survey positions for both class and statutory surveys free of any recommendation and qualifications valid and un-extended for a period of at least three (3) months beyond the redelivery date;

   

  		(iv)	the Vessel shall have passed any flag or class surveys or inspections due within three (3) months
            after the date of redelivery and have its continuous survey system up to date;

   

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  		(v)	the Vessel shall be free and clear of all liens; and

   

  		(vi)	without prejudice to any of the foregoing, the Vessel shall be in the same or as good structure,
            state, condition and class as she was when she was delivered to the Charterers under this Charter on the Actual Delivery Date, fair wear and tear excepted.

   

  		(b)	Obligation to pay Hire to continue Unless and until such time as the Termination Sum
            is paid by the Charterers to the Owners in accordance with the terms of this Charter, the Charterers shall continue to pay Hire in accordance with the terms of this Charter.

   

  	46.	Survey on redelivery

   

  If the Vessel is not sold or transferred in
      accordance with this Charter (including pursuant to the exercise of a Purchase Option or the Purchase Obligation or any other reason whatsoever), and provided that it has not become a Total Loss, the Owners and Charterers shall each appoint (at their
      own expense) surveyors for the purpose of determining and agreeing in writing the condition of the Vessel at redelivery. If the Vessel is not in the condition or does not meet the performance criteria required by Clause 45 (Redelivery conditions),

      a list of deficiencies together with the costs of repairing/remedying such deficiencies shall be agreed by the respective surveyors.

   

  	47.	Owners’ mortgage

   

  		(a)	Owners’ funding arrangements The Charterers:

   

  		(i)	acknowledge that the Owners may enter into certain funding arrangements with the Finance Parties in
            order to finance part of the Actual Owners’ Cost, which funding arrangements may be secured, inter alia, by ship mortgages over the Vessel and (along with other related matters) the relevant Finance Documents, provided that:

   

  		(A)	simultaneous with the Owners’ execution of any such ship mortgages, the relevant Permitted Mortgagee
            shall issue a Quiet Enjoyment Letter in favour of the Charterers;

   

  		(B)	such ship mortgage(s) and Finance Documents shall not secure an amount greater than the aggregate of
            (1) the then applicable Cost Balance and (2) the then applicable Related Vessel Cost Balance; and

   

  		(C)	other than pursuant to (1) the Finance Documents or (2) any funding arrangements entered or to be
            entered into in relation to the Related Vessel, the Owners shall not use the Vessel as collateral for any other funding arrangements;

   

  		(ii)	irrevocably consent to any assignment in favour of the Finance Parties of the Charterers’ rights,
            title, interests and benefits in and to the Insurances, the Earnings, the Requisition Compensation and any Transaction Documents pursuant to the relevant Finance Documents; and

   

  		(iii)	without limiting the generality of paragraph (o) (Further assurance (Finance Parties)) of
            Clause 49 (Charterers’ undertakings), undertake to execute or provide (as the case may be), and use reasonable commercial efforts to procure the execution or provision (as the case may be) by any third party of, such further information
            or document as in the opinion of the Owners and/or the Finance Parties are reasonably necessary to effect the assignment referred to in sub-paragraph (ii) above and any assignment (by way
              of security) by the Owners of their rights in the Transaction Documents in favour of any Finance Party.

   

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  		(b)	Owners’ right to assign Without prejudice to paragraph (a) (Owners’ funding
              arrangements) of this Clause 47 (Owners’ mortgage) and any other provisions in this Charter, the Owners may assign, transfer or novate their rights under any Transaction Document to a Finance Party without the prior written consent
            of the Charterers.

   

  		(c)	Novation by Owners and sale of the Vessel Other than pursuant to and in accordance
            with the provisions under the Transaction Documents, the Owners shall not novate their rights under this Charter or sell the Vessel, in each case, to any person (the “Transferee”) without:

   

  		(i)	obtaining the prior written consent of the Charterers;

   

  		(ii)	if applicable, procuring the Transferee to enter into a Quiet Enjoyment Letter;

   

  		(iii)	in respect of a sale of the Vessel, such sale being subject to this Charter.

   

  	48.	Charterers’ representations and warranties

   

  		(a)	The Charterers make the representations and warranties set out in this Clause 48 to the Owners on
            the date of this Charter:

   

  		(i)	Status each Obligor:

   

  		(A)	is a company or corporation (as applicable), duly incorporated in good standing and validly existing
            under the laws of its jurisdiction of incorporation; and

   

  		(B)	has the power to own its assets and carry on its business as it is being conducted;

   

  		(ii)	Binding obligations the obligations expressed to be assumed by each Obligor in the
            Transaction Documents to which it is a party are legal, valid, binding and enforceable obligations;

   

  		(iii)	Non-conflict with other obligations the entry into and performance by each Obligor of,
            and the transactions contemplated by, the Transaction Documents 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 material agreement or instrument binding on it or any of its assets;

   

  		(iv)	Power and authority each Obligor has the power to enter into, perform and deliver, and
            have taken all necessary action to authorise its entry into, performance and delivery of, the Transaction Documents to which it is a party and the transactions contemplated thereunder;

   

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  		(v)	Validity and admissibility in evidence all Authorisations required:

   

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

   

  		(B)	to make each Transaction Document to which each Obligor is a party admissible in evidence in its
            Relevant Jurisdiction; and

   

  		(C)	for each Obligor to carry on its business,

   

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

   

  		(vi)	Governing law and enforcement subject to the Legal Reservations:

   

  		(A)	the choice of English law as the governing law of the Transaction Documents will be recognised and
            enforced in the Relevant Jurisdiction of each Obligor;

   

  		(B)	any judgment obtained in England in relation to any Transaction Document will, in each case, be
            recognised and enforced in the Relevant Jurisdiction of each Obligor; and

   

  		(C)	any arbitral award granted in relation to any other Transaction Document will be recognised and
            enforced in the Relevant Jurisdiction of each Obligor;

   

  		(vii)	Deduction of Tax subject to the Legal Reservations, it is not required under the laws
            of any Relevant Jurisdiction of any Obligor to make any deduction for or on account of Tax from any payment any Obligor may make under any Transaction Document (including a FATCA Deduction);

   

  		(viii)	No filing or stamp taxes subject to the Legal Reservations, under the laws of each
            Relevant Jurisdiction of each Obligor, it is not necessary that any Transaction Document to which such Obligor 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 on or in relation thereto or the transactions contemplated thereby;

   

  		(ix)	No Potential Termination Event

   

  		(A)	no Potential Termination Event or Termination Event is continuing or might reasonably be expected to
            result from any Obligor's entry into, or performance of the transactions contemplated by any Transaction Document to which such Obligor is a party; and

   

  		(B)	no other event or circumstance is outstanding which constitutes a default under any other agreement
            or instrument which is binding on any Obligor or to which such Obligor's assets are subject and which might have a Material Adverse Effect;

   

  		(x)	No misleading information

   

  		(A)	any factual information provided by or on behalf of the Charterers to the Owners was true and
            accurate in all material respects as at the date it was provided or as the date (if any) at which such information was stated; and

   

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  		(B)	nothing has occurred or been omitted from the information so provided and no information has been
            given by or on behalf of the Charterers or withheld that results in the information provided by or on behalf of the Charterers being untrue or misleading in any material respect.

   

  		(xi)	Financial statements in relation to the Original Financial Statements:

   

  		(A)	the Original Financial Statements were prepared in accordance with the relevant GAAP consistently
            applied;

   

  		(B)	the Original Financial Statements give a true and fair view and represent the financial condition of
            the Charterers and the Guarantor and their operations during the relevant financial year save to the extent expressly disclosed in such financial statements; and

   

  		(C)	there has been no material adverse change in the business or financial condition of the Charterers
            or the Guarantor since the date on which the relevant Original Financial Statements were drawn up;

   

  		(xii)	Pari passu ranking the payment obligations of each Obligor under each Transaction
            Document to which it is a party rank at least pari passu with the claims of all other unsecured and unsubordinated creditors of such Obligor, except for obligations mandatorily preferred by law applying to companies generally;

   

  		(xiii)	No proceedings pending or threatened no litigation, arbitration or administrative
            proceedings of or before any court, arbitral body or agency have (to the best of the Charterers' knowledge) been started or threatened which, if adversely determined, might reasonably be expected to have a material adverse effect on the
            business, assets, financial condition or creditworthiness of any Obligor;

   

  		(xiv)	No immunity none of the Obligors nor any of its assets has any right to immunity from
            set-off, legal proceedings, attachment prior to judgment, other attachment or execution of judgment on the grounds of sovereign immunity or otherwise;

   

  		(xv)	Tax compliance and no tax claims: save as disclosed to the Owners, each Obligor has
            complied with all Tax laws and regulations applicable to it and its business and there are no tax claims commenced or threatened to commence against any Obligor;

   

  		(xvi)	No insolvency none of the Obligors is insolvent or in liquidation or administration or
            subject to any other formal or informal insolvency procedure, and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Charterers or all or any part of their assets;

   

  		(xvii)	No breach of AML Laws none of the Obligors is, or will be, directly or indirectly, and
            whether knowingly or otherwise, involved in any transaction (including any sale and leaseback transaction):

   

  		(A)	which is contrary to any AML Laws; or

   

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  		(B)	the proceeds of which have been used for any purpose that would breach any anti-bribery or
            anti-corruption legislation in jurisdictions in which any Obligor conduct its business;

   

  		(xviii)	No Restricted Party none of the Obligors is a Restricted Party, nor have they or any
            of their directors, officers or employees received notice or are aware of any claim, action, suit, proceeding or investigation against them with respect to Sanctions by a Sanctions Authority;

   

  		(xix)	US tax status none of the Obligors is a US Tax Obligor, nor has it established a place
            of business or is otherwise conducting business in the United States of America;

   

  		(xx)	Copies of Project Documents the copies of the Project Documents provided by the
            Charterers to the Owners in accordance with Clause 36 (Conditions precedent) are true and accurate copies of the originals and represent the full agreement between the parties to those Project Documents in relation to the subject matter
            of those Project Documents and there are no commissions, rebates, premiums or other payments due or to become due in connection with the subject matter of those Project Documents other than in the ordinary course of business or as disclosed to,
            and approved in writing by, the Owners.

   

  		(b)	Each representation and warranty in sub-paragraphs (a)(ii) (Binding obligations) to (iv) (Power

              and authority), (x) (No misleading information) to (xiv) (No immunity) and (xvii) (No breach of AML Laws) to (xx) (Copies of Project Documents) above is deemed to be repeated by the Charterers by reference to
            the facts and circumstances then existing on (i) the Actual Delivery Date, and (ii) each Hire Payment Date.

   

  		49.	Charterers' undertakings

   

  The Charterers hereby undertake to the Owners that they will comply in full and
      procure compliance (where applicable) with the following undertakings throughout the Agreement Term:

   

  		(a)	Corporate status each Obligor will maintain its corporate existence as a body
            corporate duly organised and validly existing under the laws of its jurisdiction of incorporation and will maintain the power to own its assets and carry on its business as it is being conducted on the date of this Charter;

   

  		(b)	Authorisations each Obligor 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 Owners of,

   

  any Authorisation required by any applicable law:

   

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

   

  		(B)	to make each Transaction Document to which that Obligor is a party admissible in evidence in its
            Relevant Jurisdiction;

   

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  		(C)	for that Obligor to carry on its business; and

   

  		(D)	to ensure the legality, validity or enforceability of any Transaction Document;

   

  		(c)	Compliance with laws each Obligor shall comply in all respects with all laws in all
            material respects to which it may be subject in its jurisdiction of incorporation, the Flag State and any jurisdiction in which the Vessel is employed, if failure so to comply would have a Material Adverse Effect;

   

  		(d)	Manager's Undertaking the Charterers will procure that each Approved Manager shall
            enter into a Manager's Undertaking;

   

  		(e)	Negative pledge

   

  		(i)	The Charterers must not create or allow to exist any Security Interest (other than a Permitted
            Security Interest) on any of its rights, title and interest in and to, and all benefits accruing to it under or pursuant to (A) the Transaction Documents, (B) the Vessel, (C) the Insurances, (D) the Requisition Compensation, or (E) any of its
            other asset or undertaking.

   

  		(ii)	Without prejudice to paragraph (f) (Disposals) below, the Charterers shall not:

   

  		(A)	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, the Guarantor or any other member of the Group;

   

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

   

  		(C)	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 (other than for Permitted Security Interest); or

   

  		(D)	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;

   

  		(f)	Disposals the Charterers 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 of the following disposals:

   

  		(i)	disposals permitted by the Transaction Documents;

   

  		(ii)	disposals of assets made in (and on terms reflecting) the ordinary course of trading of the
            disposing entity and on an arm's length basis;

   

  		(iii)	disposals of obsolete, damaged, worn-out, used or surplus assets, or assets which are no longer
            required in the ordinary course of business;

   

  		(iv)	dealings with trade creditors with respect to book debts in the ordinary course of trading;

   

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  		(v)	the application of cash or cash equivalents in the acquisition of assets or services in the ordinary
            course of their business;

   

  		(vi)	the unwinding of any derivative or similar transaction; and

   

  		(vii)	any surrender or waiver of contractual rights or the settlement, release, recovery on or surrender
            of contractual rights or other claims of any kind in accordance with the terms of this Charter;

   

  		(g)	Merger the Charterers shall not enter into any amalgamation, demerger, merger or
            corporate restructuring without prior written consent of the Owners; and shall procure that the Guarantor shall not enter into any amalgamation, demerger, merger or corporate restructuring which is likely to have a Material Adverse Effect
            without prior written consent of the Owners;

   

  		(h)	Change of control the Charterers shall remain a direct wholly-owned Subsidiary of the
            Chargor and shall procure that the Chargor shall remain a direct wholly-owned Subsidiary of Golar Power;

   

  		(i)	Financial Indebtedness

   

  		(i)	the Charterers shall not, without the prior written consent of the Owners, incur or permit to remain
            outstanding any Financial Indebtedness.

   

  		(ii)	sub-paragraph (i) above does not apply to any Financial Indebtedness:

   

  		(A)	incurred pursuant to any Shareholder Funding;

   

  		(B)	incurred pursuant to any Transaction Document; and

   

  		(C)	any trade debt occurring in the ordinary course of the Charterers' business;

   

  		(j)	Loans and guarantees the Charterers shall not:

   

  		(i)	make or allow to subsist any loan, grant any credit; or

   

  		(ii)	give or allow to remain outstanding any guarantee or indemnity to or for the benefit of any person
            or otherwise voluntarily assume any liability, whether actual or contingent, in respect of any obligation of any person;

   

  		(k)	Financial statements the Charterers will supply or cause to be supplied to the Owners:

   

  		(i)	as soon as the same become available, but in any event within one hundred and twenty (120) days
            after the end of each financial year of the Guarantor, the audited consolidated financial statements of the Guarantor for that financial year in English language;

   

  		(ii)	as soon as the same become available, but in any event within ninety (90) days after the end of each
            financial year of the Charterers, the audited financial statements of the Charterers for that financial year in English language; and

   

  		(iii)	as soon as the same become available, but in any event within ninety (90) days after the end of each
            quarter of the Charterers and the Guarantor, as appropriate, the unaudited quarterly management accounts of the Charterers and the Guarantor for that financial quarter (consolidated in the case of the Guarantor).

   

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  		(l)	Requirements as to financial statements the Charterers shall procure that:

   

  		(i)	each set of financial statements delivered by the Charterers pursuant to paragraph (k) (Financial
              statements) above in relation to the Charterers and the Guarantor (each a "Notifying Party") shall be certified by an officer of the relevant Notifying Party, as giving a true and fair view of the financial condition and operations
            of that Notifying Party as at the date at which, and for the period in relation to which those financial statements were drawn up; and

   

  		(ii)	each set of financial statements delivered pursuant to paragraph (k) (Financial statements)
            above is prepared using the applicable GAAP 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, they notify the Owners
            that there has been a change in applicable the applicable GAAP or financial reference periods and their auditors deliver to the Owners:

   

  		(A)	a description of any change necessary for those financial statements to reflect the applicable GAAP
            and financial reference periods upon which the Original Financial Statements were prepared; and

   

  		(B)	sufficient information, in form and substance as may be reasonably required by the Owners, to enable
            the Owners to make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements;

   

  		(m)	Compliance Certificate concurrently with the delivery of each set of the audited
            annual financial statements in respect of the Guarantor and the unaudited semi-annual financial statements in respect of the Guarantor in accordance with paragraph (k)(i) (Financial statements) above, the Charterers shall deliver to the
            Owners:

   

  		(i)	a GLNG Compliance Certificate signed by the chief financial officer or any other authorised
            signatory of the Guarantor certifying that, as at the date of such financial statements the Guarantor is in compliance with the covenants and undertakings in Clause 50 (Financial covenants) (or if they are not in compliance, indicating
            the extent of the breach) and setting out the calculation of the covenants and undertakings in Clause 50 (Financial covenants); and

   

  		(ii)	a Golar Power Compliance Certificate signed by a director of Golar Power confirming that no
            Termination Event has occurred and is continuing which has not been waived or remedied at the date of such Golar Power Compliance Certificate or, if that is not the case, specifying the same and the steps, if any, being taken to remedy the
            same;

   

  		(n)	Notifications: miscellaneous the Charterers shall:

   

  		(i)	notify the Owners as soon as the Charterers become aware of, and shall procure the Guarantor to
            notify the Owners as soon as the Guarantor is aware of, the occurrence of any Potential Termination Event or any Termination Event and in each case, shall keep the Owners fully informed of all developments;

   

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  		(ii)	notify the Owners in writing promptly upon becoming aware of (A) any Environmental Claim against the
            Charterers in respect of an amount in excess of ten per cent. (10%) of the value of the Vessel as at the date of such Environmental Claim against the Charterers (or any Sub-Charterers or any Approved Manager) which is current, or pending in
            relation to the Vessel or (B) any Environmental Incident or alleged Environmental Incident in relation to the Vessel;

   

  		(iii)	notify the Owners in writing promptly upon becoming aware of any Project Document being terminated,
            repudiated, cancelled or otherwise ceasing to remain in full force and effect;

   

  		(iv)	notify the Owners in writing immediately if a Sub-Charter is terminated, cancelled, repudiated, or
            expires, or otherwise ceases to remain in full force and effect;

   

  		(v)	notify the Owners in writing immediately if the Charterers fail to obtain any Earnings for the
            Vessel for a period of twelve (12) months; and

   

  		(vi)	disclose all information in relation to any Sub-Charter, including (but not limited to) the main
            commercial terms of such Sub-Charter, any information in relation to any Sub-Charterers' fulfilment of their obligations pursuant to the relevant Sub-Charter and any other information which the Owners may request;

   

  		(o)	Further assurance (Finance Parties) the Charterers will from time to time, do and
            perform such other and further acts and execute and deliver any and all such other agreements, instruments and documents as may be reasonably necessary for the Owners or the Finance Parties (as the case may be) to:

   

  		(i)	maintain and protect the existing rights and remedies of the Owners and/or the Finance Parties (as
            the case may be); or

   

  		(ii)	carry out and effect the intent and purpose of this Charter and the other Transaction Documents,

   

  in each case to the extent not inconsistent with the terms of this Charter;

   

  		(p)	Cessation of business the Charterers shall not cease or threaten to cease to carry on
            all or, in the opinion of the Owners, any material part of the Charterers' business;

   

  		(q)	Environmental matters the Charterers shall:

   

  		(i)	comply with, and procure each Approved Manager to comply with, all Environmental Law applicable to
            and in relation to using and operating the Vessel;

   

  		(ii)	obtain, maintain and ensure compliance with all applicable Environmental Permits in relation to
            using and operating the Vessel; and

   

  		(iii)	implement procedures to monitor compliance with and to prevent liability under any Environmental Law
            applicable to the use and operation of the Vessel;

   

  		(r)	Compliance with international convention etc. the Charterers shall procure that the
            Charterers and each Approved Manager shall comply with all applicable international conventions, codes and regulations (including, without limitation, the ISM Code (or any replacement thereof) and the ISPS Code (or any replacement thereof))
            applicable to each of them respectively;

   

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  		(s)	Delivery details of employment status of the Vessel the Charterers will deliver, or
            procure the delivery to the Owners of, the employment status together with (if requested by the Owners) the relevant contract of employment in respect of the Vessel every six (6) months during the Charter Period;

   

  		(t)	No dealings with Restricted Party or breach of Sanctions the Charterers will not, and
            will not permit or authorise any other person to directly utilise or employ the Vessel or to use, lend, make payments of, contribute or otherwise make available, all or any part of the proceeds of any transaction(s) contemplated by the
            Transaction Documents to fund any trade, business or other activities:

   

  		(i)	with a Restricted Party; or

   

  		(ii)	in any other manner that would result in any Obligor, any Approved Manager or the Owners (if
            applicable) being in breach of any Sanctions or becoming a Restricted Party;

   

  		(u)	Change of business the Charterers shall not change the nature and scope of their
            business from that carried on at the date of this Charter;

   

  		(v)	Earnings Account

   

  		(i)	the Charterers will procure that all of the Earnings of the Charterers shall be paid into the
            Earnings Account, free and clear of any cost, fee, expense, disbursement, withholding or deduction;

   

  		(ii)	as an advance against future payment of the Purchase Obligation Price, the Purchase Option Price,
            the Termination Sum or any other amounts due in accordance with this Charter, the Charterers will:

   

  		(A)	no later than the date falling two (2) Business Days before the Actual Delivery Date deposit into
            the Earnings Account; and

   

  		(B)	thereafter procure that throughout the Agreement Term there will always be standing to the credit of
            the Earnings Account,

   

  an amount (in US Dollars) of not less than three million US Dollars (US$3,000,000)
      (the "Cash Reserves");

   

  		(w)	Project Documents the Charterers shall:

   

  		(i)	comply with all their obligations under the Project Documents to which they are a party, and will
            procure that each other party (where that party is a member of the Group) shall comply with its obligations under the Project Documents to which it is a party; and

   

  		(ii)	except with the prior written consent of the Owners, the Charterers shall not, and shall use their
            reasonable endeavours to procure that no other party (where that party is a member of the Group) shall, amend, cancel, vary, novate, supplement, supersede, waive or terminate any Project Document to which it is a party;

   

  		(x)	Listing the Charterers shall procure that the Guarantor will for the duration of the
            Agreement Term maintain its listing as a publicly listed entity on The Nasdaq Stock Market (trading as NASDAQ: GLNG) or any other recognised stock exchange acceptable to the Owners;

   

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  		(y)	Related Vessel Sale Proceeds Surplus and Cash Collateral

   

  		(i)	the Parties agree that, as soon as the Owners receive the Related Vessel Sale Proceeds Surplus paid
            by the Related Owner to the Owners pursuant to the terms of the Related Charter, the Owners will deposit into the Owners' Account the Related Vessel Sales Proceeds Surplus, which shall be deemed to be the Cash Collateral or part of the Cash
            Collateral;

   

  		(ii)	the Owners may (but are not obliged to) set off the Cash Collateral against the Purchase Option
            Price, the Purchase Obligation Price or the Termination Sum;

   

  		(iii)	in addition to the Owners' right to apply the Cash Collateral towards payment of the Purchase Option
            Price, the Purchase Obligation Price or the Termination Sum, the Owners may at their sole discretion and at any time during the Agreement Term apply the Cash Collateral (or any part thereof) towards any Unpaid Sum that is due and payable at the
            time of such application and has not yet be paid;

   

  		(iv)	upon the expiry of the Agreement Term, the Owners shall release to the Charterers any surplus of the
            Cash Collateral after the Owners' application of the Cash Collateral, subject to the Owners being satisfied that no Potential Termination Event or Termination Event has occurred or will occur immediately after such release;

   

  		(v)	the Cash Collateral shall bear no interest; and

   

  		(vi)	each Party agrees that all right, title and interest in and to the Cash Collateral shall vest in the
            Owners free and clear of any liens, claims, charges or encumbrances or any other interest of the Charterers, the Related Charterer or any other third person. Nothing in this Clause 49(y) is intended to create or does create in favour of any
            party any mortgage, charge, lien, pledge, encumbrance or other security interest in the Cash Collateral;

   

  		(z)	Condition subsequent the Charterers shall:

   

  		(i)	to the extent that any certificate received by the Owners pursuant to paragraph (a)(x) of Clause 36
            (Conditions precedent) was in provisional form at the time of the receipt, deliver or cause to be delivered to the Owners the corresponding formal certificate as soon as possible after the Charterers' receipt of the same from the
            relevant persons, and in any event prior to the expiry of the validity period of such provisional certificate;

   

  		(ii)	within one (1) Business Day from the Actual Delivery Date, the Vessel's certificate of registry and
            a certificate of ownership and encumbrance, both dated the Actual Delivery Date (evidencing that the Owners' ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages); and

   

  		(iii)	within fifteen (15) Business Days from the Actual Delivery Date, letters of undertaking in respect
            of the Insurances as required by the Transaction Documents, together with copies of the relevant policies or cover notes or entry certificates in respect of the Insurances duly endorsed with the interest of the Owners; and

   

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  		(aa)	Classification the Charterers shall ensure that the Vessel maintains the highest
            classification required for the purpose of the relevant trade of the Vessel which shall be with the Vessel's Classification Society, in each case, free from any overdue recommendations and conditions.

   

  		50.	Financial covenants

   

  		(a)	Financial definitions For the purpose of this Clause 50, the following definitions
            shall apply:

   

  "Cash Equivalents" means:

   

  		(i)	deposits with first class international banks the maturity of which does not exceed 12 months;

   

  		(ii)	bonds, certificates of deposit and other money market instruments or securities issued or guaranteed
            by the Norwegian or United States Governments; and

   

  		(iii)	any other instrument approved by the Owners.

   

  "Consolidated Net Worth" means for the Group (on a consolidated basis), the
      total value of stockholders equity determined in accordance with GAAP as shown on the consolidated balance sheet contained in the most recent annual financial statements and quarterly financial statements of the Guarantor delivered pursuant to
      paragraph (k) (Financial statements) of Clause 49 (Charterers' undertakings).

   

  "Current Assets" means, as at any date of determination, all of the short
      term assets of the Group determined in accordance with GAAP on a consolidated basis as shown in the balance sheet for the Guarantor and calculated on the same basis as was applied in the Guarantor Annual Original Financial Statements but using the
      information current as at the relevant date of determination.

   

  "Current Liabilities" means, as at any date of determination, all of the
      short term liabilities of the Group (less the current portion of long-term debt, the current portion of long-term capital lease obligations and mark to market swap valuations and excluding in all respects the Leasing Loans) determined in accordance
      with GAAP on a consolidated basis as shown in the balance sheet for the Guarantor and calculated on the same basis as was applied in the Guarantor Annual Original Financial Statements but using the information current as at the relevant date of
      determination.

   

  "Free Liquid Assets" means cash or cash equivalents freely available for use
      by the Guarantor and/or any other member of the Group for any lawful purpose without restriction (other than any restriction arising exclusively from any covenant to maintain a minimum level of free cash or cash equivalents) notwithstanding any
      Security Interest, right of set-off or agreement with any other party, where:

   

  		(i)	the value of Cash Equivalents shall be deemed to be their quoted price, as at any date of
            determination, on any recognised exchange (being an exchange recognised and approved by the Owners) on which the same are listed or any dealing facility through which the same are generally traded; and

   

  		(ii)	any cash or Cash Equivalents denominated in a currency other than Dollars shall be deemed to have a
            value in Dollars equal to the Dollar equivalent thereof at the rate of exchange published daily as at any date of determination.

   

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  "Leasing Loans" means, in relation to any sale and leaseback transaction from
      time to time entered into by any member of the Group, any short term funding or loans incurred by the special purpose entity acting as lessor (wholly owned by the relevant leasing group) in such sale and leaseback transaction which that member of the
      Group is required to include in its balance sheet pursuant to the "Variable Interest Entity" account convention in GAAP.

   

  		(b)	Financial covenants the Charterers shall (and shall procure that the Guarantor will)
            ensure that:

   

  		(i)	the Consolidated Net Worth is equal to or greater than four hundred and fifty million US Dollars
            (US$450,000,000) (or its equivalent in any other currency) at all times during the Agreement Term;

   

  		(ii)	the aggregate value of the Free Liquid Assets is equal to or greater than fifty million US Dollars
            (US$50,000,000) at all times during the Agreement Term; and

   

  		(iii)	the Current Assets is greater than or equal to the Current Liabilities.

   

  		(c)	Financial testing

   

  		(i)	The financial covenants in this Clause 50 shall be tested by reference to each of the financial
            statements delivered pursuant to, as applicable, paragraph (k) (Financial statements) of Clause 49 (Charterers' undertaking) and/or each GLNG Compliance Certificate delivered pursuant to sub-paragraph (i) of paragraph (m) (Compliance

              Certificate) of Clause 49 (Charterers' undertaking).

   

  		(ii)	Any amount in a currency other than US Dollars is to be taken into account at its US Dollar
            equivalent calculated on the basis of the relevant rates of exchange used by the Charterers in, or in connection with, their financial statements for that period.

   

  		(iii)	When calculating the financial covenants in this Clause 50, the effect if all transactions between
            members of the Group shall be eliminated to the extent not already netted out on consolidation.

   

  		(iv)	No item may be credited or deducted more than once in any calculation under this Clause 50.

   

  		51.	Value maintenance clause

   

  		(a)	Definitions In this Clause 51:

   

  "Test Date" means any day during the Agreement Term on which the Owners may
      test the Value Maintenance Ratio.

   

  "Value Maintenance Ratio" means the ratio (expressed as a percentage) of:

   

  		(i)	the Fair Market Value of the Vessel plus any additional cash already deposited into the Owners'
            Account to restore the Value Maintenance Threshold pursuant to sub-paragraph (c)(ii)(A) below; to

   

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  		(ii)	the aggregate of the then current Cost Balance.

   

  "Value Maintenance Threshold" means the ratio (expressed as a percentage) of
      one hundred and twenty per cent. (120%).

   

  		(b)	Valuations

   

  		(i)	In order to determine the Fair Market Value on a Test Date for the purposes of testing the Value
            Maintenance Ratio, the Fair Market Value shall be determined by the Owners based on the most recent Valuation Report provided to the Owners, provided that:

   

  		(A)	in the absence of a Termination Event, the Charterers shall arrange, deliver to the Owners and bear
            the cost of the issuance of each such Valuation Report once every twelve (12) months during the Agreement Term; and

   

  		(B)	upon the occurrence of a Termination Event, the Charterers shall arrange, deliver to the Owners and
            bear the cost of the issuance of all Valuation Reports as may be required by the Owners (acting in their sole discretion),

   

  provided further that if the Charterers fail to deliver such Valuation Reports
      pursuant to this Clause 51, the Owners shall be entitled to arrange such Valuation Reports at the Charterers' cost.

   

  		(ii)	Each Valuation Report to be provided for the purpose of sub-paragraph (b)(i) above shall:

   

  		(A)	be issued by an Approved Valuer, if for the purpose of testing the Value Maintenance Ratio, (I) no
            earlier than fifteen (15) days before the relevant Test Date, and (II) no later than five (5) days before the relevant Test Date;

   

  		(B)	be made without physical inspection of the Vessel and on a desktop, charter-free basis;

   

  		(C)	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; and

   

  		(D)	be delivered to the Owners within forty five (45) days from the day on which the Owners make a
            request for valuation of the Vessel.

   

  		(iii)	If an Approved Valuer determines that the Fair Market Value shall fall within a range, the valuation
            as determined by such Approved Valuer should be the lower value of such range.

   

  		(iv)	Each valuation shall be provided by an Approved Valuer in US Dollars.

   

  		(c)	Value Maintenance Ratio

   

  		(i)	The Owners may test the Value Maintenance Ratio on any Test Date in accordance with the methodology
            described in sub-paragraph (b) (Valuations) above.

   

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  		(ii)	If, after conducting testing the Value Maintenance Ratio on the relevant Test Date, the Owners determine that the Value
            Maintenance Ratio is less than the Value Maintenance Threshold, then the Charterers shall, within fourteen (14) days of the Owners' receipt of the relevant Valuation Report:

    

  		(A)	provide cash collateral in the amount of the shortfall and deposit the same in the Owners' Account
            (it being understood and the Owners and the Charterers hereby agree and acknowledge that such cash collateral shall be deemed to be the Cash Collateral or part of the Cash Collateral); or

   

  		(B)	prepay such part of the Balloon and the Principal Hire in the amount of the shortfall (together with
            any Break Costs or other associated costs, expenses or penalties) to be applied by the Owners first to reduce the Charterers' obligation to pay the Balloon and then to reduce the Charterers’ obligation to pay the Principal Hire in inverse order
            of maturity (it being understood and the Owners and the Charterers hereby agree and acknowledge that any amount prepaid in accordance with this sub-paragraph (B) shall, once so applied by the Owners, not be refundable in any circumstance
            whatsoever),

   

  in each case in order to restore the Value Maintenance Ratio to comply with the
      Value Maintenance Threshold.

   

  		52.	Termination Events

   

  		(a)	Termination Events Each of the following events shall constitute a Termination Event:

   

  		(i)	Non-payment any Obligor fails to pay on the due date any sum payable pursuant to the
            Transaction Document to which it is a party at the place 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 made within three (3) Business Days of its due date;

   

  		(ii)	Non-compliance with insurance requirements or financial covenants

   

  		(A)	the Charterers fail to obtain and/or maintain the Insurances required under Clause 42 (Insurance)
            in accordance with the provisions thereof or any insurer in respect of such Insurances cancels the Insurances or disclaims liability with respect thereto for reasons attributable to the Charterers; or

   

  		(B)	any of the financial covenants contained in Clause 50 (Financial covenants) are breached when
            tested;

   

  		(iii)	Other obligations any Obligor does not comply with any provision of the Transaction
            Documents to which it is a party (other than those referred to in sub-paragraphs (a)(i) (Non-payment) and (a)(ii) (Non-compliance with insurance requirements or financial covenants) above, each of which shall, for the avoidance of
            doubt and for the purpose of this sub-paragraph (a)(iii), be a default which is not capable of remedy) and such non-compliance is not remedied by such Obligor to the Owners' satisfaction within ten (10) Business Days of the earlier of (A) the
            Owners giving notice of the breach to the relevant Obligor, and (B) the date that any responsible officer of the relevant Obligor has actual knowledge of the breach, provided that any failure to provide information or document shall be capable
            of remedy;

   

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  		(iv)	Misrepresentation any representation or statement made or deemed to be made by any
            Obligor in or pursuant to a Transaction Document to which it is a party or any other document delivered by or on behalf of an Obligor under or in connection with any Transaction Document to which it is a party is or proves to have been
            incorrect or misleading in any material respect when made or repeated, or deemed to be made or repeated;

   

  		(v)	Cross default

   

  		(A)	any Financial Indebtedness of any of (1) Obligors and (2) Golar Power (together the "Relevant
              Parties" and each a "Relevant Party") is not paid when due, taking into account any originally applicable grace period;

   

  		(B)	any Financial Indebtedness of any Relevant Party is declared to be 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 Relevant Party is cancelled or suspended by a
            creditor of that Relevant Party as a result of an event of default (however described); or

   

  		(D)	any enforcement of any Security Interest over any assets of any Relevant Party in respect of any
            Financial Indebtedness,

   

  provided that no Termination Event will occur under this sub-paragraph
      (a)(v) if, in respect of the relevant Relevant Party, the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within sub-paragraphs (A) to (D) above is equal to or less than ten million US Dollars
      (US$10,000,000) (or its equivalent in any other currency or currencies);

   

  		(vi)	Insolvency

   

  		(A)	any Obligor:

   

  		(1)	is unable or admits inability to pay its debts as they fall due;

   

  		(2)	suspends making payments on any of its debts;

   

  		(3)	by reason of actual financial difficulties, commences negotiations with one or more of its creditors
            (excluding the Owners in their capacities as such) with a view to rescheduling any of its indebtedness; or

   

  		(B)	a moratorium is declared in respect of any indebtedness of any Obligor;

   

  		(vii)	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, liquidation, dissolution,
            bankruptcy, administration, provisional supervision or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of an Obligor other than as part of a solvent reorganisation;

   

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  		(B)	a composition, assignment or arrangement with the creditors of an Obligor; or

   

  		(C)	the appointment of a liquidator, receiver, administrator or other similar officer in respect of an
            Obligor or any of its assets,

   

  or any analogous procedure or step is taken in any jurisdiction, provided that
      this sub-paragraph (a)(vii) above shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within ten (10) Business Days of commencement;

   

  		(viii)	[Intentionally left blank]

   

  		(ix)	Repudiation, termination or cancellation etc. of Transaction Documents any Transaction
            Document is terminated, cancelled, repudiated or otherwise ceases to remain in full force and effect;

   

  		(x)	Material adverse change any other event or events (whether related or not) occurs
            which is a material adverse change from the position applicable as at the date of this Charter in the business, operations, property, financial condition of any Obligor, the effect of which is to impair or prevent the due fulfilment by any
            Obligor of any of its material obligations or undertakings contained in a Transaction Document to which it is a party;

   

  		(xi)	Change of control except with the prior written consent of the Owners,

   

  		(A)	the Charterers cease to be a direct wholly-owned Subsidiary of the Chargor; or

   

  		(B)	the Chargor ceases to be a direct wholly-owned Subsidiary of Golar Power;

   

  		(xii)	Listing the Guarantor ceases to be a publicly listed entity on the Nasdaq Stock
            Market or any other recognised stock exchange acceptable to the Owners;

   

  		(xiii)	Related Charter termination event any "Termination Event" (as such term is defined in
            the Related Charter) occurs under the Related Charter; and

   

  		(xiv)	Unlawfulness and invalidity it is or becomes unlawful for an Obligor to perform any of
            its obligations under the Transaction Documents, or any Transaction Document ceases to be in full force and effect.

   

  		(b)	Effect of a Termination Event A Termination Event shall constitute (as the case may
            be) either a repudiatory breach of, or breach of condition by the Charterers under, this Charter or an agreed terminating event the occurrence of which will (in any such case) entitle the Owners to exercise all or any of the remedies set out
            below in this Clause 52.

   

  		(c)	Owners' options after occurrence of Termination Event Without prejudice to the
            forgoing or to any other rights of the Owners under the Charter, at any time after a Termination Event shall have occurred and be continuing following the lapse of any applicable grace period as specified in paragraph (a) (Termination Events)
          

   

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  above, the Owners may:

   

  		(i)	at their option and by delivering to the Charterers a Termination Notice, terminate this Charter on
            the date specified in such Termination Notice; and/or

   

  		(ii)	apply the Cash Collateral in or towards payment of all amounts payable under the Transaction
            Documents.

   

  		(d)	Owners' right to repossess On or at any time after a Termination in accordance with
            paragraph (c) (Owners' options after occurrence of Termination Event) above, and provided that the Charterers have failed to pay the Termination Sum in accordance with sub-paragraph (e) (Payment of Termination Sum) below,
            the Owners may (but without prejudice to the Charterers' obligations under Clause 44 (Redelivery) and Clause 45 (Redelivery conditions)) retake possession of the Vessel and, the Charterers agree that the Owners, for such purpose,
            may put into force and exercise all their rights and entitlements at law and may enter upon any premises belonging to or in the occupation or under the control of the Charterers where the Vessel may be located as well as giving instructions to
            the Charterers' servants or agents for this purpose.

   

  		(e)	Payment of Termination Sum On the Termination Payment Date in respect of any
            Termination in accordance with paragraph (c) (Owners' options after occurrence of Termination Event) above, the Charterers shall pay to the Owners an amount equal to the Termination Sum. For the avoidance of doubt, the Charterers'
            obligation to pay the Termination Sum (and any of their other obligations under the Transaction Documents) shall not be affected irrespective of the Owners' ability to complete the sale of the Vessel referred to in paragraph (h) below.

   

  		(f)	Owners' application of Termination Sum Following any termination to which this Clause
            52 applies, all sums payable in accordance with paragraph (e) above shall be paid to such account or accounts as the Owners may direct and shall be applied in the Owners' sole discretion towards sums owed by the Obligors under the Transaction
            Documents.

   

  		(g)	Transfer of title If the chartering of the Vessel or, as the case may be, the
            obligation of the Owners to deliver and charter the Vessel to the Charterers is terminated in accordance with the terms of this Charter, the obligation of the Charterers to pay Hire shall cease once the Charterers have made the payment in full
            pursuant to paragraph (e) (Payment of Termination Sum) above to the satisfaction of the Owners, whereupon the Owners shall, in exchange of such payment, arrange for title of the Vessel to be transferred to the Charterers in accordance
            with paragraphs (c) (Title transfer) to (e) (Charterers' letter of indemnity) of Clause 56 (Purchase Obligation and transfer of title).

   

  		(h)	Owners' right to sell the Vessel Following any termination to which this Clause 52
            applies, if the Charterers have not paid to the Owners the Termination Sum in full by the applicable Termination Payment Date (and consequently the Owners have not transferred title to the Vessel to the Charterers (or its nominee) in accordance
            with paragraph (g) above), the Owners shall be entitled (but not obliged) to sell the Vessel and apply the Net Sale Proceeds against the Termination Sum and claim from the Charterers for any shortfall.

   

  		(i)	Surplus of sale proceeds Upon completion of the sale of the Vessel in accordance with
            paragraph (h) above:

   

  		(i)	if the Charterers have not paid to the Owners the Termination Sum in full at the time when the
            Owners have received in full the Net Sale Proceeds and such Net Sale Proceeds exceed the Termination Sum; or

   

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  		(ii)	the Charterers have paid to the Owners the Termination Sum in full at the time when the Owners have
            received in full the Net Sale Proceeds,

   

  then any part of such Net Sale Proceeds which exceeds the Termination Sum (in the
      case of (i) above) or such Net Sale Proceeds (in the case of (ii) above) (the "Vessel Sale Proceeds Surplus") shall be paid by the Owners to the Related Owner as part of the cash collateral in relation to the Related Vessel which may be
      applied in the sole discretion of the Related Owner in accordance with the terms of the relevant Related Charter.

   

  		(j)	Charterers have no right to termination Save as otherwise expressly provided in this
            Charter, the Charterers shall not have the right to terminate this Charter any time prior to the expiration of the Agreement Term.

   

  		(k)	Owners' rights cumulative The rights conferred upon the Owners by the provisions of
            this Clause 52 are cumulative and in addition to any rights which they may otherwise have in law or in equity or by virtue of the provisions of this Charter.

   

  		53.	Sub-chartering

   

  		(a)	Restrictions on sub-chartering generally The Charterers shall not, without the prior
            written consent of the Owners:

   

  		(i)	let the Vessel on any demise charter for any period;

   

  		(ii)	enter into any time or consecutive voyage charter in respect of the Vessel (subject to paragraph (b)
            below);

   

  		(iii)	except as may be permitted under the Sub-Charter, de-activate or lay-up the Vessel; or

   

  		(iv)	assign their rights under this Charter.

   

  		(b)	Exceptions The restrictions in paragraph (a) above shall not apply to:

   

  		(i)	any Sub-Charter which is on a voyage or time charter basis with a duration (taking into account any
            option to renew or extend) of less than twelve (12) months; or

   

  		(ii)	any Sub-Charter which is on a time charter basis with a duration (taking into account any option to
            renew or extend) of twelve (12) months or more and which would expire before the end of the Charter Period if and only if:

   

  		(A)	the Charterers have, prior to their entering into of such Sub-Charter, notified the Owners in
            writing of such intended Sub-Charter and provided the Owners with any information which the Owners may reasonably request in respect of such Sub-Charter, including (but not limited to) the proposed terms of such Sub-Charter;

   

  		(B)	the Charterers assign to the Owners all the Charterers' earnings arising out of and in connection
            with such Sub-Charter and all their rights and interest in such Sub-Charter on such conditions as the Owners may require (provided that the Charterers' earnings arising out of and in connection with such Sub-Charter and the Charterers' rights
            and interest in such Sub-Charter are capable of being assigned and any conditions to be satisfied in order for such assignment to be effective have been satisfied); and

   

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  		(C)	the Charterers shall serve a notice on the relevant Sub-Charterers and shall use reasonable
            endeavours to obtain a written acknowledgement of such assignment from such Sub-Charterers in such form as is required by the Owners or any Finance Party (as the case may be).

   

  		54.	Name of Vessel

   

  The Charterers may:

   

  		(a)	choose the initial name of the Vessel, but may only change the initial name of the Vessel with the
            prior consent of the Owners (such consent not to be unreasonably withheld or delayed); and

   

  		(b)	paint the Vessel in the colours, display the funnel insignia and fly the house flag as required by
            the Charterers from time to time.

   

  		55.	Purchase Option

   

  		(a)	Purchase Option Subject to:

   

  		(i)	no Total Loss under Clause 57 (Total loss) having occurred;

   

  		(ii)	no Termination Event under Clause 52 (Termination Events) having occurred which is
            continuing;

   

  		(iii)	the Charterers' delivery of the Purchase Option Notice to the Owners at least three (3) months prior
            to the proposed Purchase Option Date; and

   

  		(iv)	the Purchase Option Date falling:

   

  		(A)	on any of the first (1st),

            second (2nd), third (3rd), fourth (4th) and fifth (5th) anniversary of the Actual Delivery Date; or

   

  		(B)	after:

   

  		(1)	a breach of any of the Owners' undertakings set out in paragraphs (c) (No insolvency) and (d)
            (No Restricted Party) of Clause 80 (Owners' undertakings); or

   

  		(2)	a declaration of war by any of the following countries to any of the other following countries: the
            United States of America, Russia, the United Kingdom, France and the People's Republic of China,

   

  the Charterers may purchase the Vessel on the Purchase Option Date for the
      applicable Purchase Option Price.

   

  		(b)	Title transfer upon exercise of Purchase Option In exchange for payment by the
            Charterers of the applicable Purchase Option Price on the relevant Purchase Option Date, the Owners shall arrange for title of the Vessel to be transferred to the Charterers in accordance with paragraphs (c) (Title transfer) to (e) (Charterers'

              letter of indemnity) of Clause 56 (Purchase Obligation and transfer of title).

   

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  		56.	Purchase Obligation and transfer of title

   

  		(a)	Purchase Obligation - expiry of Agreed Charter Period Unless (i) Total Loss under
            Clause 57 (Total loss) has occurred, (ii) the Termination Sum has been paid in full in accordance with the terms of this Charter or (iii) the Purchase Option has been exercised in accordance with the terms of this Charter, the Owners
            shall be obliged to sell the Vessel to the Charterers or their nominee and the Charterers shall be obliged to purchase the Vessel or cause their nominee to purchase the Vessel on the date falling seventy two (72) months after the Actual
            Delivery Date by the Charterers' payment of the applicable Purchase Obligation Price.

   

  		(b)	Purchase Obligation - outbreak of war In the event of a declaration of war by any of
            the following countries to any of the other following countries: the United States of America, Russia, the United Kingdom, France and the People's Republic of China, the Owners may at their option and by delivering to the Charterers a notice
            (the "Purchase Obligation Notice"), requiring the Charterers to purchase the Vessel and the Charterers shall be obliged to or cause their nominee to purchase the Vessel on the date specified in the Purchase Obligation Notice (the "Purchase

              Obligation Date") for the applicable Purchase Obligation Price.

   

  		(c)	Title transfer In exchange of full payment by the Charterers of:

   

  		(i)	in each case as applicable:

   

  		(A)	(in the case of the circumstances described in Clause 55 (Purchase Option) the applicable
            Purchase Option Price;

   

  		(B)	(in the case of the circumstances described in paragraph (a) (Purchase Obligation - expiry of
              Agreed Charter Period) above or paragraph (b) (Purchase Obligation - outbreak of war) above) the applicable Purchase Obligation Price; and

   

  		(ii)	any other sums payable by the Charterers to the Owners under this Charter and subject to compliance
            with the other conditions set out in this Clause 56,

   

  the Owners shall:

   

  		(A)	transfer title to and ownership of the Vessel to the Charterers (or their nominee) by delivering to
            the Charterers (in each case at the Charterers' costs):

   

  		(1)	a duly executed and notarised, legalised and/or apostilled (as applicable) bill of sale; and

   

  		(2)	the Title Re-Transfer PDA;

   

  		(3)	any other documents required by the Flag State to effectively transfer title; and

   

  		(B)	procure the deletion of any mortgage or prior Security Interest in relation to the Vessel at the
            Owners' costs,

   

  provided always that prior to such transfer or deletion (as the case may
      be), the Owners shall have received the letter of indemnity as referred to in paragraph (e) (Charterers' letter of indemnity) below from the Charterers, and the Charterers shall have performed all their obligations in connection with this
      Charter and with the Vessel, including without limitation the full payment of all Unpaid Sums, taxes, charges, duties, costs and disbursements (including legal fees) in relation to the Vessel.

   

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  		(d)	"As is, where is" title transfer

   

  		(i)	The transfer in accordance with paragraph (c) (Title transfer) above shall be made in all
            respects at the Charterers' expense on an "as is, where is" basis and the Owners shall give the Charterers (or their nominee) no representations, warranties, agreements or guarantees whatsoever concerning or in connection with the Vessel, the
            Insurances, the Vessel's condition, state or class or anything related to the Vessel, expressed or implied, statutory or otherwise.

   

  		(ii)	Without prejudice to sub-paragraph (i) above, the Charterers confirm that:

   

  		(A)	as the Vessel will at all relevant times be in their physical possession and use pursuant to this
            Charter, they do not require any inspection of the Vessel; and

   

  		(B)	they will accept unconditionally the Vessel and its classification records for the purpose of any
            transfer under this Clause 56.

   

  		(iii)	The place of documentary closing shall be at such place or places as may be agreed by the parties in
            writing.

   

  		(e)	Charterers' letter of indemnity The Charterers shall, immediately prior to the receipt
            of the bill of sale, furnish the Owners with a letter of indemnity (in a form satisfactory to the Owners (acting reasonably)) duly executed by the Charterers and the Guarantor and which shall provide (among other things) that:

   

  		(i)	the Owners and/or the Finance Parties (if any) have and will have no interest, concern or connection
            with the Vessel after the date of such letter; and

   

  		(ii)	the Charterers and the Guarantor shall jointly and severally indemnify the Owners and keep the
            Owners indemnified against any claims made by any person arising in connection with the Vessel other than a claim arising out of or in connection with the Finance Documents that is not a result of:

   

  		(A)	a Termination Event; or

   

  		(B)	any non-compliance by any Obligor of any provision of the Transaction Documents to which such
            Obligor is a party.

   

  		(iii)	the Owners shall indemnify the Charterers against any claims by any Finance Party against the Vessel
            after the expiration of the Agreement Term other than a claim arising out of or in connection with the Finance Documents that is a result of:

   

  		(A)	a Termination Event; or

   

  		(B)	any non-compliance by any Obligor in respect of any provision of the Transaction Documents to which
            such Obligor is a party.

  

   

  		57.	Total Loss

   

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  		(a)	Total Loss Termination If circumstances exist giving rise to a Total Loss, the
            Charterers shall promptly notify the Owners of the facts of such Total Loss. If the Charterers wish to proceed on the basis of a Total Loss and advise the Owners thereof, the Owners shall agree to the Vessel being treated as a Total Loss for
            all purposes of this Charter. The Owners shall thereupon abandon the Vessel to the Charterers and/or execute such documents as may be required to enable the Charterers to abandon the Vessel to insurers and claim a Total Loss. Without prejudice
            to the obligations of the Charterers to pay to the Owners all monies then due or thereafter to become due under this Charter, if the Vessel shall become a Total Loss during the Charter Period, then the Charter Period shall end on the Settlement
            Date.

   

  		(b)	Occurrence of Total Loss If the Vessel becomes a Total Loss during the Charter Period,
            the Charterers shall, on the Settlement Date, pay to the Owners the amount calculated in accordance with paragraph (c) (Payment on Settlement Date) below.

   

  		(c)	Payment on Settlement Date On the Settlement Date, the Charterers shall pay to the
            Owners an amount equal to the Termination Sum as at the Termination Payment Date. The foregoing obligations of the Charterers under this paragraph (c) shall apply regardless of whether or not any moneys are payable under any Insurances in
            respect of the Vessel, regardless of the amount payable thereunder, regardless of the cause of the Total Loss and regardless of whether or not any of the said compensation shall become payable.

   

  		(d)	Payment of Total Loss Proceeds All Total Loss Proceeds shall be paid to such account
            or accounts as the Owners may direct and shall be applied towards satisfaction of the Termination Sum and any other sums due and payable under the Transaction Documents. To the extent that there is any surplus after such application, such
            surplus shall be returned to the Charterers.

   

  		(e)	Constructive Total Loss The Charterers shall, at the Owners' request, provide evidence
            satisfactory to the Owners (acting reasonably) as to the date on which the constructive total loss of the Vessel occurred pursuant to the definition of Total Loss.

   

  		(f)	Payment unconditional The Charterers shall continue to pay Hire on the days and in the
            amounts required under this Charter notwithstanding that the Vessel shall become a Total Loss provided always that no further instalments of Hire shall become due and payable after the Charterers have made the payment required by
            paragraph (c) above.

   

  		58.	Appointment of Approved Manager

   

  		(a)	Subject to the other provisions of this Charter, the Owners confirm their consent to the proposed
            appointment by the Charterers of:

   

  		(i)	Golar Management Limited to be the Approved Commercial Manager; and

   

  		(ii)	Golar Management Norway AS to be the Approved Technical Manager,

   

  it being understood that each such appointment shall take effect on or before the
      Actual Delivery Date.

   

  		(b)	The Charterers covenant not to appoint anyone other than an Approved Manager as manager of the
            Vessel without the prior written consent of the Owners (such consent not to be unreasonably withheld or delayed).

   

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  		59.	Fees and expenses

   

  		(a)	Handling Fee The Charterers shall pay to the Owners the Handling Fee and provide
            documentary evidence of such payment on the date of this Charter.

   

  		(b)	Other costs and expenses The Charterers shall bear all reasonably incurred and
            properly documented costs, fees (including legal fees) and disbursements incurred by the Owners and the Charterers in connection with:

   

  		(i)	the negotiation, preparation and execution of this Charter and the other Transaction Documents;

   

  		(ii)	the sale, purchase and delivery of the Vessel under the MOA and this Charter;

   

  		(iii)	any amendment, waiver or consent under this Charter or any other Transaction Documents requested by
            the Charterers;

   

  		(iv)	preparation or procurement of any survey, inspection, valuation, tax or insurance advice;

   

  		(v)	the exercise of the Purchase Option pursuant to Clause 55 (Purchase Option) or the fulfilment
            of the Purchase Obligation pursuant to Clause 56 (Purchase Obligation and transfer of title);

   

  		(vi)	the occurrence of a Termination Event or a Total Loss;

   

  		(vii)	the registration of the Vessel under the laws and flag of the Flag State; and

   

  		(viii)	such other events or circumstances for which this Charter or any other Transaction Document
            expressly provides that the costs shall be borne by the Charterers,

   

  but excluding, in each case, costs and expenses in respect of the incorporation,
      administration, winding-up or liquidation of the Owners.

   

  		60.	Stamp duties

   

  The Charterers shall pay promptly all stamp, documentary or other like duties and
      Taxes to which the Charter, the MOA and the other Transaction Documents may be subject or give rise and shall indemnify the Owners on demand against any and all liabilities with respect to or resulting from any delay on the part of the Charterers to
      pay such duties or taxes.

   

  		61.	Operational notifiable events

   

  		(a)	Notifiable events The Owners are to be advised as soon as possible after the
            occurrence of any of the following events:

   

  		(i)	when a material condition of class is applied by the Classification Society;

   

  		(ii)	whenever the Vessel is arrested, confiscated, seized, requisitioned, impounded, forfeited or
            detained by any government or other competent authorities or any other persons;

   

  		(iii)	whenever a class or flag authority refuses to issue or withdraw trading certification;

   

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  		(iv)	in the event of a fire requiring the use of fixed fire systems or collision / grounding;

   

  		(v)	whenever the Vessel is planned for dry-docking, whether in accordance with paragraph (g) of Clause
            10 (Maintenance and Operation) or any Sub-Charter, and whether routine or emergency;

   

  		(vi)	the Vessel is taken under tow;

   

  		(vii)	any death or serious injury on board;

   

  		(viii)	any damage to the Vessel the repair costs of which (whether before or after adjudication) exceed the
            Major Casualty Amount; or

   

  		(ix)	when any material alteration is proposed to be made to the Vessel.

   

  		(b)	Without limiting the generality of paragraph (a) (Notifiable events) above, the Charterers
            shall, on the Actual Delivery Date and then every three (3) months thereafter until the expiry of the Agreement Term, supply (or cause to be supplied) to the Owners upon the Owners' request all material information (including copies where
            available) relating to the Vessel's operation.

   

  		62.	Further indemnities

   

  		(a)	Further indemnities Whether or not any of the transactions contemplated hereby are
            consummated, the Charterers shall, in addition to the provisions under Clause 17 (Indemnity)(Part II) of this Charter and subject to sub-clause (b) below, indemnify, protect, defend and hold harmless the Owners and their officers,
            directors, agents and employees (collectively, the "Indemnitees") throughout the Agreement Term from, against and in respect of, any and all liabilities, obligations, losses, damages, penalties, fines, fees, claims, actions, proceedings,
            judgement, order or other sanction, lien, salvage, general average, suits, costs, expenses and disbursements, including reasonable legal fees and expenses, of whatsoever kind and nature (collectively, the "Expenses"), imposed on,
            suffered or incurred by or asserted against any Indemnitee, in any way relating to, resulting from or arising out of or in connection with, in each case, directly or indirectly, any one or more of the following:

   

  		(i)	this Charter and any other Transaction Documents and any amendment, supplement or modification
            thereof or thereto requested by the Charterers;

   

  		(ii)	the Vessel or any part thereof, including with respect to:

   

  		(A)	the manufacture, design, possession, use or non-use, operation, maintenance, testing, repair,
            overhaul, condition, alteration, modification, addition, improvement, storage, seaworthiness, replacement, repair of the Vessel or any part (including, in each case, latent or other defects, whether or not discoverable and any claim for patent,
            trademark, or copyright infringement and all liabilities, obligations, losses, damages and claims in any way relating to or arising out of spillage of cargo or fuel, out of injury to persons, properties or the environment or strict liability in
            tort);

   

  		(B)	any claim or penalty arising out of violations by any Obligor, Approved Commercial Manager, Approved
            Technical Manager, Sub-Charterers or any other person of any applicable law (including any law relating to safety at sea, the ISM Code, any Environmental Law or any Sanctions);

   

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  		(C)	any Environmental Claim;

   

  		(D)	death or property damage of shippers or others;

   

  		(E)	any liens in respect of the Vessel or any part thereof unless arising under or in connection with
            the Finance Documents in the absence of a Charterers' default; or

   

  		(F)	any registration and/or tonnage fees (whether periodic or not) in respect of the Vessel payable to
            any registry of ships and any service fees payable to any service provider in relation to maintaining such registration at any registry of ships, including, without limitation, any registration fees and annual registration fees in connection
            with registering and maintaining the Owners as a foreign maritime entity (or its equivalent) in the relevant Flag State (or such other flag state as the Owners may consent to in writing) for the purpose of registering and maintaining the
            Owners' title with the relevant flag;

   

  		(iii)	any breach of or failure to perform or observe, or any other non-compliance with, any covenant or
            agreement or other obligation to be performed by the Charterers under any Transaction Document to which it is a party or the falsity of any representation or warranty of the Charterers in any Transaction Document to which it is a party or the
            occurrence of any Termination Event which is continuing;

   

  		(iv)	in connection with:

   

  		(A)	preventing or attempting to prevent the arrest, confiscation, seizure, taking and execution,
            requisition, impounding, forfeiture or detention of the Vessel; or

   

  		(B)	securing or attempting to secure the release of the Vessel,

   

  in each case in connection with the exercise of the rights of a holder of a lien
      created by the Charterers;

   

  		(v)	incurred or suffered by the Owners in:

   

  		(A)	procuring the delivery of the Vessel to the Charterers under Clause 35 (Delivery)

   

  		(B)	recovering possession of the Vessel following termination of this Charter under Clause 52 (Termination

              Events); or

   

  		(C)	arranging for a transfer of the Vessel's title in accordance with paragraph (b) (Title transfer
              upon exercise of Purchase Option) of Clause 55 (Purchase Option), or paragraph (c) (Title transfer) of Clause 56 (Purchase Obligation and transfer of title);

   

  		(vi)	arising from the Master or officers of the Vessel or the Charterers' agents signing bills of lading
            or other documents;

   

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  		(vii)	in connection with:

   

  		(A)	the arrest, seizure, taking into custody or other detention of the Vessel by any court or other
            tribunal or by any governmental entity (including any prevention or attempt to prevent such arrest, seizure, taking into custody or other detention); or

   

  		(B)	subjection to distress by reason of any process, claim, exercise of any rights conferred by a lien
            or by any other action whatsoever,

   

  of the Vessel which are expended, suffered or incurred as a result of or in
      connection with any claim or against, or liability of, the Charterers or any other member of the Group, together with any costs and expenses or other outgoings which may be paid or incurred by the Owners in releasing the Vessel from any such arrest,
      seizure, custody, detention or distress.

   

  		(b)	Cost indemnities The Charterers shall pay to the Owners promptly on the Owners'
            written demand the amount of all costs and expenses (including legal fees) incurred by the Owners in connection with the enforcement of, or the preservation of any rights under, any Transaction Document including (without limitation) any
            losses, costs and expenses which the Owners may from time to time sustain, incur or become liable for by reason of the Owners being deemed by any court or authority to be an operator, or in any way concerned in the operation, of the Vessel.

   

  		(c)	Run-off indemnities Without prejudice to any right to damages or other claim which
            either party may, at any time, have against the other hereunder, it is hereby agreed and declared that the indemnities of the Owners by the Charterers contained in this Charter shall continue in full force and effect for a period of six (6)
            months after the Agreement Term.

   

  		63.	Set-off

   

  The Owners may set off any matured and/or contingent obligation due from the
      Charterers under the Transaction Documents against any obligation (whether matured or not) owed by the Owners to the Charterers, regardless of the place of payment or currency of either obligation. If the obligations are in different currencies, the
      Owners may convert either obligation at a market rate of exchange in their usual course of business for the purpose of the set-off.

   

  		64.	Further assurances and undertakings

   

  		(a)	Each Party shall make all applications and execute all other documents and do all other acts and
            things as may be necessary to implement and to carry out their obligations under, and the intent of, this Charter.

   

  		(b)	The Parties shall act in good faith to each other in respect of any dealings or matters under, or in
            connection with, this Charter.

   

  		65.	Cumulative rights

   

  The rights, powers and remedies provided in this Charter are cumulative and not
      exclusive of any rights, powers or remedies at law or in equity unless specifically otherwise stated.

   

  		66.	No waiver

   

  No delay, failure or forbearance by a party to exercise (in whole or in part) any
      right, power or remedy under, or in connection with, this Charter will operate as a waiver. No waiver of any breach of any provision of this Charter will be effective unless that waiver is in writing and signed by the party against whom that waiver
      is claimed. No waiver of any breach will be, or be deemed to be, a waiver of any other or subsequent breach.

   

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  		67.	Entire agreement

   

  This Charter contains all the understandings and agreements of whatsoever kind and
      nature existing between the parties in respect of this Charter, the rights, interests, undertakings agreements and obligations of the parties to this Charter and shall supersede all previous and contemporaneous negotiations and agreements.

   

  		68.	Amendments

   

  This Charter may not be amended, altered or modified except by a written
      instrument executed by each of the parties to this Charter.

   

  		69.	Invalidity

   

  If any term or provision of this Charter or the application thereof to any person
      or circumstances shall to any extent be invalid or unenforceable the remainder of this Charter or application of such term or provision to persons or circumstances (other than those as to which it is already invalid or unenforceable) shall (to the
      extent that such invalidity or unenforceability does not materially affect the operation of this Charter) not be affected thereby and each term and provision of this Charter shall be valid and be enforceable to the fullest extent permitted by law.

   

  		70.	English language

   

  All notices, communications and financial statements and reports under or in
      connection with this Charter and the other Transaction Documents shall be in English language or, if in any other language, shall be accompanied by a translation into English. In the event of any conflict between the English text and the text in any
      other language, the English text shall prevail.

   

  		71.	No partnership

   

  Nothing in this Charter creates, constitutes or evidences any partnership, joint
      venture, agency, trust or employer/employee relationship between the parties, and neither party may make, or allow to be made any representation that any such relationship exists between the parties. Neither party shall have the authority to act for,
      or incur any obligation on behalf of, the other party, except as expressly provided in this Charter.

   

  		72.	Disclosure of information

   

  At any time after the date of this Charter and during the Agreement Term, each of
      the Owners and the Charterers 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 Transaction Documents; or

   

  		(b)	any information provided pursuant to any of the Transaction 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 to whom, and to the extent that, information is required to be disclosed by any
            applicable law;

   

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  		(iii)	to any investor, potential investor, purchaser or potential purchaser of or in any member of the
            Group;

   

  		(iv)	to any other member of the Group and, if required, to the financiers of such member of the Group;

   

  		(v)	to any Governmental Agency;

   

  		(vi)	to the Finance Parties or any party to any of the Transaction Documents;

   

  		(vii)	to the auditors, legal, financial or insurance advisors, underwriters or brokers of the Owners, the
            Charterers or of any of the persons listed in the paragraphs above or the lenders or financiers of or to the Group who shall, in each case, be instructed or under a professional obligation to maintain the confidentiality of any information
            supplied to them; or

   

  		(viii)	in any manner contemplated by any of the Transaction Documents.

   

  		73.	Notices

   

  		(a)	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 fax, letter or email.

   

  		(b)	The address, fax number and email address (and the department or officer, if any, for whose
            attention the communication is to be made) of each party to this Charter for any communication or document to be made or delivered under or in connection with this Charter are:

   

  		(i)	in the case of the Charterers:

   

  Golar Hull M2023 Corp.

   

  		Address:	c/o Golar Power Limited

            6th Floor, The Zig Zag

            70 Victoria Street

            London SW1E 6SQ

            England

   

  		Fax No.:	+44 (0)20 7063 7901

  		Email:	Eduardo.Maranhao@golar.com/

            Rodrigo.Fortes@golar.com

  		Attention:	Eduardo Maranhao / Rodrigo Fortes

   

  with a copy to:

   

  Golar LNG Limited

   

  		Address:	6th Floor, The Zig Zag

            70 Victoria Street

            London SW1E 6SQ

            England

   

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  		Fax No.:	+44 (0)20 7063 7901

   

  		Email:	brian.tienzo@golar.com

  		Attention:	Brian Tienzo

   

  		(ii)	in the case of the Owners:

   

  Oriental Fleet LNG 02 Limited

      東方富利LNG02有限公司

   

  		Address:	c/o Oriental Fleet International Company Limited

            50/F, COSCO Tower

            183 Queen's Road Central

            Hong Kong

   

  		Fax No.:	+852 2339 1881

   

  		Email:	lou.can@coscoshipping.com / thomas.xing@ofi.com.hk / asset@coscoshipping.com

  		Attention:	Belinda Lou / Thomas Xing / Xu Ying

   

  or any substitute address, fax number, email address, department or officer as
      either party may notify to the other by not less than five (5) Business Days' notice.

   

  		(c)	Any communication or document made or delivered by one party to this Charter to the other under or
            in connection with this Charter will only be effective:

   

  		(i)	if by way of fax or email, when sent with no error message received; or

   

  		(ii)	if by way of letter, when it has been left at the relevant address or five (5) 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 paragraph (b) above, if addressed to that department or officer.

   

  Any communication or document which becomes effective, in accordance with this
      paragraph (c), after 5.00 pm in the place of receipt shall be deemed only to become effective on the following day.

   

  		74.	Survival of Charterers' obligations

   

  The termination of this Charter for any cause whatsoever shall not affect the
      right of the Owners to recover from the Charterers any money due to the Owners in consequence thereof and all other rights of the Owners (including but not limited to any rights, benefits or indemnities which are expressly provided to continue after
      the termination of this Charter) are reserved hereunder.

   

  		75.	Counterparts

   

  This Charter may be executed in any number of counterparts and any single
      counterpart or set of counterparts signed, in either case, by all the parties hereto shall be deemed to constitute a full and original agreement for all purposes.

   

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  		76.	Third Parties Act

   

  		(a)	Any person which is an Indemnitee or a Finance Party from time to time and is not a party to this
            Charter shall be entitled to enforce such terms of this Charter as provided for in this Charter in relation to the obligations of the Charterers to such Indemnitee or (as the case may be) Finance Party, subject to the Third Parties Act. The
            Third Parties Act applies to this Charter as set out in this Clause 76.

   

  		(b)	Save as provided above, a person who is not a party to this Charter has no right under the Third
            Parties Act to enforce or to enjoy the benefit of any term of this Charter.

   

  		77.	Waiver of immunity

   

  		(a)	To the extent that any Party may in any jurisdiction claim for itself or its assets or revenues
            immunity from any proceedings, suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other legal process and to the extent that such immunity (whether or not claimed) may be attributed in any such
            jurisdiction to such Party or its assets or revenues, each Party agrees, to the extent permitted by any applicable law, not to claim and irrevocably waive, to the extent permitted by any applicable law, such immunity to the full extent
            permitted by the laws of such jurisdiction.

   

  		(b)	Each Party consents generally in respect of any proceedings to the giving of any relief and the
            issue of any process in connection with such proceedings including (without limitation) the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which is made or
            given in such proceedings. Each Party agrees that in any proceedings in England this waiver shall have the fullest scope permitted by the English State Immunity Act 1978 and that this waiver is intended to be irrevocable for the purposes of
            such Act.

   

  		78.	Law and arbitration

   

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

   

  		(b)	Any dispute, controversy, difference or claim arising out of or relating to this Charter, including
            the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration in Hong Kong
            administered by the Hong Kong International Arbitration Centre ("HKIAC") under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted.

   

  		(c)	The seat of arbitration shall be Hong Kong.

   

  		(d)	The number of arbitrators shall be three (3). The arbitration proceedings shall be conducted in
            English.

   

  		(e)	Each Party may appeal on points of law.

   

  		(f)	The law governing this Clause 78 (Law and arbitration) shall be English law.

   

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  		79.	FATCA

   

  		(a)	For the purpose of this Clause 79, the following terms shall have the following meanings:

   

  "Code" means the United States Internal Revenue Code of 1986, as amended.

   

  "FATCA" means:

   

  		(i)	sections 1471 through 1474 of the Code and any associated regulations;

   

  		(ii)	any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or
            relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of paragraph (i) above; or

   

  		(iii)	any agreement pursuant to the implementation of paragraphs (i) or (ii) 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 this
      Charter or the other Transaction Documents required by or under FATCA.

   

  		(b)	The Charterers shall procure that:

   

  		(i)	if an Obligor is required to make a FATCA Deduction, that Obligor shall make that FATCA Deduction
            and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA;

   

  		(ii)	if a FATCA Deduction is required 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 FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required; and

   

  		(iii)	within thirty (30) days of making either a FATCA Deduction or any payment required in connection
            with that FATCA Deduction, the Obligor making that FATCA Deduction or payment shall deliver to the Owners evidence satisfactory to the Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment has been paid to the
            relevant governmental or taxation authority.

   

  		80.	Owners' undertakings

   

  		(a)	Owners' financial statements The Owners undertake that, for the duration of the
            Agreement Term and upon prior written request of the Guarantor for the purpose of such Guarantor and/or the Group's financing reporting, the Owners shall supply or cause to be supplied to the Charterers the following documents and shall use
            their best endeavours to do so within the timelines specified below:

   

  		(i)	as soon as the same become available, but in any event within fifty nine (59) days after the end of
            each financial year of the Owners, the audited annual financial statements of the Owners for that financial year; and

   

  		(ii)	as soon as the same become available, but in any event within five (5) Business Days after the end
            of each financial quarter of the Owners, the unaudited quarterly management accounts of the Owners for that financial quarter.

   

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  		(b)	Costs relating to Owners' financial statements The Owners and the Charterers agree and
            acknowledge that all costs arising out of or in connection with the Owners' preparation or procurement of:

   

  		(i)	the audited annual financial statements in accordance with sub-paragraph (a)(i) (Owners'
              financial statements) above shall be borne by the Charterers; and

   

  		(ii)	the unaudited quarterly management accounts in accordance with sub-paragraph (a)(ii) (Owners'
              financial statements) above shall be borne by the Owners.

   

  		(c)	No insolvency The Owners undertake that, for the duration of the Charter Period, no
            judgment of their insolvency or bankruptcy and no order for their winding-up or liquidation will be made.

   

  		(d)	No Restricted Party The Owners undertake that, for the duration of the Charter Period, the Owners
            will not become a Restricted Party.

   

  		81.	Conflicts

   

  Unless stated otherwise, in the event of there being any conflict between the
      provisions of Clauses 1 (Definitions) (Part II) to 31 (Notices) (Part II) and the provisions of Clauses 32 (Definitions) to 81 (Conflicts), the provisions of Clauses 32 (Definitions) to 81 (Conflicts) shall
      prevail.

   

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  SCHEDULE 1

      FORM OF PROTOCOL OF DELIVERY AND ACCEPTANCE

   

  PROTOCOL OF DELIVERY AND ACCEPTANCE

   

  It is hereby certified that pursuant to a bareboat charter dated                   2019 and
      made between Oriental Fleet LNG 02 Limited 東方富利LNG02有限公司  (the "Owners") as owners and Golar Hull M2023 Corp. (the "Bareboat Charterers") as bareboat charterers (as may be amended and supplemented from time to time, the
      "Bareboat Charter") in respect of one (1) 160,000 m3 LNG carrier named "Golar Penguin" and registered under the laws and flag of The Republic of the Marshall
      Islands with IMO number 9624938 (the "Vessel"), the Vessel is delivered for charter by the Owners to the Bareboat Charterers, and accepted by the Bareboat Charterers from the Owners at            hours (Hong Kong time) on the date hereof in
      accordance with the terms and conditions of the Bareboat Charter.

   

  IN WITNESS WHEREOF, the Owners and the Bareboat Charterers have caused this PROTOCOL OF
      DELIVERY AND ACCEPTANCE to be executed by their duly authorised representative on this            day of                   in                                   .

   

  	THE OWNERS	 	THE BAREBOAT CHARTERERS
	 	 	 
	ORIENTAL FLEET LNG 02 LIMITED	 	GOLAR HULL M2023 CORP.
	 	 	 
	東方富利LNG02有限公司	 	 
	 	 	 
	by:	 	by:
	 	 	 
	Name:	 	Name:
	Title:	 	Title:
	Date:	 	Date:

   

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  SCHEDULE 2

      FORM OF TITLE RE-TRANSFER PROTOCOL OF DELIVERY AND ACCEPTANCE

   

  PROTOCOL OF DELIVERY AND ACCEPTANCE

   

  m.v. “Golar Penguin”

   

  Oriental Fleet LNG 02 Limited 東方富利 LNG02 有限公司 of [Trust Company Complex, Ajeltake
      Road, Ajeltake Island, Majuro, the Marshall Islands, MH96960] (the “Owners”) deliver to Golar Hull M2023 Corp. whose registered address is [Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands, MH96960]
      (the “Bareboat Charterers”) the Vessel described below and the Bareboat Charterers accept delivery of, title and risk to the Vessel pursuant to the terms and conditions of the bareboat charter dated                  2019 (as may be amended and
      supplemented from time to time) and made between (1) the Owners and (2) the Bareboat Charterers.

   

  	Name of Vessel:	 	m.v. “Golar Penguin”
	 	 	 
	Flag:	 	The Republic of the Marshall Islands
	 	 	 
	Place of Registration:	 	The Republic of the Marshall Islands
	 	 	 
	IMO Number:	 	9624938
	 	 	 
	Gross Registered Tonnage:	 	102100 tons
	 	 	 
	Net Registered Tonnage:	 	30631 tons
	 	 	 
	Dated:	 	               20
	 	 	 
	At:	 	               hours (Hong Kong time)
	 	 	 
	Place of delivery:	 	 
	 	 	 
	THE OWNERS	 	THE BAREBOAT CHARTERERS
	 	 	 
	ORIENTAL FLEET LNG 02 LIMITED	 	GOLAR HULL M2023 CORP.
	東方富利LNG02有限公司	 	 
	 	 	 
	by:	 	by:
	 	 	 
	Name:	 	Name:
	 	 	 
	Title:	 	Title:
	 	 	 
	Date:	 	Date:

   

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  SCHEDULE 3

      FORM OF COMPLIANCE CERTIFICATE

   

  Part I

      Form of GLNG Compliance Certificate

   

  	To:	ORIENTAL FLEET LNG 02 LIMITED
	 	東方富利LNG02有限公司
	 	Trust Company Complex
	 	Ajeltake Road, Ajeltake Island
	 	Majuro, the Marshall Islands
	 	MH96960
	 	(the “Owners”)
	 	 
	From:	GOLAR LNG LIMITED
	 	2nd Floor, S.E. Pearman Building
	 	9 Par-la-Ville Road
	 	Hamilton HM11
	 	Bermuda

   

  Dated:

   

  Dear Sirs

   

  Bareboat charter in relation to the 160,000 m3 LNG carrier named “Golar Penguin” dated [●] 2019 and made between the Owners (as owners) and Golar Hull M2023 Corp. (as bareboat charterers) (the “Charter”)

   

  	1.	We refer to the Charter.
	 	 
	2.	This is a GLNG Compliance Certificate. Terms defined in the Charter have the same meaning when used in this GLNG Compliance Certificate
            unless given a different meaning in this GLNG Compliance Certificate.
	 	 
	3.	We confirm that: as at the date on which the financial statements accompanying this GLNG Compliance Certificate were drawn up:
	 	 
	 	[Insert details of covenants to be certified]
	 	 
	 	[Charterers to provide details of calculations of financial covenants]

   

  	For and on behalf of 	 
	Golar LNG Limited	 
	 	 	 
	By:	 	 
	Title:	 	 

   

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  Part II

      Form of Golar Power Compliance Certificate

   

  	To:	ORIENTAL FLEET LNG 02 LIMITED
	 	東方富利LNG02有限公司
	 	Trust Company Complex
	 	Ajeltake Road, Ajeltake Island
	 	Majuro, the Marshall Islands
	 	MH96960
	 	(the “Owners”)
	 	 
	From:	GOLAR POWER LIMITED
	 	2nd Floor, S.E. Pearman Building
	 	9 Par-la-Ville Road
	 	Hamilton HM11
	 	Bermuda

   

  Dated:

   

  Dear Sirs

   

  Bareboat charter in relation to the 160,000 m3 LNG carrier named “Golar Penguin” dated [●] 2019 and made between the Owners (as owners) and Golar Hull M2023 Corp. (as bareboat charterers) (the “Charter”)

   

  	1.	We refer to the Charter.
	 	 
	2.	This is a Golar Power Compliance Certificate. Terms defined in the Charter have the same meaning when used in this Golar Power Compliance
            Certificate unless given a different meaning in this Golar Power Compliance Certificate.
	 	 
	3.	[We confirm that no Termination Event is continuing.]*

   

  	For and on behalf of	 
	Golar Power Limited	 
	 	 	 
	By:	 	 
	Title:	 	 

    

  

   

  * If this statement cannot be made, the certificate should identify any Termination Event that
      is continuing and the steps, if any, being taken to remedy it. 

   

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  SIGNATURE PAGE

   

  ADDITIONAL CLAUSES

      TO BAREBOAT CHARTER FOR LNG CARRIER “GOLAR PENGUIN” 

   

  

  	THE OWNERS	 	THE CHARTERERS
	 	 	 
	ORIENTAL FLEET LNG 02 LIMITED	 	GOLAR HULL M2023 CORP.
	東方富利LNG02有限公司	 	 
	 	 	 
	by:	 	by:
	 	 	 
	/s/ Li Bing	 	/s/ Rodrigo Fores
	Name: Li Bing	 	Name: Rodrigo Fortes
	 	 	 
	Title: Director	 	Title: Attorney-in-Fact
	 	 	 
	Date: 17 December 2019	 	Date: 17 December 2019

   

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   81

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