Document:

Exhibit 10.8

 

GUARANTY

 

GUARANTY,
dated as of [•],
2005 (as amended, modified or supplemented from time to time, this “Guaranty”),
made by Double Hull Tankers, Inc., a company incorporated in the Marshall
Islands (the “Guarantor”), in favor of the charterers listed on Schedule I
hereto (each, a “Charterer”).

 

RECITALS

 

WHEREAS, the Charterer
and the vessel owning subsidiaries of the Guarantor (the “Owners”) named
on Schedule I, are entering into Time Charter Parties on the date hereof
(as amended from time to time, each a “Charter”) pursuant to which each
of the Charterers will agree to time charter the vessel owned by one of the
Owners, as specified on Schedule I (the “Vessels”);

 

WHEREAS, the
Owners are wholly owned subsidiaries of Guarantor; and

 

WHEREAS, in
order to induce each Charterer to enter into its Charter with the applicable Owners,
Guarantor desires to execute this Agreement to guarantee the Owners’ payment
and performance obligations under the Charters.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained
herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

 

Guaranty.  The Guarantor, as primary obligor and not
merely as surety, hereby irrevocably, unconditionally and absolutely hereby severally
guarantees to each Charterer the due and punctual payment of all obligations
and liabilities owing by the applicable Owner under its Charter with such
Charterer and the due performance and compliance by such Owner with all terms,
conditions and agreements contained therein (all such obligations and
liabilities being herein collectively called the “Guaranteed Obligations”).  In case of failure of an Owner punctually to
pay any of the amounts necessary to satisfy the Guaranteed Obligations, the
Guarantor shall cause such amounts to be paid punctually when and as the same
shall become due and payable as if such payment were made by such Owner.  The Guarantor also shall pay any and all
expenses (including, without limitation, reasonable attorneys’ fees and
expenses) incurred by the Manager in enforcing its rights under this Guaranty
provided that the Manager is successful in enforcing its rights hereunder.

 

Unconditional
Obligations.  The
obligation of the Guarantor to guarantee the Guaranteed Obligations set forth
in Section 1 above shall be absolute and unconditional irrespective of (i) any
lack of enforceability against the Owners of the Guaranteed Obligations, (ii) any
change of the time, manner or place of payment, or any other term, of the
Guaranteed Obligations, (iii) the failure, omission, delay or lack on the part
of a Charterer to assert any claim or demand or to enforce any right or remedy 

 

 

against the Guarantor or any Owner, (iv) any reduction,
limitation, impairment or termination of the Guaranteed Obligations for any
reason, including any claim of waiver, release, surrender, alteration or
compromise, (v) any invalidity, illegality or unenforceability in whole or
in part of any Charter and (vi) any law, regulation or order of any
jurisdiction affecting any term of the Guaranteed Obligations or a Charterer’s
rights with respect thereto.  The
Guarantor hereby waives promptness, diligence, protest, demand of payment and
notices with respect to the Guaranteed Obligations and any requirement that a
Charterer exhaust any right or take any action against an Owner.  Notwithstanding anything in this Guaranty to
the contrary, the Guarantor shall be entitled to the benefit of any right to or
claim of any defense, setoff, counterclaim, recoupment or termination to which an
Owner is entitled other than those referred to in clause (v) of this Section 2.

 

Nature of
Guaranteed Obligations.  a)The Guarantor hereby agrees that this
Guaranty is a guaranty of payment and performance and not of collection only.

 

Any and all
payments by the Guarantor under the Guaranteed Obligations shall be made free
and clear of, and without deduction or withholding for or on account of, any
and all taxes, monetary transfer fees or other amounts except to the extent
such deduction or withholding of any tax is required by applicable law.  If the Guarantor shall be required by
applicable law to deduct or withhold any tax or other amount from or in respect
of any sum payable hereunder to or for the benefit of a Charterer, to the
extent the amount to be received from the Guarantor after such withholding is
less than the amount that would have been received from the applicable Owner,
the Guarantor shall pay to the Charterer such additional amount as shall be
necessary to enable the Charterer to receive, after such withholding (including
any withholding with respect to such additional amount), the amount it would
have received if such withholding had not been required.

 

Insolvency.  This Guaranty shall continue to be effective,
or be reinstated, as the case may be, if at any time payment, in whole or in
part of any of the Guaranteed Obligations is rescinded or must otherwise be
restored or returned by a Charterer upon the bankruptcy, insolvency,
reorganization, arrangements, adjustment, composition, dissolution,
liquidation, or the like, of any Owner or the Guarantor, or as a result of the
appointment of a custodian, receiver, trustee, or other officer with similar
powers with respect to any Owner or the Guarantor or any substantial part of
either person’s respective property, or otherwise, all as though such payment
had not been made notwithstanding any termination of this Guaranty or the applicable
Charter.

 

Representations
and Warranties of the Guarantor.  The Guarantor hereby represents and warrants
to the Charterer that this Guaranty has been duly executed and delivered by the
Guarantor and constitutes a valid and binding obligation of the Guarantor,
enforceable against the Guarantor in accordance with its terms.

 

Waivers and
Amendments; Non-Contractual Remedies; Preservation of Remedies.  This Guaranty may be amended, superseded,
canceled, renewed or extended, and the terms hereof may be waived, only by a
written instrument signed by the parties or, in the case of a waiver, by the
party waiving compliance.  No delay on
the part of any 

 

2

 

party on exercising any right, power or privilege hereunder shall
operate as a waiver thereof, nor shall any waiver on the part of any party of
any right, power or privilege, nor any single or partial exercise of any such
right, power or privilege, preclude any further exercise thereof or the
exercise of any other such right, power or privilege.  The rights and remedies herein provided are
cumulative and are not exclusive of any rights or remedies that any party may
otherwise have at law or in equity.

 

Governing Law.  This Guaranty shall be construed, performed
and enforced in accordance with the same laws and in the same manner as is set
forth in the applicable Charter.

 

Notices.  All notices, requests, demands and other
communications under this Guaranty must be delivered in the same manner as set
forth in the applicable Charter.

 

Counterparts.  This Guaranty may be executed by the parties
hereto in counterparts, each of which, when so executed and delivered, shall be
deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.

 

Assignment;
Binding Effect. 
This Guaranty shall be binding upon the Guarantor and its successors,
permitted assigns and legal representatives and shall inure to the benefit of
each Charterer and its successors, permitted assigns and legal
representatives.  This Guaranty and any
rights of either party hereunder, may not be assigned, directly or indirectly,
without the prior written consent of the other party (which consent may be
withheld at the sole discretion of such other party), provided that each
Charterer may assign its rights hereunder as security to its lenders.  Any assignment in violation of this Section 11
shall be void and shall have no force and effect, it being understood for the
avoidance of doubt that in the event that a party shall merge or consolidate
with or into another entity or enter into a business combination or other
similar transaction with another entity, such transaction shall constitute an
assignment.

 

No Third-Party
Beneficiaries. 
Nothing in this Guaranty will confer any rights or benefits upon any
person or entity other than the Charterers and a successor or permitted
assignee of any Charterer.

 

Negotiated
Agreement.  This
Guaranty has been negotiated by the parties and the fact that the initial and
final draft will have been prepared by either party or an intermediary will not
give rise to any presumption for or against any party to this Guaranty or be
used in any respect or forum in the construction or interpretation of this
Guaranty or any of its provisions.

 

Severability.  If any provision of this Guaranty is held to
be void or unenforceable, in whole or in part, (i) such holding shall not
affect the validity and enforceability of the remainder of this Guaranty,
including any other provision, paragraph or subparagraph and (ii) the
parties agree to attempt in good faith to reform such void or unenforceable
provision to the extent necessary to render such provision enforceable and to
carry out its original intent.

 

3

 

IN WITNESS
WHEREOF, the Guarantor has caused this Guaranty to be executed on its behalf by
its officer thereunto duly authorized on the date first above written.

 

	
   

  	
  DOUBLE HULL TANKERS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ [•]

  	
   

  
	
   

  	
   

  	
  Name:

  	
  [•]

  
	
   

  	
   

  	
  Title:

  	
  [•]

  
					

 

Accepted and Agreed to this

 

[    ] day
of [•],
2005

 

[CHARTERERS]

 

	
  By:

  	
  /s/ [•]

  	
   

  
	
   

  	
  Name:

  	
  [•]

  
	
   

  	
  Title:

  	
  [•]

  
				

 

4

 

SCHEDULE I

 

	
   

  	
   

  	
  Owners:

  	
   

  	
  Charterer:

  	
   

  	
  Vessel

  
	
  1.

  	
   

  	
  Ann Tanker Corporation

  	
   

  	
  DHT Ann VLCC Corp.

  	
   

  	
  Overseas Ann

  
	
  2.

  	
   

  	
  Chris Tanker Corporation

  	
   

  	
  DHT Chris VLCC Corp.

  	
   

  	
  Overseas Chris

  
	
  3.

  	
   

  	
  Regal Unity Tanker Corporation

  	
   

  	
  DHT Regal Unity VLCC Corp.

  	
   

  	
  Regal Unity

  
	
  4.

  	
   

  	
  Cathy Tanker Corporation

  	
   

  	
  DHT Cathy Aframax Corp.

  	
   

  	
  Overseas Cathy

  
	
  5.

  	
   

  	
  Sophie Tanker Corporation

  	
   

  	
  DHT Sophie Aframax Corp.

  	
   

  	
  Overseas Sophie

  
	
  6.

  	
   

  	
  Rebecca Tanker Corporation

  	
   

  	
  DHT Rebecca Aframax Corp.

  	
   

  	
  Rebecca

  
	
  7.

  	
   

  	
  Ania Aframax Corporation

  	
   

  	
  DHT Ania Aframax Corp.

  	
   

  	
  Ania

  

 

5Exhibit 10.9

 

INDEMNITY
AGREEMENT

 

INDEMNITY
AGREEMENT, dated as of [•], 2005 (as amended, modified or
supplemented from time to time, this “Agreement”), made among OSG
International, Inc., a company incorporated in the Marshall Islands (“OIN”),
Overseas Shipholding Group, Inc. a Delaware corporation (“OSG”), Regal
Unity Tanker Corporation, a company incorporated in the Marshall Islands (“RUT
Corp”) and Rebecca Tanker Corporation, a company incorporated in the
Marshall Islands (“RT Corp”).

 

RECITALS

 

WHEREAS, each
of RUT Corp and RT Corp and certain subsidiaries of OIN are entering into Memoranda
of Agreement on the date hereof (each, an “MOA”) pursuant to which the
subsidiaries of OIN will sell and each of RUT Corp and RT Corp will purchase
the vessels Regal Unity and Rebecca, respectively (the “Vessels”);

 

WHEREAS, in
order to induce each of RUT Corp and RT Corp to purchase the applicable Vessel,
OIN desires to execute this Agreement to indemnify each of RUT Corp and RT Corp
for certain conditions that exist with respect to the Vessels that they are
purchasing;

 

WHEREAS, in
order to induce each of RUT Corp and RT Corp to purchase the applicable Vessel,
OSG desires to guarantee the payment obligations of its wholly owned subsidiary,
OIN, under this Agreement;

 

NOW,
THEREFORE, in consideration of the covenants and agreements contained herein,
and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:

 

Section 1.  Indemnification.  OIN shall indemnify and hold harmless each of
RUT Corp and RT Corp against all liability and loss suffered, and expenses
(including attorney’s fees) actually and reasonably incurred, by RUT Corp or RT
Corp in connection with, in the case of RUT Corp, any losses suffered by RUT
Corp directly resulting from the Regal Unity Recommendation and, in the case of
RT Corp, any losses suffered by RT Corp directly resulting from the Rebecca
Recommendation, as defined on Exhibits A and B hereto, respectively, including
but not limited to:

 

(a)  the
cost of making any repairs to the Regal Unity that directly result from the
Regal Unity Recommendation or to the Rebecca that directly result from the
Rebecca Recommendation;

 

(b)  the
cost of any drydocking that is required as a direct result of the Regal Unity
Recommendation or the Rebecca Recommendation;

 

 

(c)  any
loss of hire that directly results from the Regal Unity Recommendation or the
Rebecca Recommendation; and

 

(d)  any
damages from any action, suit or claim that directly results from the Regal
Unity Recommendation or the Rebecca Recommendation.

 

Section 2.  Guarantee.  OSG hereby irrevocably, unconditionally and
absolutely severally guarantees to each of RUT Corp and RT Corp the due and
punctual payment of all obligations and liabilities owing by OIN under Section 1
hereto (all such obligations and liabilities being herein collectively called
the “Guaranteed Obligations”).  In
case of failure of OIN punctually to pay any of the amounts necessary to
satisfy the Guaranteed Obligations, OSG shall cause such amounts to be paid
punctually when and as the same shall become due and payable as if such payment
were made by OIN.  OSG also shall pay any
and all expenses (including, without limitation, reasonable attorneys’ fees and
expenses) incurred by RUT Corp or RT Corp in enforcing its rights under this Agreement
provided that RUT Corp or RT Corp, as the case may be, is successful in
enforcing its rights hereunder.

 

Section 3.  Nature of Guaranteed Obligations.  (a)  OSG hereby agrees that the guaranty
specified in Section 2 is a guaranty of payment and performance and not of
collection only.

 

Any and all
payments by OSG under the guaranteed obligations shall be made free and clear
of, and without deduction or withholding for or on account of, any and all
taxes, monetary transfer fees or other amounts except to the extent such
deduction or withholding of any tax is required by applicable law.  If OSG shall be required by applicable law to
deduct or withhold any tax or other amount from or in respect of any sum
payable hereunder to or for the benefit RUT Corp or RT Corp, to the extent the
amount to be received from OSG after such withholding is less than the amount
that would have been received from RUT Corp or RT Corp, as the case may be, OSG
shall pay to the RUT Corp or RT Corp, as the case may be, such additional
amount as shall be necessary to enable such party to receive, after such
withholding (including any withholding with respect to such additional amount),
the amount it would have received if such withholding had not been required.

 

Section 4.  Insolvency.  The guaranty contained in Section 2 shall
continue to be effective, or be reinstated, as the case may be, if at any time
payment, in whole or in part of any of the guaranteed obligations is rescinded
or must otherwise be restored or returned by RUT Corp or RT Corp, as the case
may be, upon the bankruptcy, insolvency, reorganization, arrangements,
adjustment, composition, dissolution, liquidation, or the like, of any OIN or
OSG, or as a result of the appointment of a custodian, receiver, trustee, or
other officer with similar powers with respect to OIN or OSG or any substantial
part of either person’s respective property, or otherwise, all as though such
payment had not been made notwithstanding any termination of this Agreement.

 

Section 5.  Representations and Warranties of OIN and
OSG.  OIN and OSG each hereby
represents and warrant that this Agreement has been duly executed and 

 

2

 

delivered by it and constitutes a valid and binding obligation of each
of it, enforceable against it in accordance with its terms.

 

Section 6.  Waivers and Amendments; Non-Contractual
Remedies; Preservation of Remedies. 
This Agreement may be amended, superseded, canceled, renewed or
extended, and the terms hereof may be waived, only by a written instrument
signed by the parties or, in the case of a waiver, by the party waiving
compliance.  No delay on the part of any
party on exercising any right, power or privilege hereunder shall operate as a
waiver thereof, nor shall any waiver on the part of any party of any right,
power or privilege, nor any single or partial exercise of any such right, power
or privilege, preclude any further exercise thereof or the exercise of any
other such right, power or privilege. 
The rights and remedies herein provided are cumulative and are not
exclusive of any rights or remedies that any party may otherwise have at law or
in equity.

 

Section 7.  Governing Law.  This Agreement shall be construed, performed
and enforced in accordance with the same laws and in the same manner as is set
forth in the applicable Charter.

 

Section 8.  Counterparts.  This Agreement may be executed by the parties
hereto in counterparts, each of which, when so executed and delivered, shall be
deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.

 

Section 9.  Assignment; Binding Effect.  This Agreement shall be binding upon the parties
hereto and their successors, permitted assigns and legal representatives and shall
inure to the benefit of each of RUT Corp and RT Corp and their successors,
permitted assigns and legal representatives. 
This Agreement and any rights of any party hereunder, may not be
assigned, directly or indirectly, without the prior written consent of the
other parties (which consent may be withheld at the sole discretion of such
other parties), provided that each of RUT Corp and RT Corp may assign its
rights hereunder as security to its lenders. 
Any assignment in violation of this Section 9 shall be void and
shall have no force and effect, it being understood for the avoidance of doubt
that in the event that a party shall merge or consolidate with or into another
entity or enter into a business combination or other similar transaction with
another entity, such transaction shall constitute an assignment.

 

Section 10.  No Third-Party Beneficiaries.  Nothing in this Agreement will confer any
rights or benefits upon any person or entity other than as set forth in Section 9.

 

Section 11.  Negotiated Agreement.  This Agreement has been negotiated by the
parties and the fact that the initial and final draft will have been prepared
by either party or an intermediary will not give rise to any presumption for or
against any party to this Agreement or be used in any respect or forum in the
construction or interpretation of this Agreement or any of its provisions.

 

Section 12.  Severability.  If any provision of this Agreement is held to
be void or unenforceable, in whole or in part, (i) such holding shall not
affect the validity 

 

3

 

and enforceability of the remainder of this Agreement, including any
other provision, paragraph or subparagraph and (ii) the parties agree to
attempt in good faith to reform such void or unenforceable provision to the
extent necessary to render such provision enforceable and to carry out its
original intent.

 

IN WITNESS
WHEREOF, this Agreement has been executed on its behalf by duly authorized officers
of each party on the date first above written.

 

	
   

  	
  OSG INTERNATIONAL, INC.,

  
	
   

  	
   

  
	
   

  	
  by

  
	
   

  	
   

  	
   

  

 

 

	
   

  	
  OVERSEAS SHIPHOLDING GROUP, 

  INC.,

  
	
   

  	
   

  
	
   

  	
  by

  
	
   

  	
   

  	
   

  

 

 

	
   

  	
  REGAL UNITY TANKER 

  CORPORATION,

  
	
   

  	
   

  
	
   

  	
  by

  
	
   

  	
   

  	
   

  

 

 

	
   

  	
  REBECCA TANKER CORPORATION,

  
	
   

  	
   

  
	
   

  	
  by

  
	
   

  	
   

  	
   

  

 

4

 

EXHIBIT A

 

5

 

EXHIBIT B

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]