Document:

Exhibit 10.94

 

GROUP MESSAGING GATEWAY (GMG2.08.002)

 

PRI NO SGRRC2Q:62910 BY SGR OPR SYS Mar 26, 2014 AT 4:36:26 PM

 

	
IRN 140850737311
    	
SERVICE IN SWF8
    	
HASH
    	
1111
    
	
SRN 26HSBCSGSGAXXX669580
    	
SERVICE OUT
    	
OSN
    	
669580
    

 

	
SENDER ADDRESS
    	
IBKOKRSE
    
	
ROUTE CODE (MDDYKRSL)
    	
INDUSTRIAL BANK OF KOREA
    
	
 
    	
HEAD OFFICE
    
	
 
    	
PO BOX
    
	
 
    	
4153 50
    
	
 
    	
2-GA ULCHIRO
    
	
 
    	
CHUNG-GU SEOUL KOREA
    

 

*** INFORMATION WARNING BITS SET ***

Copy Service Checked, RMA Authorization success

Standard Digest Verification Success, Processed Routing Msg

Checksum correct, Message Parsed

 

(1:F01HSBCSGSGAXXX3836669580)

(2:O7601735140326IBKOKRSEAXXX84715132031403261635N)

(3:(113:HIGH) (108:0001462074))

	
MT 760
    	
GUARANTEE / STANDBY LETTER OF CREDIT
    
	
27
    	
Sequence of Total
    	
 
    
	
 
    	
Number
    	
1
    
	
 
    	
Total
    	
/ 1
    
	
20
    	
Transaction Reference Number
    	
M04KC403ZZ00025
    
	
23
    	
Further Identification
    	
ISSUE
    
	
30
    	
Date
    	
26MAR2014
    
	
40C
    	
Applicable Rules
    	
 
    
	
 
    	
Type
    	
OTHR
    
	
 
    	
Narrative
    	
/ LAWS OF ENGLAND
    
	
77C
    	
Details of Guarantee
    
	
 
    	
· GUARANTEE NO
    	
: M04KC403ZZ00025
    
	
 
    	
· BENEFICIARY
    	
: NAVIG 8 CRUDE TANKERS INC
    
	
 
    	
· APPLICANT
    	
: HYUNDAI HEAVY INDUSTRIES CO., LTD
    
	
 
    	
· DATE OF   EXPIRY
    	
: NOVEMBER 15, 2016
    
	
 
    	
· AMOUNT
    	
: USD50, 655, 148.00
    
	
 
    	
 
    	
 
    
	
 
    	
·
    	
 
    
	
 
    	
· ALL   DOCUMENTS MUST BE ISSUED IN ENGLISH
    
	
 
    	
 
    
	
 
    	
·
    	
 
    
	
 
    	
DEED OF GUARANTEE
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
·
    	
 
    
	
 
    	
NO.:M04KC403ZZ00025
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
·
    	
 
    
	
 
    	
DATE : MARCH 26, 2014
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
·
    	
 
    
	
 
    	
GENTLEMEN:
    	
 
    
	
 
    	
 
    	
 
    
					

 

WE, INDUSTRIAL BANK OF KOREA 50, ULCHIRO 2—GA, CHUNG-GU, SEOUL, KOREA, HEREBY OPEN OUR IRREVOCABLE LETTER OF GUARANTEE NUMBER M04KC403ZZ00025 (THIS “GUARANTEE”) IN FAVOUR OF NAVIG8 CRUDE TANKERS INC, A CORPORATION ORGANIZED AND EXISTING UNDER THE LAWS OF MARSHALL ISLANDS AND HAVING ITS PRINCIPAL OFFICE AT TRUST COMPANY COMPLEX, AJELTAKE ROAD, AJELTAKE ISLAND, MAJURO, MARSHALL ISLANDS MH 96960 (HEREINAFTER CALLED THE “BUYER”) FOR ACCOUNT OF HYUNDAI HEAVY INDUSTRIES CO., LTD., ULSAN, KOREA (HEREINAFTER CALLED THE “BUILDER”) AS FOLLOWS IN CONNECTION WITH THE SHIPBUILDING CONTRACT DATED MARCH 24, 2014 (HEREINAFTER CALLED “CONTRACT”) MADE BY AND BETWEEN THE BUYER AND THE BUILDER FOR THE CONSTRUCTION OF 300,000 DWT CLASS CRUDE OIL CARRIER HAVING THE BUILDER’S HULL NO. 2795 (HEREINAFTER CALLED THE “VESSEL”).

 

·

IF, IN CONNECTION WITH THE TERMS OF THE CONTRACT, THE BUYER SHALL BECOME ENTITLED TO A REFUND OF THE ADVANCE PAYMENT MADE TO THE BUILDER PRIOR TO THE DELIVERY OF THE VESSEL, WE HEREBY IRREVOCABLY, UNCONDITIONALLY AND ABSOLUTELY GUARANTEE, AS PRIMARY OBLIGOR AND NOT MERELY AS SURETY, TO YOU, YOUR SUCCESSORS AND ASSIGNEES, THE REPAYMENT OF THE SAME TO THE BUYER WITHIN THIRTY (30) DAYS AFTER DEMAND NOT EXCEEDING USD20, 262, 058 (SAY U.S. DOLLARS TWENTY MILLION TWO HUNDRED SIXTY TWO THOUSAND FIFTY EIGHT ONLY)TOGETHER WITH INTEREST

 

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THEREON AT THE RATE OF SIX PER CENT (6PCT) PER ANNUM FROM THE DATE FOLLOWING THE DATE OF RECEIPT BY THE BUILDER TO THE DATE OF REMITTANCE BY TELEGRAPHIC TRANSFER OF SUCH REFUND.

 

·

THE AMOUNT OF THIS GUARANTEE WILL BE AUTOMATICALLY INCREASED UPON THE BUILDER’S RECEIPT OF THE RESPECTIVE INSTALMENT, NOT MORE THAN THREE (3) TIMES, EACH TIME BY THE AMOUNT OF SUCH INSTALMENT PLUS INTEREST THEREON AS PROVIDED IN THE CONTRACT, BUT IN ANY EVENTUALITY THE AMOUNT OF THIS GUARANTEE SHALL NOT EXCEED THE TOTAL SUM OF USD50, 655, 148 (SAY U.S. DOLLARS FIFTY MILLION SIX HUNDRED FIFTY FIVE THOUSAND ONE HUNDRED FORTY EIGHT ONLY) PLUS INTEREST THEREON AT THE RATE OF SIX PER CENT (6PCT) PER ANNUM FROM THE DATE FOLLOWING THE DATE OF THE BUILDER’S RECEIPT OF EACH INSTALMENT TO THE DATE OF REMITTANCE BY TELEGRAPHIC TRANSFER OF THE REFUND. HOWEVER, IN THE EVENT OF CANCELLATION OF THE CONTRACT BEING BASED ON DELAYS DUE TO FORCE MAJEURE AS PROVIDED UNDER ARTICLE VIII OF THE CONTRACT, THE INTEREST RATE OF REFUND SHALL BE REDUCED TO FOUR PER CENT (4PCT) PER ANNUM AS PROVIDED IN ARTICLE X.5 OF THE CONTRACT FOR THE PERIODS AFFECTED BY SUCH DELAYS.

 

·

THE PAYMENT BY US UNDER THIS GUARANTEE SHALL BE MADE(SUBJECT TO THE THIRD PARAGRAPH HEREOF) AGAINST THE BUYER’S FIRST WRITTEN DEMAND AND SIGNED STATEMENT CERTIFYING THAT THE BUYER’S DEMAND FOR REFUND HAS BEEN MADE IN CONFORMITY WITH ARTICLE X OF THE CONTRACT AND THE BUILDER HAS FAILED TO MAKE THE REFUND WITHIN THIRTY (30) DAYS AFTER THE BUYER’S DEMAND. REFUND SHALL BE MADE TO THE BUYER BY TELEGRAPHIC TRANSFER IN UNITED STATES DOLLARS. ALL PAYMENTS UNDER THIS GUARANTEE SHALL BE MADE WITHOUT ANY SET-OFF OR COUNTERCLAIM AND WITHOUT ANY DEDUCTION OR WITHHOLDING FOR OR ON ACCOUNT OF ANY TAXES, DUTIES OR CHARGES WHATSOEVER UNLESS WE ARE COMPELLED BY LAW TO DEDUCT OR WITHHOLD THE SAME, IN WHICH CASE WE SHALL MAKE THE MINIMUM DEDUCTION OR WITHHOLDING PERMITTED AND WILL PAY TO YOU SUCH ADDITIONAL AMOUNTS AS MAY BE NECESSARY IN ORDER THAT THE NET AMOUNT RECEIVED BY YOU AFTER SUCH DEDUCTION OR WITHHOLDING SHALL BE EQUAL TO THE AMOUNT WHICH WOULD HAVE BEEN RECEIVED HAD NO SUCH DEDUCTION OR WITHHOLDING BEEN MADE.

 

·

IN CASE ANY REFUND IS MADE TO THE BUYER BY THE BUILDER OR BY US UNDER THIS GUARANTEE, OUR LIABILITY HEREUNDER SHALL BE AUTOMATICALLY REDUCED BY THE AMOUNT OF SUCH REFUND.

 

·

NOTWITHSTANDING THE PROVISIONS HEREINABOVE, IN THE EVENT THAT WITHIN THIRTY (30) DAYS FROM THE DATE OF YOUR CLAIM TO THE BUILDER REFERRED TO ABOVE, WE RECEIVE NOTIFICATION FROM YOU OR THE BUILDER ACCOMPANIED BY WRITTEN CONFIRMATION TO THE EFFECT THAT YOUR CLAIM TO CANCEL THE CONTRACT OR YOUR CLAIM FOR REFUNDMENT THEREUNDER HAS BEEN DISPUTED AND REFERRED TO ARBITRATION IN ACCORDANCE WITH THE PROVISIONS OF THE CONTRACT, WE SHALL UNDER THIS GUARANTEE, REFUND TO YOU THE SUM ADJUDGED TO BE DUE TO YOU BY THE BUILDER PURSUANT TO THE AWARD MADE UNDER SUCH ARBITRATION, OR, IF APPLICABLE, PURSUANT TO A FINAL COURT JUDGMENT ISSUED IN RELATION THERETO, IMMEDIATELY UPON RECEIPT FROM YOU OF A DEMAND FOR THE SUMS SO ADJUDGED AND A COPY OF THE AWARD OR COURT JUDGMENT, AS THE CASE MAY BE.

 

·

THE VALIDITY OF THIS GUARANTEE AND OUR LIABILITY UNDER OR IN CONNECTION THEREWITH SHALL NOT BE DISCHARGED, IMPAIRED, REDUCED OR IN ANY WAY AFFECTED BY ANY EXTENSION OF TIME OR OTHER AMENDMENT, VARIATION, MODIFICATION OR SUPPLEMENT WHATSOEVER OF OR TO THE CONTRACT NOR BY THE GIVING OF ANY TIME OR ANY CONCESSION GRANTED BY YOU TO THE BUILDER OR ANY INDULGENCE, WAIVER OR CONSENT ON YOUR PART IN RESPECT OF TIME OR ANY OTHER TERMS OF THE CONTRACT, NOR BY ANY DELAY OR FAILURE BY YOU IN ENFORCING YOUR RIGHTS UNDER OR IN CONNECTION WITH THE CONTRACT, NOR BY THE LIQUIDATION, INSOLVENCY, BANKRUPTCY, REORGANIZATION, AMALGAMATION, RECONSTRUCTION OR ANALOGOUS PROCEEDINGS OR OTHER FINANCIAL FAILURE OF THE BUILDER OR ANY OTHER PERSON, NOR BY THE ILLEGALITY, INVALIDITY OR UNENFORCEABILITY OR ANY DEFECT IN THE CONTRACT OR ANY PROVISIONS THEREOF, OR ANY REPUDIATION, TERMINATION OR RESCISSION THEREOF OR ANY OTHER MATTER OR

 

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CIRCUMSTANCE WHICH WOULD (BUT FOR THE PROVISIONS OF THIS PARAGRAPH) DISCHARGE, IMPAIR, AFFECT OR REDUCE OUR LIABILITY UNDER OR IN CONNECTION WITH THIS GUARANTEE.

 

·

THIS GUARANTEE SHALL BECOME NULL AND VOID UPON RECEIPT BY THE BUYER OF THE SUM GUARANTEED HEREBY TOGETHER WITH INTEREST THEREON OR UPON ACCEPTANCE BY THE BUYER OF THE DELIVERY OF THE VESSEL IN ACCORDANCE WITH THE TERMS OF THE CONTRACT AND, IN EITHER CASE, THIS GUARANTEE SHALL BE RETURNED TO US.

 

·

THIS GUARANTEE IS VALID AND EFFECTIVE FROM THE DATE OF THIS GUARANTEE UNTIL SUCH TIME AS THE VESSEL IS DELIVERED BY THE BUILDER TO THE BUYER IN ACCORDANCE WITH THE PROVISIONS OF THE CONTRACT. HOWEVER IN THE EVENT THAT A DISPUTE IN RESPECT OF A REFUND IS BEING RESOLVED BY ARBITRATION IN ACCORDANCE WITH ARTICLE XIII OF THE CONTRACT, THEN THIS GUARANTEE SHALL CONTINUE TO REMAIN IN FORCE UNTIL 30 BUSINESS DAYS AFTER SUCH ARBITRATION PROCEEDINGS ARE CONCLUDED AND A FINAL ARBITRATION AWARD HAS BEEN ISSUED.

 

·

WE AGREE THAT YOU MAY ASSIGN WITHOUT OUR PRIOR WRITTEN CONSENT THE BENEFIT OF THIS GUARANTEE TO ANY LAWFUL ASSIGNEE OF THE BENEFIT OF THE CONTRACT.

 

·

THIS GUARANTEE AND ANY NON-CONTRACTUAL OBLIGATIONS ARISING OUT OF OR IN CONNECTION WITH IT SHALL BE GOVERNED BY, INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF ENGLAND. THE UNDERSIGNED HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF ENGLAND FOR THE SETTLEMENT OF ANY DISPUTES WHICH MAY ARISE OUT OF OR IN CONNECTION WITH THIS GUARANTEE AND ANY NON-CONTRACTUAL OBLIGATIONS ARISING OUT OF OR IN CONNECTION WITH IT. WE HEREBY IRREVOCABLY APPOINT INDUSTRIAL BANK OF KOREA, LONDON BRANCH (LEAF B 38TH FLOOR, TOWER 42, 25 OLD BROAD STREET, LONDON, UNITED KINGDOM, EC2N LHQ)TO ACT AS OUR AGENT TO RECEIVE AND ACCEPT ON OUR BEHALF ANY PROCESS OR OTHER DOCUMENT RELATING TO ANY PROCEEDINGS IN THE ENGLISH COURTS WHICH ARE CONNECTED WITH THIS GUARANTEE.

 

·

VERY TRULY YOURS,

 

(5: (CHK : 45E4FD7B2E59) )

 

PRT NO SGRRC2Q:62910 BY SGR OPR SYS Mar 26, 2014 AT 4:36:26 PM

END OF MESSAGE

 

3Exhibit 10.95

 

 

IRREVOCABLE LETTER OF GUARANTEE NO. 10000LG1302549

 

	
To:
    	
 
    	
NAVIG8 CRUDE TANKERS INC.
    
	
 
    	
 
    	
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro
    
	
 
    	
 
    	
Marshall Islands MH 96960
    
	
 
    	
 
    	
 
    
	
c/o:
    	
 
    	
Navig8 Asia Pte Ltd
    
	
 
    	
 
    	
3 Temasek Avenue, #25-01 Centennial Tower, Singapore 039190
    

 

Date: December 27th, 2013

Dear Sirs,

Irrevocable Letter of Guarantee No. 10000LG1302549

 

At the request of China Shipbuilding Trading Company, Limited and in consideration of your agreeing to pay China Shipbuilding Trading Company, Limited and Shanghai Waigaoqiao Shipbuilding Co., Ltd. (hereinafter collectively called “the SELLER”) the instalments before delivery of one (1) 300,000 Metric Tons Deadweight Crude Oil Tanker to be designated as Hull No. H1355 (hereinafter called “the VESSEL”) under the contract concluded by and amongst you, and the SELLER dated December 17th, 2013 for the construction of the VESSEL (hereinafter called “the Contract”), we, the undersigned, do hereby guarantee irrevocably, as primary obligor repayment to you by the SELLER of an amount up to but not exceeding a total amount of United States Dollars Thirty Seven Million Thirty Thousand One Hundred and Forty Only (US$37,030,140.00) (plus the interest described below) representing the first instalment of the Contract Price of the VESSEL, United States Dollars Nine Million Two Hundred and Fifty Seven Thousand Five Hundred and Thirty Five Only (US$9,257,535.00), the second instalment of the Contract Price of the VESSEL, United States Dollars Nine Million Two Hundred and Fifty Seven Thousand Five Hundred and Thirty Five Only (US$9,257,535.00), the third instalment of the Contract Price of the VESSEL, United States Dollars Nine Million Two Hundred and Fifty Seven Thousand Five Hundred and Thirty Five Only (US$9,257,535.00) and the fourth instalment of the Contract Price of the VESSEL, United States Dollars Nine Million Two Hundred and Fifty Seven Thousand Five Hundred and Thirty Five Only (US$9,257,535.00), as you may have paid to the SELLER under the Contract prior to the delivery of the VESSEL, if and when the same or any part thereof becomes repayable to you from the SELLER in accordance with the terms (Article X or Article XII 2(b)) of the Contract. Should the SELLER fail to make such repayment, we shall pay you the amount the SELLER ought to pay with an interest at the rate of six percent (6%) per annum if the cancellation of the Contract is exercised by you in accordance with the provisions of Article III 1(c), 2(c), 3(c) or 4(c) of the Contract or at the rate of zero percent (0%) per annum if cancellation of the Contract is exercised by you by reason of paragraph 1 of Article VIII or paragraph 2(b) of Article XII, in both cases calculated from the date the installments were received by the SELLER to the date of remittance of such refund within thirty (30) Business Days after our receipt of the relevant written demand from you for

 

1

 

repayment. Any written demand to us shall be accepted by us as conclusive evidence that the amount claimed is due under this guarantee, provided that such demand: (1) is signed by authorized representative of you and accompanied by a power of attorney granted by you providing the relevant authorized representative with authority to make the demand; (2) states that the principal amount and interest thereon if any demanded by you has been demanded by you from the SELLER and was not paid by the SELLER within forty-five (45) days after that demand upon the SELLER; and (3) is accompanied by a copy of above mentioned demand upon the SELLER.

 

It is hereby understood that payment of any interest provided herein is by way of liquidated damages due to cancellation of the Contract.

 

However, in the event of any dispute between you and the SELLER in relation to:

 

(1) whether the SELLER shall be liable to repay the instalment or instalments paid by you and

 

(2) consequently whether you shall have the right to demand payment from us,

 

and such dispute is submitted either by the SELLER or by you for arbitration in accordance with Article XIII of the Contract we shall be entitled to withhold and defer payment until the arbitration award is published. We shall not be obligated to make any payment to you unless the arbitration award orders the SELLER to make repayment. If the SELLER fails to honour the award within 45 days of the final award being issued then we shall refund to you against your further written demand accompanied with a certified copy of the arbitration award which orders the SELLER to make repayment, to the extent the arbitration award orders but not exceeding the aggregate amount of this guarantee plus the interest described above.

 

The undersigned hereby certifies, represents and warrants that all acts, conditions and things required to be done and performed and to have occurred prior to the creation and issuance of this guarantee, and to ensure that this guarantee constitutes valid and legally binding obligations of the undersigned enforceable in accordance with its terms have been done and performed and have occurred in due and strict compliance with applicable laws.

 

The said repayment shall be made by us in United States Dollars. This Letter of Guarantee shall become effective from the time of the actual receipt of the first instalment by the SELLER from you and the amounts effective under this Letter of Guarantee shall correspond to the total payment actually received by the SELLER from time to time under the Contract prior to the delivery of the VESSEL. However, the available amount under this Letter of Guarantee shall in no event exceed above mentioned amount actually received by the SELLER, together with interest calculated, as described above at six percent (6%) or, zero percent (0%) per annum, as the case may be for the period commencing with the date of receipt by the SELLER of the respective instalment to the

 

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date of repayments thereof.

 

This Letter of Guarantee shall remain in force until the VESSEL has been delivered to and accepted by you or refund has been made by the SELLER or ourselves, or until February 9th, 2017, whichever occurs earliest, after which you are to return it to us by airmail for cancellation. Upon its expiration, this guarantee shall become null and void, any action of maintaining the original of this guarantee and its amendment(s) shall give no right to you for lodging any more demand hereunder.

 

However in the event that a dispute in respect of a refund is being referred to arbitration in accordance with Article XIII of the Contract, then this Letter of Guarantee shall continue to remain in force until 60 days after such arbitration proceedings are concluded and a final arbitration award has been issued.

 

Any demand under this guarantee must be received by us before its expiration.

 

It is agreed that this Letter of Guarantee may, with our prior written approval and such approval shall not be unreasonably withheld, be assigned by you (excluding, in respect of a first class international bank, the right of demanding payment which shall in all respect remain with yourself) to a first class international bank that is financing the whole or part of your purchase of the VESSEL or one of your 100% subsidiaries or affiliates.

 

This Letter of Guarantee shall be construed, interpreted and governed by the Laws of England and any dispute arising out of or in connection with this Letter of Guarantee shall be submitted to the exclusive jurisdiction of the courts of England.

 

	
For and on behalf of
   China CITIC Bank Corp., Ltd., Operation & Business
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Signed by:
    	
[ILLEGIBLE]
    	
 
    
	
Address: Investment Plaza   No.27 Financial Street, Xicheng District, Beijing, China
    
	
SWIFTCODE: CIBKCNBJ100
    	
 
    
			

 

3

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