Document:

d1359933_ex4-21.htm

Exhibit 4.21

 

 

MEMORANDUM OF AGREEMENT

Singapore Ship Sale Form [SSF2011]

 

Date of Agreement: 19th of February 2013

 

	
1.  The Sellers:

Hanjin Shipping Co., Ltd., 25-11 Yoido-dong, Youngdeungpo-gu, Seoul 150-949, Republic of Korea

1.(a) Guarantor (optional)*:

 

	
2.  The Buyers or Nominee**:

 

Nauru Shipping Company Inc., of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960

 

2 (a) Guarantor (optional)*: Performance is to be Guaranteed by Diana Containerships Inc., of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960

 

	
3.    Name of the Vessel: M/V Hanjin Malta

	
4.     IMO No./Official No./Call-Sign:

9021679

 

	
5.  Type, Built Yard, Built Year & GT: Container vessel, Hanjin Heavy Industries, Built 1993, 51,299

 

	
6.  (a) Flag/Port of Registry:

 

Jeju, Republic of Korea

	
7.    Classification Society ("Class"):

        Korean Register of Shipping

 

	  

(b) Bare-beat Registry (if any)

	
8. Purchase Price: USD 22,000,000.00 (Twenty Two Million United States Dollars)

 

(i)       Deposit (10 % of Purchase Price): USD 2,200,000.00 (Two Million Two Hundred Thousand United Stales Dollars)

 

(a)      Payee Bank: To be mutually agreed.

 

(b)      Value Date: Within three (3) banking days from the date or this Agreement and the time-charterparty have been signed by e-mail or fax by both parties.

 

	
(ii) Balance Purchase Price (Purchase Price less Deposit):  USD 19,800,000.00 (Nineteen Million Eight Hundred Thousand United States Dollars)

+ any extras under Clause 7.

 

(a) Payee Bank: Korea Exchange Bank, Yeouido Branch, favouring Hanjin Shipping Co., Ltd.

- Acct. 061-JCD-100181, SWIFTL KOEXKRSE

 

	
(iii) Place or Closing: New York, USA

 

	
(iv) Daily Cost of Delayed Delivery: 

 

4,000.00 USD

 

	
9.  (i) Physical Inspection (Port and Date): Genoa 15th of October 2012.

 

     (ii) Pre-Delivery Divers inspection (Port): At the delivery port (intended port is New York).

 

	
10.         Delivery Place (at safe and accessible anchorage or berth in): Panama City - New York range atdnshinc. The Sellers will designate the exact port of delivery in writing, no later than 25 February 2013. Intended port of delivery is New York.

 

Delivery Date (Range): 10th March 2013 to 30th March 2013. Cancelling Date: 30th of March 2013 in Buyers option. Intended delivery date is 15 March 2013 during vessel's call in New York.

 

	
 

Declaration:  It is hereby mutually agreed that this Agreement shall be performed according to the terms and conditions set out herein.  Additional clauses, if any, shall be deemed to be fully incorporated into this Agreement.

	
 

11. Signatures – For and on behalf of:

 

The SELLERS:

(Name/title)

 

/s/                                       

Senior Vice President

Hanjin Shipping Co., Ltd.

 

GUARANTOR, if any:

(Name/Title)

	
 

 

 

The BUYERS: Nauru Shipping Company Inc.

(Name/Title)

 

/s/ Symeon Pallos                          

Name: Symeon Pallos

Title: Director and President

 

 

GUARANTOR: Diana Containerships Inc.

(Name/Title)

Name: /s/Ioannis Zafirakis

Title: Director, Chief Operating Officer and Secretary

 

 

©2010 Singapore Dore Maritime Foundation

  

  

  

 

*This is an optional clause applicable in instances where either both parties or one of the parties requires to have a guarantor to guarantee the performance of this Agreement. The Guarantor by signing this Agreement irrevocably and unconditionally guarantees the due performance of the relevant party. In such cases, default by a party shall vest the other party with the immediate right to start a single arbitration against both the named party and its guarantor as co-respondents (in accordance with Clause 15 of this Agreement) and thereby to recover damages from the guarantor, who shall be jointly and severally liable with the defaulter.

 

**The Buyers shall have more than one right of nomination provided that the Nominee is nominated latest upon receipt of the 15 days notice to be given under Clause 5 (a) of this Agreement or by such date as may be agreed to by the Sellers and the Buyers, failing which  the right to nominate shall be lost. A three-party addendum to this Agreement recording the novation in favour of the Nominee Buyers shall be entered into by the Buyers, Sellers and Nominee Buyers.

 

	
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Whereas it is hereby agreed on this day that the Sellers identified in Box 1 have agreed to sell and the Buyers identified

	
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in Box 2 have agreed to buy, the Vessel with specifications stated in Box 3, 4, 5, 6, 7, for the Purchase Price stated in

	
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Box 8, subject to the following terms and conditions:

	 	 
	
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    1.  Deposit

	 	 
	
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The Buyers shall pay a deposit of 10 per cent of the Purchase Price specified in Box 8 (i) as security for the fulfillment

	
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of this Agreement to the bank nominated by the Sellers in Box 8 (i) (a), with a value date no later than that specified

	
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upon in Box 8 (i) (b) of this Agreement. Notwithstanding that the amount received may be lesser due to bank

	
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remittance charges imposed during the normal course of transfer, such amount shall stand as due fulfillment of the

	
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Buyers obligation to pay the deposit and be held in a joint escrow account of both the Sellers and the Buyers, which

	
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shall be released to the Sellers as part of the Purchase Price in accordance with joint written instructions of the Sellers

	
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and the Buyers. The Sellers are to arrange the opening of the joint escrow account latest by 2 banking days prior to the

	
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Value Date. The Buyers, latest together with their remittance of the Deposit, are to arrange bank-to-bank confirmation

	
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from the remitting bank to the bank specified in Box 8 (i) (a) that the Buyers, and the remitting party if different, are a

	
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known customer of the bank and should it be required by the bank in Box 8 (i) (a), the Buyers will also arrange for the

	
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bank-to-bank confirmation to include the confirmation by the remitting bank that they know the source of funds. Both

	
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Sellers and Buyers shall comply with the anti-money laundering laws and regulations of the country in which the

	
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bank(s) specified in Box 8 are located.

	 	 
	
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Any interest earned on the deposit shall accrue to the Buyers whereas any closing fee/fees charged for holding the

	
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deposit shall be borne equally by the Sellers and the Buyers.

	 	 
	
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    2.  Payment

	 	 
	
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(a) The Buyers shall pay the Balance Purchase Price specified in Box 8 (ii) in full including any extras under Clause 7

	
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free of bank/transfer charges to Sellers' nominated bank account at Sellers' bank stated in Box 8 (ii) (a) upon delivery

	
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of the Vessel. The agreed Purchase Price shall be paid for same day value within 3 full banking days, (being banking

	
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days in the place of closing and in the country of the Purchase Price currency) after the Sellers tender the written

	
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notice* of actual readiness of the Vessel for delivery in accordance with Clause 5 (b).

 

	
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(b) The Buyers may delay to take delivery of the Vessel for up to a maximum of further seven (7) consecutive days

	
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paying to the Sellers the sum specified in Box 8 (iv) per day, or part thereof, as compensation for such delay provided

	
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that the Buyers have declared their intention to take late delivery prior to the expiry of the specified 3 full banking

	
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days. Any such amount due shall be paid at the time and place and in the same currency as the Purchase Price and any

	
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additional amounts due under Clause 7. If such delay exceeds seven (7) consecutive days then the Sellers shall have the

	
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right to cancel this Agreement and claim damages for their losses incurred.

	 	 
	
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*Throughout this Agreement, a written notice is to mean a registered letter, telex, tele-fax, e-mail or other modern form of written

	
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communication between the Sellers and the Buyers.

	 	 
	
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    3. Inspections*

©2010 Singapore Dore Maritime Foundation

  

  

  

 

	
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(a) The Buyers have physically inspected the Vessel at the place and on the date specified in Box 9 (i) as well as the

	
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Classification records and have accepted the Vessel making the sale outright, subject only to the terms and conditions

	
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of this Agreement.

 

	
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(b) The Seller shall rnake the Vessel available for Physical Inspection as per Box 9(i) hereof.,

 

	
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The Buyers shall undertake-the Physical Inspection ** without undue delay to the Vessel.  Should the Buyers cause

	
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undue-delay, the Sellers shall be compensated-for the losses incurred-by them.  The sale shall become definite and

	
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outright, subject only to the terms and conditions of this Agreement, if the Vessel is accepted by the Buyers after the

	
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inspection and a written notice of acceptance from the Buyers is received by the Sellers with 72 hours after

	
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completion of Physical Inspection of the Vessel.  If the Buyers decline the Vessel or if such notice of acceptance is not

	
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received by the Sellers within the afore-mentioned time, the deposit together with any interest earned shall be

	
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immediately released to the Buyers, whateafter this Agreement shall be null and void.

 

	
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*3 (a) and 3 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 3 (a) shall apply.

 

	
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**In the context of this Agreement, Physical Inspection of the Vessel is to mean only inspection of the Vessel physically including

	
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taking photographs without opening up of the Vessel and without cost to the Sellers. The Physical. Inspection to include inspection of

	
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Vessel's Classification records, continuous synopsis record, maintenance records, deck and engine log books and available ballast

	
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spaces.

	 	 
	
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    4.  Condition on Delivery

	 	 
	
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Until the Vessel is delivered and taken over by the Buyers, the Vessel and everything belonging to her shall be at

	
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Sellers' risk and expense, subject to the terms of this Agreement. The Sellers shall deliver the Vessel to the Buyers in

	
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substantially the same condition as the Vessel was at the time of inspection*, with the exception of fair wear and tear,

	
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with present Class maintained free from any outstanding Class conditions and/or recommendations**, free from

	
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damage affecting Vessel's Class, with all Class and trading certificates (both national and international) clean and valid

	
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and unextended for a minimum period of three (3) months from the time of delivery. No CSM items or other class

	
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survey are to fall due within three (3) months of the date of delivery. All cargo spaces shall be clean and free of any

	
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cargo, subject only to immovable residues. If the Vessel is not in the same condition as the Vessel was at the time of

	
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inspection, the Buyers may reject the Vessel but only if the difference in condition has a substantial impact upon the

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Buyer's ability to trade the Vessel. Otherwise, the Buyers' remedy for differences in condition shall lie in damages.

 

	
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The burden of proof as to the condition of the Vessel at the time of inspection shall be on the Buyers.

 

	
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*Inspection shall mean the Buyers' inspection according to 3(a) or 3(b) as applicable. If the Vessel is taken over without

	
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inspection, the date of this Agreement shall be the relevant date.

 

	
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**Any notes in Class reports which are accepted by Class without imposing a condition/recommendation are not to be taken into

	
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account and shall not constitute outstanding Class conditions and/or recommendation within the meaning of this Clause.

 

	
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    5. Notices and Notice of Actual Readiness

 

	
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(a) Prior to the arrival of the Vessel at the Delivery Place specified in Box 10, the Sellers shall provide the Buyers with

	
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20, 15, 7, and 3 days advance written notices to keep the Buyers advised of the estimated date and port of delivery and

	
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of the Vessel's itinerary. Following the tender of any notice, Sellers are to take reasonable steps not to hinder delivery

	
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by the date set out in the notice.

 

	
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(b) Upon the arrival of the Vessel at the Delivery Place and when the Vessel is physically ready in accordance with

	
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Clause 4 for delivery and Sellers have ready all of the Sellers' documents required by Clause 8 (save for the Certificate

	
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of Ownership or equivalent, Class Maintained Certificate, Invoice for Bunkers and Greases and and Lubricants and the 

	
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Protocol of Delivery and Acceptance), the Sellers shall tender a written Notice of Actual Readiness of the Vessel to the

	
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Buyers. Subject only to Clause 2 (b), the Buyers shall take delivery of the Vessel within 3 full banking days after the Sellers

	
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tender such notice.

 

	
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(c) However, if the Vessel becomes an actual; constructive or compromised total loss before delivery, the Sellers incur

	
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no liability under this Agreement, the Buyers arc entitled to the immediate return of the deposit and any interest earned

	
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thereon and thereafter this Agreement shall be null and void.

 

	
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    6.  Pre-Delivery Divers Inspection

 

	
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Prior to delivery, the Sellers shall make the Vessel available to the Buyers for underwater inspection. The Sellers shall

	
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be responsible for ensuring that the port, anchorage or berth chosen for underwater inspection of the Vessel is suitable

	
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and permitting such inspection.

 

	
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(a) The Buyers shall have the right to appoint, at their own expense, a Class approved diver to inspect the Vessel's

	
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underwater parts below the deepest load line including rudder and propeller upon the Vessel's arrival at the port

 

©2010 Singapore Dore Maritime Foundation

  

  

  

 

	
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specified in Box 9(ii). The Sellers shall grant Buyers sufficient daylight hours within which to conduct the said

	
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inspection and Sellers shall be obliged to ensure attendance of the Class surveyor to monitor the said inspection

	
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which may be attended by Buyers and Sellers' representatives without interference to Class and/or the divers.

	
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However, should the Buyers fail to arrange for such inspection then they shall lose the right of such divers

	
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inspection.

 

	
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(i) If any defects are found during underwater inspection including rudder and propeller that shall affect the

	
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Vessel's present Class and the repair of which Class agrees can be deferred to the Vessel's next scheduled

	
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dry-docking, the Buyers' sole remedy shall be the payment by the Sellers of the estimated cost of repair of

	
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such defects only excluding any dry-dock costs, as per the average of the quotations of two reputable repair

	
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yards independent of the Sellers and the Buyers in the delivery area, one to be selected by each party. The said

	
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average amount in respect of the cost of repair shall be deducted from the Purchase Price to be paid to the

	
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Sellers at the time of delivery of the Vessel. The costs of Class attendance and divers fees incurred for the

	
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underwater inspection shall be borne by the Buyers unless damage is found and the Class imposes a

	
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recommendation in which case both costs shall be borne by the Sellers.

 

	
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(ii) If damage is found for which Class requires immediate repair, then Sellers shall repair such damage without

	
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delay prior to delivery. Should the Sellers be required to dry-dock the Vessel to repair such damage, then

	
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Clause 6 (b) shall apply.

 

	
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(b) Where the Sellers are required to dry-dock the Vessel under Clause 6 (a) (ii), the Sellers shall also enable the

	
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inspection of the Vessel's bottom, rudder, propeller, tail shaft and other underwater parts by a surveyor of the

	
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Classification Society to the satisfaction of the Classification Society standards. The Sellers shall be obliged to

	
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rectify any defects found that affect the present Class of the Vessel within the agreed time or if no agreement is

	
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reached then latest within 14 days of such damage being found (and, insofar as necessary, the Cancelling Date

	
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shall be extended to allow the full agreed or 14 days' repair period), failure of which shall enable the Buyers to

	
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cancel the Agreement and recover the deposit together with interest.

 

	
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(i) The Buyers shall bear the cost of the survey of the tail shaft system unless the Classification Society requires

	
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such survey to be carried out, in which case the Sellers shall bear the cost.. The expenses in connection with

	
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putting the Vessel in and taking her out of dry-dock including dry-dock dues and Classification Society's fees

	
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shall be paid by the Sellers if any condition or recommendation, excluding surveyor notes is issued as a result

	
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of the survey. In all other cases Buyers shall pay the aforesaid expenses, dues and fees.

 

	
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(ii) The Buyer shall have the right to place a representative for observation whilst the Vessel is in dry-dock

	
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without interfering with the Classification surveyor's work or decisions, during the Classification Society

	
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inspections.

 

	
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(iii) The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk and

	
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expense without interfering with the Classification Society's or the Sellers' work, and without affecting timely

	
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delivery of the Vessel. Upon the completion of the Sellers' work, the Sellers may tender Notice of Actual

	
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Readiness of the Vessel for delivery notwithstanding the non-completion of Buyers' work and

	
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notwithstanding that the Vessel is not at the Delivery Place, upon which the Buyers shall be obliged to take

	
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delivery of the Vessel in accordance with the aforesaid notice. All dry-docking expenses incurred after such

	
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delivery except undocking expenses under Clause 6 (a) (ii) shall be borne by the Buyers.

 

	
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The Classification Society shall be the only entity to determine whether any underwater damage constitutes a condition

	
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of Class, and such determination shall be final and binding on both parties.

 

	
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    7. Spares/ Bunkers & Others

 

	
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The Sellers shall deliver the Vessel to the Buyers with everything belonging to her including all spare parts and spare

	
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equipment on board and on shore except those spare parts that are on order. Any forwarding charges shall be the

	
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Buyers' expense. However, the Sellers are not required to replace any spare parts that are taken out of spare and used

	
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as replacement in the Vessel prior to delivery unless required by Class. The radio installation and navigational

	
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equipment shall be included in the sale, along with all unused stores and provisions without extra payment. Any

	
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crockery, plates, cutlery, linen and other items bearing the Sellers' name, if taken by the Sellers, shall be replaced with

	
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unmarked items. However, the following items shall be excluded without compensation;

 

	
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(a) Items that are on use exclusively in Sellers' Vessel like library, forms etc;

	
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(b) Personal belongings including slop chest of the Vessel captain, officers and crew;

	
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(c) Items on hire; Life raft 5 pieces contracted with Wilhelmsen Ship's Service: Due date 10 June 2013

	
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- 25 persons x 2 pieces

	
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- 20 persons x 2 pieces

	
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- 6 persons x 1 piece

©2010 Singapore Dore Maritime Foundation

  

  

  

 

	142	time......................................... 
	
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(d) Others,if any...............................

	
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.....................................

 

	
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The remaining bunkers, unused lubricants of all grades and greases in designated storage tanks (not header tanks) and

	
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unopened drums shall be taken over by the Buyers, on payment of the net price excluding barging expenses paid by the

	
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Sellers at the date of last supply to the Vessel and evidenced by relevant invoices or vouchers; copies of which shall be

	
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made available to the Buyers at the time of delivery. Payment under this Clause shall be made in the same currency

	
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and at the same time and place as the Purchase Price. For avoidance of doubt, during handover the bunkers remaining

	
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onboard are to remain the property of the Sellers as time charterers and, although bunkers will be measured and agreed

	
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by the respective representatives of the Sellers and the Buyers at the time of delivery, there will be no payment for

	
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bunkers on delivery, with the Buyers to buy same hack upon redelivery from time charter.

 

	
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    8.  Documentation

 

	
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(a) As soon as practically possible after the Deposit in Box 8 (i) has been paid in accordance with Clause 1. the Sellers

	
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shall forward the Buyers scanned or photocopies of all requested Plans, Registry, Class, Safety/Trading Certificates

	
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and other documents reasonably required for preparation of Buyers registration and management documentation.

 

	
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(b) At the Place of Closing specified in Box 8 (iii) at the time of delivery the Sellers and the Buyers shall sign and

	
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deliver to each other a signed Protocol of Delivery and Acceptance stating the date, time and place of delivery of the

	
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Vessel from the Sellers to the Buyers.

 

	
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The Sellers shall furnish the Buyers with the following documents (unless otherwise specified all to be originals in

	
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English or with official English translations) in exchange for payment of the full Purchase Price of the Vessel:

 

	
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(i) Two (2) One (1) Bills of Sale to be notarially attested and then legalized by the appropriate authorities as

	
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required by the Buyers' incoming flag specifying that the Vessel is free from all encumbrances as set out in Clause

	
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9(a) of this Agreement. The notarial certificate is to confirm the identity of the signatory, his/her ability to bind the

	
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Sellers and the authenticity of the signature.

 

	
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(ii) Extract of the Resolutions of the Sellers' Board of Directors and Shareholders meetings authorizing the sale

	
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and transfer of the Vessel pursuant to this Agreement and appointing persons to represent the Sellers in connection

	
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with the sale of the Vessel and the execution of Bills of Sale and any other documents in connection with the sale of

	
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the Vessel including the issuance of a Power of Attorney. Such Resolutions are to be notarially attested and then

	
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legalized by the appropriate authorities if required by the Buyers' incoming flag. The notarial certificate is to confirm

	
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the identity of the signatory, his/her ability to bind the Sellers and the authenticity of the signature.

 

	
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(iii) Power of Attorney issued by the Sellers authorizing their named representative(s) to effect the sale and

	
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transfer of the Vessel to the Buyers, pursuant to this Agreement and carry out any delivery/closing formalities

	
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including receiving the Deposit and the Balance Purchase Price or any other amounts pursuant to this Agreement.

	
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Such Power of Attorney is to be notarially attested and then legalized by the appropriate authorities if required by the

	
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Buyers' incoming flag. The notarial certificate is to confirm the identity of the signatory, his/her ability to bind the

	
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Sellers and the authenticity of the signature.

 

	
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(iv) One (1) Certificate of Ownership or equivalent, dated on the date of Vessel's delivery or such other date as the

	
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parties may agree, issued by the competent authorities showing that the Vessel is registered in the ownership of the

	
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Sellers and is free from registered mortgages and encumbrances.

 

	
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(v) A certified true copy of the Sellers' constitutive documents.

 

	
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(vi) A current Certificate of Good Standing or Equivalent.

 

	
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(vii) Three (3) Commercial Invoices setting out the main particulars of the Vessel and the Purchase Price of the

	
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Vessel.

 

	
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(viii) One (1) Commercial Invoice setting out the particulars and cost of bunkers and greases and lubricants

	
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remaining on board together with copies of the respective vouchers.

 

	
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(ix) Certificate of Deletion or in lieu thereof, a Letter of Undertaking to provide the Certificate of Deletion and

	
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closed CSR from the present Ship Registry within 30 days from the date of delivery.

 

	
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(x) Letter from the Sellers confirming to certify to the best of their knowledge at the time of delivery that the Vessel

	
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is free from all encumbrances, charters, mortgages, maritime liens, writs (save where security has been

	
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furnished), port state and other administrative detentions, stowaways, trading commitments and any other debts

	
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or claims whatsoever. The Seller shall indemnify the and undertaking to indemnify fully Buyers against all

	
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consequences of any claims against the Buyers that may arise due to claims against the Vessel originating prior

©2010 Singapore Dore Maritime Foundation

  

  

  

	
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to the time of the the Vessel's delivery to the-Buyers.

 

	
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(xi) Three (3) Protocols of Delivery and Acceptance. (One each to be retained by the Buyers, the Sellers and the

	
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closing Bank)

 

	
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(xii) Class Maintained Certificate dated not more than 3 working days prior to the date of delivery. However, if the Class

	
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Maintained Certificate is issued prior to the underwater inspection, then a copy of the Class report following the

	
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divers' inspection also to be included.

 

	
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(xiii) The Sellers' letter of confirmation that to the best of their knowledge the Vessel:

	
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—   has not sustained grounding or any other damage to underwater parts since underwater inspection (or

	
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most recent dry-docking in case there is no divers' inspection).

	
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—   is not black listed by any government, state, country, political sub division and union.

 

	
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(xiv) A copy of Sellers or Sellers manager's letter(s) to the respective authorities confirming cancellation of all

	
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Inmarset and other communication contracts for the Vessel effective at the time of delivery.

 

	
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(xv) Letter from the Sellers confirming to the best of Sellers knowledge and belief, wages of crew have been duly

	
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paid when due and the Sellers crew do not have any outstanding claim against the Vessel at the time of delivery.

 

	
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(c) At the time of delivery of the Vessel the Buyers shall furnish the Sellers with the following documents (unless

	
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otherwise specified all to be originals in English or with official English translations):

 

	
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(i) A certified true copy of the Buyers' constitutive documents, the Buyers in-house attorney-at-law to certify the

	
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constitutive documents as a true copy.

 

	
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(ii) A current Certificate of Good Standing or equivalent.

 

	
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(iii) Resolution of the Board of Directors of the Buyers approving the purchase of the Vessel from the Sellers and

	
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granting a power of attorney to authorized representatives of the Buyers. Such Resolution to be apostilled.

	
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notarially attested and then legalized by the appropriate authorities as required by the Sellers.  The notarial

	
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certificate is to confirm the identity of the signatory, his/her ability to bind the Buyers and the authenticity of the

	
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signature.

 

	
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(iv) Power of Attorney of the Buyers authorizing the Buyers' representatives or their nominees to do all such acts

	
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and things which the attorney may consider necessary or desirable on behalf of the Buyers with respect to the

	
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purchase and taking delivery of the Vessel but including specifically, acceptance of the Bill of Sale, signing of the

	
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Protocol of Delivery and Acceptance, release/payment of Deposit and Balance Purchase Price or any other

	
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amounts pursuant to the Agreement. Such Power of Attorney to be apostilled. notarially' attested-and-then-legalized

	
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by the appropriate authorities as required by the Sellers.  The notarial certificate is to confirm the identify of the

	
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signatory, his/her ability to bind the Buyers and the authenticity of the signature.

 

	
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(v) Certificate from the President of the Buyers confirming the names of the Board of Directors and shareholders

	
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of the Buyers.

 

	
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(vi) A declaration duly signed by two (2) Directors of the Buyers, which shall be apostilled, stating that:

 

	
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a. The Buyers are not in violation of any anti-corrupt practices law or anti-terrorism law or any similar law relating

	
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to money laundering, terrorism or terrorist financing; and

 

	
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b. The Buyers will not fund all or part of any payment of the Purchase Price of the Vessel out of proceeds derived

	
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from transactions that violate any prohibition under any anti-terrorism law or any similar law relating to money

	
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laundering, terrorism or terrorist financing.

 

	
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(vii) A corporate guarantee duly signed and delivered by Diana Containcrships Inc., the parent company of the

	
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Buyers, to the Sellers in relation to the due performance of the Buyers of their obligations under this Agreement.

 

	
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(d) As soon as possible but not later than 14 days prior to the Vessel's expected readiness for delivery, the Sellers and

	
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the Buyers shall exchange by fax or email (copies to the extent possible) or drafts of the documents listed in sub

	
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clauses (b) & (c) above for the other Party's review and comments. Copies of executed versions which are to be in

	
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strict conformity with the drafts are also to be circulated latest 3 days prior to delivery.

 

	
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At the time of delivery onboard the Vessel, the Sellers shall hand over to the Buyers all Classification Certificates,

	
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Plans, Drawings, Record Books, Instruction Manuals (excluding ISM or other documents specific only to the

	
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Sellers/their Managers). All other certificates and documents onboard and pertinent to the Vessel shall also be handed

	
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over to the Buyers unless the Sellers are required to retain same, in which case photocopies are to be left onboard. All

	
243

	
other documents which may be in the Sellers'/Sellers manager's possession shall be promptly forwarded to the Buyers

©2010 Singapore Dore Maritime Foundation

  

  

  

	
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after delivery. Forwarding charges, if any, to be for the Buyers' account. The Sellers may keep the Vessel's log books

	
245

	
but the Buyers to be so advised and have the right and opportunity to take copies of same.

 

	
246

	
    9. Encumbrances

 

	
247

	
a) It is a condition of this Agreement, any breach of which will entitle the Buyers to reject the Vessel, that the Vessel,

	
248

	
at the time of delivery, is free from all encumbrances, charters, mortgages, maritime liens, writs (save where security

	
249

	
has been furnished), port state and other administrative detentions, stowaways, trading commitments and any other

	
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debts whatsoever.

 

	
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b) The Sellers hereby undertake to indemnify fully the Buyers against all consequences of any claims against the

	
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Buyers that may arise due to claims against the Vessel originating prior to the time of delivery of the Vessel to the

	
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Buyers.

 

	
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    10.  Expenses

 

	
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The Buyers shall bear all expenses including taxes and fees in connection with the purchase and registration of the

	
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Vessel under the Buyers' flag, and similarly the Sellers shall bear all expenses in connection with closing of the

	
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Sellers' Registry.

 

	
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    11. Vessel Name

 

	
259

	
After the end of the time-charter party as per Clause 18 below, the The Buyers undertake, upon delivery of the Vessel,

	
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shall to change the name of the Vessel and alter its funnel markings.

 

	
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    12. Buyers Default

 

	
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(a) In the event of failure by the Buyers to pay the agreed Deposit or to provide the bank-to-bank confirmation set out

	
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in Clause 1 by the Value Date, the Sellers have the right to cancel this Agreement and they shall be entitled to claim

	
264

	
compensation for their losses and expenses (but with no automatic right to compensation in the amount of the Deposit).

 

	
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(b) The failure to pay the agreed Purchase Price, and any additional amounts due under Clause 7 and Clause 2(b),

	
266

	
within the deadline provided by Clause 2(a) or, if applicable, Clause 2(b), shall vest the Sellers with the right to cancel

	
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this Agreement and the Deposit with any interest earned thereon shall be forfeited to the Sellers (irrespective of the

	
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amount of the Sellers' actual losses and expenses). Insofar as the Deposit does not cover the Seller's actual losses and

	
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expenses, they shall be entitled to claim further compensation for those losses and expenses not so covered.

 

	
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(c) The burden of proving any loss and expense shall be on the Sellers.

 

	
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    13. Sellers Default

 

	
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(a) In the event of failure on the part of the Sellers to give Notice of Actual Readiness in accordance with Clause 5(b)

	
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latest within the Cancelling Date specified in Box 10 or, Notice of Actual Readiness for Delivery having been

	
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tendered, failure on the part of the Sellers to provide the documents required by Clause 8 and/or to deliver the Vessel

	
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as provided in Clause 9, the Buyers shall have the option to cancel this Agreement.

 

	
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(b) If after Notice of Actual Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to

	
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be physically ready for delivery and is not made physically ready again in accordance with Clause 4 and a Notice of

	
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Actual Readiness for Delivery re-tendered latest within the Cancelling Date in Box 10, the Buyers shall retain their

	
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right to cancel.

 

	
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(c) In the event the Buyers choose to cancel this Agreement the Deposit together with interest earned shall be released

	
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to them immediately.

 

	
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(d) In addition, save where the failure was caused by matters outside of the Sellers' reasonable control, the Buyers shall

	
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be entitled to claim compensation for all their losses and expenses caused by failure of the Sellers to give Notice of

	
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Actual Readiness latest within the Cancelling Date in Box 10 or, if Notice of Actual Readiness for Delivery has been

	
285

	
tendered, caused by failure by the Sellers to provide the documents required by Clause 8 and/or to deliver the Vessel as

	
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provided in Clause 9. The burden of proving any loss and expense, additional or otherwise, shall be on the Buyers. The

	
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burden of proving that the failure was caused by matters outside of the Sellers' reasonable control shall be on the

	
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Sellers.

 

	
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    14. Buyers Representatives

 

©2010 Singapore Dore Maritime Foundation

  

  

  

	
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The Buyers arc entitled to place two representatives on board the Vessel after signing a letter of indemnity in Sellers'

	
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usual form, for the purpose of familiarization and as observers at their expense and risk after this Agreement has been

	
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signed by both parties and the Deposit has been lodged. The Buyers' Representatives are to remain onboard until

	
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delivery under the Master's control, but are to be allowed access to the Vessel's main spaces, machinery and

	
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equipment without interference to the Vessel or her operations.

 

	
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296

 

	 
	
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    15. Arbitration & Governing Law

 

	
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i)* This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of 

	299 	this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory 
	300 	modification or re-enactment thereof for the time being in force, one arbitrator being appointed by each party. On the 
	301 	receipt by one party of the nomination in writing of the other party's arbitrator, that party shall appoint their arbitrator 
	302 	within fourteen days, failing which the decision of the single arbitrator appointed shall apply. If two arbitrators 
	303 	properly appointed shall not agree they shall appoint an umpire whose decision shall be final. and any guarantee
	
304

	
contained herein shall be governed by and construed in accordance with Singapore/English* Law and any and all

	
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disputes arising out of or in connection with this Agreement, including any question regarding its existence, validity or

	
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termination, shall be referred to and finally resolved by arbitration in Singapore in accordance with the Arbitration

	
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Rules of the Singapore Chamber of Maritime Arbitration for the time being in force at the commencement of the

	308 	
arbitration.

 

	
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ii)* This Agreement and any guarantee contained herein shall be governed by and construed in accordance with

	
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.......................... Law and any and all disputes arising out of or in connection with this Agreement, including

	
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any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration in

	
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........................... in accordance with the .............................. Rules for the time being in force at the

	
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commencement of the arbitration.

 

	
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*15(i) and (ii) are alternatives, delete whichever is not applicable. In the absence of deletions, alternative 15 (i) and Singapore law

	
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shall apply to the exclusion of any other law. In the absence of selection by the parties as to the applicable law, seat of  arbitration

	
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and arbitration rules under alternative 15 (ii); Singapore law shall apply to the exclusion of any other law, Singapore shall be the

	
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seat of arbitration and the arbitration rules of the Singapore Chamber of Maritime Arbitration shall apply.

 

	
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    16. Confidentiality Clause

 

	
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All negotiations are to be kept strictly private and confidential between the parties involved, subject however to any

	
320

	
disclosure requirements of the U.S. SEC, NASDAQ and KOSPL.  Both Parties agree in good faith to keep the terms and

	
321

	
conditions of this Agreement private and confidential except as required by law.  In the event the sale or details thereof

	
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become known or reported in the market neither the Sellers nor the Buyers shall have the right to withdraw from the

	
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sale or fail to fulfill all their obligations under this Agreement.

 

	
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    17.  Entire Agreement Clause

 

	
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This Agreement and any Addenda thereto contain the entire agreement between the Sellers and the Buyers relating to

	
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the transaction which is the subject of this Agreement and all negotiations, understandings and agreements whether in

	
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writing or otherwise between the Sellers and the Buyers are superseded and/or replaced by this Agreement.

 

	
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    18. Time Charter

 

	
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The Vessel to be time chartered back to Hanjin Shipping Co., Ltd. 25-11, Yoido-dong, Youngdeungpo-gu, Seoul 150-

	
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949, Korea or a nominee to be fully guaranteed by Hanjin Shipping, for a period of min/max 36.5 - 38 months at a rate

	
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of USD 25,550.00 pdpr iclot to Buyers less US$150.00 pdpr commission to Maersk Broker. Commencement of the 

	
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time-charterparty to commence simultaneously upon delivery of the Vessel to the Buyers under this Agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	 	
 

 

©2010 Singapore Dore Maritime Foundation2012.12.31 Ex 4-279

Exhibit 4-279

FORTY-THIRD
SUPPLEMENTAL INDENTURE
TO
INDENTURE OF MORTGAGE AND
DEED OF TRUST
DATED AS OF MARCH 1, 1944

AS RESTATED IN
PART II OF THE TWENTY-NINTH
SUPPLEMENTAL INDENTURE DATED AS OF JULY 15, 1989
WHICH BECAME EFFECTIVE ON APRIL 1, 1994

MICHIGAN CONSOLIDATED GAS COMPANY
TO
CITIBANK, N.A.,
TRUSTEE
DATED AS OF DECEMBER 1, 2012 

CREATING AN ISSUE OF FIRST MORTGAGE BONDS,
DESIGNATED AS
2012 Series D BONDS

MICHIGAN CONSOLIDATED GAS COMPANY
FORTY-THIRD SUPPLEMENTAL INDENTURE
DATED AS OF DECEMBER 1, 2012
SUPPLEMENTAL TO INDENTURE OF MORTGAGE
AND DEED OF TRUST
DATED AS OF MARCH 1, 1944
TABLE OF CONTENTS
PAGE
ARTICLE I AMENDMENT OF INDENTURE.................................................................................................................3
ARTICLE II ESTABLISHMENT OF AN ISSUE OF FIRST MORTGAGE BONDS, OF THE SERIES DESIGNATED AND DISTINGUISHED AS “2012 SERIES D BONDS”................................................................................................4
SECTION 1..............................................................................................................................................................4
SECTION 2..............................................................................................................................................................5
SECTION 3..............................................................................................................................................................5
SECTION 4..............................................................................................................................................................9
SECTION 5..............................................................................................................................................................9

ARTICLE III ISSUE OF BONDS.................................................................................................................................10
ARTICLE IV THE TRUSTEE......................................................................................................................................10
ARTICLE V RECORDING AND FILING OF SUPPLEMENTAL INDENTURE DATED AS OF DECEMBER 1, 2008..............................................................................................................................................................................................10
ARTICLE VI MISCELLANEOUS PROVISIONS.........................................................................................................11

1

THIS FORTY-THIRD SUPPLEMENTAL INDENTURE, dated as of the 1st day of December, 2012, between MICHIGAN CONSOLIDATED GAS COMPANY, a corporation duly organized and existing under and by virtue of the laws of the State of Michigan (hereinafter called the “Company”), having its principal place of business at One Energy Plaza, Detroit, Michigan, and CITIBANK, N.A., a national banking association incorporated and existing under and by virtue of the laws of the United States of America, having an office at 388 Greenwich Street in the Borough of Manhattan, the City of New York, New York, as successor trustee (hereinafter with its predecessors as trustee called the “Mortgage Trustee” or the “Trustee”):

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture of Mortgage and Deed of Trust (the “Original Indenture”), dated as of March 1, 1944;

WHEREAS, the Company has heretofore executed and delivered to the Trustee the Twenty-ninth Supplemental Indenture, which became effective April 1, 1994, to provide for the modification and restatement of the Original Indenture as previously amended (as so amended, supplemented and modified the “Indenture”), and to secure the Company's First Mortgage Bonds, unlimited in aggregate principal amount except as therein otherwise provided, issued pursuant to the:
Thirtieth Supplemental Indenture, dated as of September 1, 1991;
Thirty-first Supplemental Indenture, dated as of December 15, 1991;
Thirty-second Supplemental Indenture, dated as of January 5, 1993;
Thirty-third Supplemental Indenture, dated as of May 1, 1995;
Thirty-fourth Supplemental Indenture, dated as of November 1, 1996;
Thirty-fifth Supplemental Indenture, dated as of June 18, 1998;
Thirty-sixth Supplemental Indenture, dated as of August 15, 2001;
Thirty-seventh Supplemental Indenture, dated as of February 15, 2003;
Thirty-eighth Supplemental Indenture, dated as of October 1, 2004;
Thirty-ninth Supplemental Indenture, dated as of April 1, 2008; 
Fortieth Supplemental Indenture, dated as of June 1, 2008; 
Forty-first Supplemental Indenture, dated as of August 1, 2008; and
Forty-second Supplemental Indenture, dated as of December 1, 2008;

WHEREAS, at the date hereof there were outstanding First Mortgage Bonds of the Company issued under the Indenture, of 9 series in the principal amounts set forth below (including Collateral Bonds):

2

	
										
	Designation of Series
	Amount
Initially Issued
	Amount
Outstanding

	First Mortgage Bonds
	 
	 

	(Secured Term Notes, Series B)
	 
	 

	81⁄4% Series due 2014
	$
	80,000,000
	 
	$
	80,000,000
	 

	 
	 
	 

	 
	 
	 

	Collateral Bonds
	 
	 

	 
	 
	 

	(Senior Notes)
	 
	 
	 

	 
	 
	 

	5.70% Collateral Bonds due 2033
	$
	200,000,000
	 
	$
	200,000,000
	 

	2004 Series E Collateral Bonds
	$
	120,000,000
	 
	$
	120,000,000
	 

	2008 Series A Collateral Bonds
	$
	60,000,000
	 
	$
	60,000,000
	 

	2008 Series B Collateral Bonds
	$
	100,000,000
	 
	$
	100,000,000
	 

	2008 Series C Collateral Bonds
	$
	25,000,000
	 
	$
	25,000,000
	 

	2008 Series F Collateral Bonds
	$
	75,000,000
	 
	$
	75,000,000
	 

	2008 Series H Collateral Bonds
	$
	140,000,000
	 
	$
	140,000,000
	 

	2008 Series I Collateral Bonds
	$
	50,000,000
	 
	$
	50,000,000
	 

WHEREAS, the Company desires in and by this Supplemental Indenture to establish a series of bonds to be issued under the Indenture, to designate the terms thereof, to specify the particulars necessary to describe and define the same and to specify such other provisions and agreements in respect thereof as are in the Indenture provided or permitted; and

WHEREAS, all the conditions and requirements necessary to make this Supplemental Indenture, when duly executed and delivered, a valid, binding and legal instrument in accordance with its terms and for the purposes herein expressed, have been done, performed and fulfilled, and the execution and delivery of this Supplemental Indenture in the form and with the terms hereof have been in all respects duly authorized;

NOW, THEREFORE, in consideration of the premises and in further consideration of the sum of One Dollar in lawful money of the United States of America paid to the Company by the Trustee at or before the execution and delivery of this Forty-third Supplemental Indenture, the receipt whereof is hereby acknowledged, and of other good and valuable consideration, it is agreed by and between the Company and the Trustee as follows:
ARTICLE I
AMENDMENT OF INDENTURE
SECTION 1.    Amendment of Granting Clause. The Granting Clause of the Indenture is hereby amended to insert the words “including, without limitation, covenants of the Company to pay any premium (including any make-whole amount) due and payable on any bonds at any time issued and outstanding hereunder,” immediately following the words “performance and observance of all the covenants and conditions therein and herein contained.”

SECTION 2.     Amendment of Section 9.01 of the Indenture. Section 9.01 of the Indenture is hereby amended to include the following additional “event of default”:
I. Default shall be made in the due and punctual payment of any premium (including any make-whole amount) on any of the bonds issued hereunder when and as the same shall become due and payable as expressed in such bonds or in this Indenture or in any indenture supplemental hereto;

3

ARTICLE II
ESTABLISHMENT OF AN ISSUE OF

SECTION 1. There is hereby established a series of bonds to be issued under and secured by the Indenture, to be known as “First Mortgage Bonds,” designated and distinguished as “2012 Series D Bonds” of the Company (herein collectively sometimes called the “Bonds”). The Bonds shall be limited in aggregate principal amount to $70,000,000 except as provided in Article II of the Indenture and in this Supplemental Indenture with respect to transfers, exchanges and replacements of Bonds. The Bonds shall be registered bonds without coupons and shall be dated as of the date of the authentication thereof by the Trustee.

The Bonds shall mature on the 15th day of December, 2042 (subject to earlier redemption, as provided herein), shall bear interest at the rate of 3.92% per annum, payable semi-annually on the fifteenth day of June and December of each year and at maturity (each an “Interest Payment Date”), beginning on June 15, 2013. The principal, Make-Whole Amount (as defined below), if any, and interest on the Bonds shall be payable in lawful money of the United States of America; the place where such principal and Make-Whole Amount, if any, shall be payable shall be the corporate trust office of the Trustee in the Borough of Manhattan, the City of New York, New York, and the place where such interest shall be payable shall be the office or agency of the Company in said Borough of Manhattan, the City of New York, New York. The Bonds shall have such other terms as set forth in the form of Bond provided in Section 3.

SECTION 2. The Bonds shall be subject to redemption at the option of the Company, in whole at any time or in part from time to time (any such date of redemption, a “Redemption Date”), at a redemption price (any such price, a “Redemption Price”) equal to 100% of the principal amount of the Bonds to be redeemed on the Redemption Date together with the Make-Whole Amount (as defined in the form of Bond provided in Section 3), if any, plus, in each case, accrued and unpaid interest thereon to the Redemption Date.

Notwithstanding the foregoing, installments of interest on the Bonds that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on the Interest Payment Date to the registered holders as of the close of business on the relevant Record Date.

Notice of redemption shall be given to the holders of the Bonds to be redeemed not more than 60 nor less than 30 days prior to the Redemption Date, as provided in Section 4.05 of the Indenture. Each such notice shall specify such optional Redemption Date, the aggregate principal amount of the Bonds to be redeemed on such date, the principal amount of each Bond held by such holder to be redeemed, and the interest to be paid on the Redemption Date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a senior financial officer of the Company as to the estimated Make-Whole Amount due in connection with such redemption (calculated as if the date of such notice were the date of the redemption), setting forth the details of such computation. The Make-Whole Amount shall be determined by the Company two Business Days prior to the applicable Redemption Date and the Company shall deliver to holders of the Bonds and to the Trustee a certificate of a senior financial officer specifying the calculation of such Make-Whole Amount as of the Redemption Date.

Subject to the limitations of Section 4.07 of the Indenture, the notice of redemption may state that it is subject to the receipt of the redemption moneys by the Trustee on or before the Redemption Date, and that such notice shall be of no effect unless such moneys are so received on or before such date. 

If the Bonds are only partially redeemed by the Company, the Trustee shall select which Bonds are to be redeemed pro rata among all of the Bonds at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof and otherwise in accordance with the terms of the Indenture. In the event of redemption of the Bonds in part only, a new Bond or Bonds for the unredeemed portion will be issued in the name or names of the holders thereof upon the surrender or cancellation thereof.

If money sufficient to pay the applicable Redemption Price with respect to the Bonds to be redeemed on the applicable Redemption Date, together with accrued interest to the Redemption Date, is deposited with the Trustee on or before the related Redemption Date and certain other conditions are satisfied, then the Bonds to be redeemed shall no longer be secured by, or entitled to any lien or benefit of, the Indenture as provided by Section 4.04 of the Indenture.

The Bonds will not have a sinking fund. 

4

SECTION 3. The Bonds shall be registered bonds without coupons. The Trustee shall be the registrar and paying agent for the Bonds, which duties it hereby accepts. Bonds may be issued in minimum denominations of $100,000 or any integral multiple of $1,000 in excess thereof.

The forms of Bonds shall be substantially as follows:

[FORM OF MICHIGAN CONSOLIDATED GAS COMPANY 3.92% FIRST MORTGAGE BONDS 2012 SERIES D DUE 2042]

PPN:

No. R-___                        $_________________

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES.  IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE COMPANY AND THE TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS THE TRUSTEE MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

MICHIGAN CONSOLIDATED GAS COMPANY

3.92% MORTGAGE BONDS

2012 SERIES D DUE 2042

Principal Amount: $____________
Authorized Denomination: $100,000 or any integral multiple of $1,000 in excess thereof.

Regular Record Date: close of business on the 15th calendar day (whether or not a Business Day) prior to the relevant Interest Payment Date

Original Issue Date: December 12, 2012

Stated Maturity: December 15, 2042

Interest Payment Dates: June 15 and December 15 of each year, beginning June 15, 2013.

Interest Rate: 3.92% per annum

MICHIGAN CONSOLIDATED GAS COMPANY (hereinafter called the “Company”), a corporation of the State of Michigan, for value received, hereby promises to pay to ___________, or registered assigns, the sum of _________ Dollars ($_________) on the Stated Maturity specified above, in the coin or currency of the United States of America, and to pay interest thereon from the Original Issue Date specified above, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each Interest Payment Date as specified above, commencing on June 15, 2013 and on the Stated Maturity at the Interest Rate per annum specified above until the principal hereof is paid or made available for payment, and on any overdue principal and Make-Whole Amount (defined below) and, to the extent lawful, on any overdue installment of interest. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the person in whose name this bond is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date; provided that any interest payable at Stated Maturity or on a Redemption Date (defined below) will be paid to the person to whom principal is payable. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the holder on such Regular Record Date and may either be paid to the person in whose name this bond is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to holders of bonds of this series not less than 10 days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, 

5

on which the bonds of this series shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

Payments of interest on this bond will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for this bond shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. The Company shall pay interest on overdue principal and Make-Whole Amount, if any, and, to the extent lawful, on overdue installments of interest at the rate per annum borne by this bond. In the event that any Interest Payment Date, Redemption Date or Stated Maturity is not a Business Day, then the required payment of principal, Make-Whole Amount, if any, and interest will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay). “Business Day” means any day other than a day on which banking institutions in the State of New York or the State of Michigan are authorized or obligated pursuant to law or executive order to close.

Payment of principal of, Make-Whole Amount, if any, and interest on the bonds of this series shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal, Make-Whole Amount, if any, and interest due at the Stated Maturity or earlier redemption of such bonds shall be made at the office of the Trustee upon surrender of such bonds to the Trustee, and (ii) payments of interest shall be made, at the option of the Company, subject to such surrender where applicable, (A) by check mailed to the address of the person entitled thereto as such address shall appear in the bond register of the Trustee maintained for such purpose or (B) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least fourteen (14) days prior to the date for payment by the person entitled thereto. Notwithstanding the foregoing, so long as any bond is held by an Institutional Investor (as defined in the Bond Purchase Agreement referenced below), payment of principal, Make-Whole Amount, if any, and interest on the bonds held by such holder shall be made in the manner specified in the Bond Purchase Agreement dated as of [November 29], 2012 among the Company and the purchasers party thereto.

The bonds represented by this certificate, of the series hereinafter specified, are bonds of the Company (herein called the “bonds”) known as its “First Mortgage Bonds,” issued and to be issued in one or more series under, and all equally and ratably secured by, an Indenture of Mortgage and Deed of Trust dated as of March 1, 1944, duly executed by the Company to Citibank, N.A., successor trustee (“Trustee”) as restated in Part II of the Twenty-ninth Supplemental Indenture dated as of July 15, 1989, which became effective on April 1, 1994, to which indenture and all indentures supplemental thereto executed on and after July 15, 1989 reference is hereby made for a description of the property mortgaged and pledged, the nature and extent of the security, the terms and conditions upon which the bonds are, and are to be, issued and secured, and the rights of the holders of the bonds and of the Trustee in respect of such security (which indenture and all indentures supplemental thereto, including the Forty-third Supplemental Indenture dated as of December 1, 2012 referred to below, are hereinafter collectively called the “Indenture”). As provided in the Indenture, the bonds may be issued thereunder for various principal sums and are issuable in series, which may mature at different times, may bear interest at different rates and may otherwise vary as therein provided. The bonds represented by this certificate are part of a series designated “3.92% First Mortgage Bonds 2012 Series D,” (herein called the “Bonds”) created by the Forty-third Supplemental Indenture dated as of December 1, 2012 as provided for in said Indenture.

With the consent of the Company and to the extent permitted by and as provided in the Indenture, the rights and obligations of the Company, the rights and obligations of the holders of the Bonds, and the terms and provisions of the Indenture may be modified or altered by such affirmative vote or votes of the holders of the Bonds then outstanding as are specified in the Indenture.

In case an Event of Default as defined in the Indenture shall occur, the principal of the Bonds may become or be declared due and payable in the manner, with the effect, and subject to the conditions provided in the Indenture. Upon any such declaration, the Company shall also pay to the holders of the Bonds the Make-Whole Amount on the Bonds, if any, determined as of the date the Bonds shall have been declared due and payable.

No recourse shall be had for the payment of the principal of, Make-Whole Amount, if any, or the interest on, the Bonds, or for any claim based hereon or otherwise in respect of the Bonds or the Indenture, against any incorporator, stockholder, director or officer, past, present or future, of the Company, as such, or any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability, whether at common law, in equity, by any constitution, statute or otherwise, of incorporators, stockholders, directors or officers being waived and released by the owner hereof by the acceptance of the Bonds, and as part of 

6

the consideration for the issue thereof, and being likewise waived and released pursuant to the Indenture and the Senior Indenture.

This Bond shall be subject to redemption at the option of the Company, in whole at any time or in part from time to time (any such date of optional redemption, a “Redemption Date”), at an optional redemption price (any such price, a “Redemption Price”) equal to 100% of the principal amount of the Bonds to be redeemed on the Redemption Date together with the Make-Whole Amount (as defined below), if any, plus, in each case, accrued and unpaid interest thereon to the Redemption Date.

Notwithstanding the foregoing, installments of interest on the Bonds that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Record Date.

“Make-Whole Amount” means, with respect to any Bond, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Bond over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:

“Called Principal” means, with respect to a Bond, the principal of the Bond that is to be redeemed on an optional Redemption Date or has become or is declared to be immediately due and payable pursuant to Section 9.01 of the Indenture, as the context requires.

“Discounted Value” means, with respect to the Called Principal of a Bond, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Bond is payable) equal to the Reinvestment Yield with respect to such Called Principal.

“Reinvestment Yield” means, with respect to the Called Principal of a Bond, 50 basis points plus the yield to maturity implied by (i) the yields reported, as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “PX-1” (or such other display as may replace Page PX-1), on Bloomberg Financial Markets for the most recently issued, actively traded on-the-run, benchmark U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (519) (or any comparable successor publication) for actively traded U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. Such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond-equivalent yields in accordance with accepted financial practice and (b) interpolating linearly on a straight line basis between (1) the most recently issued, actively traded on-the-run, benchmark U.S. Treasury security with the maturity closest to and greater than the Remaining Average Life and (2) the most recently issued, actively traded on-the-run, benchmark U.S. Treasury security with the maturity closest to and less than the Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Bond.

“Remaining Average Life” means, with respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the Stated Maturity of such Remaining Scheduled Payment.

“Remaining Scheduled Payments” means, with respect to the Called Principal of a Bond, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its Stated Maturity, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the Senior Note, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date.

7

“Settlement Date” means, with respect to the Called Principal of a Bond, the optional Redemption Date on which such Called Principal is to be redeemed or has become or is declared to be immediately due and payable pursuant to Section 9.01 of the Indenture as the context requires.

Notice of redemption shall be given to the holders of the Bonds to be redeemed not more than 60 nor less than 30 days prior to the Redemption Date, as provided in Section 4.05 of the Indenture. Each such notice shall specify such optional Redemption Date, the aggregate principal amount of the Bonds to be redeemed on such date, the principal amount of each Bond held by such holder to be redeemed, and the interest to be paid on the Redemption Date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a senior financial officer of the Company as to the estimated Make-Whole Amount due in connection with such redemption (calculated as if the date of such notice were the date of the redemption), setting forth the details of such computation. The Make-Whole Amount shall be determined by the Company two Business Days prior to the applicable Redemption Date and the Company shall deliver to holders of the Bonds and to the Trustee a certificate of a senior financial officer specifying the calculation of such Make-Whole Amount as of the Redemption Date.

Subject to the limitations of Section 4.07 of the Indenture, the notice of redemption may state that it is subject to the receipt of the redemption moneys by the Trustee on or before the Redemption Date, and that such notice shall be of no effect unless such moneys are so received on or before such date; a notice of redemption so conditioned shall be of no force or effect if such money is not so received and, in such event, the Company shall not be required to redeem this Bond.

If the Bonds are only partially redeemed by the Company, the Trustee shall select which Bonds are to be redeemed pro rata among all of the Bonds at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof and otherwise in accordance with the terms of the Indenture. In the event of redemption of the Bonds in part only, a new Bond or Bonds for the unredeemed portion will be issued in the name or names of the holders thereof upon the surrender or cancellation thereof.

If money sufficient to pay the applicable Redemption Price with respect to the Bonds to be redeemed on the applicable Redemption Date, together with accrued interest to the Redemption Date, is deposited with the Trustee on or before the related Redemption Date and certain other conditions are satisfied, then the Bonds to be redeemed shall no longer be secured by, or entitled to any lien or benefit of, the Indenture as provided by Section 4.04 of the Indenture.

The Indenture contains terms, provisions and conditions relating to the consolidation or merger of the Company with or into, and the conveyance, or other transfer or lease, subject to the lien of the Indenture, of the trust estate to, another corporation, to the assumption by such other corporation, in certain circumstances, of the obligations of the Company under the Indenture and on the Bonds and to the succession of such other corporation in certain circumstances, to the powers and rights of the Company under the Indenture.

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Bonds or certain covenants with respect thereto upon compliance by the Company with certain conditions set forth therein.

This Bond shall not be valid or become obligatory for any purpose unless and until the certificate of authentication hereon shall have been manually executed by the Trustee or its successor in trust under the Indenture.

IN WITNESS WHEREOF, MICHIGAN CONSOLIDATED GAS COMPANY has caused this certificate to be executed under its name with the signature of its duly authorized Officer, under its corporate seal, which may be a facsimile, attested with the signature of its Corporate Secretary.

Dated:

MICHIGAN CONSOLIDATED GAS COMPANY

By:______________________________ 

Attest:

By:______________________________________

8

The bonds represented by this certificate constitute Bonds of the series designated and described in the within-mentioned Indenture.

CITIBANK, N.A., as Trustee

By:_________________________________
Authorized Officer

[End of Bond Form]

SECTION 4. Each certificate evidencing the Bonds (and all Bonds issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only):

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE COMPANY AND THE TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS THE TRUSTEE MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

The Bonds shall be exchangeable upon surrender thereof at the corporate trust office of the Trustee in the Borough of Manhattan, the City of New York, New York, for registered bonds of the same aggregate principal amount and other terms, but of different authorized denomination or denominations, such exchanges to be made without service charge (except for any stamp tax or other governmental charge).

When Bonds are presented to the Trustee with a request (i) to register the transfer of such Bonds; or (ii) to exchange such Bonds for Bonds of the same series of any authorized denominations of the same aggregate principal amount and Stated Maturity, the Trustee shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Bonds surrendered for transfer or exchange: (A) shall be duly endorsed or be accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Trustee, duly executed by the holder thereof or his attorney duly authorized in writing; and (B) are accompanied by the following additional information and documents, as applicable: (x) if such Bonds are being delivered to the Company by a holder for registration in the name of such holder, without transfer, a certification from such holder to that effect; or (y) if such Bonds are being transferred to the Company, a certification to that effect; or (z) if such Bonds are being transferred pursuant to an exemption from registration in accordance with Rule 144 under the Securities Act or in reliance upon another exemption from the registration requirements of the Securities Act, (i) a certification to that effect and (ii) if the Company so requests, other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth above.

Every Bond so surrendered shall be accompanied by a proper transfer power duly executed by the registered owner or by a duly authorized attorney transferring such Bond to the Company, and the signature to such transfer power shall be guaranteed to the satisfaction of the Trustee. All Bonds so surrendered shall be forthwith canceled and delivered to or upon the order of the Company. All Bonds executed, authenticated and delivered in exchange for Bonds so surrendered shall be valid obligations of the Company, evidencing the same debt as the Bonds surrendered, and shall be secured by the same lien and be entitled to the same benefits and protection as the Bonds in exchange for which they are executed, authenticated and delivered.

The Company shall not be required to make any such exchange or any registration of transfer after the Bond so presented for exchange or registration of transfer, or any portion thereof, has been called for redemption and notice thereof given to the registered owner.

SECTION 5. Pending the preparation of definitive Bonds, the Company may from time to time execute, and upon its written order, the Trustee shall authenticate and deliver, in lieu of such definitive Bonds and subject to the same provisions, limitations and conditions, one or more temporary Bonds, in registered form, of any denomination specified in the written order of the Company for the authentication and delivery thereof, and with such omissions, insertions and variations as may be determined by the Board of Directors of the Company. Such temporary Bonds shall be substantially of the tenor of the Bonds to be issued as herein before recited.

9

If any such temporary Bonds shall at any time be so authenticated and delivered in lieu of definitive Bonds, the Company shall upon request at its own expense prepare, execute and deliver to the Trustee and thereupon, upon the presentation and surrender of temporary Bonds, the Trustee shall authenticate and deliver in exchange therefor, without charge to the holder, definitive Bonds of the same series and other terms, if any, and for the same principal sum in the aggregate as the temporary Bonds surrendered. All temporary Bonds so surrendered shall be forthwith canceled by the Trustee and delivered to or upon the order of the Company. Until exchanged for definitive Bonds the temporary Bonds shall in all respects be entitled to the lien and security of the Indenture and all supplemental indentures.

ARTICLE III
ISSUE OF BONDS

Bonds in the aggregate principal amount of $70,000,000 may be executed, authenticated and delivered from time to time as permitted by the provisions of the Indenture, including with respect to exchange and replacement of bonds.

ARTICLE IV
THE TRUSTEE

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the due execution hereof by the Company, or for or in respect of the recitals and statements contained herein, all of which recitals and statements are made solely by the Company.

Except as herein otherwise provided, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture other than as set forth in the Indenture and this Supplemental Indenture is executed and accepted on behalf of the Trustee, subject to all the terms and conditions set forth in the Indenture, as fully to all intents as if the same were herein set forth at length.

ARTICLE V
RECORDING AND FILING OF SUPPLEMENTAL INDENTURE
DATED AS OF DECEMBER 1, 2008

Pursuant to the terms and provisions of the Original Indenture, a Supplemental Indenture dated as of December 1, 2008 providing for the terms of Collateral Bonds to be issued thereunder designated as 2008 Series M Collateral Bonds has heretofore been entered into between the Company and the Trustee and has been filed in the Office of the Secretary of State of Michigan as a financing statement on December 18, 2008 (Filing No. 2008192835-8) and has been recorded as a real estate mortgage in the offices of the respective Register of Deeds of certain counties in the State of Michigan, as follows:
	
				
	County
	Recorded
	Liber/
Instrument no.
	Page

	Alcona
	12/18/2008
	457
	1,179

	Alger
	12/19/2008
	200,802,530
	N/A

	Alpena
	12/18/2008
	468
	752

	Antrim
	12/18/2008
	787
	161

	Arenac
	12/19/2008
	541
	397

	Barry
	12/18/2008
	20081218-0011905
	N/A

	Benzie
	12/19/2008
	2008R-06000
	N/A

	Charlevoix
	12/18/2008
	870
	108

	Cheboygan
	12/18/2008
	1,113
	319

	Chippewa
	12/18/2008
	1,061
	1,104

	Clare
	12/18/2008
	1,098
	421

	Clinton
	12/18/2008
	5,138,324
	N/A

	Crawford
	12/18/2008
	694
	163

	Delta
	12/18/2008
	934
	639

	Dickinson
	12/18/2008
	666
	298

	Emmet
	12/19/2008
	1,108
	229

10

	
				
	Gladwin
	12/18/2008
	884
	149

	Grand Traverse
	12/18/2008
	2008R-20772
	N/A

	Gratiot
	12/18/2008
	859
	325

	Ionia
	12/18/2008
	610
	4,870

	Iosco
	12/18/2008
	964
	831

	Iron
	12/22/2008
	527
	381

	Isabella
	12/18/2008
	1,458
	934

	Jackson
	12/18/2008
	1,911
	985

	Kalkaska
	12/18/2008
	3,088,554
	N/A

	Kent
	12/18/2008
	20081218-0107096
	N/A

	Lake
	12/18/2008
	330
	428

	Leelanau
	12/18/2008
	994
	42

	Lenawee
	12/18/2008
	2,375
	787

	Livingston
	12/18/2008
	2008R-034272
	N/A

	Macomb
	12/22/2008
	19,596
	321

	Manistee
	12/18/2008
	2008R007308
	N/A

	Marquette
	12/18/2008
	2008R-13188
	N/A

	Mason
	12/18/2008
	2008R06709
	N/A

	Mecosta
	12/18/2008
	783
	116

	Menominee
	12/18/2008
	645
	953

	Missaukee
	12/18/2008
	2008-04411
	N/A

	Monroe
	12/18/2008
	2008R22568
	N/A

	Montcalm
	12/18/2008
	1,426
	1,019

	Montmorency
	12/18/2008
	305
	636

	Muskegon
	12/18/2008
	3,798
	74

	Newaygo
	12/18/2008
	433
	3,732

	Oakland
	12/22/2008
	40,780
	854

	Oceana
	12/18/2008
	GR 2008
	24,720

	Ogemaw
	12/18/2008
	3,083,443
	N/A

	Osceola
	12/18/2008
	868
	262

	Oscoda
	12/18/2008
	208-0305417
	N/A

	Otsego
	12/18/2008
	1,187
	289

	Ottawa
	1/13/2009
	5,766
	282

	Presque Isle
	12/18/2008
	470
	86

	Roscommon
	12/19/2008
	1,079
	343

	St. Clair
	12/18/2008
	3,899
	806

	Saginaw
	12/18/2008
	2,517
	565

	Shiawassee
	12/18/2008
	1,130
	861

	Washtenaw
	12/18/2008
	4,710
	676

	Wayne
	2/19/2009
	47,721
	959

	Wexford
	12/18/2008
	616
	1,643

ARTICLE VI
MISCELLANEOUS PROVISIONS

Except insofar as herein otherwise expressly provided, all the provisions, terms and conditions of the Indenture shall be deemed to be incorporated in, and made a part of, this Forty-third Supplemental Indenture, and the Twenty-ninth Supplemental Indenture dated as of July 15, 1989, as supplemented by the Thirtieth Supplemental Indenture dated as of September 1, 1991, by the Thirty-first Supplemental Indenture dated as of December 15, 1991, by the Thirty-second Supplemental Indenture dated as of January 5, 1993, by the Thirty-third Supplemental Indenture dated 

11

as of May 1, 1995, by the Thirty-fourth Supplemental Indenture dated as of November 1, 1996, by the Thirty-fifth Supplemental Indenture dated as of June 18, 1998, by the Thirty-sixth Supplemental Indenture dated as of August 15, 2001, by the Thirty-seventh Supplemental Indenture dated as of February 15, 2003, by the Thirty-eighth Supplemental Indenture dated as of October 1, 2004, by the Thirty-ninth Supplemental Indenture dated as of April 1, 2008, by the Fortieth Supplemental Indenture dated as of June 1, 2008, by the Forty-first Supplemental Indenture dated as of August 1, 2008, by the Forty-second Supplemental Indenture dated as of December 1, 2008 and by this Supplemental Indenture is in all respects ratified and confirmed; and the Indenture and said Supplemental Indentures shall be read, taken and construed as one and the same instrument.

Except to the extent specifically provided therein, no provision of this Supplemental Indenture or any future supplemental indenture is intended to modify, and the parties do hereby adopt and confirm, the provisions of Section 318(c) of the Trust Indenture Act, which amend and supersede provisions of the Indenture in effect prior to November 15, 1990.

Nothing in this Supplemental Indenture is intended, or shall be construed, to give to any person or corporation, other than the parties hereto and the holders of Bonds issued and to be issued under and secured by the Indenture, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture, or under any covenant, condition or provision herein contained, all the covenants, conditions and provisions of this Supplemental Indenture being intended to be, and being, for the sole and exclusive benefit of the parties hereto and of the holders of bonds issued and to be issued under the Indenture and secured thereby.

All covenants, promises and agreements in this Supplemental Indenture contained by or on behalf of the Company shall bind its successors and assigns whether so expressed or not.

This Supplemental Indenture may be executed in any number of counterparts, and each of such counterparts when so executed shall be deemed to be an original; but all such counterparts shall together constitute but one and the same instrument.

IN WITNESS WHEREOF, MICHIGAN CONSOLIDATED GAS COMPANY has caused this Supplemental Indenture to be executed by its duly authorized Officer, and its corporate seal to be hereunto affixed, and Citibank, N.A., as Trustee as aforesaid, has caused the same to be executed by one of its authorized signatories and its corporate seal to be hereunto affixed, on the respective dates of their acknowledgments hereinafter set forth, as of the date and year first above written.

MICHIGAN CONSOLIDATED GAS COMPANY

By:    /s/Donald J. Goshorn                            
        Donald J. Goshorn
Assistant Treasurer

Signed, sealed, acknowledged and
delivered by MICHIGAN CONSOLIDATED
GAS COMPANY in the presence of:

/s/ Daniel T. Richards    
Daniel T. Richards

/s/ Kathleen Hier    
Kathleen Hier

State of Michigan    }
} ss.
County of Wayne    }

The foregoing instrument was acknowledged before me this 6th day of December, 2012, by Donald J. Goshorn, as Assistant Treasurer, of Michigan Consolidated Gas Company, a Michigan corporation, on behalf of the corporation.

12

/s/Jennifer Evans    
Jennifer Evans
Notary Public, Wayne County, MI
Acting in Wayne County, MI
My Commission Expires: December 28, 2016

Citibank, N.A., as Trustee

By:/s/ Wafaa Orfy    
Wafaa Orfy
Vice President

Signed, sealed, acknowledged and
delivered by CITIBANK, N.A.
in the presence of:

/s/ Louis Piscitelli    
Name: Louis Piscitelli
            Vice President
    

/s/ Cirino Emanuele    
Name: Cirino Emanuele
Vice President

State of New York    }
} ss.
County of New York    }

The foregoing instrument was acknowledged before me this 6th day of December, 2012, by Wafaa Orfy, as Vice President of Citibank, N.A., a national banking association, on behalf of the association, as Trustee, as in said instrument described.

Noreen Iris Santos    
Notary Public, State of New York
No.  01SA6228750
Qualified in Kings County
Acting in New York County
Commission Expires: September 27, 2014

This instrument was drafted by:

Daniel T. Richards
One Energy Plaza, 688WCB
Detroit, MI  48226
When recorded return to:

Jennifer Evans
One Energy Plaza, 688WCB
Detroit, MI  48226

13

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