Document:

Exhibit 4.77

      

      

      Time Charter

      GOVERNMENT FORM

      Approved by the New York Produce Exchange

      November 6th, 1913-Amended October 20th,
            1921; August 6th, 1931; October 3rd,
            1946

      

      

      This Charter Party, made and concluded
          in Athens the 19th day of November 2018 Between Salacia Marine Inc, Marshall Islands Owners of the good Malta Flag Steamship/Motorship M.V. "XANADU" – See Clause 29 for specification of of                         tons gross register, and ......................... tons net register, having engines of                         indicated hours power and with hull, machinery and equipment in a thoroughly efficient state, and classed........................................................... at......................... of about ........................ cubic feet bale capacity, and about ......................... tons of 2240 lbs.
              deadweight capacity (cargo and bunkers, including fresh water and stores not exceeding one and one half percent of ship's deadweight capacity, allowing a minimum of fifty tons) on a draft of ... feet .......... inches on ........... Summer freeboard,
              inclusive of permanent bunkers, which are of the capacity of about ......................................... tons of fuel, and capable of steaming, fully laden, under good weather conditions about ...knots on a consumption of about ............................ tons of best Welsh coal
              best grade fuel oil best grade Diesel oil now under construction ............................

      and TMS Dry Ltd. Charterers of the Marshall
            Islands.

      Witnesseth, That the said Owners agree
          to let, and the said Charterers agree to hire the said vessel, from the time of delivery, for about an open ended period exact period in Charterer's Option, Owners have option to convert t/c to 12 months fixed rate t/c by giving Charterers 90 days notice, trading always
            via safe anchorage(s), safe berth(s), safe port(s), always afloat and always within Institute Warranty Limits, with lawful harmless bulk cargoes which to be loaded, stowed, carried, discharged in accordance with IMO recommendations and/or any
            other local/national regulations  and always in conformity with Vessel's class certificate requirements.

      within below mentioned trading limits.

      Charterers to have liberty to sublet the vessel for all or any part of the time covered by this Charter, but Charterers remaining responsible
          for the fulfillment of this Charter Party.  Acceptance of delivery shall not constitute a waiver of Owners' obligations under this Charter.

      Vessel to be placed at the disposal of the Charterers, at

            on dropping last outward sea pilot one safe port Singapore/Japan range at any time, day or night, Sunday and
            Holidays included in such dock or at such wharf or place (where she may safely lie, always afloat, at all times of tide, except as otherwise provided
              in clause No.6), as the Charterers may direct.  If such dock, wharf or place be not available time to count as provided for in clause No.5.  Vessel on her delivery to be ready to receive cargo with clean-swept, holds and
          tight, staunch, strong and in every way fitted for the service, having water ballast, winches and donkey boiler with sufficient steam power, or if not equipped
              with donkey boiler, then other power sufficient to run all the winches at one and the same time (and with full complement of officers, seamen, engineers and firemen for a vessel of her tonnage), to be employed, in carrying
          lawful merchandise, including petroleum or its products, in proper containers, excluding as per Rider Clauses................................................. (vessel is not to be employed in the carriage of Live Stock, but
              Charterers are to have the privilege of shipping a small number on deck at their risk, all necessary fittings and other requirements to be for account of Charterers), in such lawful trades, between safe port and/or ports in British North
              America, and/or United States of America, and/or West Indies, and/or Central America, and/or Caribbean Sea, and/or Gulf of Mexico, and/or Mexico, and/or South America....................................................................................................and/or Europe and/or Africa, and/or Asia,
              and/or Australia, and/or Tasmania, and/or New Zealand, but excluding Magdalena River, River St. Lawrence between October 31st and May 15th, Hudson Bay and all unsafe ports; also excluding, when out of season, White Sea, Black Sea and the Baltic

      Trading Exclusions – As per Rider Clauses
          .................................................................................................................................................................. ..................................................................................................................................................................

      as the Charterers or their Agents shall direct, on the following conditions:

      1. That the Owners shall provide and pay for all provisions, wages and consular shipping and discharging fees of the Crew, see Rider Clause; shall pay for the insurance of the vessel, also for
          the all the cabin, deck, engine-room and other necessary stores, including boiler water and maintain her class and keep the vessel in a thoroughly efficient state in hull and holds, machinery and equipment for and during the service.

      2. That the Charterers whilst the vessel is on hire
          shall provide and pay for all the fuel except as otherwise agreed, Port Charges canal tolls, Pilotages, Agencies, Commissions, Garbage Removal, Consular Charges (except those pertaining to the Crew and vessel's flag), and all other usual expenses except those before stated, but when the vessels puts into a port for causes for which vessel is responsible, then all such charges incurred shall be
          paid by the Owners.  Charterers to pay only for reasonably required tugboat assistance in port approaches, but always as it is
            customary for this type/size of the vessel regarding weather/tide conditions and place/port in question.  Fumigations ordered because of illness of the crew to be for Owners account.  Fumigations because of cargoes carried or ports visited while vessel employed under this charter to be
              for Charterers' account.  All other fumigations to be for Charterers' account after vessel has been on charter for a continuous period of six months or more.

      

      

      
        
          

      

      

      

      Charterers are to provide necessary dunnage and shifting boards, also any extra fittings requisite for a special trade or unusual cargo, but
          Owners to allow them the use of any dunnage, and shifting boards already aboard vessel.  Charterers to have the privilege of using shifting board for dunnage, they making good any damage thereto.

      3. That the Charterers, at the port of delivery, and the Owners at the port of re-delivery,
              shall take over and pay for all fuel remaining on board the vessel at the current prices in the respective ports, the vessel to be delivered with not less than .................tons and not more ................... tons and to be re-delivered with not less
              than.................. tons and not more than...............tons.

      4. That the Charterers shall pay for the use and hire of the said Vessel at the rate of see Clause 44.

      No
            payment of Bunkers on delivery/redelivery.

      ................................. United States Currency per ton on vessel's
              total deadweight carrying capacity, including bunkers and stores, on ........................ summer freeboard, per Calendar Month,
          commencing on and from the day of her delivery, as aforesaid, and at and after the same rate for any part of a day month; hire to continue
          until the hour of the day of her re-delivery in like good order and condition, ordinary wear and tear excepted, to the Owners (unless lost) at on dropping last outward sea pilot one safe port passing Muscat outbound/ South Japan range including People's Republic of China/South
            Korea//Philippine Islands/Taiwan or  Charterers' Option Skaw/Passero range including United Kingdom Continent, port in Charterers' Option, at anytime day or night Sundays and holidays included ............................. unless otherwise mutually agreed.  Charterers are to give Owners not less than
              ..........................days notice of vessels expected date of re-delivery, and probable port.

      5. Payment of said hire to be made in New York in cash in United States Currency,
              semi-monthly every 15 days in advance, and for the last half month or part of same the approximate amount of hire, and should same not cover the actual time, hire is to be paid for the balance day by day, as it becomes due, if so required
              by Owners, unless bank guarantee or deposit is made by the Charterers, otherwise failing the punctual and regular payment of the hire, or bank guarantee, or on any breach of this Charter Party, the Owners shall be at liberty to withdraw the
              vessel from the service of the Charterers, without prejudice to any claim they (the Owners) may otherwise have on the Charterers.  Time to count from 7 a.m. on the working day following that on which written notice of readiness has been give
              to Charterers or their Agents before 4 p.m., but if required by Charterers, they to have the privilege of using vessel at once, such time used to count as hire.

      Cash for vessel's ordinary disbursements at any port may be advanced as required by the Captain, by the Charterers or their Agents, subject to
          21⁄2% commission and such advances shall be deducted from the hire. The Charterers, however, shall in no way be responsible for the application of such advances and in case Owners outlays are disputed, Owners are to settle disputed items with agents involved directly.

      6. That the cargo or cargoes be laden and/or discharged in any dock or at any wharf or place that Charterers or their agents may direct, provided the vessel can safely lie always
          afloat at any time of tide, except at such places where it is customary for similar size vessel to safely lie aground.

      7. That whole reach of the Vessel's Hold, Decks, and usual places of
          loading (not more than she can reasonably stow and carry), also accommodations for Supercargo, if carried, shall be at the Charterers' disposal, reserving only proper and sufficient space for Ship's officers, crew, tackle, apparel, furniture,
          provisions, stores and fuel. Charterers have the privilege of passengers as far as accommodations allow, Charterers paying Owners.......... per day per passenger for accommodations and meals. However, it is agreed that in case any fines or extra expenses are incurred in the consequence of the carriage of
              passengers, Charterers are to bear such risk and expense.

      8. That the Captain shall prosecute his voyages with the utmost despatch, and shall render all customary  assistance with ship's crew and boats, The Captain (although appointed
          by the Owners), shall be under the orders and directions of the Charterers as regards vessel's employment and agency; and
          Charterers are to load, stow, and trim, tally and discharge the cargo at their expense under the supervision of the
          Captain, who is to sign Bills of Lading, for cargo as presented, in conformity with Mate's or Tally Clerk's receipts without prejudice to this Charter Party.

      9. That if the Charterers shall have reason to be dissatisfied with the conduct of the Captain, Officers, or Engineers, the Owners shall on receiving particulars of the
          complaint, investigate the same, and, if necessary, make a change in the appointments.

      10. That the Charterers shall have permission to appoint a Supercargo, who shall accompany the vessel and see that voyages are prosecuted with the utmost despatch. He is to be
          furnished with free accommodation, and same fare as provided for Captain's table, Charterers paying at the rate of U.S. $10.00

          per day. Owners to victual Pilots and Customs Officers, and also, when authorized by Charterers or their Agents, to victual Tally Clerks, Stevedore's Foreman, etc., Charterers paying as per Rider Clauses. at the current rate per meal, for all such victualling.

      11. That the Charterers shall furnish the Captain from time to time with all requisite instructions and sailing directions, in writing and/or, and the Captain shall keep a full
          and correct Log of the voyage or voyages, which are to be patent to the Charterers or their Agents, and furnish the Charterers, their Agents or Supercargo, when required, with a true copy of daily Logs, showing the course of the vessel and
          distance run and the consumption of fuel.

      12. That the Capital shall use diligence in caring for the care and the ventilation of the cargo. The Vessel's holds are naturally ventilated only.

      13. That the Charterers shall have the option of continuing this charter for a further period
              of ............................................................................................................................................................... on giving written notice thereof to the Owners of their Agents..... days previous to
              the expiration of the first named term, or any declared option.

      14. That if required by Charterers, time not to commence before the 20th November 2018 at 00:01 hrs and should vessel not have given written notice of readiness been delivered on or before the 15th December 2018 24:00 hrs, but not later than 2400 hours  4 p.m. Charterers or their Agents to have the
          option of canceling this Charter at any time not later than the day of vessel's readiness. See also Clause 82.

      15. That in the event of the loss of time from default and/or
          deficiency of men or stores, fire, breakdown or damages to hull, machinery or equipment, grounding, detention by average accidents to ship or cargo, drydocking for the purpose of examination or painting bottom, or by any other cause
          preventing the full working of the vessel, the payment of hire shall cease for the time thereby lost until the Vessel has
            returned to the

      
        
          

      

      

      

      same or equivalent
            position, and if upon the voyage the speed be reduced by defect in or breakdown of any part of her hull, machinery or equipment, the time so lost, and the cost of any extra fuel consumed in consequence thereof, and all extra expenses
          shall be deducted from the hire.

      16. That should the Vessel be lost, money paid in advance and not earned (reckoning from the date of loss or being last heard of) shall be returned to the Charterers at once. The
          act of God, enemies, fire, restraint of Princes, Rulers and People, and all dangers and accidents of the Seas, Rivers, Machinery, Boilers and Steam Navigation, and errors of Navigation throughout this Charter Party, always mutually excepted. The
          vessel shall have the liberty to sail with or without pilots, to tow and to be towed, to assist vessel in distress, and to deviate for the purpose of saving life and property.

      17. That should any dispute arise between Owners and the Charterers, the matter in dispute shall be referred to three persons at London New York, one to be appointed by each of the parties hereto,
          and the third by the two so chosen; their decision or that of any two of them, shall be final, and for the purpose of enforcing any award, this agreement may be made a rule of the Court. The Arbitrators shall be commercial shipping men. Said  three persons to be shipping men who are members of the London Maritime Arbitrators' Association. Notwithstanding anything
            contained in the Arbitration Clause to the contrary should neither the claim nor the counter-claim exceed US$ 100,000 (one hundred thousand United States dollars), exclusive of interest on the sum claimed, costs of the arbitration and legal
            fees, if any, it is hereby agreed the dispute is to be governed by the London Maritime Arbitrators Association Small Claims Procedure 2002.

      18. That the Owners shall have a lien upon all cargoes, and all sub-freights, sub-hires for any amounts due under this Charter, including General Average contributions, and the Charterers to have a lien on the Ship for all monies paid in advance and not earned, and any overpaid hire or excess
          deposit to be returned at once. Charterers will not suffer, nor permit to be continued, any lien or encumbrance incurred by them or their agents, which might have priority over the title and interest of the owners in the vessel.

      19. That all derelicts and salvage shall be for Owners' and Charterers' equal benefit after deducting Owners' and Charterers' expenses and Crew's proportion. General Average shall
          be adjusted, stated and settled, according to Rules 1 to 15, inclusive, 17 to 22, inclusive, and Rule F of York-Antwerp Rules 1992 1994 and any amendments
            thereto. 1924, at such port or place in the United States as may be selected  by the carrier, and as to matters not provided for by
          these Rules, according to the laws and usages at the port of London, New York.  In such adjustment disbursements in foreign currencies shall be exchanged into United States money at the rate prevailing on the dates made and allowances for damage to cargo claimed in foreign
              currency shall be converted at the rate prevailing on the last day of discharge at the port or place of final discharge of such damaged cargo from the ship. Average agreement or bond and such additional security, as may be required by the
              carrier, must be furnished before delivery of the goods.  Such cash deposit as the carrier or his agents may deem sufficient as additional security for the contribution of the goods and for any salvage and special charges thereon, shall, if
              required, be made by the goods, shippers, consignees or owners of the goods to the carrier before delivery. Such deposit shall, at the option of the carrier, be payable in United States money and be remitted to the adjuster. When so remitted
              the deposit shall be held in a special account at the  place of adjustment in the name of the adjuster pending settlement of the General Average and refunds or credit balances, if any, shall be paid in United States money. Hire not to contribute to General Average.

      In the event of accident, danger, damage, or disaster,
              before or after commencement of the voyage resulting from any cause whatsoever, whether due to negligence or not, for which, or for the consequence of which, the carrier is not responsible, by statute, contract, or otherwise, the goods, the
              shipper and the consignee, jointly and severally, shall contribute with the carrier in general average to the payment of any sacrifices, losses, or expenses of a general average nature that may be made or incurred, and shall pay salvage and
              special charges incurred in respect of the goods. If a salving ship is owned or operated by the carrier, salvage shall be paid for as fully and in the same manner as if such salving ship or ships belonged to strangers.

      Provisions as to General Average in accordance with the
              above are to be included in all bills of lading issued hereunder.

      20. Fuel used by the vessel while off hire, also for cooking condensing water, or for grates
              and stoves to be agreed to as to quantity, and the cost of replacing same, to be allowed by Owners.

      21. That as the vessel may be from time to time employed in tropical waters during the term of
              this Charter, Vessel is to be docked at a convenient place, bottom cleaned and painted whenever Charterers and Captain think necessary at least once in every six months, reckoning from time of last painting, and payment of the hire to be
              suspended until she is again in proper state for the service.

      In case of unforeseen circumstances it is Owners' privilege to dry dock and/or repair the vessel at any
          time during the currency of the Charter Party.

      22. Owners shall maintain the gear of the ship if fitted, providing gear (for all derricks)
              capable of handling lifts up to three tons, also providing ropes, falls, slings and blocks. If vessel is fitted with cranes derricks capable of handing heavier lifts, Owners are to provide necessary gear for same, otherwise equipment and gear
              for heavier lifts shall be for Charterers' account. Owners also to provide on the vessel lanterns and oil for night work. and vessel to give use of electric light when so fitted, but any additional lights over those on board to be at
              Charterers' expense. The Charterers to have to the use of any gear on board the vessel.

      23. Vessel to work night and day, if required by Charterers, and winches to be at Charterers'
              disposal during loading and discharging: steamer to provide one winchman per hatch to work winches day and night, as required, Charterers agreeing to pay officers, engineers, winchmen, deck hands and donkeymen for overtime work done in
              accordance with the working hours and rates stated in the ship's articles. If the rules of the port, or labour unions, prevent crew from driving winches, shore Winchmen to be paid by Charterers. In the event of a disabled winch or winches, or
              insufficient power to operate winches, Owners to pay for shore engine, or engines, in lieu thereof, if required, and pay any loss of time occasioned, thereby.

      24. It is also mutually agreed that this Charter is subject all the terms and provisions of an
              all the exemptions from liability contained in the Act of Congress of the United States approved on the 13th day of February, 1893, and entitled "An Act relating to Navigation of Vessels; etc., "in respect of all cargo shipped under this charter to or from the United
              States of America. It is further subject to the following clause, both of which are to be included in all bills of lading issued hereunder:

      

      

      U.S.A. Clause Paramount

      

      

      
        
          

      

      

      

      This bill of loading shall have effect subject to the
              provisions of the Carriage of Goods by Sea Act of the United States, approved April 16, 1936, which shall be deemed to be incorporated herein, and nothing herein contained shall be deemed a surrender by the carrier of any of its rights or
              immunities or an increase of any of its responsibilities or liabilities under said Act. If any terms of this bill of lading be repugnant to said Act any extent, such terms shall be void to that extent, but no further.

      Both to Blame Collision Clause

      If the Ship comes into collision with another ship as a
              result of the negligence of the other ship and any act, neglect or default of the Master, mariner, pilot or the servants of the Carrier in the navigation or in the management of the ship, the owners of the good carried hereunder will
              indemnify the Carrier against all loss or liability to the other or non-carrying ship or her owners in so far as such loss or liability represents loss of, or damage to, or any claim whatsoever of the owners of said goods, paid or payable by
              the other or non-carrying ship or her owners to the owners of said goods and set off, recouped or recovered by the other or non-carrying ship or her owners as part of their claim against the carrying ship or carrier.

      25. The vessel shall not be required to force ice or follow
            ice breakers or enter any ice-bound port, or any port where lights or light-ships have been or are about to be withdrawn by reason of ice, or where there is risk that in the ordinary course of things the vessel will not be able on
          account of ice to safely enter the port or to get out after having completed loading or discharging. See Clause 35.

      26. Nothing herein stated is to be construed as a demise of the vessel to the Time Charterers. The owners to remain responsible for the navigation of the vessel, insurance, crew,
          and all other matters, same as when trading for their own account.

      27. A commission of 21⁄2 1,25 per cent is payable by the Vessel and Owners to TMS DRY LTD.

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

      on hire earned and paid under this Charter, and also upon any continuation or extension of this Charter.

      28. An address commission of 21⁄2  3,75 per cent payable to the Charterers on the hire earned
          and paid under this Charter.

      

      

      Clause 29 to 121 both inclusive, as attached hereto, are deemed to be fully incorporated in this
          Charter Party.

      

      

      	
              THE OWNERS

            	 	
              THE CHARTERERS

            
	 	 	 
	 	 	 
	 
              /s/Dimitris Drelozis

              

            	 	 
              /s/Tony Skoulaxenos

            
	
              Dimitris Drelozis

              SALACIA MARINE INC.

            	 	
              
                Tony Skoulaxenos

                TMS DRY LTD.

            
	 	 	 
	 	 	 
	 	 	 

      

      

      
        
          

      

      

      

      
        ADDITIONAL CLAUSES TO M/V "XANADU"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

        Clause 29 - Vessel’s
                Description:

        MV ‘XANADU’

        GEARLESS BULK CARRIER - MALTA FLAG

        BUILT 2017/JIANGSU YANGZIJIANG SHIPBUILDING GROUP LTD

        CLASS NKK

          

        SUMMER DWT 208.827 MT AT 18,419M SW DRAFT

        WINTER DWT 203.405 MT AT 18.036M SW DRAFT

        TROPICAL DWT 214.252 MT AT 18,802M SW DRAFT

        TPC FULL LOAD ABT 141.8 MT - FWA 0,42 M

        LOA/LBP/BEAM/DEPTH: 299.95/294.40/50.00/24,90M

        INTERNATIONAL GRT/NRT 107.366/67.552

        STRENGTHENED FOR HEAVY BULK CARGOES WITH HOLDS 2-4-6-8 MAY BE EMPTY

        

        

        9 HO/HA

        SIDE ROLLING HATCH COVERS

        HATCH DIMS:

        1) 15.68X19.60M, 2 TO 8) 15.68X23.20M, 9) 15,68X21,40M

        

        

        HOLD GRAIN CAP BSS 100 PCT ABT 223.194 CBM

          

        HOLDWISE CAP

          

        1) 22608.3

        2) 28103.9

        3) 28175.6

        4) 22460.1

        5) 22415.6

        6) 23446.7

        7) 23462.1

        8) 28170.7

        9) 24651.0 - ALL ABT

        

        

        

          SERVICE/CONS:

          SPEED AND CONS AT SEA ALW UNDER GOOD WEATHER CONDITIONS, I.E. WINDS UPTO BEAUFORT SCALE FORCE 4 (MAX 16 KN) AND TOTAL
              COMBINED (SEA AND SWELL) SIGNIFICANT WAVE HEIGHT UPTO DOUGLAS SEA STATE 3 (0.5-l.25M) WITH NO ADVERSE CURRENTS OR NEGATIVE INFLUENCE OF SWELL. FAVOURABLE CURRENTS ARE NOT TO BE TAKEN INTO ACCOUNT.

        

        SERVICE SPEED/CONS:

        BALLAST: ABT 15KN AT ABT 58MT HSFO + ABT 0,2MT MGO

        LADEN: ABT 14KN AT ABT 58MT HSFO + ABT 0,2MT MGO

        

        

        DURING IDLE PERIODS AT ANCHORAGE OR AT PORTS:

        ABT 4,5MT HSFO/DAY PLUS ABT 0,2MT MGO/ DAY

        

        

        DURING LOADING/ DISCHARGING OPERATIONS:

        ABT 6MT HSFO/DAY PLUS ABT 0,2MT MGO/DAY

        

        

        ECO/SPEED CONS:

        BALLAST: ABT 13KN AT ABT 37MT HSFO + ABT 0,2 MT MGO

        LADEN: ABT 12KN AT ABT 39MT HSFO + ABT 0,2 MT MGO

        

        

        ULTRA ECO SPEED/CONS GIVEN ‘WITHOUT GUARANTEE’, ALW SUBJ TO SAFE OPERATIONAL PARAMETERS OF M/E FOR REFERENCE ONLY, WHILE STEAMING AT ULTRA
            ECO SPEED WEATHER ROUTE ANALYSIS NOT TO APPLY:

        BALLAST: ABT 11KN AT ABT 29MT HSFO + ABT 0,2 MT MGO

        LADEN: ABT 10KN AT ABT 29MT HSFO + ABT 0,2 MT MGO

        

        

        QUALITY OF BUNKERS TO BE IN ACCORDANCE WITH ISO 8217:2010 RMG 380 FOR HEAVY FUEL OIL AND DMA FOR MGO.

        CHARTERERS TO COMPLY WITH FUEL OIL/MGO SULPHUR 

          

        
          
            

        

        
        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        

        

        

        

        CONTENTS WHEN VESSELS ENTERING AND TRADING IN SECA (SULPHUR
              EMMISSION CONTROL AREAS) INCLUDING CHINA AS PER LATEST AMENDMENTS.

        VSL TO HAVE LIBERTY TO USE ANY OVERPERFORMANCE AT ANY TIME DURING THE CURRENCY OF THIS CP TO OFFSET ANY UNDERPERFORMANCE AND/OR STOPPAGES.
            VESSEL TO HAVE LIBERTY OF USING MGO AT START/STOP/SWITCH GENERATOR ENGINE AT SEA, WHEN ENTERING/LEAVING PORT, MANEUVERING IN SHALLOW/NARROW WATERS, CANALS, RIVERS AND AT OTHER LIMITED OCCASIONS.

        

        

        ALL DETAILS ‘ABOUT’

        

        

        +++

        

        

        FUEL OIL CAP: 5989.6 CBM / MARINE GAS OIL CAP : 576,6 CBM

        

        

        BALLAST CAP: 67.078.2 CBMTRS EXCL CHOLD NR 6 / 90524.9 CBMTRS INCL CHOLD NR 6 (HEAVY BALLAST)

        

        

        PORT BALLAST HOLDS H2: 23888.3 (85%) - H4: 13925 (62%) - HS: 24226 .80 (86%)

         

          

         VESSEL'S CONTACT DETAILS:

          

        FBB500 B/C 773265706

        FBB500 B/ C 773265716

        FBB500 FAX 783931270

        XANADU@gtships.com

        

        

        Clause 30 - Ocean
                Routes

        Charterers have the right to use weather routing service for monitoring vessel’s route and performance. Charterers
            to nominate the weather routing service but Owners to appoint them on Charterers’ request. Cost to be shared between Charterers and Owners. In case of discrepancy between the weather routing service data and Master’s deck logs then the weather
            reports of national shore weather stations to apply as to the weather and admiralty ocean pilot charts to apply as to the current factor. WNI always excluded.

        Clause 31 - Diesel
                Oil in Port

        The vessel is to have the liberty of using diesel oil when entering and leaving port and for manoeuvring in shallow
            narrow waters, provided such usage is determined to be essential for the safe manoeuvring of the vessel, always at the discretion of the Master.

        Clause 32 -
                Communication equipment

        The vessel shall, as a minimum, be equipped with wireless telegraph and VHF telephone to comply with International
            regulations and to allow vessel to communicate with land stations. Master, Senior Officers and Radio Officer to be fully conversant with the English language.

        Clause 33 -
                Re-measurement

        Charterers have the option to re-measure vessel's deadweight, subject to Owners’ classification society approval, at
            Charterers’ time and expense. Charterers to restore original deadweight before redelivery at their time and expense.

        
          2

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        Clause 34 -
                Permitted Cargoes

        Sole cargoes allowed: Coal, Iron Ore, Iron Ore Concentrates, Iron Ore Pellets, Iron Ore Fines, Manganese Ore, always
            excluding: DRI / DRIP/ HBI / Petcoke / Sponge Iron / Pig Iron.

        In case of loading /discharging at Canadian port(s) then only homogeneous loading to take place (i.e. no alternate
            holds loading, no block stowage) always in accordance with Vessel’s class approved loading manual.

        Clause 35 - Trading
                Exclusion

        Iceland, Sweden, Finland, Norway, Denmark, East Coast Canada between 15th December / 25th April, Jorf Lasfar,
            ‘Bulkwayuu’ in Maracaibo, Libya including Gulf of Sidra / Sirte, Lebanon, Syria, Israel, former Yugoslavia but Croatia and Slovenia allowed, Albania, Turkish occupied Cyprus, Azov sea, Gulf of Aqaba, Ethiopia, Iran, Iraq, Somalia, Eritrea,
            Angola including Cabinda, Namibia, CIS Pacific, Liberia, Nigeria, Sierra Leone, Cambodia, North Korea, Haiti, Cuba, Yemen, Sudan, Sri Lanka, Georgia including Abkhazia, Hokaido, Orinoco River, Amazon River, Nicaragua, Democratic Republic of
            Congo (formerly Zaire), Murmansk, Alaska, any war risks and/or war like areas and zones, and any countries to which U.S.A./ U.N. sanctions from time to time are imposed.

        No direct trading between Peoples’ Republic of China / Taiwan.

        Furthermore, subject to change by the war risks underwriters, excluded are also Indian Ocean / Arabian Sea/ Gulf of
            Aden/ Gulf of Oman/ Southern Red Sea, the waters enclosed by the following boundaries:

        - On the north-west, by the Red Sea, south of latitude 15n

        - On the west of the Gulf of Oman by longitude 58e

        - On the east, longitude 78e

        - And on the south, latitude 12s

        Except coastal waters of adjoining territories up to 12 nautical miles Offshore.

        

        

        Owners will transit and trade the west coast of India within the 12nm Zone but will allow vessel to navigate outside of the 12nm zone at the
            following areas which are subject to additional premium for Charterers’ account:

        

        

        A) Gulf of Khambhat - Malacca banks

        B) Oil field area off Mumbai (restricted area)

        C) Gulf of Kachchh & Delta of Indus, and

        D) Sonmiani Bay Pakistan

        

        

        Ship is not allowed to approach within 50 nautical miles of the north coast of Somalia, or within 100 nautical miles
            of the Socotra Archipelago, or within 200 nautical miles of the east coast of Somalia.

        Ice free ports/trading. Vessel not to force ice nor to be ordered to follow ice-breaker(s).

        Clause 36 - Deleted

        Clause 37 -
                Delivery/Redelivery Range and notices Itinerary

        Charterers undertake to inform the Owners, during the period of Charter, as regards to the itinerary of the vessel
            and the names and full styles of their Agents at ports of call whenever so required by the Owners.

        The Owners shall provide the Charterers with 3/2/1 day definite notice of the estimated time of delivery.

        The Charterers shall provide the Owners with a minimum of 30/20/15 days redelivery notice including country of
            redelivery and further 10 days approximate notice and 5/3/2/1 day definite notice of the estimated time of redelivery.

        
          3

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        Clause 38 - Deleted

        Clause 39 - Joint
                Survey

        A joint on-hire bunker/condition survey to be conducted at delivery port in Owners time if survey is not available
            at delivery port then it will be conducted at first loading port in Owners’ time unless vessel is rendering service to Charterers. Expenses to be shared equally between Charterers and Owners. A joint off-hire survey for the purpose of
            determining the condition of the Vessel, her equipment and quantities of bunkers on board shall be held at last discharging port in Charterers’ time. The expenses of such survey shall be shared equally between Owners and Charterers.

        Clause 40 - Holds’
                Condition and Cleaning

        All holds on arrival at Charterers 1st load port to be clean swept and dried up in every respect to load Charterers
            intended cargo and to pass relevant surveyors/authorities inspection. If holds fail to pass such inspection, vessel to be put off hire until reinspection passed. It is however understood and agreed that should holds partially failed such
            inspection and loading operations take place in those holds passed then, in case there is loss of time for Charterers, the Vessel will be placed off-hire pro rata to the number of holds rejected only.

        In lieu of hold cleaning on redelivery: USD 6,500.- lump sum excluding removal of dunnage / debris / etc which
            Charterers confirm will remove from the ship prior redelivery.

        For intermediate holds cleaning between legs, crew shall clean cargo compartments in preparation for the next cargo
            if Charterers so require. Such cleaning work shall be done in the same efficient manner as if the Vessel was trading for Owners’ account. Charterers shall pay Owners USD 750.- per hold cleaned prior to the next loading. The Vessel shall remain
            on-hire during cleaning and Owners not to be responsible if the Vessel fails to pass any inspection after cleaning.

        Clause 41 - Bunkers

        Bunkers’ quantities and prices to be advised.

        Bunkers on redelivery to be same quantities as actually delivery.

        No payment of bunkers on delivery/redelivery.

        Owners to have the right to bunker the vessel prior redelivery under this charter provided same does not interfere
            with Charterers’ operations.

        During service Charterers always to arrange bunkering to take place inside port limits or at a safe usual bunker
            anchorage and Charterers never to attempt to place bunkers in the vessel outside port limits or in high seas.

        Clause 42 - Owners’
                Expenses

        Owners also to provide and pay for all other expenses of Officers and crew including immigration fees and also all
            consular fees necessitated because of vessel’s flag or nationality of Owners and lubricating oils. Vessel is to have on board all certificates necessary to comply with requirements at ports of call and canals for and during the service, failing
            which Owners are to be responsible for all time whilst

        Vessel is unable to perform the services immediately required and for substantiated expenses directly incurred
            thereby. Charterers are to pay for compulsory, customary and port pilots.

        
          4

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        

        

        Clause 43 -
                Insurance/P and I cover

        
          
            	43.1	
                    Owners warrant that throughout the currency of this Charter Party the vessel shall be fully covered by leading insurance companies/international P and I
                        Clubs acceptable to the Charterers against Hull and Machinery, War and Protection and Indemnity Risk. Costs of such cover to be at the sole expense of Owners.

                  

          

        

        
          
            	43.2	
                    If required by the Charterers, prior to commencement of the Charter or at any other time, the Owners shall procure that the Managers of the Hull and
                        Machinery insurance and the Protection and Indemnity Association shall give the Charterers proper evidence that the vessel is fully covered by the Owners.

                  

          

        

        
          
            	43.3	
                    Insurance full style and value (to be advised upon request):

                        Hull and Machinery: War risks:

                        Protection and Indemnity risks:

                  

          

        

        Clause 44 - Hire

        Hire: Index (CS4TC) plus 12, 5 pct to be settled at end of each month. First hire to be paid at Index of the day of
            delivery based on CS4TC plus 12,5 pct which to be adjusted at end of the month vessel delivers according to actual figures. Hire shall be paid in arrears at the first day of each month, based on average prices of preceding month. In case Owners
            declare their option to convert to 12 months t/c, rate will be as per forward curve taken by 2 independent FFA brokers to be agreed upon between Owners and Charterers.

        Bank

                details: To be advised.

        Clause 45 -
                Withholdings

        Charterers are to have the right to withhold Owners’ items and estimated amount for bunkers from the last hire
            payments, any balance for bunker value is to be settled in the final hire statement. Undisputed off hires and actual Owners’ disbursements may be deducted by Charterers from the Charter hire during the period of the Charter Party. Such
            deductions will be finalized when proper statements / vouchers are submitted which is to be as soon as possible.

        Clause 46 - Banking
                Delays

        Referring to Lines 60 and 61 of New York Produce Exchange printed form, where there is default of payment as
            specified, the Owners will notify the Charterers whereupon the Charterers shall make payment of the amount due without interest within three (3) working/banking days of notification from the Owners, failing which the Owners will have the right
            to withdraw the vessel from service of the Charterers, without prejudice to any claim the Owners may otherwise have on the Charterers under this Charter.

        Clause 47 - Taxes

        Charterers shall pay and keep Owners fully indemnified and hold them harmless in respect of all local, state,
            national taxes and/or dues assessed on the vessel and/or the Owners and/or cargo and/or in respect of hire, sub-hire, freight, sub-freight or any other income payable under this Charter Party or in respect of the vessel’s employment hereunder,
            including but no limited to Chinese Enterprise (Corporate) Income Tax, Chinese Business Tax and U.S.A. Gross Transportation Tax, whether assessed during or after the currency of this Charter Party. All taxes and/or dues levied by the country of
            the flag of the vessel or the Owners shall be for Owners’ account.

        
          5

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        

        

        Clause 48 -
                Breakdown or Accident

        Should the vessel be put back whilst on voyage by reason of an accident or breakdown, or in the event of loss of
            time either in port or at sea or deviation upon the course of the voyage caused by sickness or accidents to the crew or any person on board the vessel (other than supercargo and/or other persons travelling by request of the Charterers), the
            hire shall be suspended from the time of the inefficiency until the vessel is efficient in the same or equivalent position and voyage resumed therefrom, and all substantiated extra expenses directly incurred thereby including bunkers consumed
            during period of suspended hire shall be for Owners’ account.

        Clause 49 -
                Stevedore Damage

        The stevedores although appointed and paid by Charterers/ shippers/ receivers and or their agents are to work under
            the supervision of the Master who is responsible for the safety of the Vessel. The Charterers shall be responsible for any and all damage to the Vessel, or loss or damage to her equipment caused by stevedores during the currency of this charter
            party provided the Master has reported to the Charterers or their agents within 24 hours from discovery of the damage(s) unless case of hidden damage. The Charterers shall have the liberty to redeliver the Vessel without repairing the damages
            as long as same do not affect the Vessel’s seaworthiness/class in which case Charterers undertake to reimburse Owners before redelivery the cost of repairs against production of repairs cost estimated by repairers or dockyard unless otherwise
            agreed. Should stevedores damage to the Vessel or her fittings/equipment affect Vessel’s seaworthiness/class, then Charterers to arrange for an immediate repair to class-surveyor’s satisfaction at their time/expense.

        Clause 50 - Grab
                Discharge

        Vessel is to be suitable for normal size grab discharge and no cargo to be loaded in places inaccessible to grab
            discharge. Charterers are to have the privilege of using bulldozers/ pay loaders with rubber types / tracks in vessel’s holds provided their weight not to exceed vessel’s tank-top, deck strength, whichever applicable in ports where stevedores
            can not supply bulldozers or payloaders with rubber wheels / belts then other equipment provided by stevedores for discharging will be allowed.

        Clause 51 - Mobile
                Cranes

        Charterers to have the option of placing mobile cranes on deck at their sole risk and expense, always at Master’s
            discretion and consistent with vessel’s deck strength / characteristics. Owners will appoint class surveyor at Charterers’ expense, to attend during placement of cranes to ensure safe/ proper installation. All works during installation /
            dismantling and restoration operations to be performed to master’s / class surveyor’s satisfaction.

        Cutting and/or welding of hatchcovers is not allowed. Any modification effected to Vessel’s deck and/or damage
            suffered during the above mentioned works is to be repaired and Vessel is to be restored to its original condition always to the satisfaction of the Master and class surveyor at the Charterers’ sole risk and expense.

        Furthermore any material required by the Master and class surveyor for the installation of the mobile cranes and the
            restoration as above mentioned, shall be for Charterers’ account.

        Clause 52

        Owners option break t/c, at any time, with 60 days notice.

        
          6

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        Clause 53 - Boycott

        Should the vessel be boycotted, picketed, blacklisted or similar incident at any port or place by shore and/or port
            labour and/or tugboats and/or pilots, and/or competent authority, by the terms and conditions on which members of the officers, crew were employed, or by reason of vessel’s flag and or ownership, any substantiated extra expenses directly
            incurred thereby are to be for Owners’ account and Charterers are entitled to put the Vessel off-hire for any time during which Vessel is unable to perform the services immediately required.

        Clause 54 - I.T.F.

        Owners guarantee that the vessel is, and will remain during the whole period of this Charter fully acceptable to the
            I.T.F. or equivalent fitted as far as conditions of crew, employment contracts, wages, etc. are concerned.

        In the event that the vessel is delayed by reason of boycotts, strikes, labour stoppages or other actions by the
            I.T.F. against the vessel due to employment conditions, time so lost shall be considered as off-hire, and proven costs directly resulting therefrom are to remain for Owners’ account.

        Clause 55 - Arrest

        Should the vessel be arrested during the currency of the Charter Party at the suit of any person having or
            purporting to have a claim against or any interest in the vessel, hire under this Charter Party shall not be payable in respect of any period whilst the vessel remains under arrest or remains unemployed as a result of such arrest. The clause
            shall be inoperative should the arrest be caused through any act or omission of the Charterers.

        Clause 56 - Lack of
                Crew Members

        Any time lost by the vessel by reason of none or more required crew members not being on board when the vessel is
            ready to sail, or by reason of a strike, stoppage or refusal to work by any crew is to be for Owners’ account and expenses for keeping waiting or cancelling tugs, pilot or mooring boat are to be for Owners’ account

        Clause 57 -
                Blacklisting

        Owners warrant that at the commencement of this Charter Party, the vessel is not blacklisted by the United States of
            America and/or Canadian authorities and/or longshoremen associations nor by Scandinavian, Australian, South African and/or ARAB countries.

        Clause 58 - Bills of
                Lading

        In case original Bills of Lading are not available prior to Vessel’s arrival at discharging port Owners to allow
            discharge/delivery of the cargo against Charterers’ LO.I. in Owners’ P+I club standard wording issued on the Charterers’ letter head and stamped/signed by a designated official of the Charterers only, without bank counter signature.

        The Charterers will fax the L.0.I. together with copy of the Bills of Lading which will be issued to Owners
            managers’ office in Greece (fax number 210-3441655) for their approval. Thereafter the Charterers will immediately send by courier mail the original L.0.1., faxing also the courier airway bill to Owners managers. This procedure to take place
            promptly enough prior to Vessel’s arrival at destination, being understood that the Owners will instruct the Master to release the cargo only after having found all in order and after having received Charterers’ fax with the courier airway
            bill.

        
          7

          
            

        

        

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        Furthermore Charterers hereby undertake the obligation to mail the original accomplished bills of lading to Owners
            managers when same available but latest within two months after discharge in which case Owners/managers will courier back to Charterers the L.0.I.

        Seawaybills permitted only for Japan discharge provided they are marked “subject to Hague-Visby rules”.

        Clause 59 -
                Certificates

        The Owners warrant that throughout the currency of this Charter Party, the vessel shall to be in possession of any
            necessary valid certificates enabling the vessel to perform the Charter Party and to comply with all applicable requirements, regulations and recommendations, including but not limited to:

        
          
            	-	
                    Tonnage and measurement certificates

                  

          

        

        
          
            	-	
                    Classification and Trading certificates

                  

          

        

        

        

        
          
            	-	
                    Certificates issued pursuant to the Civil Liability Convention 1969 (C.L.C.) which is applicable to OBOS and tankers

                  

          

        

        
          
            	-	
                    Certificates issued pursuant to Section 311 (P) of the U.S. Federal Water Pollution Control Act, as amended (title 33 U.S. Code, Section 1321 (P)

                  

          

        

        
          
            	-	
                    Certificates of Financial Responsibility to trade to U.S. waters or to the waters of any other country relevant under this Charter Party

                  

          

        

        
          
            	-	
                    ISM certificates

                  

          

        

        
          
            	-	
                    Brazilian Authorities’ DPC approval to be in order

                  

          

        

        
          
            	-	
                    Certificates pertaining to the Crew

                  

          

        

        

        

        Any time lost or other consequence of any failure to comply with this warrant shall be for Owners’ account

        Clause 60 - SUEZ
                Certificates:

        As from first passage of SUEZ CANAL under this Charter, vessel will have onboard current valid Suez Canal
            Certificates, and will so comply with all applicable requirements, regulations and recommendations as to avoid any delay in transit of canal, failing which time expenses to be for Owners’ account.

        Clause 61 -
                Vaccination Certificates

        Owners shall be responsible for and arrange at their own expense that the Master, officers and crew of the vessel to
            be vaccinated and to be in possession of valid vaccination certificates on delivery of the vessel and throughout the period of this Charter Party. Any time lost and or additional expenses incurred due to failure to provide such certificates
            shall be for Owners’ account

        Clause 62 -
                Quarantine

        Normal quarantine time and expenses to enter port are to be for Charterers’ account. Any extra time or detention and
            expenses for quarantine due to pestilence and illness of the vessel’s Master, Officers and crew are to be for Owners’ account, but if quarantine detention is on account of the vessel having been sent by Charterers to any infected port, such
            detention time and expenses are to be for Charterers’ account

        Clause 63 -
                Fumigation

        Owners are to supply valid deratisation certificate on vessel’s delivery and if same does not cover whole period of
            this Charter Party, cost of fumigation (in case fumigation is needed) shall be for Owners’ account and time so required is not to count unless fumigation is required on account of cargo carried or ports visited while vessel is employed under
            this Charter Party in which case, cost and time are to be for Charterers’ account.

        
          8

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        Clause 64 -
                Compliance with U.S. Safety and Health Regulations

        If the vessel calls at any U.S. port for the purpose of loading or discharging cargo, the vessel’s equipment shall
            comply with regulations established under U.S. Public Law 85-742 part 9 (Safety and Health Regulations for Longshoring) or any subsequent amendments.

        If longshoremen are not permitted to work due to the failure of master and or Owners to comply with the
            aforementioned regulations, any delays to the vessel resulting shall be for Owners’ account

        Clause 65 -
                Compliance with International Conventions

        
          
            	65.1	
                    In the event of the vessel being prevented from performing, or being unable to perform the service immediately required hereunder, by reason of:

                  

          

        

        
          
            	

                  	(A)	
                    Action on the part of relevant authorities resulting from non-compliance with any compulsory applicable enactment enforcing all or part of any of the
                        following international conventions:

                  

          

        

        
          
            	

                  	-	
                    International Conventions for the Safety of Life at Sea, either SOLAS 1960, or SOLAS 19 74, or SOLAS 1974 in conjunction with its 1978 protocol.

                  

          

        

        
          
            	

                  	-	
                    International Convention Load Lines 1969

                  

          

        

        
          
            	

                  	-	
                    International Convention for the Prevention of Pollution from Ships 1973, in conjunction with its 1978 protocol.

                  

          

        

        
          
            	

                  	-	
                    ILO Merchant Shipping (minimum standards) Convention 1976 (nr. 147). International - Convention on Standards of Training, Certification and Watch Keeping
                        for Seafarers 1978

                  

          

        

        
          
            	

                  	(B)	
                    Labour stoppages or shortage, boycott, secondary boycott, manifestation of any kind in services essential to the operation of the vessel owing to its flag
                        or registry or ownership or management or to the conditions of employment on board. Provided always that the event(A) and/or (B) is not directed
                        against the Charterers or brought about any act, instruction or omission on the part of the Charterers, then any loss of time shall result in the vessel being off-hire and shall be dealt with in accordance with the off-hire clause.

                  

          

        

        
          
            	65.2	
                    It is understood that, if necessary, vessel will comply with any safety regulations and/or requirements in effect at ports of loading and/or discharging.
                        A particular reference is the United States Department of Labour Safety and Health Regulations set forth in part III of the Federal Register.

                  

          

        

        
          
            	65.3	
                    Although other provisions of this Charter make it the responsibility of the Owners, it is agreed that should the vessel not meet safety rules and
                        regulations Owners will make immediate corrective measures and any stevedore standby time upto next shift and other substantiated / directly incurred expenses involved, including off-hire, will be for Owners’ account

                  

          

        

        Clause 66 -
                Smuggling

        Any delay, expenses and/ or time incurred on account of smuggling are to be for Charterers’ account if caused by
            Charterers and/or persons appointed by Charterers and are to be for Owners’ account, if caused by Owners, Officers and/ or Crew and/ or persons appointed by Owners.

        Clause 67 - Sea
                Carrier Initiative Agreement

        The Owners certify that they have entered into, and signed with the US customs, the S.C.I. A. (U.S. Sea Carrier
            Initiative Agreement) on an individual basis or through an association such as BI MCO, otherwise they warrant to take all necessary steps before delivery, and to hold Charterers harmless through the whole duration of the Charter Party, against
            any claim from US customs in respect of drugs which may be found on board.

        
          9

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        Clause 68 - CUBA
                Calls

        Owners warrant that the vessel is in full compliance with U.S.A. regulations pertaining to port calls to/from CUBA,
            specifically in compliance with the ‘U.S. Cuban Democracy Act’ and can trade without restraint into U.S. ports

        Clause 69 - Pratigue

        Vessel shall prepare radio pratique, when instructed by Charterers and be in possession of necessary certificates
            including Japanese sanitary certificates. Charterers’ Agent(s) will assist, as trading pattern allows and properly direct Master regarding the Port Authority’s requirements well in advance, prior to vessel’s arrival at subject port, however,
            should any time and or expenses be incurred, same to be for Owners’ account.

        Clause 70 - Plan /
                Draft survey

        
          
            	70.1	
                    Prior to delivery, Owners are to supply General Arrangement plans, load scale and capacity plan to Charterers.

                  

          

        

        
          
            	70.2	
                    Owners warrant that the vessel will throughout the duration of the Charter Party have on board capacity plan, hydrostatic curves and tables of
                        displacement, tank calibration and trimming correction tables all sounding tubes to be in good maintenance conditions and free from impediments and vessel to have ballast tanks either empty or pressed full and trim to be deducted to
                        minimum and not to exceed trim table corrections. If vessel does not comply with above requirements she will be put off-hire until able to perform such survey. Master to keep written record of drainage moisture pumped out/in. If
                        required, Master to forward to Charterers upon arrival at unloading port and before start of discharging a certificate indicating all ballast remains.

                  

          

        

        Clause 71 -
                Suspension in Case of War

        In the event of war or warlike operations involving two or more of the following nations:

        United States of America, E.C.C. Countries, Japan, Australia, Commonwealth Of Independent States and People’s
            Republic of China and/or the nation under the flag which vessel is performing under this Charter is registered, which seriously affects Charterers’ or Owners’ ability to perform their obligations under this Charter Party, both Charterers and
            Owners shall have the right to suspend this Charter Party with three (3) weeks written notice without liability to the other party. If the Charter Party is suspended, such suspension shall take place at port of destination after discharge of
            any cargo on board, subject to the provisions of attached Conwartime 2004 clause.

        Clause 72 - Vessel’s
                Inspection

        Charterers have the benefit of holding vessel’s inspection at any time at their expense on giving reasonable notice
            to Owners. Owners or Master is to give facility and assistance to carry out this inspection.

        Clause 73 -
                Rejection of the Vessel

        The Charterers shall have the option of rejecting the vessel and cancelling this Charter Party in following events:

        
          
            	(a)	
                    the vessel being off-hire as a result of technical reasons attributed to the Owners for a period in excess of 60 (sixty) consecutive days except for
                        drydock in any period of 12 (twelve) months,

                  

          

        

        
          
            	(b)	
                    Owners having failed to remedy/restore Vessels deficiencies which result in restriction to vessel’s immediate trading within 60 (sixty) days after Owners’
                        receipt of Charterers’ notice requiring to remedy/restore.

                  

          

        

        
          10

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        Clause 74 - Off-Hire
                Bunker Consumption

        Bunkers consumed during any period during which the vessel is off-hire for whatever cause, shall be calculated at
            the latest bunkering price actually paid by the Charterers.

        Clause 75 - Vessel’s
                Gear

        Vessel is to work day and night and to provide lights for night working, if required by Charterers. Any overtime
            charges for officers and crew are to be for Owners’ account. If the vessel’s gear for opening and closing hatches becomes inoperative, the vessel is to be off-hire. Such off-hire is to be calculated pro-rata to the number of inoperative hatches
            and is only to count if ship’s loading or discharging is actually delayed.

        Clause 76 - Hatches

        Crews are to open and close hatches before, during and alter stevedore work when and where required and when
            permitted by shore regulations.

        Clause 77 - Fresh
                Water

        Fresh water consumed under this Charter for the purpose of drinking, washing of Master, officers and crew on board
            is to be for Owners’ account. When trading limits the vessel’s ability to provide fresh water through it’s desalination plant, then extra expense for replenishment of fresh water for Charterers’ account.

        Clause 78 - Sublet

        Charterers may sublet vessel, but shall always remain responsible to Owners for due fulfilment of this Charter
            Party.

        Clause 79 - Watchmen

        Watchmen are to be for Owners’ account if so ordered/requested by Owners and/ or Master.

        If security guards/gangway watchmen during ship’s stay in United States of America port as required by the
            Immigration Department or United States Coast Guard due to nationality(ies) of ship’s crew members then same to be for Owners’ account. Watchmen are to be for Charterers’ account if compulsory or ordered by Charterers / shippers / receivers /
            their agents.

        Clause 80 - Owner’s
                Agents

        Owners may appoint Charterers’ Agents to deal with Owners’ matters.

        Charterers agree to have their Agents attend to minor matters of Owners without Agents charging extra agency fee.
            All expenses pertaining to Owners to be settled directly between Owners and Agents at cost.

        Clause 81  -
                Additional Expenses

        Charterers are to pay a lumpsum of USD 1,500.- (one thousand five hundred United States dollars) per month or pro
            rata to cover entertainment expenses and radio telegrams/ telephone charges for Charterers’ account disbursed by Owners.

        Clause 8 2 - Laydays

        Deleted

        
          11

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        Clause 83 -
                Excessive Days in Port

        Where the Vessel remains at anchorage, in port or idle for an extended period more than 30 days in compliance with
            Charterers’ orders/instructions, and this causes fouling of the hull or underwater parts, Owners shall not be responsible for such fouling or any vessel underperformance caused by such fouling. The cost of cleaning and painting the hull or
            underwater parts, and the time spent doing so, shall be for Charterers’ account.

        Clause 84 - BIMCO
                Double Banking Clause

        
          
            	(a)	
                    The Charterers shall have the right, where and when it is customary and safe for vessels of similar size and type to do so, to order the Vessel to go, lie
                        or remain alongside another vessel or vessels of any size or description whatsoever or to order such vessels to come and remain alongside at such safe dock, wharf, anchorage or other place for transhipment, loading or discharging of
                        cargo and/ or bunkering.

                  

          

        

        
          
            	(b)	
                    The Charterers shall pay for and provide such assistance and equipment as may be required to enable any of the operations mentioned in this clause safely
                        to be completed shall give the Owners such advance notice as they reasonably can of the details of any such operations.

                  

          

        

        
          
            	(c)	
                    Without prejudice to the generality of the Charterers’ right s under (a) and (b), it is expressly agreed that the Master shall have the right to refuse to
                        allow the Vessel to perform as provided in (a) and (b) if in his reasonable opinion it is not safe so to do.

                  

          

        

        
          
            	(d)	
                    The Owners shall be entitled to insure any deductible under the Vessel’s hull policy and the Charterers shall reimburse the Owners any additional
                        premium(s) required by the Vessel’s Underwriters and/ or the cost of insuring any deductible under the Vessel’s hull policy.

                  

          

        

        
          
            	(e)	
                    The Charterers shall further indemnify the Owners for any costs, damage and liabilities resulting from such operation. The Vessel shall remain on hire for
                        any time lost including periods for repairs as a result of such operation.

                  

          

        

        Clause 85 - GMT Time

        For delivery, redelivery, ETA, ETS, ETC, time to be advised in local time. For calculation purposes, hire is to be
            computed in GMT time.

        Clause 86 - Change
                of Flag

        Owners shall have the right to change the vessel’s flag and/ or crew, subject to Charterers' prior consent which is
            not to be unreasonably withheld. Such change(s) are not, in any way, to hinder, prevent or detract from Charterers' rights and ability to use the vessel according to present Charter Party terms.

        Clause 87 -
                Periodical Survey/Dry Dock

        Charterers to position vessel in Far East zone for scheduled dry dock following Owners’ three (3) months notice.
            Vessel to be placed off-hire from the time she is withdrawn from Charterers’ service for dry dock until she is again in the same or equidistant position.

        Clause 88 -
                Deviation / Put Back

        In the event of loss of time either in port or at sea, deviation from the course of the voyage or putting back
            whilst on voyage, caused by sickness of or an accident to or misconduct by Master/ Officers/ crew, stowaway, refugee or any person on board vessel other than persons travelling by request of Charterers or by reason of the refusal of Master or
            Officer(s) or crew to perform their duties or an accident or breakdown to vessel or dry docking or periodical survey, the hire shall be suspended from the time
            of inefficiency in 

        
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        port or at sea, deviation or putting back until vessel is again efficient in the same or equivalent position in
            respect to the port where Vessel is originally destined for and voyage resumed therefrom and bunkers consumed during such period of suspension shall be for Owners’ account.

        Clause 89 - Cargo
                Claims

        Cargo claims as between the Owners and the Charterers shall be settled in accordance with the Inter-Club New York
            Produce Exchange Agreement of February 1970 as amended September 1996 as attached.

        Clause 90 - English
                Law

        In this Charter Party English Law to apply.

        Clause 91 -
                Protective Clauses

        The New Both-to-Blame Collision Clause, New Jason Clause and General Clause Paramount or U.S.A. Clause Paramount or
            Canadian Clause paramount whichever applicable, P+I Bunkering clause and Voywar 2004 Clause, are deemed to be incorporated in all Bills of Lading issued under this Charter Party and all sub-Charter Parties. Conwartime 2004 as attached, is
            deemed to be incorporated in this Charter Party and to apply.

        Clause 92 - Deleted
              

        Clause 93

        Basic war risk insurance to be for Owners’ account, however, in the event of any increase in war risk insurance
            premia (H+M/P+I ), including loss of hire and crew war risk bonus as well as blocking and trapping, due to the trade in which vessel is engaged, same to be for Charterers’ account until additional war risk premia no longer apply. The Charterers
            to place Owners in funds in lieu of such premia as provided by Owners insurance brokers prior vessel entering the war zone/place. In case vessel’s stay in the war zone/place prolonged and the amount already paid by the Charterers is not
            sufficient then Charterers to place Owners again in funds promptly for any further amounts required to cover vessel’s prolonged stay in the war zone/place.Owners will submit to Charterers the relevant debit notes immediately upon receipt of
            same from the insurance brokers and if there will be any difference plus or minus then same to be settled together with the next scheduled payment as per charter party. Such additional premium is not to exceed London underwriters’ scale. Owners
            will credit no claim bonus to Charterers .

        Clause 94

        The Owners guarantee that the construction of the vessel with fittings and other equipment shall comply with the
            requirements and/or recommendations of Australian Shore Labourers and Pilots.

        Clause 95

        Charterers have the right to instruct the Master to utilize the vessel’s maximum water ballast capacity and
            eventually to flood one or more holds in port, in order to bring down vessel’s height to get into position under loading and/or discharging appliances, however , the hold/holds to be utilized for ballasting should be only the designated ballast
            holds, always in conformity to free board and/or safety requirements.

        Clause 96

        Notwithstanding anything to the contrary in this Charter, Owners guarantee that throughout the currency of this
            Charter Owners will comply with all federal, state and/ or local government requirements (including

        
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        but not limited to the obtaining of Certificate of Financial Responsibility under OPA 90) to enable vessel to
            lawfully trade to the United States of America and any countries permitted under this Charter.

        Clause 97

        Charterers to have the privilege of ordering the vessel to be laid up at any time during the period of this Charter
            Party. In such event, Time charter hire shall be paid in accordance with Clause 4, less all operating costs which Owners may be able to save by reason of the Vessel having been laid up, if any. A joint condition survey of the Vessel to be
            carried out in the beginning and at the end of a layup period. Also, Owners to have the right to arrange for an underwater inspection. Any and all expenses to be incurred including, but not limited to, cleaning and painting the hull or
            underwater parts, restoring the Vessel and her machinery / equipment for service, class and P+I fees and expenses to be for Charterers’ account. These provisions apply in any case and fully whether layup may terminate during the currency of or,
            at the end of this charter party.

        Charterers to have the benefit of any return insurance premium if and when granted and paid to Owners from the
            underwriters by reason of the vessel being in port for a minimum of 30 (thirty) days.

        Clause 98

        Charterers guarantee that they are fully covered with a first class P+I club including cargo claims, F / D+D
            (Freight / Demurrage + Defence) and full Charterers liability and will remain so for the total duration of the present charter.

        Clause 99

        In case Vessel’s last voyage exceeds the maximum period and the market rate rises above the c/p rate in the
            meantime, it is hereby agreed that the charter hire will be adjusted to the prevailing market level from DLOSP of the last discharging port prior commencement of the last voyage until actual redelivery of the Vessel to the Owners, whether
            Vessel fixed for next employment or not, whether Vessel sold or not. Such adjusted rate to be calculated as follows:

        
          
            	-	
                    If Vessel redelivered east of Suez including Red Sea/Indian Ocean/Pacific Ocean then the average rate of route C10_03 for the whole applicable period as
                        defined above to apply.

                  

          

        

        
          
            	-	
                    If Vessel redelivered west of Suez including Mediterranean sea/ Black sea/Baltic sea / Atlantic ocean then the average rate of route C8_03 for the whole
                        applicable period as defined above to apply. This clause is null and void in case of force majeure

                  

          

        

        Clause 100 - Hamburg
                Rules Charter Party Clause

        Neither the Charterer s nor their agents shall permit the issue of any bill of Lading, waybill or other document
            evidencing a contract of carriage (whether or not signed on behalf of the Owner or on the Charterers’ behalf or on behalf of any sub-Charters) incorporating, where not compulsorily applicable, The Hamburg Rules or any legislation giving effect
            to the Hamburg Rules or any other legislation imposing liabilities in excess of Hague or Hague Visby Rules. Charterers shall indemnify the Owners against any liability, loss or damage which may result from any breach of the foregoing provisions
            of this clause.

        Clause 101 - P &
                I Bunker Clause

        “The vessel shall have the liberty as part of the contract voyage to proceed to any port or ports at which bunker
            oil is available for the purpose of bunkering at any stage of the voyage whatsoever and whether such ports are on or off the direct and/or customary route or routes between any of the ports of loading or discharge named in this Charter Party
            and may there take oil bunkers in any quantity in the discretion of Owners even to the full capacity of fuel tanks and deep tanks and any other compartment in which oil can be carried, whether such amount is or is not required for the chartered
            voyage.”

        
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        Clause 102 -
                Deviation Clause

        The vessel has liberty to call at any port or ports in any order, for any purpose, to sail without pilots, to tow
            and/or assist vessels in all situations, and also to deviate for the purpose of saving life and/or property. Eventual costs and benefits to be equally shared by Charterers and Owners.

        Clause 103 - Clause
                Paramount

        This bill of lading shall have effect subject to the provisions of the Carriage of Goods by Sea Act of the United
            States, provisions of Water Carriage of Goods Act 1936 enacted by the Parliament of the Dominion of Canada, the Hague Rules, or the Hague-Visby Rules, as applicable, or such other similar national legislation as may mandatorily apply by virtue
            of origin or destination of the bills of lading, which shall be deemed to be incorporated herein and nothing herein contained shall be deemed a surrender by the carrier of any of its rights or immunities or an increase of any of its
            responsibilities or liabilities under said applicable If any term of this bill of lading be repugnant to said applicable Act to any extent, such term shall be void to that extent, but no further.

        Clause 104 - General
                Clause Paramount

        The International Convention for the Unification of Certain Rules of Law relating to Bills of Lading signed at
            Brussels on 25 August 1924 (“the Hague Rules”) as amended by the Protocol signed at Brussels on 23 February 1968 (“the Hague-Visby Rules”) and as enacted in the country of shipment shall apply to this Contract. When the Hague Visby Rules are
            not enacted in the country of shipment, the corresponding legislation of the country of destination shall apply, irrespective of whether such legislation may only regulate outbound shipments.

        When there is no enactment of the Hague-Visby Rules in either the country of shipment or in the country of
            destination, the Hague Visby Rules shall apply to this Contract save where the Hague Rules as enacted in the country of shipment or if no such enactment is in place, the Hague Rules as enacted in the country of destination apply compulsorily to
            this Contract.

        The Protocol signed at Brussels on 21 December 1979 (“The SDR Protocol 1979”) shall apply where the Hague Visby
            Rules apply, whether mandatorily or by this Contract. The Carrier shall in no case be responsible for loss of or damage to cargo arising prior to loading, after discharging, or while the cargo is in the charge of another carrier or with respect
            to deck cargo and live animals.

        Clause 105 -
                Canadian Clause Paramount

        This Bill of Lading, so far as it relates to the Carriage of Goods by Water, shall have effect, subject to the
            provisions of the Water Carriage of Goods Act 1936, enacted by the Parliament of the Dominion of Canada, which shall be deemed to be incorporated herein and nothing herein contained shall be deemed a surrender by the Carrier of any of its
            rights or immunities or an increase of any of its responsibilities or liabilities under said Act. If any term of this Bill of Lading be repugnant to said Act to any extent such terms shall be void to that extent but no further.

        Clause 106 - U.S.A.
                Paramount Clause

        This contract of Affreightment as well as its pertaining Bills of Lading shall have effect subject to the provisions
            of the Carriage of Goods by Sea Act of the United States, approved on April 16th, 1936, which shall be deemed to be incorporated herein, and nothing herein contained shall be deemed a surrender by the carrier of any of its rights or immunities
            or an increase of any of its responsibilities or liabilities under said Act. If any term of this contract or its Bills of Lading be repugnant to said Act to any extent, such term shall be void to that extent but no further.

        
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        Clause 107 - New
                Jason Clause

        In the event of accident, danger, damage or disaster before or after commencement of the voyage, resulting from any
            cause whatsoever, whether due to negligence or not, for which, or for the consequences of which, the carrier is not responsible, by statute, contract or otherwise, the goods, shippers, consignees, or Owners of the goods shall contribute with
            the carrier in general average to the payment of any sacrifices, losses, or expenses of a general average nature that may be made or incurred and shall pay salvage and special charges incurred in respect of the goods.

        If a salving ship is owned or operated by the carrier, salvage shall be paid for as fully as if such salving ship or
            ships belonged to strangers. Such deposit as the carrier or his agents may deem sufficient to cover the estimated contribution of the goods and any salvage and special charges thereon shall, if required, be made by the goods, shippers,
            consignees or Owners of the goods to the carrier before delivery.

        Clause 108 - New
                Both to Blame Collision Clause

        If the liability for any collision in which the vessel is involved while performing this Bill of Lading fails to be
            determined in accordance with the laws of the United States of America, the following clause shall apply:

        If the ship comes into collision with another ship as a result of the negligence of the other ship and any act,
            neglect or default of the Master, mariner, pilot or the servants of the carrier in the navigation or in the management of the ship, the Owners of the goods carried hereunder will indemnify the carrier against all loss or liability to the other
            or non-carrying ship or her Owners insofar as such loss or liability represents loss of, or damage to, or any claim whatsoever of the Owners of the said goods, paid or payable by the other or non-carrying ship or her Owners to the Owners of the
            said goods and set off, recouped or recovered by the other or non-carrying ship or carrier or her Owners as part of their claim against the carrying ship or carrier.

        The foregoing provision shall also apply where the Owners, Operators or those in charge of any ship or ships or
            objects other than, or in addition to, the colliding ships or objects are at fault in respect to a collision or contact.

        Clause 109  - Drug
                And Alcohol Policy

        Owners warrant that there is a policy on Drug and Alcohol Abuse (Policy) applicable to the vessel which meets or
            exceeds that standard in the International Marine Forum Guidelines for the control of Drugs and Alcohol on board the Ship. Under the Policy, alcohol impairment shall be defined as a blood alcohol content of 40mg/100ml or greater; the
            appropriate seafarers to be tested shall be the full Vessel’s complement and the drug/alcohol testing and screening shall include unannounced testing in addition to route medical examinations.

        An objective of the Policy should be that the frequency of the unannounced testing be adequate to act as an
            effective abuse deterrent, and that all officers be tested at least once a year through a combined program of unannounced testing and routine medical examinations.

        Owners further warrant that the Policy will remain in effect during the term of this Charter and that Owners shall
            exercise due diligence to ensure that the Policy is complied with. It is understood that an actual impairment of any test finding of impairment shall not in and of itself mean the Owners have failed to exercise due diligence.

        Owners undertake, unless they have already done it, to sign the US Customs “Sea Carrier Initiative Agreement” in
            consideration with the US Anti-Drug Abuse Act 1986.

        Remark: In case of discrepancies between Printed Form and Rider Clauses, Rider Clauses will prevail.

        
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            CHARTER PARTY DATED 19TH NOVEMBER 2018

        Clause 110 - War
                Risks Clauses for Time Charter, 2004 (Code Name: CONWARTIME 2004)

        
          
            	(a)	
                    For the purpose of this Clause, the words:

                  

          

        

        
          
            	

                  	(i)	
                    “Owners” shall include the shipowners, bareboat charterers, disponent owners, managers or other operators who are charged with the management of the
                        Vessel, and the Master; and

                  

          

        

        
          
            	

                  	(ii)	
                    ‘War Risks” shall include any actual, threatened or reported:

                  

          

        

        war; act of war; civil war; hostilities; revolution; rebellion; civil commotion; warlike
            operations; laying of mines; acts of piracy; acts of terrorists; acts of hostility or malicious damage; blockades (whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or against certain
            cargoes or crews or otherwise howsoever); by any person, body, terrorist or political group, or the Government of any state whatsoever, which, in the reasonable judgement of the Master and/or the Owners, may be dangerous or are likely to be or
            to become dangerous to the Vessel, her cargo, crew or other persons onboard the Vessel.

        
          
            	(b)	
                    The Vessel, unless the written consent of the Owners be first obtained, shall not be ordered to or required to continue to or through, any port, place,
                        area or zone (whether of land or sea), or any waterway or canal, where it appears that the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Master and/or the Owners, may be, or are
                        likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, she shall be at liberty to leave it.

                  

          

        

        
          
            	(c)	
                    The Vessel shall not be required to load contraband cargo, or to pass through any blockade, whether such blockade be imposed on all vessels, or is imposed
                        selectively in any way whatsoever against vessels of certain flags or ownership, or against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject, or is likely to be subject to a
                        belligerent’s right of search and/or confiscation.

                  

          

        

        
          
            	(d) 	(i) 	The Owners may effect war risks insurance in respect of the Hull and Machinery of the Vessel
                      and their other interests (including, but not limited to, loss of earnings and detention, the crew and their protection and Indemnity Risks), and the premiums and/or calls therefore shall be for their account.

          

        

        
          
            	

                  	(ii)	
                    If the Underwriters of such insurance should require payment of premiums and/or calls because, pursuant to the Charterers’ orders, the Vessel is within, or is due to enter and remain within, or pass through any
                        area or areas which are specified by such Underwriters as being subject to additional premiums because of War Risks, then the actual premiums and/or calls paid shall be  reimbursed by the Charterers to the Owners at the same time as the next payment of hire is due, or upon redelivery, whichever occurs first.

                  

          

        

        
          
            	(e)	
                    If the Owners become liable under the terms of employment to pay to the crew any bonus or additional wages in respect of sailing into an area which is
                        dangerous in the manner defined by the said terms, then the actual bonus or additional wages paid shall be reimbursed to the Owners by the Charterers at the same time as the next payment of hire is due, or upon redelivery, whichever
                        occurs first.

                  

          

        

        
          
            	(f)	
                    The Vessel shall have liberty:-

                  

          

        

        
          
            	

                  	(i)	
                    to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in convoy, ports of call, stoppages,
                        destinations, discharge of cargo, delivery, or in  any other
                        way whatsoever, which are given by the Government of the Nation under whose flag the Vessel sails, or other Government  to  whose  laws the Owners are subject, or any other Government, body or group whatsoever acting with the power
                        to compel compliance with their orders or directions;

                  

          

        

        
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                  	(ii)	
                    to comply with the order, directions or recommendations of any war risks underwriters who have the authority to give the same under the terms of the war
                        risks insurance;

                  

          

        

        
          
            	

                  	(iii)	
                    to comply with the terms of any resolution of the Security Council of the United Nations, the effective orders of any other Supranational body which has
                        the right to issue and give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey the orders and directions of those who are charged with their enforcement;

                  

          

        

        
          
            	

                  	(iv)	
                    to discharge at any other port any cargo or part thereof which may render the Vessel liable to confiscation as a contraband carrier;

                  

          

        

        
          
            	

                  	(v)	
                    to call at any other port to change the crew or any part thereof or other persons on board the Vessel when there is reason to believe that they may be
                        subject to internment, imprisonment or other sanctions.

                  

          

        

        
          
            	(g)	
                    If in accordance with their rights under the foregoing provisions of this Clause, the Owners shall refuse to proceed to the loading or discharging ports,
                        or any one or more of them, they shall immediately inform the Charterers. No cargo shall be discharged at any alternative port without first giving the Charterers notice of the Owners’ intention to do so and requesting them to
                        nominate a safe port for such discharge. Failing such nomination by the Charterers within 48 hours of the receipt of such notice and request, the Owners may discharge the cargo at any safe port of their own choice.

                  

          

        

        
          
            	(h)	
                    If in compliance with any of the provisions of sub-clauses (b) to (g) of this Clause anything is done or not done, such shall not be deemed a deviation,
                        but shall be considered as due fulfilment of this Charter Party.

                  

          

        

        Clause 111 - BIMCO
                Bunker Fuel Sulphur Content Clause For Time Charter Parties 2005

        
          
            	(a)	
                    Without prejudice to anything else contained in this Charter Party, the Charterers shall supply fuels of such specifications and grades to permit the
                        vessel, at all times, to comply with the maximum sulphur content requirements of any emission control zone when the vessel is ordered to trade within that zone.

                  

          

        

        The Charterers also warrant that any bunker suppliers, bunker craft operators and bunker
            surveyors used by the Charterers to supply such fuels shall comply with Regulations 14 and 18 of MARPOL Annex VI, including the Guidelines in respect of sampling and the provision of bunker delivery notes. The Charterers shall indemnify, defend
            and hold harmless the Owners in respect of any loss, liability, delay, fines, costs or expenses arising or resulting from the Charterers’ failure to comply with this Sub- clause (a).

        
          
            	(b)	
                    Provided always that the Charterers have fulfilled their obligations in respect of the supply of fuels in accordance with Sub-clause (a), the Owners
                        warrant that:

                  

          

        

        
          
            	

                  	(i)	
                    The vessel shall comply with Regulations 14 and 18 of MARPOL Annex VI and with the requirements of any emission control zone; and

                  

          

        

        
          
            	

                  	(ii)	
                    The vessel shall be able to consume fuels of the required sulphur content when ordered by the Charterers to trade within any such zone.

                  

          

        

        Subject to having supplied the vessel with fuels in accordance with Sub-clause(a), the Charterers
            shall not otherwise be liable for any loss, delay, fines, costs or expenses arising or resulting from the vessel’s failure to comply with Regulations 14 and 18 of MARPOL Annex VI.

        
          
            	(c)	
                    For the purpose of this Clause, “emission control zone” shall mean zones as stipulated in MARPOL Annex VI and/or zones regulated by regional and/or
                        national authorities such as but not limited to, the EU and the US Environmental Protection Agency.

                  

          

        

        
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        Clause 112 - BIMCO
                Standard ISM Clause for Voyage and Time Charter Parties

        From the date of coming into force of the International Safety Management (I SM) Code in relation to the Vessel and
            thereafter during the currency of this Charter Party, the Owners shall procure that both the Vessel and “the Company” (as defined by the ISM Code) shall comply with the requirements of the ISM Code. Upon request the Owners shall provide a copy
            of the relevant Document of Compliance (DOC) and Safety Management Certificate (SMC) to the Charterers.

        Except as otherwise provided in this Charter Party, loss, damage, expense or delay caused by failure on the part of
            the Owners or “the Company” to comply with the ISM Code shall be for the Owners’ account.

        Clause 113 - BIMCO
                ISPS / MTSA Clause for Time Charter Parties 2005

        
          
            	(a) 	(i) 	The Owners shall comply with the requirements of the International Code for the Security of
                      Ships and of Port Facilities and the relevant amendments to Chapter XI of SOLAS (ISPS Code) relating to the Vessel and “the Company” (as defined by the ISPS Code). If trading to or from the United States or passing through United
                      States waters, the Owners shall also comply with the requirements of the US Maritime Transportation Security Act 2002 (MTSA) relating to the Vessel and the “Owner” (as defined by the MTSA).

          

        

        
          
            	

                  	(ii)	
                    Upon request the Owners shall provide the Charterers with a copy of the relevant International Ship Security Certificate (or the Interim International
                        Ship Security Certificate) and the full style contact details of the Company Security Officer (CSO).

                  

          

        

        
          
            	

                  	(iii)	
                    Loss, damages, expense or delay (excluding consequential loss, damages, expense or delay) caused by failure on the part of the Owners or “the Company” /
                        “Owner” to comply with the requirements of the ISPS Code/MTSA or this Clause shall be for the Owners’ account, except as otherwise provided in this Charter Party.

                  

          

        

        
          
            	(b) 	(i) 	The Charterers shall provide the Owners and the Master with their full style contact details
                      and, upon request, any other information the Owners require to comply with the ISPS Code/MTSA. Where sub-letting is permitted under the terms of this Charter Party, the Charterers shall ensure that the contact details of all
                      sub-Charterers are likewise provided to the Owners and the Master. Furthermore, the Charterers shall ensure that all sub-Charter Parties they enter into during the period of this Charter Party contain the following provision:

          

        

        "The Charterers shall provide the Owners with their full style contact details and where
            sub-letting is permitted under the terms of the Charter Party shall ensure that the contact details of all sub-Charterers are likewise provided to the Owners.”

        (ii) Loss, damages, expense or delay (excluding consequential loss, damages
            expense or delay) caused by failure on the part of the Charterers to comply with this Clause shall be for the Charterers’ account, except as otherwise provided in this Charter Party.

        
          
            	(c)	
                    Notwithstanding anything else contained in this Charter Party all delay, costs or expenses whatsoever arising out of or related to security regulations or
                        measures required by the port facility or any relevant authority in accordance with the ISPS Code / MTSA including, but not limited to, security guards, launch services, vessel escorts, security fees or taxes and inspections, shall
                        be for the Charterers’ account, unless such costs or expenses result solely from the negligence of the Owners, Master or crew. All measures required by the Owners to comply with the Ship Security Plan shall be for the Owners’
                        account.

                  

          

        

        
          
            	(d)	
                    If either party makes any payment which is for the other party’s account according to this Clause, the other party shall indemnify the paying party.

                  

          

        

        
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        Clause 114 - U.S.
                Customs Advance Notification / AMS Clause for Voyage Charter Parties

        
          
            	(a)	
                    If the Vessel loads or carries cargo destined for the US or passing through US ports in transit, the Owners shall comply with the current US Customs
                        regulations (19 CFR 4.7) or any subsequent amendments thereto and shall undertake the role of carrier for the purposes of such regulations and shall, in their own name, time and expense:

                  

          

        

        
          
            	

                  	i)	
                    Have in place a SCAC (Standard Carrier Alpha Code);

                  

          

        

        
          
            	

                  	ii)	
                    Have in place an ICB (International Carrier Bond); and

                  

          

        

        
          
            	

                  	iii)	
                    Submit a cargo declaration by AMS (Automated Manifest System) to the US Customs.

                  

          

        

        The Charterers shall provide all necessary information to the Owners and/or their agent to enable the Owners to
            submit a timely and accurate cargo declaration. The Charterers shall assume liability for and shall indemnify, defend and hold harmless the Owners against any loss and/or damage whatsoever (including consequential loss and/or damage) and/or any
            expenses, fines, penalties and all other claims of whatsoever nature, including but not limited to legal costs, arising from the Charterers’ failure to comply with any of the provisions of this sub-clause. Should such failure result in any
            delay then, notwithstanding any provision in this Charter Party to the contrary, all time used or lost shall count as laytime or, if the Vessel is already on demurrage, time on demurrage.

        
          
            	(c)	
                    The Owners shall assume liability for and shall indemnify, defend and hold harmless the Charterers against any loss and/or damage whatsoever (including
                        consequential loss and/ or damage) and any expenses, fines, penalties and all other claims of whatsoever nature, including but not limited to legal costs, arising from the Owners’ failure to comply with any of the provisions of
                        sub-clause (a). Should such failure result in any delay then, notwithstanding any provision in this Charter Party to the contrary, all time used or lost shall not count as laytime or, if the Vessel is already on demurrage, time on
                        demurrage.

                  

          

        

        
          
            	(d)	
                    The assumption of the role of carrier by the Owners pursuant to this Clause and for the purpose of the US Customs Regulations (19 CFR 4.7) shall be
                        without prejudice to the identity of carrier under any bill of lading, other contract, law or regulation.

                  

          

        

        Clause 115 - BIMCO
                Bulk Carrier Safety Clause

        
          
            	(a)	
                    The Charterers shall instruct the Terminal Operators or their representatives to cooperate with the Master in completing the IMO SHIP/SHORE SAFETY
                        CHECKLIST and shall arrange all cargo operations strictly in accordance with the guidelines set out therein.

                  

          

        

        
          
            	(b)	
                    In addition to the above and notwithstanding any provision in this Charter Party in respect of loading/discharging rates, the Charterers shall instruct
                        the Terminal Operators to load/ discharge the Vessel in accordance with the loading/ discharging plan, which shall be approved by the Master with due regard to the Vessel’s draught, trim, stability, stress or any other factor which
                        may affect the safety of the Vessel.

                  

          

        

        
          
            	(c)	
                    At any time during cargo operations the Master may, if he deems it necessary for reasons of safety of the Vessel, instruct the Terminal Operators or their
                        representatives to slow down or stop the loading or discharging.

                  

          

        

        
          
            	(d)	
                    Compliance with the provisions of this Clause shall not affect the counting of laytime.

                  

          

        

        Clause 116

        The Owners to have the right to sell the vessel at any time during the period of this Charter Party having promptly
            informed the Charterers in this respect and to provide them with the name of the new owners, subject to Charterers approval which not to be unreasonably withheld.

        
          20

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        Clause 117

        Deleted.

        Clause 118

        Negotiations and fixture are to be kept strictly private and confidential except in case of statutory requirements
            or those of Stock listed companies.

        Clause 119 - BIMCO
                Piracy Clause for Time Charter Parties

        
          
            	(a)	
                    The Vessel, unless the written consent of the Owners be first obtained, shall not be ordered to or required to continue to or through, any port, place,
                        area or zone (whether of land or sea), or any waterway or canal, where it appears that the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgment of the Master and/or the Owners, may be, or are
                        likely to be, exposed to any actual, threatened or reported acts of piracy, whether such risk of piracy existed at the time of entering into this charter party or occurred thereafter. Should the Vessel be within any such place as
                        aforesaid, which only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, she shall be at liberty to leave it.

                  

          

        

        
          
            	(b)	
                    If the Owners do not give their consent they shall immediately inform the Charterers and the Charterers shall be obliged to issue alternative voyage
                        orders and any time lost due to compliance with such orders shall not be considered off-hire. The Charterers shall indemnify the Owners for any claims from holders of Bills of Lading or third parties caused by such orders.

                  

          

        

        
          
            	(c)	
                    If the Owners consent or if the Vessel proceeds to or through an area exposed to risk of piracy the Owners shall have the liberty:

                  

          

        

        
          
            	

                  	(i)	
                    to take reasonable preventive measures to protect the vessel, her crew and cargo including but not limited to taking a reasonable alternative route,
                        proceeding in convoy, using escorts, avoiding day or night navigation, adjusting speed or course, or engaging security personnel or equipment on or about the vessel,

                  

          

        

        
          
            	

                  	(ii)	
                    to comply with the orders, directions or recommendations of any underwriters who have the authority to give the same under the terms of the insurance;

                  

          

        

        
          
            	

                  	(iii)	
                    to comply with all orders, directions, recommendations or advice given by the Government of the Nation under whose flag the Vessel sails, or other
                        Government to whose laws the Owners are subject, or any other Government, body or group, including  military  authorities, whatsoever acting with the power to compel compliance with their orders or directions;

                  

          

        

        
          
            	

                  	(iv)	
                    to comply with the terms of any resolution of the Security Council of the United Nations, the effective orders of any other Supranational body which has
                        the right to issue and give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey the orders and directions of those who are charged with their enforcement; and the Charterers
                        shall indemnify the Owners for any claims from holders of Bills of Lading or third parties caused by such orders.

                  

          

        

        
          
            	(d)	
                    Costs

                  

          

        

        
          
            	

                  	(i)	
                    If the Vessel proceeds to or through an area where due to risk of piracy additional costs will be incurred including but not limited to additional
                        insurance, additional personnel and preventative measures to avoid piracy attacks, such costs shall be for the Charterers’ account. Any time lost waiting for convoys, following recommended routeing, timing, or reducing speed or
                        taking measures to minimise risk, shall be for the Charterers’ account and the Vessel shall remain on hire;

                  

          

        

        
          
            	

                  	(ii)	
                    If the Owners become liable under the terms of employment to pay to the crew any bonus or additional wages in respect of sailing into an area which is
                        dangerous in the manner defined by the said  terms, then the actual bonus  or additional wages paid shall be  reimbursed to the

                  

          

        

        
          21

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        Owners by the Charterers at the same time as the next payment of hire is due, or upon redelivery,
            whichever occurs first;

        
          
            	

                  	(iii)	
                    If the underwriters of the Owners’ insurances should require payment of additional premiums and/or calls because, pursuant to the Charterers’ orders, the
                        Vessel is within, or is due to enter and remain within, or pass through any area or areas which are specified by such Underwriters as being subject to additional premiums because of piracy risks, then the actual additional premiums
                        and/or calls paid shall be reimbursed by the Charterers to the Owners at the same time as the next payment of hire is due, or upon redelivery, whichever occurs first.

                  

          

        

        
          
            	(e)	
                    If the Vessel is attacked or seized by pirates any time lost shall be for the account of the Charterers and the Vessel shall remain on hire. If the Vessel
                        is seized the Owners shall keep the Charterers closely informed of the efforts made to have the Vessel released.

                  

          

        

        
          
            	(f)	
                     If in compliance with this Clause anything is done or not done, such shall not be deemed a deviation, but shall be considered as due fulfillment of this
                        Charter Party.

                  

          

        

        Clause 120 -
                Radioactivity Risk Clause for Time Charter Parties

        
          
            	(a)	
                    The Vessel shall not be obliged to proceed or required to continue to or through or remain at, any port, place, area or zone, or any waterway or canal (
                        hereinafter "Area”) which may expose the Vessel, her cargo, crew or other persons on board the Vessel to danger from levels of ionizing radiations from or contamination by radioactivity from any nuclear fuel, nuclear waste or from
                        the combustion of nuclear fuel, or the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or component thereof (hereinafter “Radioactivity”)
                        determined by a competent local, national or international authority (including but not limited to the International Atomic Energy Authority and the World Health Organization) to be harmful to human health.

                  

          

        

        
          
            	(b)	
                    If in accordance with sub-clause(a) the Owners decide that the Vessel shall not proceed or continue to or through or remain in the Area they must
                        immediately inform the Charterers. The Charterers shall be obliged to issue alternative voyage orders and shall indemnify the Owners for any claims from holders of the Bills of Lading caused by waiting for such orders and/or the
                        performance of an alternative voyage. Any time lost as a result of waiting for or complying with such orders shall not be considered off-hire.

                  

          

        

        
          
            	(c)	
                    The Vessel shall have liberty to comply with all orders, directions, recommendations or advice of competent authorities and/or the Flag State of the
                        Vessel in respect of arrival, routes, ports of call, destinations, discharge of cargo, delivery, or in any other way whatsoever.

                  

          

        

        
          
            	(d)	
                    The Charterers warrant that they shall not load cargoes and/ or empty containers and/or supply bunkers that have levels of Radioactivity in excess of
                        normal background radiation levels for the Area. The Owners, at their discretion, may arrange for a radioactive survey by an independent qualified surveyor, at the Charterers’ cost, expense and time. If the level of Radioactivity in
                        the cargoes, empty containers and/ or bunkers is determined by the surveyor to exceed normal background levels, the Owners shall have the right to refuse to load such cargoes, empty containers and/or bunkers.

                  

          

        

        
          
            	(e)	
                    Any delays arising out of measures taken by port authorities to screen the Vessel for radiation either in the countries affected by Radioactivity or at
                        subsequent ports of call shall be for the Charterers’ account. Any time lost as a result of complying with such screening shall not be considered off-hire.

                  

          

        

        
          
            	(f)	
                    If in compliance with this Clause anything is done or not done, such shall not be deemed a deviation, but shall be considered as due fulfillment of this
                        Charter Party. In the event of a conflict between the provisions of this Clause and any implied or express provision of the Charter Party, this Clause shall prevail to the extent of such conflict, but no further.

                  

          

        

        
          22

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "XANADU"

            CHARTER PARTY DATED 19TH NOVEMBER 2018

        Clause 121 - Loading
                Iron Ore in India

        The Charterers are to provide certificate(s) of testing from a laboratory which must be approved in advance by the
            Owners and such certificate(s) of testing must state the TML (Transportable Moisture Limit) and FMP (Flow Moisture Point) and Moisture Content. Such certificate(s) are to be presented to the Owners and the Master prior to, and as a condition
            of, the commencement of loading.

        Notwithstanding above, should the Owners so require, the Charterers are to allow the Owners or their representatives
            to take samples of cargoes prior to, and as a condition of, loading and the Owners shall be entitled to test such samples and/or appoint surveyors and/or experts to act on their behalf always at the Owners’ discretion, but only one of the
            following companies to be used:

        Either, M/S ERICSON & RICHARDS (GOA) or M/S J.B. BODA PVT LTD (GOA).

        The master shall have the right to refuse to accept cargo on board.

        Such refusal shall not be a breach of charter, vessel shall remain on-hire, and the Charterers shall be responsible,
            at their sole time and expense for all steps required to provide a safe cargo to the satisfaction of the master.

        The Charterers agree to pay and indemnify the Owners for all costs / fees, liabilities and all time taken in connection with the matters
            provided for in this clause shall be for the Charterers’ account. Cargo loaded in vessel’s holds after having been tested and accepted by Owners/Master cannot be rejected.

        

        

        -END-

        
          23

          
            

        

        

        

        

        

        SIDE LETTER

        TO

        MV “XANADU”

        CHARTER PARTY
                DATED 19TH NOVEMBER 2018

        It is mutually agreed between Salacia MARINE INC., Marshall Islands
            as Owners and TMS DRY LTD., Marshall Islands as Charterers that notwithstanding anything else in this Charterparty:

        
          
            	

                  	-	
                    Israel trading is allowed provided no subsequent voyage to Arabian country.

                  

          

        

        
          
            	

                  	-	
                    Sierra Leone: to be discussed/considered on a case by case basis.

                  

          

        

        
          
            	

                  	-	
                    Indian Ocean /Gulf of Aden/Red Sea Passage: to be discussed/considered on a case by case basis against Charterers paying for all extra insurance, crew war
                        bonus and for sufficient armed guards and safety/protection equipment.

                  

          

        

        	
                THE OWNERS

              	 	
                THE CHARTERERS

              
	 	 	 
	 /s/Dimitris Drelozis	 	 
                /s/Tony Skoulaxenos

              
	
                Dimitris Drelozis

                Salacia MARINE INC.

              	 	
                Tony Skoulaxenos

                TMS DRY LTD.Exhibit 4.78

        

        
          
            

            

            
              

              

              Private & Confidential

              

              

              

              

              Dated 27
                      November 2018

              

              

              

              

              

              

              

              

              	 	
                      CORYSIA OWNING COMPANY LIMITED

                       
                      as Owner

                       
                       

                       
                      and

                       
                       

                       
                      EGERIA MARINE INC.

                       
                      as Charterer

                       
                       

                       
                      and

                       
                       

                       
                      KfW IPEX-BANK GmbH

                       
                      as Security Agent

                       
                       

                       

                    	
                      (1)

                       

                       

                       

                       

                      (2)

                       

                       

                       

                       

                      (3)

                    

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              	 	
                       

                      TRIPARTITE DEED OF COVENANT

                      relating to

                      m.v. “Conquistador''

                       

                    	 

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              

              NORTON ROSE FULBRIGHT

              
                
                  

              

            

            
              

              

              Contents

              
                	
                        Clause

                      	
                        Page

                      
	 	 
	
                        1 Definitions

                      	
                        2

                      
	 	 
	
                        2 Representations and warranties

                      	
                        7

                      
	 	 
	
                        3 Mortgage and assignment

                      	
                        9

                      
	 	 
	
                        4 Covenant to pay

                      	
                        11

                      
	 	 
	
                        5 Charterer's assignment

                      	
                        11

                      
	 	 
	
                        6 Continuing security and other matters

                      	
                        12

                      
	 	 
	
                        7 Owner's undertakings

                      	
                        15

                      
	 	 
	
                        8 Charterer's undertakings

                      	
                        18

                      
	 	 
	
                        9 Covenants concerning insurance and operational matters

                      	
                        21

                      
	 	 
	
                        10 Powers of Security Agent to protect security and remedy defaults

                      	
                        27

                      
	 	 
	
                        11 Powers of Security Agent on Event of Default

                      	
                        27

                      
	 	 
	
                        12 Application of moneys

                      	
                        29

                      
	 	 
	
                        13 Remedies cumulative and other provisions

                      	
                        30

                      
	 	 
	
                        14 Costs and indemnity

                      	
                        31

                      
	 	 
	
                        15 Attorney

                      	
                        31

                      
	 	 
	
                        16 Further assurance

                      	
                        32

                      
	 	 
	
                        17 Sale of Ship

                      	
                        32

                      
	 	 
	
                        18 Quiet enjoyment

                      	
                        33

                      
	 	 
	
                        19 Security shortfall and purchase obligation

                      	
                        33

                      
	 	 
	
                        20 Payments and Taxes

                      	
                        33

                      
	 	 
	
                        21 Notices

                      	
                        34

                      
	 	 
	
                        22 Counterparts

                      	
                        35

                      
	 	 
	
                        23 Severability of provisions

                      	
                        35

                      
	 	 
	
                        24 Law and jurisdiction

                      	
                        35

                      
	 	 
	
                        Schedule 1 Forms of Loss Payable Clauses

                      	
                        37

                      
	 	 
	
                        Schedule 2 Forms of Notices of Assignment of Insurances

                      	
                        39

                      
	 	 
	
                        Schedule 3 Form of Notice of Assignment of Owner's Earnings

                      	
                        41

                      
	 	 
	
                        Schedule 4 Form of Notice of Assignment of Charter Guarantee and Acknowledgement

                      	
                        42

                      

                

                

                

                

              

            

            

            
              
                

            

            THIS TRIPARTITE DEED OF COVENANT is

                dated 27 November 2018 and made BETWEEN:

            

            

            
              
                	(1)	
                        CORYSIA OWNING COMPANY LIMITED a corporation
                            incorporated in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the “Owner”);

                      

              

            

            

            

            
              
                	(2)	
                        EGERIA MARINE INC. a corporation incorporated
                            in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the “Charterer”); and

                      

              

            

            

            

            
              	
                      (3)

                    	
                      KfW IPEX-BANK GmbH of

                          Palmengartenstrasse 5-9, D-60325 Frankfurt am Main, Germany acting for the purposes of this Deed through its office at Palmengartenstrasse 5-9, D-60325 Frankfurt am Main, Germany in its capacity as security agent and trustee for
                          and on behalf of the Finance Parties (as defined below) (the “Security Agent”).

                    

            

            

            

            WHEREAS:

            

            

            
              	
                      (A)

                    	
                      The Owner is the sole, absolute and unencumbered (save under the Mortgage as defined below), legal and beneficial owner of
                          all the shares in the Ship described in clause 1.2;

                    

            

            

            

            
              	
                      (B)

                    	
                      by a facility agreement dated 30 September 2016 (the “Principal Agreement”) as amended and supplemented by a supplemental agreement dated 22 September 2017 (the “'Supplemental Agreement”) and as further amended and restated by a second supplemental agreement dated 9 October 2018 (the “Second Supplemental Agreement” and together with the Principal Agreement and the Supplemental Agreement, the “Loan Agreement”) and made between, inter alios, (1) the Owner and the other companies whose names are set out in schedule 1 of the Principal Agreement as joint and several borrowers (therein referred to as the “Borrowers”), (2) KfW IPEX-Bank GmbH as arranger (in such capacity the “Arranger”), as agent (in such capacity the “Agent”) and as Security Agent,
                          (3) KfW IPEX-Bank GmbH as hedging provider (in such capacity the “Hedging Provider”), (4) the banks and financial institutions
                          referred to therein as lenders (the “Lenders” and together with the Arranger, the Agent, the Security Agent and the Hedging
                          Provider, the “Finance Parties”) and (5) Capeships Inc, Holdships Inc. and Melite Owning Company Limited as guarantors, the
                          Lenders have made available to the Borrowers, upon the terms and conditions therein contained, a loan facility of up to Eighty two million seven hundred and sixty two thousand five hundred Dollars ($82,762,500);

                    

            

            

            

            
              	
                      (C)

                    	
                      the Owner has executed in favour of the Security Agent a statutory Maltese mortgage dated 4 October 2016 (the “Mortgage”) in account current form constituting a first priority mortgage of all the shares in m.v. Conquistador, registered under the Maltese flag under the Port of Valletta under Official No. 9724635 (the “Ship”) and a deed of covenant collateral thereto (the “Deed of Covenant”);

                    

            

            

            

            
              	
                      (D)

                    	
                      by a ''Barecon 2001” bareboat charter dated 19 November 2018 made between the Owner and the Charterer and as the same may
                          be amended from time to time (the “Charter”), the Owner has agreed to let, and the Charterer has agreed to take, the Ship on
                          demise charter for a certain period of months from the date of delivery of the Ship to the Charterer thereunder upon the terms and conditions therein mentioned;

                    

            

            

            

            
              	
                      (E)

                    	
                      the Second Supplemental Agreement provided (inter alia) that as a condition precedent to the Lenders' approval of the
                          Charter, the Owner and the Charterer should enter into a deed supplemental to the Mortgage substantially in the form of this Deed, to secure (inter alia) all sums of money from time to time owing to the Security Agent and/or the
                          Finance Parties under the Loan Agreement; and

                    

            

            

            

            
              	
                      (F)

                    	
                      this Deed is supplemental to the Loan Agreement and the Mortgage, the Deed of Covenant and to the security thereby created
                          and is the Tripartite Agreement in respect of the Ship referred to in the Loan Agreement.

                    

            

            
              1

              
                

            

            NOW THIS DEED WITNESSES AND IT IS
                  HEREBY AGREED as follows:

            

            

            
              	
                      1

                    	
                      Definitions

                    

            

            

            

            
              	
                      1.1

                    	
                      Defined expressions

                    

            

            

            

            Words and expressions defined in the Loan Agreement shall, unless the context otherwise
                requires or unless otherwise defined herein, have the same meanings when used in this Deed.

            

            

            
              	
                      1.2

                    	
                      Definitions

                    

            

            

            

            In this Deed. unless the context otherwise requires:

            

            

            “Account Bank”
                includes its successors in title;

            

            

            “Agent”
                includes its successors in title and its replacements;

            

            

            “Approved Brokers”
                means such firm of insurance brokers, appointed by the Owner (including during the Charter Period) as may from time to time be approved in writing by the Security Agent for the purposes of this Deed;

            

            

            “Charter”
                means the “Barecon 2001” bareboat charter dated 19 November 2018 made between the Owner and the Charterer as referred to in recital (D) above and as amended and/or supplemented and/or extended and/or renewed and/or novated from time to
                time;

            

            

            “Charter Earnings”
                means all Earnings payable by the Charterer to the Owner under or pursuant to the Charter and/or any moneys payable to the Owner under or pursuant to any guarantee, security or other assurance given to the Owner at any time in respect of
                the Charterer's obligations under or pursuant to the Charter;

            

            

            “Charter Guarantee”
                means the guarantee contained in the Charter and executed by the Charter Guarantor in favour of the Owner;

            

            

            “Charter Guarantor”
                means Dryships Inc. of Trust Company Complex, Ajeltake Road. Ajeltake Island, Majuro, the Marshall Islands and includes its successors in title;

            

            

            “Charter Period”
                means such part of the period of the Charter as falls within the Facility Period or, in the event of expiration or determination of the period of the Charter prior to the expiration of the Facility Period. the period down to the expiration
                or determination of the period of the Charter;

            

            

            “Charter Rights”
                means all of the rights of the Owner under or pursuant to the Charter, the Charter Guarantee and any other guarantee, security or other assurance given to the Owner at any time in respect of the Charterer's obligations under or pursuant to
                the Charter including (without limitation) the right to receive the Charter Earnings;

            

            

            “Charterer”
                means Egeria Marine Inc. of the Republic of the Marshall Islands and includes its successors in title;

            

            

            “Charterer's
                  Assigned Property” means all of the Charterer's rights, title and interest in and to:

            

            

            
              	
                      (a)

                    	
                      the Insurances; and

                    

            

            

            

            
              	
                      (b)

                    	
                      any Requisition Compensation;

                    

            

            

            

            “Collateral
                  Instruments” means notes, bills of exchange, certificates of deposit and other negotiable and non-negotiable instruments. guarantees, indemnities and other assurances against financial loss and any other documents or instruments
                which contain or evidence an obligation (with or without security) to pay, discharge or be responsible directly or indirectly for, any indebtedness or liabilities of the Borrowers or any of them or any other person liable and

            
              2

              
                

            

            includes any documents or instruments creating or evidencing a mortgage, charge (whether fixed or floating),
                pledge, lien, hypothecation, assignment, trust arrangement or security interest of any kind;

            

            

            “Delivery”
                means the delivery of the Ship by the Owner, and the acceptance of the Ship by the Charterer, pursuant to the Charter;

            

            

            “Delivery Date”
                means the date upon which Delivery occurs;

            

            

            “Earnings”
                means all moneys whatsoever from time to time due or payable to any person during the Facility Period arising out of the use or operation of the Ship including (but without limiting the generality of the foregoing) all freight, hire and
                passage moneys, income arising under pooling arrangements, compensation payable to such person in the event of requisition of the Ship for hire, remuneration for salvage and towage services, demurrage and detention moneys, and damages for
                breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Ship;

            

            

            “Encumbrance”
                means any mortgage, charge (whether fixed or floating}, pledge, lien, hypothecation, assignment, trust arrangement or security interest or other encumbrance of any kind securing any obligation of any person or any type of preferential
                arrangement (including without limitation title transfer and/or retention arrangements having a similar effect);

            

            

            “Event of Default”
                means any of the events or circumstances described in clause 30 of the Loan Agreement;

            

            

            “Expenses”
                means the aggregate at any relevant time (to the extent that the same have not been received or recovered by the Security Agent or any other Finance Party or any Receiver) of:

            

            

            
              	
                      (a)

                    	
                      all losses, liabilities, costs, charges. expenses, damages and outgoings of whatever nature (including, without limitation,
                          Taxes, repair costs, registration fees and insurance premiums) suffered, incurred or paid by the Security Agent or any other Finance Party or any Receiver in connection with the exercise of the powers referred to in or granted by
                          this Deed or otherwise payable by the Owner in accordance with clause 14; and

                    

            

            

            

            
              	
                      (b)

                    	
                      interest on all such losses, liabilities, costs, charges, expenses, damages and outgoings from the date on which the same
                          were suffered, incurred or paid by the Security Agent or any other Finance Party or any Receiver until the date of receipt or recovery thereof (whether before or after judgment) at a rate per annum calculated in accordance with
                          clause 8.3 of the Loan Agreement (as conclusively certified by the Security Agent or any Receiver, as the case may be);

                    

            

            

            

            “Facility Period”
                means the period commencing on the date hereof and terminating upon discharge of the security created by the Finance Documents by payment of all moneys payable thereunder;

            

            

            “Incapacity”
                means, in relation to a person, the death, bankruptcy, unsoundness of mind, insolvency, liquidation. dissolution, winding-up, administration, receivership, amalgamation, reconstruction or other incapacity of that person whatsoever (and, in
                the case of a partnership, includes the termination or change in the composition of the partnership);

            

            

            “Insurances”
                means all policies and contracts of insurance (which expression includes all entries of the Ship in a protection and indemnity or war risks association) which are from time to time during the Facility Period in place or taken out or entered
                into by or for the benefit of, among others, the Owner and/or the Charterer (whether in the sole name of the Owner, or in the joint names of the Owner, the Charterer and the Security Agent and/or the Finance Parties or any of them or
                otherwise) in respect of the Ship and her Earnings or otherwise howsoever in connection with the Shiμ and all benefits thereof (including claims of whatsoever nature and return of premiums);

            
              3

              
                

            

            “Loan”
                means the principal amount advanced by the Lenders to the Borrowers pursuant to the Loan Agreement or, as the context may require, the amount thereof at any time outstanding;

            

            

            “Loan Agreement”
                means the facility agreement dated 30 September 2016, as amended. supplemented and restated as mentioned in detail in recital (B) and as the same may be further amended and/or supplemented and/or restated from time to time:

            

            

            “Loss Payable
                  Clauses” means the provisions regulating the manner of payment of sums receivable under the Insurances which are to be incorporated in the relevant insurance documents, such Loss Payable Clauses to be in the forms set out in Part A
                of schedule 1 during the Charter Period or in the forms set out in Part B of schedule 1 during any Non-Charter Period, or in such other forms as may from time to time be required or agreed in writing by the Security Agent;

            

            

            “Major Casualty
                  Amount” means One million Dollars ($1,000,000) (or the equivalent in any other currency);

            

            

            “Manager”
                means TMS Dry Ltd., a corporation incorporated in the Republic of the Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 or any other person approved in
                writing by the Majority Lenders, and includes its successors in title;

            

            

            “Mortgage”
                means the statutory mortgage mentioned in recital (C);

            

            

            “Mortgaged
                  Property” means:

            

            

            
              	
                      (a)

                    	
                      the Ship;

                    

            

            

            

            
              	
                      (b)

                    	
                      the Insurances;

                    

            

            

            

            
              	
                      (c)

                    	
                      the Charter Earnings and all other Owner's Earnings;

                    

            

            

            

            
              	
                      (d)

                    	
                      all other Charter Rights; and

                    

            

            

            

            
              	
                      (e)

                    	
                      any Requisition Compensation;

                    

            

            

            

            “Non-Charter
                  Period” means any part of the Facility Period not falling within the Charter Period;

            

            

            “Notice of
                  Assignment of Insurances” means a notice of assignment in the form set out in Part A of schedule 2 during the Charter Period or in the form set out in Part B of schedule 2 during any Non-Charter Period or in such other form as may
                from time to time be required or agreed in writing by the Security Agent;

            

            

            “Outstanding
                  Indebtedness” means the aggregate of the Loan and interest accrued and accruing thereon, the Hedging Exposure, the Expenses and all other sums of money from time to time owing by the Borrowers or any of them to the Security Agent
                and/or the Finance Parties or any of them, whether actually or contingently, under the Loan Agreement, the Hedging Master Agreement, the other Finance Documents or any of them;

            

            

            “Owner”
                includes the successors in title of the Owner;

            

            

            “Owner's Earnings”
                means the Charter Earnings and all other Earnings payable to the Owner;

            

            

            “Owner's Operating
                  Account” means an account of the Owner opened or (as the context may require) to be opened by the Owner with the Account Bank with account number NL97ABNA0248741055 and includes any other account designated in writing by the
                Security Agent to be an Owner's Operating Account for the purposes of this Deed and it is the “Earnings Account” of the Owner referred to in the Loan Agreement;

            
              4

              
                

            

            “Port of Registry”
                means the port of Valetta in Malta or such other port of registry in the Malta approved in writing by the Security Agent on which the Ship is, or is to be, registered at the date of this Deed or at any relevant time hereafter;

            

            

            “Receiver”
                means any receiver and/or manager appointed pursuant to clause 11.2;

            

            

            “Requisition
                  Compensation” means any compensation paid or payable by a government entity for the requisition for title, confiscation or compulsory acquisition of the Ship;

            

            

            “Security Agent”
                includes the successors in title and the replacements of the Security Agent;

            

            

            “Security
                  Documents” means the Loan Agreement, the Hedging Master Agreement, this Deed, the Deed of Covenant, the Mortgage and any other such document as is defined in the Loan Agreement as a Security Document or as may have been or may
                hereafter be executed to guarantee and/or secure all or any part of the Loan, interest thereon and other moneys from time to time owing by the Borrowers or any of them or any other Obligor pursuant to the Loan Agreement, the Hedging Master
                Agreement or any other Security Documents (whether or not any such document also secures moneys from time to time owing pursuant to any other document or agreement);

            

            

            “Ship”
                means the vessel Conquistador registered as a Maltese ship at the Port of Valetta under Official Number 9724635 under the laws and
                flag of Malta and includes any share or interest therein and her engines, machinery, boats, tackle, outfit, equipment, spare gear, fuel, consumable or other stores, belongings and appurtenances whether on board or ashore and whether now
                owned or hereafter acquired and also any and all additions, improvements and replacements hereafter made in or to such vessel or any part thereof or in or to her equipment and appurtenances aforesaid; and

            

            

            “Total Loss”
                means:

            

            

            
              	
                      (a)

                    	
                      the actual, constructive, compromised or arranged total loss of the Ship; or

                    

            

            

            

            
              	
                      (b)

                    	
                      requisition for title, confiscation or other compulsory acquisition by a government entity; or

                    

            

            

            

            
              	
                      (c)

                    	
                      hijacking, piracy, theft, condemnation, capture, seizure, arrest or detention, unless the Ship be released and restored
                          (during any Non-Charter Period) to the Owner or (during the Charter Period) the Charterer (as the case may be) from such hijacking, theft, condemnation. capture, seizure, arrest, detention or confiscation within thirty (30) days
                          after the occurrence thereof.

                    

            

            

            

            
              	
                      1.3

                    	
                      Insurance terms

                    

            

            

            

            In clause 9.1.1:

            

            

            
              
                	1.3.1	
                        excess risks means the proportion (if any) of
                            claims for general average, salvage and salvage charges not recoverable under the hull and machinery insurances of a vessel in consequence of the value at which the vessel is assessed for the purpose of such claims exceeding its
                            insured value;

                      

              

            

            

            

            
              
                	1,3.2	
                        excess war risk P&I cover means cover for
                            claims only in excess of amounts recoverable under the usual war risk cover including (but not limited to) hull and machinery, crew and protection and indemnity risks;

                      

              

            

            

            

            
              
                	1.3.3	
                        hull cover means insurance cover against the
                            risks identified in clause 9.1.1(a).

                      

              

            

            

            

            
              
                	1.3.4	
                        P&I risks means the usual risks (including
                            liability for oil pollution, excess war risk P&I cover) covered by a protection and indemnity association which is a member of the International Group of protection and indemnity associations (or, if the International Group
                            ceases to exist, any other leading protection and indemnity association or other leading provider of protection

                      

              

            

            
              5

              
                

            

            and indemnity insurance) (including, without limitation, the proportion (if any) of any
                collision liability not covered under the terms of the hull cover).

            

            

            
              
                	1.4	
                        Construction of Mortgage terms

                      

              

            

            

            

            In the Mortgage:

            

            

            
              
                	1.4.1	
                        references to “interest” shall be construed as
                            references to interest covenanted to be paid in accordance with clause 4.1.2 and any interest specified in paragraph (b) of the definition of “Expenses” in clause 1.2;

                      

              

            

            

            

            
              
                	1.4.2	
                        references to “principal” shall be construed as
                            references to all moneys (other than interest) for the time being comprised in the Outstanding Indebtedness;

                      

              

            

            

            

            
              
                	1.4.3	
                        the term “Account Current” means an account or
                            accounts maintained by the Security Agent, in accordance with its usual practice, evidencing the amounts from time to time lent by, owing to and paid to it under the Finance Documents. Such account or accounts shall, in the
                            absence of manifest error, be conclusive as to the amount from time to time owing by the Owner to the Security Agent and/or the Finance Parties under the Finance Documents and any certificate from the Security Agent as to the
                            amount owing by the Owner under the Finance Documents shall be conclusive in the absence of manifest error, and the sum specified in any such certificate shall be the certain and liquidated sum owing by the Owner to the Security
                            Agent; and

                      

              

            

            

            

            
              
                	1.4.4	
                        the expression “all sums for the time being owing and
                              from time to time owing to the Mortgagee” means the whole of the Outstanding Indebtedness.

                      

              

            

            

            

            
              	
                      1.5

                    	
                      Headings

                    

            

            

            

            Clause headings and the table of contents are inserted for convenience of reference only and
                shall be ignored in the interpretation of this Deed.

            

            

            
              	
                      1.6

                    	
                      Construction of certain terms

                    

            

            

            

            In this Deed, unless the context otherwise requires:

            

            

            
              	
                      1.6.1

                    	
                      references to clauses and schedules are to be construed as references to clauses of, and schedules to, this Deed and
                          references to this Deed include its schedules;

                    

            

            

            

            
              	
                      1.6.2

                    	
                      references to (or to any specified provision of) this Deed or any other document shall be construed as references to this
                          Deed, that provision or that document as in force for the time being and as amended in accordance with the terms thereof, or, as the case may be, with the agreement of the relevant parties:

                    

            

            

            

            
              	
                      1.6.3

                    	
                      words importing the plural shall include the singular and vice versa;

                    

            

            

            

            
              	
                      1.6.4

                    	
                      references to a person shall be construed as references to an individual, firm, company, corporation, unincorporated body
                          of persons or any government entity;

                    

            

            

            

            
              	
                      1.6.5

                    	
                      references to a “guarantee”
                          shall include references to an indemnity or other assurance against financial loss including, without limitation, an obligation to purchase assets or services as a consequence of a default by any other person to pay any
                          Indebtedness and “guaranteed” shall be construed accordingly; and

                    

            

            

            

            
              	
                      1.6.6

                    	
                      references to statutory provisions shall be construed as references to those provisions as replaced or amended or
                          re-enacted from time to time.

                    

            

            
              6

              
                

            

            
              	
                      1.7

                    	
                      Conflict with Loan Agreement

                    

            

            

            

            As between the Owner and the Security Agent, this Deed shall be read together with the Loan Agreement but in case
                of any conflict between the two instruments. the provisions of the Loan Agreement shall prevail.

            

            

            
              	
                      1.8

                    	
                      Conflict with Charter

                    

            

            

            

            If and to the extent that any of the covenants and undertakings given by the Charterer in this Deed may conflict
                with any of the provisions of the Charter, such covenants and undertakings shall (as between the Security Agent on the one hand and the Owner and the Charterer on the other hand but not otherwise) prevail over such provisions.

            

            

            
              	
                      2

                    	
                      Representations and warranties

                    

            

            

            

            
              
                	2.1	
                        Continuing representations and warranties

                      

              

            

            

            

            The Charterer represents and warrants to the Security Agent that:

            

            

            
              	
                      2.1.1

                    	
                      Due incorporation

                    

            

            

            

            each of the Charterer and the Charter Guarantor is duly incorporated and validly existing in good standing under
                the laws of the Republic of the Marshall Islands as a corporation and each has power to carry on its business as it is now being conducted and to own its property and other assets;

            

            

            
              	
                      2.1.2

                    	
                      Corporate power

                    

            

            

            

            each of the Charterer and the Charter Guarantor has power to execute, deliver and perform its obligations under
                the Charter and the Charter Guarantee and such of the Finance Documents to which it is, or is to be, a party and has power to execute and deliver and perform its obligations under the Charter and the Charter Guarantee and the Finance
                Documents to which it is, or is to be, a party, and all necessary corporate, shareholder (if applicable) and other action has been taken to authorise the execution, delivery and performance of the same and no limitation on the powers of the
                Charterer and the Charter Guarantor to borrow or give guarantees or security will be exceeded as a result of the execution, delivery and performance of the Charterer's obligations under this Deed;

            

            

            
              	
                      2.1.3

                    	
                      Binding obligations

                    

            

            

            

            the Charter, the Charter Guarantee and the Finance Documents to which each of the Charterer and the Charter
                Guarantor is, or is to be, a party constitute or will, when executed, constitute its valid and legally binding obligations enforceable in accordance with their respective terms;

            

            

            
              	
                      2.1.4

                    	
                      No conflict with other obligations

                    

            

            

            

            the execution and delivery of. the performance of its obligations under. and compliance by each of the Charterer
                and the Charter Guarantor with, the provisions of the Charter. the Charter Guarantee and this Deed will not (i) contravene any existing applicable law, statute, rule or regulation or any Judgment decree or permit to which it is subject,
                (ii) contravene or conflict with any provision of its articles of incorporation, by-laws or other constitutional documents;

            
              7

              
                

            

            
              	
                      2.1.5

                    	
                      No filings required

                    

            

            

            

            it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of the Charter,
                the Charter Guarantee or this Deed that they or any other instrument be notarised, filed, recorded, registered or enrolled in any court. public office or elsewhere in any Relevant Jurisdiction or that any stamp, registration or similar tax
                or charge be paid in any Relevant Jurisdiction on or in relation to the Charter, the Charter Guarantee or this Deed and the Charter, the Charter Guarantee and each of the Charter, the Charter Guarantee and this Deed is in proper form for
                its enforcement in the courts of each Relevant Jurisdiction;

            

            

            
              	
                      2.1.6

                    	
                      Choice of law

                    

            

            

            

            the choice of English law to govern the Charter, the Charter Guarantee and this Deed and the submission by the
                Charterer to the non-exclusive jurisdiction of the English courts are valid and binding;

            

            

            
              	
                      2.1.7

                    	
                      No immunity

                    

            

            

            

            neither it nor any of its assets is entitled to immunity on the grounds of sovereignty or otherwise from any legal
                action or proceeding (which shall include, without limitation, suit, attachment prior to judgement, execution or other enforcement);

            

            

            
              	
                      2.1.8

                    	
                      Consents obtained

                    

            

            

            

            every consent, authorisation, licence or approval of. or registration with or declaration to, governmental or
                public bodies or authorities or courts required by the Charterer or the Charter Guarantor to authorise, or required by it in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of any of the
                Charter, the Charter Guarantee and this Deed or the performance by it of its obligations under the Charter, the Charter Guarantee and this Deed has been obtained or made and is in full force and effect and there has been no default in the
                observance of any of the conditions or restrictions (if any) imposed in, or in connection with, any of the same.

            

            

            
              
                	2.2	
                        Initial representations and warranties

                      

              

            

            

            

            The Charterer represents and warrants to the Security Agent that:

            

            

            
              	
                      2.2.1

                    	
                      No withholding Taxes

                    

            

            

            

            no Taxes are imposed by withholding or otherwise on any payment to be made by the Charterer or the Charter
                Guarantor under the Charter, the Charter Guarantee or this Deed or are imposed on or by virtue of its execution or delivery of the Charter, the Charter Guarantee or this Deed or any other document or instrument to be executed or delivered
                under the Charter, the Charter Guarantee or this Deed;

            

            

            
              	
                      2.2.2

                    	
                      Ship's employment

                    

            

            

            

            (save for the Charter) the Ship is not and will not on the Delivery Date be subject to any charter or contract or
                to any agreement to enter into any charter or contract entered into by the Charterer which, if entered into by it after the date of this Deed, would have required the consent of the Security Agent or the Finance Parties;

            

            

            
              	
                      2.2.3

                    	
                      Freedom from Encumbrances

                    

            

            

            

            the Charterer is the sole, legal and beneficial owner of the whole of the Charterer's Assigned Property and
                neither the Charterer's Assigned Property nor any part thereof are or will be on the Delivery Date subject to any Encumbrance created by it or arising due to its act or omission or its use or operation of the Ship and it has not (save as
                disclosed in writing to the Security Agent) received notice of any Encumbrance (other than pursuant to the Finance Documents) in respect thereof created by any other person;

            
              8

              
                

            

            
              	
                      2.2.4

                    	
                      Commissions etc.

                    

            

            

            

            there are no commissions, rebates, premiums or other payments in connection with the Charter other than as
                disclosed to the Security Agent in writing prior to the date hereof;

            

            

            
              	
                      2.2.5

                    	
                      Compliance with Environmental Laws

                    

            

            

            

            except as may already have been disclosed by the Charterer in writing to, and acknowledged in writing by, the
                Security Agent:

            

            

            
              	
                      (a)

                    	
                      the Charterer has complied with the provisions of all Environmental Laws; and

                    

            

            

            

            
              	
                      (b)

                    	
                      the Charterer has not received notice of any Environmental Claim that the Charterer is not in compliance with any
                          Environmental Law;

                    

            

            

            

            
              	
                      2.2.6

                    	
                      No Environmental Claims

                    

            

            

            

            except as may already have been disclosed by the Charterer in writing to, and acknowledged in writing by, the
                Security Agent, there is no Environmental Claim pending or, to the best of its knowledge and belief (having made due enquiry), threatened against the Charterer or the Ship or any other ship owned, managed or crewed by, or chartered to, the
                Charterer;

            

            

            
              	
                      2.2.7

                    	
                      No potential Environmental Claims

                    

            

            

            

            except as may already have been disclosed by the Charterer in writing to, and acknowledged in writing by, the
                Security Agent, there has been no emission or Spill of a Pollutant from or involving the Ship or any other ship owned by, managed or crewed

                by, or chartered to, the Charterer nor, to the best of its knowledge and belief (having made clue enquiry), from any other ship owned by, managed or crewed by, or chartered to, the Charterer which could give rise to an Environmental Claim;

            

            

            
              	
                      2.2.8

                    	
                      Copies true and complete

                    

            

            

            

            the copies of each of the Charter delivered or to be delivered to the Security Agent pursuant to clause 5.1 of the
                Second Supplemental Agreement are, or will when delivered be, true and complete copies of such documents, each of such documents will when delivered constitute valid and binding obligations of the parties thereto enforceable in accordance
                with their respective terms and there will have been no amendments or variations thereof or default thereunder.

            

            

            
              
                	2.3	
                        Repetition of representations and warranties

                      

              

            

            

            

            On and as of each day of the Facility Period, the Charterer shall be deemed to repeat the representations and
                warranties in clause 2.1 as if made with reference to the facts and circumstances existing on such day.

            

            

            
              
                	3	
                        Mortgage and assignment

                      

              

            

            

            

            
              
                	3.1	
                        Mortgage and assignment

                      

              

            

            

            

            By way of security for payment of the Outstanding Indebtedness the Owner with full title guarantee hereby
                mortgages and charges to and in favour of the Security Agent all its rights, title and interest present and future in and to the Mortgaged Property and, without prejudice to the generality of the foregoing, hereby assigns and agrees to
                assign to the Security Agent absolutely all its rights, title and interest in and to the Charter Earnings and any other Owner's Earnings, any other Charter Rights, the Insurances and any Requisition Compensation, and all its benefits and
                interests present and future therein. Provided however that:

            
              9

              
                

            

            
              
                	3.1.1	
                        Owner's Earnings

                      

              

            

            

            

            the Owner's Earnings shall be payable to the Owner's Operating Account until such time as a Default shall occur
                and the Security Agent shall direct to the contrary whereupon the Owner shall forthwith, and the Security Agent may at any time thereafter, instruct the persons from whom the Owner's Earnings are then payable to pay the same to the Security
                Agent or as it may direct and any Owner's Earnings then in the hands of the Owner's brokers or other agents shall be deemed to have been received by them for the use and on behalf of the Security Agent and the Finance Parties;

            

            

            
              	
                      3.1.2

                    	
                      Insurances

                    

            

            

            

            unless and until a Default shall occur (whereupon all insurance recoveries, other than any moneys payable under
                any loss of earnings insurance, shall be receivable by the Security Agent and applied in accordance with clause 12.1 or clause 12.4 (as the case may be)):

            

            

            
              	
                      (a)

                    	
                      any moneys payable under the Insurances other than any moneys payable under any loss of earnings insurance, shall be
                          payable in accordance with the terms of the relevant Loss Payable Clause and the Security Agent will not in the meantime give any notification to the contrary to the insurers as contemplated by the Loss Payable Clauses;

                    

            

            

            

            
              	
                      (b)

                    	
                      any insurance moneys received by the Security Agent in respect of any major casualty (as specified in the relevant Loss
                          Payable Clause) shall, unless prior to receipt or whilst such moneys are in the hands of the Security Agent there shall have occurred a Default (whereupon such insurance monies shall be applied in accordance with clause 12.1 or
                          clause 12.4 (as the case may be)), be paid over to the Owner (during the Non-Charter Period) or the Charterer (during the Charter Period) upon the Owner or the Charterer (as the case may be) furnishing evidence satisfactory to the
                          Security Agent that all loss and damage resulting from such casualty has been properly made good and repaired, and that all repair accounts and other liabilities whatsoever in connection with the casualty have been fully paid and
                          discharged by the Owner or the Charterer (as the case may be), provided however that the insurers with whom the fire and usual marine risks insurances are effected may, in the case of a major casualty, and with the previous
                          consent in writing of the Security Agent, make payment on account of repairs in the course of being effected; and

                    

            

            

            

            
              	
                      (c)

                    	
                      any moneys payable under any loss of earnings insurance shall be payable in accordance with the terms of the relevant Loss
                          Payable Clause and shall be subject to such provisions of this clause 3 as shall apply to Owner's Earnings and the Security Agent will not give any notification to the insurers as contemplated in such Loss Payable Clause unless
                          and until the Security Agent shall have become entitled under clause 3.1.1 to direct that the Owner's Earnings be paid to the Security Agent.

                    

            

            

            

            
              	
                      3.2

                    	
                      Notice

                    

            

            

            

            The Owner hereby covenants and undertakes with the Security Agent that it will from time to time upon the written
                request of the Security Agent give written notice of the assignment contained in clause 3.1 to any person (other than the Charterer) from whom any Owner's Earnings are due in the form set out in schedule 3 and will procure that within
                fourteen (14) days after the giving of such notice such person delivers to the Security Agent a copy thereof with the acknowledgement thereof in the form set out in such schedule duly executed by such person.

            

            

            
              	
                      3.3

                    	
                      Use of Owner's name

                    

            

            

            

            The Owner covenants and undertakes with the Security Agent to do or permit to be done each and every act or thing
                which the Security Agent may from time to time require to be done for the purpose of enforcing U1e Security Agent's rights under this Deed and to allow its name to be used as and when required by the Security Agent for that purpose.

            
              10

              
                

            

            
              	
                      3.4

                    	
                      Reassignment

                    

            

            

            

            Upon payment and discharge in full to the satisfaction of the Security Agent of the Outstanding Indebtedness, the
                Security Agent shall, at the request and cost of the Owner, re-assign the Charter Earnings and the other Owner's Earnings, the other Charter Rights, the Insurances and any Requisition Compensation to the Owner or as it may direct.

            

            

            
              	
                      3.5

                    	
                      Liability of Owner

                    

            

            

            

            The Owner shall remain liable to perform all the obligations assumed by it in relation to the Mortgaged Property
                and the Security Agent shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the Owner to perform its obligations in respect thereof.

            

            

            
              	
                      3.6

                    	
                      Acknowledgement by Charterer

                    

            

            

            

            By its execution of this Deed, the Charterer has received written notice of, and consents to, the assignment to
                the Security Agent of the Charter Earnings and the other Charter Rights.

            

            

            
              	
                      3.7

                    	
                      Notice of assignment of Charter Guarantee and acknowledgement

                    

            

            

            

            The Owner covenants and undertakes with the Security Agent that it will forthwith, following the execution of this
                Deed, give written notice of assignment contained in clause 5.1 to the Charter Guarantor in the form set out in schedule 4 and each of the Owner and the Charterer undertake with the Security Agent that they will procure forthwith that the
                Charter Guarantor delivers to the Security Agent a copy thereof with the form of acknowledgement set out in such schedule duly executed by the Charter Guarantor

            

            

            
              	
                      4

                    	
                      Covenant to pay

                    

            

            

            

            
              
                	4.1	
                        In consideration of (i) the agreement of the Lenders continuing loans or advances to or otherwise giving credit or granting banking facilities or
                            accommodation or granting time to the Borrowers pursuant to the Loan Agreement and subject to the terms of the Loan Agreement, (ii) the agreement of the Hedging Provider to continue to be a party to the Hedging Master Agreement
                            and (iii) the advance by the Lenders to the Borrowers of the total principal sum of Eighty two million seven hundred and sixty two thousand five hundred Dollars ($82,762,500) (receipt of which sum the Owner hereby acknowledges)
                            in accordance with the provisions of the Loan Agreement, the Owner hereby covenants with the Security Agent:

                      

              

            

            

            

            
              	
                      4.1.1

                    	
                      to repay the Loan by the instalments and on the dates referred to and otherwise in the manner and upon the terms set out in
                          the Loan Agreement;

                    

            

            

            

            
              	
                      4.1.2

                    	
                      to pay interest on the Loan, and on any overdue interest or other moneys payable under the Loan Agreement, at the rate or
                          rates from time to time applicable thereto in the manner and upon the terms set out in the Loan Agreement;

                    

            

            

            

            
              	
                      4.1.3

                    	
                      to pay all moneys payable under the Hedging Master Agreement at the times and in the manner therein specified; and

                    

            

            

            

            
              	
                      4.1.4

                    	
                      to pay all other moneys payable by the Owner under the Finance Documents or any of them at the times and in the manner
                          therein specified.

                    

            

            

            

            
              	
                      5

                    	
                      Charterer's assignment

                    

            

            

            

            
              
                	5.1	
                        Charterer's assignment

                      

              

            

            

            

            By way of security for the Outstanding Indebtedness, the Charterer with full title guarantee hereby assigns and
                agrees to assign to the Security Agent absolutely all its rights, title and interest in and to the Charterer's Assigned Property and all its benefits and interests present and future therein. Provided however that:

            
              11

              
                

            

            
              
                	5.1.1	
                        Insurance

                      

              

            

            

            

            unless and until a Default shall occur (whereupon all insurance recoveries, other than any moneys payable under
                any loss of earnings insurance, shall be receivable by the Security Agent and applied in accordance with clause 121 or clause 12.4 (as the case

                may be)):

            

            

            
              	
                      (a)

                    	
                      any moneys payable under the Insurances, other than any moneys payable under any loss of earnings insurance, shall be
                          payable in accordance with the terms of the relevant Loss Payable Clause and the Security Agent will not in the meantime give any notification to the contrary to the insurers as contemplated by the Loss Payable Clauses; and

                    

            

            

            

            
              	
                      (b)

                    	
                      any insurance moneys received by the Security Agent in respect of any major casualty (as specified in the relevant Loss
                          Payable Clause) shall, unless prior to receipt or whilst such moneys are in the hands of the Security Agent there shall have occurred a Default (whereupon such insurance monies shall be applied in accordance with clause 12.1 or
                          clause 12.4 (as the case may be)), be paid over to the Charterer (during the Charter Period) upon the Charterer furnishing evidence satisfactory to the Security Agent that all loss and damage resulting from such casualty has been
                          properly made good and repaired, and that all repair accounts and other liabilities whatsoever in connection with the casualty have been fully paid and discharged by the Charterer, provided however that the insurers with whom the
                          fire and usual marine risks insurances are effected may, in the case of a major casualty, and with the previous consent in writing of the Security Agent, make payment on account of repairs in the course of being effected.

                    

            

            

            

            
              	
                      5.2

                    	
                      Use of Charterer's name

                    

            

            

            

            The Charterer covenants and undertakes with the Security Agent to do or permit to be done each and every act or
                thing which the Security Agent may from time to time require to be done for the purpose of enforcing the Security Agent's rights under this Deed and to allow its name to be used as and when required by the Security Agent for that purpose.

            

            

            
              	
                      5.3

                    	
                      Reassignment

                    

            

            

            

            Upon payment and discharge in full to the satisfaction of the Security Agent of the Outstanding Indebtedness, the
                Security Agent shall, at the request and cost of the Charterer. re-assign the Charterer's Assigned Property to the Charterer or as it may direct

            

            

            
              	
                      5.4

                    	
                      Liability of Charterer

                    

            

            

            

            The Charterer shall remain liable to perform all the obligations assumed by it in relation to the Charterer's
                Assigned Property and the Security Agent shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the Charterer to perform its obligations in respect thereof.

            

            

            
              	
                      6

                    	
                      Continuing security and other matters

                    

            

            

            

            
              
                	6.1	
                        Continuing security

                      

              

            

            

            

            The security created by the Mortgage and this Deed and the obligations and liabilities of the Charterer shall:

            

            

            
              	
                      6.1.1

                    	
                      be held by the Security Agent as a continuing security for the payment of the Outstanding Indebtedness, and the performance
                          and observance of and compliance with all of the covenants, terms and conditions contained in the Finance Documents, express or implied, and that the security so created shall not be satisfied by any intermediate payment or
                          satisfaction of any part of the amount hereby and thereby secured (or by any settlement of accounts between the Owner or any other person who may be liable to the Security Agent and/or any of the Finance Parties in respect of the
                          Outstanding Indebtedness or any part thereof and the Security Agent and/or any of the Finance Parties) and shall remain in full

                    

            

            
              12

              
                

            

            force and effect until the Outstanding Indebtedness has been discharged in full (which expression shall not
                embrace payment or a dividend in liquidation or bankruptcy of less than one hundred per cent (100%));

            

            

            
              	
                      6.1.2

                    	
                      be in addition to, and shall not in any way prejudice or affect, and may be enforced by the Security Agent without prior
                          recourse to, the security created by any other of the Finance Documents or by any present or future Collateral Instruments, right or remedy held by or available to the Security Agent or any Finance Party or any right or remedy of
                          the Security Agent or any Finance Party thereunder;

                    

            

            

            

            
              	
                      6.1.3

                    	
                      not be in any way prejudiced or affected by the existence of any of the other Finance Documents or any such Collateral
                          Instrument, rights or remedies or by the same becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the Security Agent or any Finance Party dealing with, exchanging, varying or failing to
                          perfect or enforce any of the same, or giving time for payment or performance or indulgence or compounding with any other person liable; and

                    

            

            

            

            
              	
                      6.1.4

                    	
                      not in any way be prejudiced or affected by any change in the constitution of, or any amalgamation or reconstruction of the
                          Owner, the Security Agent or any other person or by any legal limitation. disability, incapacity or other circumstances relating to the Owner or any other person, whether or not known to the Security Agent or any other Finance
                          Party, by any invalidity in or irregularity or unenforceability of the obligations of the Owner or any other person under the Loan Agreement or any of the other Finance Documents or otherwise and so that in the event that any
                          obligation or purported obligation of the Owner or any other person which, if enforceable or valid or continuing, would be secured by this Deed is or becomes wholly or in part unenforceable or invalid or terminated for any reason
                          whatsoever, the Charterer will keep the Security Agent fully indemnified against any loss suffered by the Security Agent or any other Finance Party as a result of any failure by the Owner or such other party to perform any such
                          obligation or purported obligation.

                    

            

            

            

            
              	
                      6.2

                    	
                      Rights additional

                    

            

            

            

            All the rights, remedies and powers vested in the Security Agent hereunder shall be in addition to and not a
                limitation of any and every other right, power or remedy vested in the Security Agent or any other Finance Party under the Loan Agreement, the Hedging Master Agreement, this Deed, the other Finance Documents or any such Collateral
                Instrument or at law and that all the powers so vested in the Security Agent may be exercised from time to time and as often as the Security Agent may deem expedient.

            

            

            
              	
                      6.3

                    	
                      No enquiry

                    

            

            

            

            Neither the Security Agent nor any Receiver shall be obliged to make any enquiry as to the nature or sufficiency
                of any payment received by it under the Mortgage and/or this Deed or to make any claim, or take any action to collect any moneys hereby assigned or to enforce any rights or benefits hereby assigned to the Security Agent or to which the
                Security Agent may at any time be entitled under the Mortgage and/or this Deed.

            

            

            
              	
                      6.4

                    	
                      Obligations of Owner, Charterer and Security Agent

                    

            

            

            

            The Owner and the Charterer shall each remain liable to perform all the obligations assumed by it in relation to
                the Mortgaged Property and the Charterer's Assigned Property respectively and the Security Agent shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the
                Owner or the Charterer to perform its obligations in respect thereof.

            

            

            
              	
                      6.5

                    	
                      Liability unconditional

                    

            

            

            

            The rights, remedies and powers vested in the Security Agent under this Deed shall not be affected nor shall this
                Deed be discharged or reduced by reason of:

            
              13

              
                

            

            
              
                	6.5.1	
                        the Incapacity or any change in the name, style or constitution of the Owner or any other person liable;

                      

              

            

            

            

            
              
                	6.5.2	
                        the Security Agent or any other Finance Party granting any time, indulgence or concession to or compounding with, discharging, releasing or varying
                            the liability of the Owner or any other person liable or renewing, determining, varying or increasing any accommodation,
                            facility or transaction or otherwise dealing with the same in any manner whatsoever or concurring in, accepting or varying any compromise, arrangement or settlement or omitting to claim or enforce payment from the Owr1er or any
                            other person liable; or

                      

              

            

            

            

            
              
                	6.5.3	
                        any act or omission which would not have discharged or affected the liability of the Charterer or the security constituted by the Charterer under this
                            Deed had it been a principal debtor instead of a guarantor or by anything done or omitted which but for this provision might operate to exonerate the Charterer or such security.

                      

              

            

            

            

            
              	
                      6.6

                    	
                      Waiver of Charterer's rights

                    

            

            

            

            Until the Outstanding Indebtedness has been paid, discharged or satisfied in full (and notwithstanding payment of
                a dividend in any liquidation or under any compromise or arrangement) and notwithstanding that the security created by this Deed and the other Finance Documents may have been released, the Charterer agrees that, without the prior written
                consent of the Security Agent, it will not:

            

            

            
              	
                      6.6.1

                    	
                      exercise its rights of subrogation, reimbursement and indemnity against the Owner or any other person liable;

                    

            

            

            

            
              	
                      6.6.2

                    	
                      demand or accept repayment in whole or in part of any indebtedness now or hereafter due to the Charterer from the Owner or
                          from any other person liable or demand or accept any Collateral Instrument in respect of the same or dispose of the same;

                    

            

            

            

            
              	
                      6.6.3

                    	
                      take any step to enforce any right against the Owner or any other person liable in respect of any Outstanding Indebtedness;
                          or

                    

            

            

            

            
              	
                      6.6.4

                    	
                      claim any set-off or counterclaim against the Owner or any other person liable or claim or prove in competition with the
                          Security Agent or any other Finance Party in the liquidation of the Owner or any other person liable or have the benefit of, or share in, any payment from or composition with, the Owner or any other person liable or any other
                          Collateral Instrument now or hereafter held by the Security Agent or any other Finance Party for the Outstanding Indebtedness or for the obligations or liabilities of any other person liable but so that, if so directed by the
                          Security Agent, it will prove for the whole or any part of its claim in the liquidation of the Owner on terms that the benefit of such proof and of all money received by it in respect thereof shall be paid to the Security Agent
                          for application in or towards discharge of the Outstanding Indebtedness in such manner as the Security Agent shall deem appropriate.

                    

            

            

            

            
              	
                      6.7

                    	
                      Suspense account

                    

            

            

            

            Any money received in connection with this Deed (whether before or after any Incapacity of the Owner or the
                Charterer) which would (but for this Deed) have been payable to the Charterer may, if an Event of Default has happened, be placed to the credit of a suspense account with a view to preserving the rights of the Security Agent and the other
                Finance Parties to prove for the whole of its claims against the Owner or any other person liable or may be applied in or towards satisfaction of the Outstanding Indebtedness.

            

            

            
              	
                      6.8

                    	
                      Settlements conditional

                    

            

            

            

            Any release, discharge or settlement between the Charterer and the Security Agent shall be conditional upon no
                security, disposition or payment to the Security Agent by the Owner or any other person liable being void, set aside or ordered to be refunded pursuant to any enactment or law relating to bankruptcy, liquidation, administration or
                insolvency or for any other reason whatsoever and if such condition shall not be fulfilled the Security Agent shall be entitled to

            
              14

              
                

            

            enforce this Deed subsequently as if such release, discharge or settlement had not occurred and any such payment
                had not been made

            

            

            
              	
                      6.9

                    	
                      Delivery of certain property

                    

            

            

            

            If, contrary to the provisions of this Deed, the Charterer takes or receives the benefit of any security or
                receives or recovers any money or other property, such security. money or other property shall be held on trust for the Security Agent and shall be delivered to the Security Agent on demand.

            

            

            
              	
                      6.10

                    	
                      Certificates conclusive

                    

            

            

            

            Any certificate submitted by the Security Agent to the Charterer as to the amount or any part thereof hereby
                secured shall, in the absence of manifest error, be conclusive and binding on the Charterer.

            

            

            
              	
                      6.11

                    	
                      Collateral Instruments

                    

            

            

            

            The Security Agent shall not be obliged to make any claim or demand on the Owner or to resort to any Collateral
                Instrument or other means of payment now or hereafter held by or available to it before enforcing this Deed and no action taken or omitted by the Security Agent in connection with any such Collateral Instrument or other means of payment
                shall discharge, reduce, prejudice or affect the liability of the Charterer under or the security created by the Charterer under this Deed nor shall the Security Agent be obliged to apply any money or other property received or recovered in
                consequence of any enforcement or realisation of any such Collateral Instrument or other means of payment in reduction of the Outstanding Indebtedness.

            

            

            
              
                	7	
                        Owner's undertakings

                      

              

            

            

            

            
              
                	7.1	
                        The Owner hereby covenants with the Security Agent and undertakes that throughout the Facility Period:

                      

              

            

            

            

            
              	
                      7.1.1

                    	
                      Negative undertakings

                    

            

            

            

            it will not, without the previous written consent of the Majority Lenders.

            

            

            
              	
                      (a)

                    	
                      Variations

                    

            

            

            

            materially vary the Charter or the Charter Guarantee (and, for the avoidance of doubt, any assignment, transfer
                or novation of a Charter or a Charter Guarantee, whether from the Owner or the Charterer, without approval shall constitute a material variation), and the Owner shall not grant any consent to the Charterer in respect of any such variation;

            

            

            
              	
                      (b)

                    	
                      Releases and waivers

                    

            

            

            

            release the Charterer or the Charter Guarantor from any of the Charterer's or the Charter Guarantor's obligations
                under the Charter or the Charter Guarantee or waive any breach of the Charterer's or the Charter Guarantors obligations thereunder (including by way of novation, assignment or transfer) or consent to any such act or omission of the
                Charterer or the Charter Guarantor as would otherwise constitute such breach;

            

            

            
              	
                      (c)

                    	
                      Termination

                    

            

            

            

            terminate or rescind the Charter or withdraw the Ship from service under the Charter or take any similar action
                for any reason whatsoever provided always that any determination of the Charter by the Owner after such consent is given shall (as the Charterer hereby acknowledges) be without responsibility on the part of the Security Agent or the Finance
                Parties who shall be under no liability whatsoever in the event that such determination is thereafter adjudged to constitute a repudiation of the Charter by

            
              15

              
                

            

            the Owner; this provision shall not apply, arid any violation shall be considered as remedied, if, following such
                termination or rescission or withdrawal, the relevant Event of Default is remedied pursuant to paragraphs (a), (b) or (c) of clause 30.23.3 of the Loan Agreement;

            

            

            
              	
                      (d)

                    	
                      Lien on sub-freights

                    

            

            

            

            (save as contemplated by this Deed) claim or exercise any lien upon sub-freights which might otherwise be
                available to it under the Charter or the Charter Guarantee; or

            

            

            
              	
                      (e)

                    	
                      Consents

                    

            

            

            

            grant any consent which may be required from the Owner pursuant to the Charter or the Charter Guarantee;

            

            

            
              	
                      7.1.2

                    	
                      Performance of Charter obligations

                    

            

            

            

            it will perform its obligations under the Charter and the Charter Guarantee and use its best endeavours to procure
                that the Charterer and the Charter Guarantor shall perform its obligations under the Charter and the Charter Guarantee;

            

            

            
              	
                      7.1.3

                    	
                      Information

                    

            

            

            

            it will supply to the Security Agent all information, accounts and recourse that it may be necessary or of assistance to enable the Security Agent to verify the amount of all payments of charter hire and any other amount payable under the
                Charter or the Charter Guarantee;

            

            

            
              	
                      7.1.4

                    	
                      Ship's name and registration

                    

            

            

            

            
              	
                      (a)

                    	
                      it will not change the name of the Ship without the prior written consent of the Security Agent;

                    

            

            

            

            
              	
                      (b)

                    	
                      it will keep the Ship permanently registered with the relevant Registry under the laws of its Flag State;

                    

            

            

            

            
              	
                      (c)

                    	
                      it will not do or suffer to be done anything, or omit to do anything the doing or omission of which could or might result
                          in such registration being forfeited or imperilled or which could or might result in the Ship being required to be registered under the laws of another state of registry;

                    

            

            

            

            
              	
                      (d)

                    	
                      it will not register the Ship or permit its re 11stration under any other flag or at any other port without the prior
                          written consent of the Security Agent;

                    

            

            

            

            
              	
                      (e)

                    	
                      if the said registration of the Ship is for a limited period, it will renew the registration of the Ship at least twenty
                          five (25) days prior to the expiry of such registration and to provide evidence of such renewal to the Security Agent at least twenty (20) days prior to such expiry;

                    

            

            

            

            
              	
                      7.1.5

                    	
                      Notification of certain events

                    

            

            

            

            it will notify the Security Agent forthwith by facsimile confirmed by letter of

            

            

            
              	
                      (a)

                    	
                      any damage to the Ship where the cost of the resulting repairs may exceed the Major Casualty Amount;

                    

            

            

            

            
              	
                      (b)

                    	
                      any occurrence which may result in the Ship becoming a Total Loss;

                    

            

            

            

            
              	
                      (c)

                    	
                      any requisition of the Ship for hire:

                    

            

            

            

            
              16

              
                

            

            
              	
                      (d)

                    	
                      any Environmental Incident involving the Ship and Environmental Claim being made in relation to such an incident,

                    

            

            

            

            
              	
                      (e)

                    	
                      any withdrawal or threat to withdraw any applicable operating certificate;

                    

            

            

            

            
              	
                      (f)

                    	
                      the issue of any operating certificate required under any applicable code;

                    

            

            

            

            
              	
                      (g)

                    	
                      the receipt of notification that any application tor such a certificate has been refused;

                    

            

            

            

            
              	
                      (h)

                    	
                      any requirement or recommendation made in relation to the Ship by any insurer or the Ship's Classification Society or by
                          any competent authority which is not, or cannot be, complied with in the manner or time required or recommended; and

                    

            

            

            

            
              	
                      (i)

                    	
                      any arrest, hijacking or detention of the Ship or any exercise or purported exercise of a lien or other claim on the Ship
                          or its Earnings or Insurances;

                    

            

            

            

            
              	
                      7.1.6

                    	
                      Encumbrances

                    

            

            

            

            it will not without the prior written consent of the Security Agent (and then only subject to such conditions as
                the Security Agent may impose) create or purport or agree to create or permit to arise or subsist any Encumbrance (other than Permitted Maritime Liens) over or in respect of the Ship, any share or interest therein or in any other part of
                the Mortgaged Property otherwise than to or in favour of the Security Agent;

            

            

            
              	
                      7.1.7

                    	
                      Sale or other disposal

                    

            

            

            

            it will not without the prior written consent of the Security Agent (acting on the instructions of all the
                Lenders) sell, agree to sell, transfer, abandon or otherwise dispose of the Ship or any share or interest in it if the net proceeds of sale would be insufficient to discharge the prepayment obligations of the Owner in respect of such sale
                under Clause 7.6 (Sale or Total Loss) of the Loan Agreement. Where no approval is required under this clause, the Owner shall provide
                advance notice to the Security Agent of any such proposed sale and such sale shall be subject to the provisions of the same Clause 7.6 (Sale
                  or Total Loss) of the Loan Agreement.

            

            

            
              	
                      7.1.8

                    	
                      Chartering

                    

            

            

            

            except pursuant to the Charter, it will not without the prior written consent of the Majority Lenders and, if such
                consent is given, only subject to such conditions as the Security Agent may impose, let the Ship:

            

            

            
              	
                      (a)

                    	
                      on a bareboat or demise charter or passes possession and operational control of the Ship to another person;

                    

            

            

            

            
              	
                      (b)

                    	
                      by any time or voyage charter for a term which is capable of lasting more than twelve (12) months;

                    

            

            

            

            
              	
                      (c)

                    	
                      on terms as to payment or amount of hire which are materially less beneficial to it than the terms which at that time could
                          reasonably be expected to be obtained on the open market for vessels of the same age and type as the Ship under charter commitments of a similar type and period; or

                    

            

            

            

            
              	
                      (d)

                    	
                      to another Group Member.

                    

            

            

            

            
              17

              
                

            

            
              	
                      7.1.9

                    	
                      Sharing of Owner's Earnings

                    

            

            

            

            it will not without the prior written consent of the Majority Lenders enter into any agreement or arrangement
                whereby the Owner's Earnings may be shared with any other person;

            

            

            
              	
                      7.1.10

                    	
                      Payment of Owner's Earnings

                    

            

            

            

            it will procure that the Owner's Earnings are paid to the Security Agent at all times if and when the same shall
                be or shall have become so payable in accordance with the Finance Documents after the Security Agent shall have directed pursuant to clause 3.1 1 that the same shall be no longer receivable by the Owner and that any Owner's Earnings which
                are so payable and which are in the hands of the Owner's brokers or agents are duly accounted for and paid over to the Security Agent forthwith on demand;

            

            

            
              	
                      7.1.11

                    	
                      Owner's manager

                    

            

            

            

            it will not without the prior written consent of the Security Agent appoint a manager of the Ship other than the
                TMS, unless that manager and the terms of its appointment are approved (which approval of such Manager shall not be required if such Manager has the same ultimate beneficial owners as TMS has on the date of this Deed) and it and the Owner
                have delivered a duly executed Manager's Undertaking to the Security Agent The Owner shall not agree to any change to the terms of appointment of a manager which have been approved unless such change is approved by the Majority Lenders or
                terminate or amend the terms of the Management Agreement in request of the Ship;

            

            

            
              	
                      7.1.12

                    	
                      Conveyance on default

                    

            

            

            

            where the Ship is (or is to be) sold in exercise of any power contained in this Deed or otherwise conferred by the
                Finance Documents, it will immediately execute, forthwith upon request by the Security Agent, such form of transfer of title to the Ship as the Security Agent may require: and

            

            

            
              	
                      7.1.13

                    	
                      Compliance with Environmental Laws

                    

            

            

            

            it and every person who owns, operates or manages the Ship, will comply with all applicable laws and the
                requirements of all applicable codes and regulations (including but not limited to all Environmental Laws).

            

            

            
              	
                      8

                    	
                      Charterer's undertakings

                    

            

            

            

            
              	
                      8.1

                    	
                      The Charterer hereby covenants with the Security Agent and undertakes that throughout the Charter Period:

                    

            

            

            

            
              	
                      8.1.1

                    	
                      Enforcement by Security Agent

                    

            

            

            

            it will permit the Security Agent to enforce all other rights and benefits whatsoever accrued or accruing to the
                Owner under the Charter and the Charter Guarantee. subject to clause 18 (Quiet enjoyment), and for this purpose to take over or
                institute proceedings in respect thereof;

            

            

            
              	
                      8.1.2

                    	
                      Negative undertakings relating to Charter

                    

            

            

            

            it will not without the prior written consent of the Security Agent:

            

            

            
              	
                      (a)

                    	
                      Assignments

                    

            

            

            

            assign or otherwise dispose of the Charterer's rights and obligations under the Charter:

            

            

            
              18

              
                

            

            
              	
                      (b)

                    	
                      Variations

                    

            

            

            

            agree to any material variation of the Charter;

            

            

            
              	
                      (c)

                    	
                      Termination

                    

            

            

            

            terminate the Charter (anything contained in the Charter notwithstanding) for any reason whatsoever provided
                always that any termination of the Charter by the Charterer after such consent is given shall (as the Charterer hereby acknowledges) be without responsibility on the part of the Security Agent or the Finance Parties who shall be under no
                liability whatsoever in the event that such determination is thereafter adjudged to constitute a repudiation of the Charter by the Charterer; this provision shall not apply, and any violation shall be considered as remedied, if, following
                such termination or rescission or withdrawal, the relevant Event of Default is remedied pursuant to paragraphs (a), (b) or (c) of clause 30.23 3 of the Loan Agreement;

            

            

            
              	
                      8.1.3

                    	
                      Performance of Charter obligations

                    

            

            

            

            it will perform its obligations under the Charter;

            

            

            
              	
                      8.1.4

                    	
                      Total Loss recovery

                    

            

            

            

            it will, in the event that, upon a Total Loss of the Ship, the Security Agent is disabled from recovering under
                the Insurances or any of them or the amount of the recovery thereunder is diminished and such disablement or diminution results from any breach by the Charterer of any of its obligations under this Deed and/or the Charter, pay to the
                Security Agent on demand a sum (which shall be applied in accordance with clause 12.1 as if the same had been a recovery under the Insurances in respect of such Total Loss) equal to the amount which would but for such disablement have been
                recoverable under the Insurances or (as the case may be) a sum equal to the amount hereby the insurance recovery has been diminished;

            

            

            
              	
                      8.1.5

                    	
                      Sister ship arrest

                    

            

            

            

            it will, in the event of the Ship at any time being arrested, seized, detained or subjected to distress or levied
                upon by reason of any process, claim or Encumbrance of whatsoever nature arising out of the use or operation of the Ship by the Charterer or any of its agents, employees or sub-charterers, at its own expense take prompt action to secure the
                release of the Ship and be responsible for discharging each and every liability in connection with any such process, claim or Encumbrance;

            

            

            
              	
                      8.1.6

                    	
                      Sister ship indemnity

                    

            

            

            

            it will
                indemnify the Owner and the Security Agent and hold each of them harmless against all liabilities of whatsoever nature (including penalties claims demands orders or judgements) which the Owner or the Security Agent may suffer or incur in
                respect of the Ship and which arise out of the use or operation of the Ship;

            

            

            
              	
                      8.1.7

                    	
                      Compliance with Environmental Laws

                    

            

            

            

            it will comply with all applicable laws and the requirements of all applicable codes and regulations (including
                but not limited to all Environmental Laws);

            

            

            
              	
                      8.1.8

                    	
                      Ship's name and registration

                    

            

            

            

            
              	
                      (a)

                    	
                      it will not change the name of the Ship without the prior written consent of the Security Agent;

                    

            

            

            

            
              	
                      (b)

                    	
                      it will keep the Ship permanently registered with the relevant Registry under the laws of its Flag State;

                    

            

            
              19

              
                

            

            
              	
                      (c)

                    	
                      it will not do or permit to be done anything, or omit to do anything the doing or omission of which could or might result
                          in such registration being forfeited or imperilled or which could or might result in the Ship being required to be registered under the laws of another state of registry;

                    

            

            

            

            
              	
                      (d)

                    	
                      it will not register the Ship or permit its registration under any other flag or at any other port without the prior
                          written consent of the Security Agent;

                    

            

            

            

            
              	
                      (e)

                    	
                      if the said registration of the Ship is for a limited period, it will renew the registration of the Ship at least twenty
                          five (25) days prior to the expiry of such registration and to provide evidence of such renewal to the Security Agent at least twenty (20) days prior to such expiry;

                    

            

            

            

            
              	
                      8.1.9

                    	
                      Abandonment

                    

            

            

            

            it will not without the prior written consent of the Security Agent (and then only subject
                to any conditions the Security Agent may impose) abandon the Ship;

            

            

            
              	
                      8.1.10

                    	
                      Charterer's manager

                    

            

            

            

            it will not without the prior written consent of the Security Agent appoint a manager of the
                Ship other than the TMS, unless that manager and the terms of its appointment are approved (which approval of such Manager shall not he required if such Manager has the same ultimate beneficial owners as TMS has on the date of this Deed)
                and it and the Owner have delivered a duly executed Manager's Undertaking to the Security Agent. The Charterer shall not agree to any change to the terms of appointment of a manager which have been approved unless such change is approved by
                the Majority Lenders or terminate or amend the terms of the Management Agreement in respect of the Ship;

            

            

            
              	
                      8.1.11

                    	
                      Encumbrances

                    

            

            

            

            it will not without the prior written consent of the Security Agent (and then only subject
                to such conditions as the Security Agent may impose) create or purport or agree to create or permit to arise or subsist any Encumbrance (other than Permitted Maritime Liens) over or in respect of the Ship, any share or interest therein or
                in any other part of the Charterer's Assigned Property otherwise than to or in favour of the Security Agent; and

            

            

            
              	
                      8.1.12

                    	
                      Notification of certain events

                    

            

            

            

            it will notify the Security Agent forthwith by facsimile confirmed by letter of:

            

            

            
              	
                      (a)

                    	
                      any petition or notice of meeting to consider any resolution to wind up the Charterer or the Charter Guarantor (or any
                          event analogous thereto under the laws of the place of its incorporation);

                    

            

            

            

            
              	
                      (b)

                    	
                      any damage to the Ship where the cost of the resulting repairs may exceed the Major Casualty Amount for the Ship;

                    

            

            

            

            
              	
                      (c)

                    	
                      any occurrence which may result in the Ship becoming a Total Loss;

                    

            

            

            

            
              	
                      (d)

                    	
                      any requisition of the Ship for hire;

                    

            

            

            

            
              	
                      (e)

                    	
                      any Environmental Incident involving the Ship and Environmental Claim being made in relation to such an incident;

                    

            

            

            

            
              	
                      (f)

                    	
                      any withdrawal or threat to withdraw any applicable operating certificate,

                    

            

            

            

            
              	
                      (g)

                    	
                      the issue of any operating certificate required under any applicable code;

                    

            

            

            

            
              	
                      (h)

                    	
                      the receipt of notification that any application for such a certificate has been refused;

                    

            

            
              20

              
                

            

            
              
                	
                        (i)

                      	
                        any requirement or recommendation made in relation to the Ship by any insurer or the Ship's Classification Society or by
                            any competent authority which is not, or cannot be, complied with in the manner or time required o recommended; and

                      

              

              

              

              
                	
                        (j)

                      	
                        any arrest, hijacking or detention of the Ship or any exercise or Purported exercise of a lien or other claim on the Ship
                            or its Earnings or Insurances.

                      

              

              

              

            

            

            

            
              	
                      9

                    	
                      Covenants concerning insurance and operational matters

                    

            

            

            

            
              	
                      9.1

                    	
                      The Owner hereby covenants with the Security Agent and undertakes throughout the Charter Period and the Non-Charter Period;
                          and the Charterer also hereby covenants with the Security Agent and undertakes throughout the Charter Period:

                    

            

            

            

            
              
                	9.1.1	
                        Insurance

                      

              

            

            

            

            
              	
                      (a)

                    	
                      Insured risks, amounts and terms

                    

            

            

            

            to insure and keep the Ship insured free of cost and expense to the Security Agent and the other Finance Parties
                or any of them and (during the Non-Charter Period) in the sole name of the Owner or (during the Charter Period) in the joint names only of the Owner and the Charterer or, if so required by the Security Agent, in the joint names of the Owner
                and the Security Agent and/or the Finance Parties or any of them and (during the Charter Period) the Charterer (but without liability on the part of the Security Agent and/or the Finance Parties or any of them for premiums or calls):

            

            

            
              	
                      (i)

                    	
                      against (a) fire arid usual marine risks (including excess risks) and (b) war risks (including war protection and indemnity
                          risks, terrorism, piracy as per Institute War and Strikes Clauses 1.10.83 or similar clauses and blocking and trapping risks) on an agreed value basis, in each case, for at least its minimum hull cover (as defined in clause 24.1 of the Loan Agreement) and in the case of paragraph (a) above, provided that the hull and machinery insurances for the
                          Ship shall at al' times cover at least 80 per cent of its market value and the remaining minimum hull cover may be insured by way of excess risks cover;

                    

            

            

            

            
              	
                      (ii)

                    	
                      against P&I risks for the highest amount then available in the insurance market for vessels of similar age, size and
                          type as the Ship (but, in relation to liability for oil pollution, for an amount of not less than $1,000,000,000);

                    

            

            

            

            
              	
                      (iii)

                    	
                      against such other risks and matters which the Security Agent notifies it that it considers reasonable for a prudent
                          shipowner or operator to insure against at the time of that notice; and

                    

            

            

            

            
              	
                      (iv)

                    	
                      on terms which comply with the other provisions of this clause 9.1.1;

                    

            

            

            

            and to pay to the Security Agent the cost (as conclusively certified by the Security Agent) of (A) any
                mortgagee's interest insurance (including, if the Security Agent shall so require, mortgagee's addit1onai perils (including all P&I risks) coverage) which the Security Agent may from time to time effect in respect of the Ship upon such
                terms and In such amounts (not exceeding when aggregated with the equivalent insurances of all other Mortgaged Ships One Hundred and ten per cent (110%) of the aggregate of (A) the Loan and (B) the Hedging Exposure under all Hedging
                Contracts) as it shall deem desirable and (B) any other insurance cover which the Security Agent may reasonably require in respect of any Finance Party's interests and potential liabilities (whether as mortgagee of the Ship or beneficiary
                of the Finance Documents);

            

            

            
              	
                      (b)

                    	
                      Approved brokers, insurers and associations

                    

            

            

            

            to effect the insurances aforesaid:

            

            

            
              	
                      (i)

                    	
                      in the name of the Owner and the Charterer (and, if required by the Owner or the Charterer, also the Manager and (in the
                          case of the Ship's hull cover) no other

                    

            

            
              21

              
                

            

            person (other than the Security Agent and any other Finance Party if required by the Agent) (unless such other
                person is approved and, if so required by the Agent, has duly executed and delivered a first priority assignment of its interest in the Insurances to the Security Agent or the other Finance Parties in an approved form (which any such
                Manager shall do in any event) and provided such supporting documents and opinions in relation to that assignment as the Agent requires):

            

            

            
              	
                      (ii)

                    	
                      in dollars or another approved currency;

                    

            

            

            

            
              	
                      (iii)

                    	
                      arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks associations;
                          and

                    

            

            

            

            
              	
                      (iv)

                    	
                      on approved terms and with approved insurers or associations;

                    

            

            

            

            
              	
                      (c)

                    	
                      Fleet liens, set-off and cancellation

                    

            

            

            

            if the Ship's hull cover also insures other vessels, to procure that the Security Agent shall either be given an
                undertaking in approved terms by the brokers or (if such cover is not placed through brokers or the brokers do not. under any applicable laws or insurance terms, have such rights of set off and cancellation) the relevant insurers that the
                brokers or (if relevant) the insurers will not

            

            

            
              	
                      (i)

                    	
                      set off against any claims in respect of the Ship any premiums due in respect of any of such other vessels insured (other
                          than other Mortgaged Ships); or

                    

            

            

            

            
              	
                      (ii)

                    	
                      cancel that cover because of non-payment of premiums in respect of such other vessels,

                    

            

            

            

            or the Owner shall ensure that hull cover for the Ship and any other Mortgaged Ships is provided under a separate
                policy from any other vessels.

            

            

            
              	
                      (d)

                    	
                      Payment of premiums and calls

                    

            

            

            

            punctually to pay all premiums, calls, contributions or other sums payable in respect of all such insurances and
                to produce all relevant receipts or other evidence of payment when so required by the Security Agent;

            

            

            
              	
                      (e)

                    	
                      Renewal

                    

            

            

            

            at least two (2) days before the relevant policies. contracts or entries expire, to notify the Security Agent of the nc:1mes of the brokers and/or the war risks and protection and indemnity associations proposed to be employed by the Owner
                (during the Non-Charter Period) or the Charterer (during the Charter Period) or any other party for the purposes of the renewal of such insurances and of the amounts in which such insurances are proposed to be renewed and the risks to be
                covered and, subject to compliance with any requirements of the Security Agent pursuant to this clause” 9.1.1, to procure that appropriate instructions for the renewal of such insurances on the terms so specified are given to the Approved
                Brokers and/or to the approved wc:1r risks and protection and indemnity associations at least two (2) clays before the relevant policies, contracts or entries expire. and that the Approved Brokers and/or the approved war risks and
                protection and indemnity associations will at least two (2) days before such expiry (or within such shorter period as the Security Agent may from time to time agree) confirm in writing to the Security Agent as and when such renewals have
                been effected in accordance with the instructions so given;

            

            

            
              	
                      (f)

                    	
                      Guarantees

                    

            

            

            

            to arrange for the execution and delivery of such guarantees or indemnities as may from time to time be required
                by any protection and indemnity or war risks association;

            
              22

              
                

            

            
              	
                      (g)

                    	
                      Insurance documents

                    

            

            

            

            to provide the Security Agent with pro forma copies of all insurance policies and other documentation issued by
                brokers, insurers and associations in connection with the Insurances as soon as they are available after they have been placed or renewed and all insurance policies and other documents relating to the Insurances shall be deposited with any
                approved brokers or (if not deposited with approved brokers) the Security Agent or some other approved person;

            

            

            
              	
                      (h)

                    	
                      Associations' loss payable clauses, undertakings and certificates

                    

            

            

            

            to procure that any protection and indemnity and/or war risks associations in which the Ship is for the time
                being entered shall endorse the relevant Loss Payable Clause on the relevant certificate of entry or policy and shall furnish the Security Agent with a copy of such certificate of entry or policy and a letter or letters of undertaking in
                such form as shall from time to time be required by the Security Agent:

            

            

            
              	
                      (i)

                    	
                      Extent of cover and exclusions

                    

            

            

            

            to take all necessary action and comply with all requirements which may from time to time be applicable to the
                Insurances (including, without limitation, the making of all requisite declarations within any prescribed time limits and the payment of any additional premiums or calls) so as to ensure that the Insurances are not made subject to any
                exclusions or qualifications to which the Security Agent has not given its prior written consent and are otherwise maintained on terms and conditions from time to time approved in writing by the Security Agent;

            

            

            
              	
                      (j)

                    	
                      Independent report

                    

            

            

            

            if so requested by the Security Agent, but once per calendar year at the cost of the Owner (during the
                Non-Charter Period) or the Charterer (during the Charter Period) or if there is an Event of Default at any time, to furnish the Security Agent from time to time with a detailed report signed by an independent firm of marine insurance
                brokers appointed by the Security Agent dealing with the insurances maintained on the Ship and stating the opinion of such firm as to the adequacy thereof;

            

            

            
              	
                      (k)

                    	
                      Collection of claims

                    

            

            

            

            to do all things necessary and provide all documents, evidence, information and assistance to enable the Security
                Agent to collect or recover any moneys which shall at any time become due in respect of the Insurances;

            

            

            
              	
                      (l)

                    	
                      Employment of Ship

                    

            

            

            

            
              	
                      (i)

                    	
                      not to employ the Ship or suffer the Ship to be employed otherwise than in conformity with the terms of the Insurances
                          (including any warranties express or implied therein) and not in any other way (unless the insurers have consented and any additional requirements of the insurers have been satisfied);

                    

            

            

            

            
              	
                      (ii)

                    	
                      not to enter the Ship or remain in any zone which has been declared a war, conditional or excluded zone by any government
                          entity or the Ship's insurers for war risks and/or allied perils (including piracy) unless:

                    

            

            
              

              

              
                
                  
                    	

                          	(a)	
                            appropriate insurances have been taken out by the Owner; and

                          

                  

                

              

              

              
                
                  	

                        	(b)	
                          any requirements of the Security Agent and/or the Ship's insurers necessary to ensure that the Ship remains properly insured in accordance with the
                              Finance Documents (including any requirement for the payment of extra insurance premiums) have been complied with.

                        

                

              

            

            

            
              23

              
                

            

            
              	
                      (m)

                    	
                      Application of recoveries

                    

            

            

            

            to apply all sums paid under the Insurances to anyone other than the Security Agent in repairing the damage
                and/or in discharging the liability in respect of which they have been paid except to the extent that the repairs have already been paid for and/or the liability already discharged;

            

            

            
              
                	9.1.2	
                        Repair

                      

              

            

            

            

            to keep the Ship in a good and efficient state of repair and procure that the quality of workmanship and materials
                used to repair the Ship or replace any damaged, worn or lost parts or equipment shall be sufficient to ensure that the Ship's value is not reduced;

            

            

            
              
                	9.1.3	
                        Modification, removal of parts; equipment owned by third parties

                      

              

            

            

            

            not without the prior written consent of the Majority Lenders to, or suffer any other person to:

            

            

            
              	
                      (a)

                    	
                      make any modification to the Ship in consequence of which her structure, type or performance characteristics could or might
                          be materially altered or her value materially reduced, or

                    

            

            

            

            
              	
                      (b)

                    	
                      remove any material part of the Ship or any equipment the value of which is such that its removal from the Ship would
                          materially reduce the value of the Ship without replacing the same with equivalent parts or equipment which are owned by the Owner free from Encumbrances (save for the Mortgage); or

                    

            

            

            

            
              	
                      (c)

                    	
                      install on the Ship any equipment owned by a third party which cannot be removed without risk of causing damage to the
                          structure or fabric of the Ship or incurring significant expense;

                    

            

            

            

            
              	
                      9.1.4

                    	
                      Maintenance of class; compliance with regulations

                    

            

            

            

            to maintain the Classification with the Classification Society and ensure that neither the Classification nor the
                Classification Society of the Ship shall be changed without approval by the Majority Lenders and to comply, and to ensure that the Ship and every person wt10 owns, operates or manages the Ship shall comply, with all applicable laws and the
                requirements of all applicable codes and regulations (including but not limit to all Environmental Laws and all Sanctions) and to ensure that there are kept in force and on Board the Ship or in such person's custody any applicable operating
                certificates which are required by applicable laws or applicable codes to be carried on board the Ship or to be in such person's
                custody;

            

            

            
              	
                      9.1.5

                    	
                      Surveys

                    

            

            

            

            to submit the Ship to continuous surveys and any other surveys as may be required for it to maintain the
                Classification as its class and (if so requested by the Security Agent) to supply promptly to the Security Agent copies of all survey reports issued in respect thereof;

            

            

            
              	
                      9.1.6

                    	
                      Inspection

                    

            

            

            

            to ensure that the Security Agent, by surveyors or other persons appointed by it (at the expense of the Owner) for
                such purpose, may board the Ship at all reasonable times for the purpose of inspecting her and to afford all proper facilities for
                such inspections and for this purpose to give the Security Agent reasonable advance notice of any intended drydocking of the Ship (whether for the purpose of classification, survey or otherwise) with the cost of no more than one inspection
                per calendar year to be borne by the Owner, unless an Event of Default occurs, in which case the cost of any and all such inspections to be borne by the Owner;

            
              24

              
                

            

            
              	
                      9.1.7

                    	
                      Prevention of and release from arrest

                    

            

            

            

            promptly to pay and discharge all debts, damages, liabilities and outgoings whatsoever which have given or may
                give rise to maritime, statutory or possessory liens on. or claims enforceable against, the Ship, her Insurances or any part thereof and, in the event of a writ or libel being filed against the Ship, her Insurances or any part thereof, or
                of any of the same being arrested, attached or levied upon pursuant to legal process or Purported legal process or in the event of detention of the Ship in exercise or purported exercise of any such lien or claim as aforesaid, to procure
                the release of the Ship, her Insurances from such arrest, detention attachment or levy or, as the case may be, the discharge of the
                writ or libel forthwith upon receiving notice thereof by providing bail or procuring the provision of security or otherwise as the circumstances may require;

            

            

            
              	
                      9.1.8

                    	
                      Employment

                    

            

            

            

            not to employ the Ship or permit her employment in any way or in any activity which is unlawful under
                international law or the domestic laws of any relevant country. in carrying illicit or prohibited goods, or in a way which may make it liable to be condemr1ecJ by a prize court or destroyed, seized or confiscated and if there are
                hostilities in any part of the world (whether war has been declared or not) not to employ the Ship or permit her employment in carrying any contraband goods, and the persons responsible for the operation of the Ship shall take all necessary
                and proper precautions to ensure that this does not happen, including participation in industry or other voluntary schemes available to the Ship and in which leading operators of ships operating under the same flag or engaged in similar
                trades generally participate at the relevant time;

            

            

            
              	
                      9.1.9

                    	
                      War zones

                    

            

            

            

            to ensure that the Ship will not enter or remain in any zone which has been declared a war zone by any government
                entity or by the Ship's war risk insurers except if any requirements of the Security Agent and/or the Ship's insurers necessary to ensure
                that the Ship remains properly insured in accordance with the Finance Documents (including any requirement for the payment of extra insurance premiums) are complied with:

            

            

            
              	
                      9.1.10

                    	
                      Information

                    

            

            

            

            promptly to furnish the Security Agent wilt, all such information as it may from time to time require regarding
                the Ship, her employment. position. use or operation including details of towages and salvages, and copies of all its charter commitments and copies of any applicable operating certificates:

            

            

            
              	
                      9.1.11

                    	
                      Notification of certain events

                    

            

            

            

            to notify the Security Agent forthwith by facsimile thereafter confirmed by letter of:

            

            

            
              	
                      (a)

                    	
                      any damage to the Ship where the cost of the resulting repairs may exceed the Major Casualty Amount for the Ship;

                    

            

            

            

            
              	
                      (b)

                    	
                      any occurrence which may result in the Ship becoming a Total Loss;

                    

            

            

            

            
              	
                      (c)

                    	
                      any requisition of the Ship for hire;

                    

            

            

            

            
              	
                      (d)

                    	
                      any Environmental Incident involving the Ship and Environmental Claim being made in relation to such an incident;

                    

            

            

            

            
              	
                      (e)

                    	
                      any withdrawal or threat to withdraw any applicable operating certificate;

                    

            

            

            

            
              	
                      (f)

                    	
                      the issue of any operating certificate required under any applicable code;

                    

            

            

            

            
              	
                      (g)

                    	
                      the receipt of notification that any application for sud1 a certificate has been refused;

                    

            

            

            

            
              25

              
                

            

            
              	
                      (h)

                    	
                      any requirement or recommendation made in relation to the Ship by any insurer or the Ship's Classification Society or by
                          any competent authority which is not, or cannot be, complied with in the manner or time required or recommended; and

                    

            

            

            

            
              	
                      (i)

                    	
                      any arrest. hijacking or detention of the Ship or any exercise or Purported exercise of a lien or other claim on the Ship
                          or its Earnings or Insurances;

                    

            

            

            

            
              	
                      9.1.12

                    	
                      Payment of outgoings and evidence of payments

                    

            

            

            

            promptly to pay all tolls, dues and other outgoings whatsoever in respect of the Ship and the Ship's Earnings and
                Insurances and to keep proper accounting records in respect of the Ship and its Earnings and, as and when the Security Agent may so require, to make such books available for inspection on behalf of the Security Agent, and to furnish
                satisfactory evidence that the wages and allotments and the insurance and pension contributions to the Ship's crew are being promptly and regularly paid and that all deductions from its crew's wages in respect of any applicable Tax
                liability are being properly accounted for and that the Ship's master has no claim for disbursements other than those incurred by him in the ordinary course of trading on the voyage then in progress;

            

            

            
              	
                      9.1.13

                    	
                      Repairers' liens

                    

            

            

            

            not without the prior written consent of the Majority Lenders, to put the Ship into the possession of any person
                for the purpose of work being done upon her in an amount exceeding or likely to exceed the Major Casualty Amount unless such person shall first have given to the Security Agent in terms satisfactory to it, a written undertaking not to
                exercise any lien on the Ship or its Earnings for the cost of such work or otherwise;

            

            

            
              	
                      9.1.14

                    	
                      Notice of Mortgage

                    

            

            

            

            to place and at all times and places to retain a properly certified copy of the Mortgage and this Deed (which
                shall form part of the Ship's documents) on board the Ship with her papers and cause such certified copy of the Mortgage and this Deed to be exhibited to any and all persons having business with the Ship which might create or imply any
                commitment or encumbrance whatsoever on or in respect of the Ship (other than a lien for crew's wages and salvage) and to any representative of the Security Agent and to place and keep prominently displayed in the navigation room and in the
                Master's cabin of the Ship a framed printed notice in plain type reading as follows:

            

            

            “NOTICE OF MORTGAGE”

            

            

            This Ship is subject to a first priority statutory Maltese mortgage and deed of covenant in favour of KfW IPEX-BANK GmbH of Palmengartenstrasse 5-9, D-60325 Frankfurt am Main, Germany. Under the said mortgage and related documents, neither
                the Owner nor any charterer nor the Master of this Ship has any right, power or authority to create, incur or permit to be imposed upon this Ship any commitments or encumbrances whatsoever other than for crew's wages and salvage”

            

            

            and in terms of the said notice it is hereby agreed that save and subject as otherwise herein provided, neither
                the Owner nor the Charterer nor any other charterer nor the Master of the Ship nor any other person has any right, power or authority to create, incur or permit to be imposed upon the Ship any lien whatsoever other than for crew's wages and
                salvage; and

            

            

            
              	
                      9.1.15

                    	
                      Anti-drug abuse

                    

            

            

            

            without prejudice to clause 9.1 8, to take all necessary and proper precautions to prevent any infringements of
                the Anti-Drug Abuse Act of 1986 of the United States of America or any similar legislation applicable to the Ship in any jurisdiction in or to which the Ship shall be employed or located or trade or which may otherwise be applicable to the
                Ship and/or the Owner and/or (during the Charter Period) the Charterer and, if the Security Agent shall so require, to enter into a “Carrier Initiative Agreement” with the United States Customs and Border Protection and to procure that the
                same agreement (or any similar agreement

            

            

            
              26

              
                

            

            hereafter introduced by any government entity of the United States of America) is maintained in full force and
                effect and performed by the Owner (during the Non-Charter Period) or Charterer (during the Charter Period).

            

            

            
              	
                      10

                    	
                      Powers of Security Agent to protect security and remedy defaults

                    

            

            

            

            
              	
                      10.1

                    	
                      Protective action

                    

            

            

            

            The Security Agent shall, without prejudice to its other rights, powers and remedies under any of the Finance
                Documents, be entitled (but not bound) at any time, and as often as may be necessary, to take any such action as it may in its discretion think fit for the purpose of protecting or maintaining the security created by this Deed and the other
                Finance Documents, and all Expenses attributable thereto shall be payable by the Owner on demand.

            

            

            
              	
                      10.2

                    	
                      Remedy of defaults

                    

            

            

            

            Without prejudice to the generality of the provisions of clause 10.1:

            

            

            
              
                	10.2.1	
                        if the Owner fails to comply with any of the provisions of clause 9.1 1 the Security Agent shall be entitled (but not bound) to effect and thereafter
                            to maintain all such insurances upon the Ship as the Security Agent may in its discretion think fit in order to procure the compliance with such provisions or alternatively, to require the Ship (at the Owner's or, during the
                            Charter Period, the Charterer's risk) to remain in, or to proceed to and remain in a port designated by the Security Agent until such provisions are fully complied with:

                      

              

            

            

            

            
              
                	10.2.2	
                        if the Owner or the Charterer fails to comply with any of the provisions of clauses 9 1.2, 9.14 or 9.1.5, the Security Agent shall be entitled (but
                            not bound) to arrange for the carrying out of such repairs. changes or surveys as the Security Agent may deem expedient or necessary in order to procure the compliance with such provisions; and

                      

              

            

            

            

            
              
                	10.2.3	
                        if the Owner or the Charterer fails to comply with any of the provisions of clause 9.17 the Security Agent shall be entitled (but not bound) to pay
                            and discharge all such debts, damages, liabilities and outgoings as are therein mentioned and/or to take any such measures as
                            the Security Agent may deem expedient or necessary for the purpose of securing the release of the Ship in order to procure the compliance with such provisions,

                      

              

            

            

            

            and the Expenses attributable to the exercise by the Security Agent of any such powers shall be payable by the
                Owner to the Security Agent on demand.

            

            

            
              	
                      11

                    	
                      Powers of Security Agent on Event of Default

                    

            

            

            

            
              	
                      11.1

                    	
                      Powers

                    

            

            

            

            Upon the happening of any Event of Default, the Security Agent shall become forthwith entitled by notice given to
                the Borrowers by the Agent in accordance with the provisions of clause 30.24 of the Loan Agreement to declare the Outstanding Indebtedness or any part thereof to be due and payable immediately or in accordance with such notice whereupon the
                Outstanding Indebtedness or the relevant part thereof shall become so due and payable and (whether or not the Security Agent shall have given any such notice) the Security Agent shall become forthwith entitled, as and when the Security
                Agent may see fit, to put into force and exercise in relation to the Mortgaged Property and/or the Charterer's Assigned Property or any part thereof all or any of the rights, powers and remedies possessed by it as mortgagee and/or assignee
                of the Mortgaged Property and/or the Charterer's Assigned Property (whether at law, by virtue of the Mortgage and this Deed or otherwise) and in particular (without limiting the generality of the foregoing):

            

            

            
              	
                      11.1.1

                    	
                      to take possession of the Ship;

                    

            

            

            

            
              	
                      11.1.2

                    	
                      to require that all policies, contracts, certificates of entry and other records relating to the Insurances (including
                          details of and correspondence concerning outstanding claims) be

                    

            

            

            

            
              27

              
                

            

            delivered forthwith to such adjusters and/or brokers and/or other insurers as the Security Agent may nominate.

            

            

            
              	
                      11.1.3

                    	
                      to collect, recover, compromise and give a good discharge for. all claims then outstanding or thereafter arising under the
                          Insurances or any of them or in respect of any other part of the Mortgaged Property and/or the Charterer's Assigned Property, and to take over or institute (if necessary using the name of the Owner or, as the case may be, the
                          Charterer) all such proceedings in connection therewith as the Security Agent in its absolute discretion thinks fit, and, in the case of the Insurances. to permit the brokers through whom collection or recovery is effected to
                          charge the usual brokerage therefor;

                    

            

            

            

            
              	
                      11.1.4

                    	
                      to discharge, compound, release or compromise claims in respect of the Ship or any other part of the Mortgaged Property
                          and/or the Charterer's Assigned Property which have given or may give rise to any charge or lien or other claim on the Ship or any other part of the Mortgaged Property and/or the Charterer's Assigned Property or which are or may
                          be enforceable by proceedings against the Ship or any other part of the Mortgaged Property and/or the Charterer's Assigned Property;

                    

            

            

            

            
              	
                      11.1.5

                    	
                      to sell the Ship or any share or interest therein with or without prior notice to the Owner, and with or without the
                          benefit of aI1y charterparty (excluding the Charter) and free from any claim by the Owner (whether in admiralty, in equity, at law or by statute) by public auction or private contract, at such place and upon such terms as the
                          Security Agent and/or the Finance Parties in their absolute discretion may determine, with power to postpone any such sale. and without being answerable for any loss occasioned by such sale or resulting from postponement thereof
                          and with, power, where the Security Agent and/or the Finance Parties or any of them purchase the Ship, to make payment of the sale price by making an equivalent reduction in the amount of the Outstanding Indebtedness in the manner
                          referred to in clause 12.1;

                    

            

            

            

            
              	
                      11.1.6

                    	
                      to manage, insure. maintain and repair the Ship, and to employ, sail or lay up the Ship in such manner and for such period
                          as the Security Agent and/or the Finance Parties or any of them, in their absolute discretion, deems expedient accounting only for net profits arising from any such employment; and

                    

            

            

            

            
              	
                      11.1.7

                    	
                      to recover from the Owner on demand all Expenses incurred or paid by the Security Agent in connection with the exercise of
                          the powers (or any of them) referred to in this clause 11.

                    

            

            

            

            
              	
                      11.2

                    	
                      Receiver

                    

            

            

            

            
              
                	11.2.1	
                        Appointment

                      

              

            

            

            

            At any time after the Outstanding Indebtedness shall have become due and payable in accordance with a notice given
                by the Security Agent to the Borrowers pursuant to clause 30.24 of the Loan Agreement, the Security Agent shall be entitled (but not bound) by writing executed as a deed or under the hand of any Director or officer of the Security Agent to
                appoint any person or persons to be a receiver and/or manager of the Mortgaged Property or any part thereof (with power to authorise any joint receiver and/or manager to exercise any power independently of any other joint receiver and/or
                manager) and may from time to time fix his remuneration, and may remove any receiver and/or manager so appointed and appoint another in his place. Any receiver and/or manager so appointed shall be the agent of the Owner and the Owner shall
                be solely responsible for his acts or defaults and for his remuneration, and such receiver and/or manager so appointed shall have all powers conferred by the Law of Property Act 1925 without the restrictions contained in sections 93 and 103
                of that Act and. in addition, power on behalf of and at the cost of the Owner (notwithstanding any liquidation of the Owner) to do or omit to do anything which the Owner could do or omit to do in relation to the Mortgaged Property or any
                part thereof and in particular (but without prejudice to the generality of the foregoing) any such receiver and/or manager may exercise all the powers and discretions conferred on the Security Agent by the Mortgage and this Deed.

            

            

            
              28

              
                

            

            
              
                	11.2.2	
                        Remuneration

                      

              

            

            

            

            Any Receiver shall be entitled to remuneration appropriate to the work and responsibilities involved, upon the
                basis of charging from time to time adopted by the Receiver in accordance with the current practice of his firm, without being limited to the maximum rate specified in section 109(6) of the Law of Property Act 1925.

            

            

            
              
                	11.3	
                        Liability of Security Agent in possession

                      

              

            

            

            

            Neither the Security Agent nor any Finance Party nor any Receiver shall be liable as mortgagee in possession in
                respect of all or any of the Mortgaged Property and/or the Charterer's Assigned Property to account or be liable for any loss upon
                realisation or for any neglect or default of any nature whatsoever in connection therewith for which a mortgagee in possession may be liable as such.

            

            

            
              
                	11.1	
                        Dealings with Security Agent or Receiver

                      

              

            

            

            

            Upon any sale of the Ship or any share or interest therein by the Security Agent and/or the Finance Parties or any
                of them pursuant to clause 11.1.5 or pursuant to clause 17.1, or by any Receiver, the purchaser shall not be bound to see or enquire whether the power of
                sale of the Security Agent and/or the Finance Parties (or the Receiver, as the case may be) has arisen in the manner provided in this Deed and the sale shall be deemed to be within their power and the receipt of the Security Agent and/or the Finance Parties (or the Receiver, as the case may be) for the purchase money shall effectively discharge the purchaser who shall not be concerned with the manner of application of the proceeds of sale or be in any way answerable therefor and the sale shall
                operate to divest the Owner of all rights, title and interest of any nature whatsoever in the Ship and to bar any such interest of the Owner and all persons claiming through or under the Owner.

            

            

            
              	
                      12

                    	
                      Application of moneys

                    

            

            

            

            
              
                	2.1	
                        Application

                      

              

            

            

            

            All moneys received by the Security Agent or any Receiver in respect of:

            

            

            
              	
                      12.1.1

                    	
                      sale of the Ship or any

                          share or interest therein;

                    

            

            

            

            
              	
                      12.1.2

                    	
                      recovery under the Insurances (other tr1an under any loss of earnings insurance and any such sum or sums as may have been received by the Security Agent in accordance with the relevant Loss Payable Clause in respect of a major casualty as
                          therein defined and paid over to the Owner as provided in clause 3.1.2(a) or the Charterer as provided in clause 5.1.1(a) or which

                          fall to be otherwise applied under clause 12.4); and

                    

            

            

            

            
              	
                      12.1.3

                    	
                      Requisition Compensation,

                    

            

            

            

            shall be held by it upon trust in the first place to pay or make good the Expenses and the balance shall be
                applied in the manner specified in clause 34.24.1 of the Loan Agreement.

            

            

            
              	
                      12.2

                    	
                      Shortfalls

                    

            

            

            

            In the event that the balance referred to in clause 12 1 is insufficient to pay in full the whole of the
                Outstanding Indebtedness, the Security Agent or the Receiver, as the case may be shall be entitled to collect the shortfall from the Owner or, as the case may be, the Charterer or any other person liable for the time being therefor.

            

            

            
              29

              
                

            

            
              	
                      12.3

                    	
                      Application of Owner's Earnings received by Security Agent or Receiver

                    

            

            

            

            Any moneys received by the Security Agent or any Receiver in respect of the Owner's Earnings shall:

            

            

            

            

            
              
                	12.3.1	
                        if received by the Security Agent or any Receiver, or In the hands of the Security Agent or any Receiver, after the occurrence of a Default but prior
                            to the occurrence of an Event of Default be retained by the Security Agent or any Receiver and shall be paid over by the Security Agent or any Receiver, to the Owner's Operating Account at such times, in such amounts and for
                            such purposes and/or shall be applied by the Security Agent or any Receiver, in or towards satisfaction of any sums from time to time accruing due and payable by the Owner under the Finance Documents or any of them or by virtue
                            of payment demanded thereunder, in each case as the Security Agent or any Receiver, may in its absolute discretion determine; and

                      

              

            

            

            

            
              
                	12.3.2	
                        if received by the Security Agent or any Receiver, or in the hands of the Security Agent or any Receiver. after the occurrence of an Event of Default,
                            be applied by the Security Agent or any Receiver, in the manner specified in clause 12.1 and/or clause 12.3.1, as the Security Agent or any
                            Receiver, may in its absolute discretion determine.

                      

              

            

            

            

            
              	
                      12.4

                    	
                      Application of Insurances received by Security Agent or Receiver

                    

            

            

            

            Any moneys received by the Security Agent or any Receiver in respect of the Insurances (other than in respect of
                recovery under any loss of earnings insurance or in respect of a Total Loss) pursuant to the Mortgage and/or the assignments by the Owner and the Charterer contained in clauses 3.1 and 5.1 shall:

            

            

            
              
                	12.4.1	
                        if received by the Security Agent or any Receiver, or in the hands of the Security Agent or any Receiver, after the occurrence of a Default but prior
                            to the occurrence of an Event of Default, be retained by the Security Agent or any Receiver and shall be paid over by the Security Agent or any Receiver to the Owner (during the Non-Charter Period) or to the Charterer (during
                            the Charter Period) at such times, in such amounts and for such purposes and/or shall be applied by the Security Agent or any Receiver in or towards satisfaction of any sums from time accruing due and payable by the Owner and/or
                            the Charterer (as the case may be) under the Finance Documents or any of them or by virtue of payment demanded thereunder, in each case as the Security Agent or any Receiver may in its absolute discretion determine; and

                      

              

            

            

            

            
              
                	12.4.2	
                        if received by the Security Agent, or in the hands of the Security Agent or any Receiver. after the occurrence of an Event of Default, be applied by
                            the Security Agent or any Receiver in the manner specified in clause 12.1 and/or clause 124.1, as the Security Agent or may in its absolute discretion determine.

                      

              

            

            

            

            
              
                	13	
                        Remedies cumulative and other provisions

                      

              

            

            

            

            
              
                	13.1	
                        No implied waivers; remedies cumulative

                      

              

            

            

            

            No failure or delay on the part of the Security Agent to exercise any right, power or remedy vested in it under
                any of the Finance Documents shall operate as a waiver thereof, nor shall any single or partial exercise by the Security Agent of any right, power or remedy nor the discontinuance, abandonment or adverse determination of any proceedings
                taken by the Security Agent to enforce any right, power or remedy preclude any other or further exercise thereof or proceedings to enforce the same or the exercise of any other right, power or remedy nor shall the giving by the Security
                Agent of any consent to any act which by the terms of this Deed requires such consent prejudice the right of the Security Agent to withhold or give consent to the doing of any other similar act The remedies provided in the Finance Documents
                are cumulative and are not exclusive of any remedies provided by law.

            

            

            
              30

              
                

            

            
              
                	13.2	
                        Delegation

                      

              

            

            

            

            The Security Agent shall be entitled at any time and as often as may be expedient, to delegate all or any of the
                powers and discretions vested in it by the Mortgage and this Deed (including the power vested in it by virtue of clause 15) or any of the other Finance Documents in such manner, upon such terms, and to such persons as the Security Agent in
                its absolute discretion may think fit.

            

            

            
              
                	13.3	
                        Incidental powers

                      

              

            

            

            

            The Security Agent shall be entitled to do all acts and things incidental or conducive to the exercise of c1ny of
                the rights, powers or remedies possessed by it as mortgagee of the Ship (whether at law, under the Mortgage and/or this Deed or otherwise) and in particular (but without prejudice to the generality of the foregoing), upon the Security Agent
                becoming entitled to exercise any of its powers under clause 11.1, the Security Agent shall be entitled to discharge any cargo on board the Ship (whether the same shall belong to tile Owner or any other person) and to enter into such other
                arrangements in respect of tile Ship, her insurances, management, maintenance, repair, classification and employment in all respects as if the Security Agent were tile owner of tile Ship.

            

            

            
              
                	14	
                        Costs and indemnity

                      

              

            

            

            

            
              	
                      14.1

                    	
                      Costs

                    

            

            

            

            The Owner shall pay to the Security Agent on demand on a full indemnity basis all expenses or liabilities of
                whatsoever nature (including legal fees, fees of insurance advisers, printing. out-of-pocket expenses, stamp duties, registration fees and other duties or charges) together with any value added tax or similar tax payable in, respect
                thereof, incurred by the Security Agent or any Finance Party in connection with the enforcement of, or preservation of any rights under tile Mortgage, this Deed the: Loan Agreement or any of tile other Finance Documents or otherwise in
                respect of the Outstanding Indebtedness and the security therefor or in connection with tile preparation. completion. execution or registration of this Deed, the Mortgage. the Loan Agreement, the Hedging Master Agreement or any of the other
                Finance Documents.

            

            

            
              	
                      14.2

                    	
                      Security Agent's and Receiver's indemnity

                    

            

            

            

            The Owner hereby agrees and undertakes to indemnify the Security Agent and any Receiver against all losses,
                actions, claims, expenses, demands, obligc1tions and liabilities whatever and whenever arising which may now or hereafter be incurred by the Security Agent or any Finance Party or any such Receiver. or by any manager, agent, officer or
                employee for whose liability, act or omission it or he may be answerable, in respect of, 1n relation to, or in connection with anything done or omitted in tile exercise or purported exercise of tile powers contained in the Mortgage, this
                Deed the Loan Agreement or any of the other Finance Documents or otherwise in connection therewith and herewith or with any part of tile Mortgaged Property and/or tile Charterer's Assigned Property or otherwise howsoever in relation to, or
                in connection with, any of tile matters dealt with in the Mortgage, this Deed, the Loan Agreement or any of the other Finance Documents.

            

            

            
              	
                      15

                    	
                      Attorney

                    

            

            

            

            
              	
                      15.1

                    	
                      Power

                    

            

            

            

            By way of security. the Owner and the Charterer each hereby irrevocably appoints the Security Agent and any
                Receiver, jointly and a:so severally, to be its attorney generally for and in its name and on its behalf and as its act and deed or otherwise to execute, seal and deliver and olt,erw1se perfect and do all such deeds, assurances, agreements, instruments, acts and things which may be required for the full exercise of all or any of the rights powers or remedies conferred by the Mortga90, this
                Deed, the Loan Agreement or any of tile other Finance Documents or which may be deemed proper in or in connection with all or any of the purposes aforesaid (including, in the case of the Owner and without prejudice to the generality of the
                foregoing, the execution and

            

            

            
              31

              
                

            

            delivery of a bill of sale of the Ship and to apply for the closure of the Malt se Registry in respect of the Ship
                in accordance with Section 28 of the Merchant Shipping Act, Cap. 234 of Malta and to pay all such fees, make all such declarations and receive all such certificates, including the deletion certificate as may be necessary and the power to procure at any time from the Registrar General of
                Shipping in Malta copies duly authenticated by him of the Finance Documents or any of them) The power hereby conferred shall be a general power of attorney under the Powers of Attorney Act 1971, and each of the Owner and the Charterer
                ratifies and confirms, and agrees to ratify and confirm, any deed, assurance, agreement, instrument. act or thing which the Security Agent or the Receiver may execute or do pursuant thereto Provided always that such power shall not be
                exercisable by or on behalf of the Security Agent until the happening of an Event of Default.

            

            

            
              	
                      15.2

                    	
                      Exercise of power

                    

            

            

            

            The exercise of such power by or on behalf of the Security Agent or any Receiver shall not put any person dealing
                with the Security Agent or the Receiver upon any enquiry as to whether any Event of Default has happened, nor shall such person be in any way affected by notice that no such Event of Default has happened, arid the exercise by the Security
                Agent or the Receiver of such power shall be conclusive evidence of the Security Agent's or such Receiver's right to exercise the same.

            

            

            
              	
                      15.3

                    	
                      Filings

                    

            

            

            

            The Owner and the Charterer each hereby irrevocably appoints the Security Agent and any Receiver jointly and also
                severally to be its attorney in its name and on its behalf and as its act and deed or otherwise of it, to agree the form of and to execute and do all deeds, instruments, acts and things in order to file, record, register or enrol the
                Mortgage and/or this Deed in any court, public office or elsewhere which the Security Agent may in its discretion consider necessary or advisable, now or in the future, to ensure the legality, validity, enforceability or admissibility in evidence thereof and any other assurance, document, act or thing required
                to be executed by the Owner or the Charterer pursuant to clause 16.

            

            

            
              	
                      16

                    	
                      Further assurance

                    

            

            

            

            The Owner and the Charterer each hereby further undertakes at its own expense from time to time to execute, sign,
                perfect. do and (if required) register every such further assurance, document, act or thing as in the opinion of the Security Agent may be necessary or desirable for the purpose of more effectually mortgaging and charging, respectively, the
                Mortgaged Property and the Charterer's Assigned Property or perfecting the security constituted or intended to be constituted by the Mortgage and this Deed.

            

            

            
              	
                      17

                    	
                      Sale of Ship

                    

            

            

            

            
              	
                      17.1

                    	
                      Termination of Charter

                    

            

            

            

            Notwithstanding anything contained in the Charter, if and when the Security Agent becomes entitled to put into
                force and exercise all the powers possessed by it as mortgagee of the Ship or otherwise pursuant to the Mortgage or at any time thereafter, the Security Agent shall be entitled (but not bound) to terminate the Charter at any time by notice
                in writing to the Owner and the Charterer which notice shall operate to terminate the Charter forthwith if the Ship is then in port and free of cargo or otherwise upon completion of the voyage (including discharge of cargo if any) upon
                which the Ship was engaged at the time when the said notice to terminate was given.

            

            

            
              	
                      17.2

                    	
                      Preservation of Owner's rights

                    

            

            

            

            If the circumstances in which the Security Agent becomes entitled under clause 17.1 to terminate the Charter shall
                constitute or include grounds on which the Owner was entitled to terminate the same, any termination by the Security Agent shall (as between the Owner and the Charterer) operate as an acceptance by the Owner of the Charterer's repudiation
                of the Charter and the Owner's right to recover damages in respect of such repudiation shall be fully preserved.

            

            

            
              32

              
                

            

            
              
                	17.3	
                        Owner's breach

                      

              

            

            

            

            Notwithstanding anything herein contained, the Owner shall remain liable to perform all the obligations assumed by
                it under the Charter and the Security Agent shall have no obligations whatsoever thereunder or be under any liability whatsoever to the Charterer in event of any failure by the Owner to perform its obligations thereunder or hereunder.

            

            

            
              
                	17.4	
                        Sale free of Charter

                      

              

            

            

            

            Notwithstanding anything herein contained. in the event of a sale of the Ship during the Charter Period pursuant
                to the power vested in the Security Agent by virtue of the Finance Documents, such sale shall be free of the Charter and in such an event, the Owner and the Charterer shall enter into such form of agreement or agreements as the Security
                Agent may require for determination of the Charter by mutual consent.

            

            

            
              	
                      18

                    	
                      Quiet enjoyment

                    

            

            

            

            The Security Agent hereby agrees that for as long as the Charterer is not in breach of any of the terms of the
                Charter or this Deed, the Security Agent shall not take any action in relation to the Loan Agreement or this Deed or any of the other Finance Documents, which action would have the effect of interfering with the Charterer's quiet enjoyment
                of the Ship.

            

            

            
              	
                      19

                    	
                      Security shortfall and purchase obligation

                    

            

            

            

            Notwithstanding anything to the contrary contained in the Charter, the Charter Guarantee, this Deed or any other Finance Document, each of the Owner and the Charterer agree. undertake and acknowledge with the Security Agent that:

            

            

            
              	
                      19.1

                    	
                      notwithstanding the provisions of clause 36 (SECURITY SHORTFALL) or any other provisions of the Charter, as between the
                          Owner and the Finance Parties, the obligations of the Owner and the other Borrowers under clause 25. '12 of the Loan Agreement continue to be obligations of the Borrowers towards the Finance Parties and nothing in such clause 36
                          (SECURITY SHORTFALL) or any other provisions of the Charter shall relieve any of them or any other Guarantor or any other Obligor from any such obligations; and

                    

            

            

            

            
              	
                      19.2

                    	
                      notwithstanding the provisions of clauses 38 (PURCHASE OBLIGATION) and 39 (SALE OF THE VESSEL BY PURCHASE OBLIGATION) or
                          any other provisions of the Charter, in the event that the net proceeds of a sale under clause 38 (PURCHASE OBLIGATION) and 39 (SALE OF THE VESSEL BY PURCHASE OBLIGATION) of the Charter would be insufficient to discharge the
                          prepayment obligations of the Borrowers in respect of such sale under clause 7.6 of the Loan Agreement, then neither the Security Agent nor any other Finance Parties shall be bound by such provisions and the rights and remedies of
                          the Finance Parties under the Loan Agreement and the other Finance Documents shall remain unaffected by the same (and, in particular, the rights of the Finance Parties to not approve a sale of the Ship arid/or to receive a
                          prepayment of the Loan and any other amounts as a result of any such sale of the Ship, as set out in the Loan Agreement and the other Finance Documents, shall remain unaffected by the provisions of the Charter).

                    

            

            

            

            
              	
                      20

                    	
                      Payments and Taxes

                    

            

            

            

            
              	
                      20.1

                    	
                      Grossing up

                    

            

            

            

            If at any time the Charterer is required to make any deduction or withholding in respect of Taxes from any payment
                due to the Security Agent for the account of the Security Agent, the sum due from the Charterer in respect of such payment shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the
                Security Agent receives or1 the due date for such payment (and retains. free from any liability in respect of such deduction or withholding) a net sum equal to the sum which it would have received had no such deduction or withholding been required to be made and the Charterer shall indemnify the Security Agent against any losses or costs incurred by it by
                reason of any failure of the Charterer to make any

            

            

            
              33

              
                

            

            such deduction or withholding or by reason of any increased payment not being made on the due date for such
                payment The Charterer shall promptly deliver to the Security Agent any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in respect of any deduction or withholding as aforesaid.

            

            

            
              	
                      20.2

                    	
                      No set-off or counterclaim

                    

            

            

            

            All payments to be made by the Charterer to the Security Agent under the this Deed shall be made in full, without
                any set-off or counterclaim whatsoever and, subject as provided in clause 20.1, free and clear of any deductions or withholdings, in Dollars on the due date to the account of the Security Agent referred to in clause 6 of the Loan Agreement.

            

            

            
              	
                      20.3

                    	
                      Currency indemnity

                    

            

            

            

            If any sum due from the Charterer to the Security Agent pursuant to this Deed or any order or judgment given or
                made in relation hereto has to be converted from the currency (the “first currency”) in which the same is payable under this Deed or under such order or judgment into another currency (the “second currency”) for the purpose of (a) making or filing a claim or proof against the Charterer, (b)
                obtaining an order or judgment in any court or other tribunal or (c) enforcing any order or judgment given or made in relation to the Mortgage or this Deed,
                the Charterer shall indemnify and hold harmless the Security Agent from and against any loss suffered as a result of any difference between (i) the rate of exchange used for such purpose to convert the sum in question from the first
                currency into the second currency and (ii) the rate or rates of exchange at which the Security Agent may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in
                satisfaction, in whole or in part, of any such order, judgment, claim or proof. Any amount due from the Charterer under this clause 20.3 shall be due as a separate debt and shall not be affected by judgment being obtained for any other sums
                due under or in respect of this Deed and the term “rate of exchange” includes any premium and costs of exchange payable in connection with the purchase of the first currency with the second currency.

            

            

            
              	
                      21

                    	
                      Notices

                    

            

            

            

            Every notice, request, demand or other communication under this Deed shall:

            

            

            
              	
                      21.1.1

                    	
                      be in writing delivered personally or by first-class prepaid letter (airmail if available) or facsimile transmission or
                          other means of telecommunication in permanent written form;

                    

            

            

            

            
              	
                      21.1.2

                    	
                      be deemed to have been received in the case of a letter, when delivered personally or three (3) days after it has been put
                          in to the post and, in the case of a facsimile transmission or other means of telecommunication in permanent written form, at the time of despatch (provided that if the date of despatch is not a business day in the country of the
                          addressee or if the time of despatch is after the close of business in the country of the addressee it shall be deemed to have been received at the opening of business on the next such business day); and

                    

            

            

            

            
              	
                      21.1.3

                    	
                      be sent:

                    

            

            

            

            
              	
                      (a)

                    	
                      if to the Owner at:

                    

            

            

            

            c/o TMS Dry Ltd.

            11 Frangoklissias street

            151 25 Maroussi, Attiki, Greece

            

            

            Fax no:          +30 210
                8090205

            Attention:      Mr. Dimitris
                Glynos

            

            

            

            

            
              34

              
                

            

            
              	
                      (b)

                    	
                      if to the Charterer at:

                    

            

            

            

            c/o Dryships Management Services Inc.

            Athens Licensed Shipping Office

            

            

            109 Kifisias Avenue and Sina Street

            151 24 Maroussi, Attiki, Greece

            

            

            Fax no:          +30 210 80
                90 575

            Attention:      Dimitrios
                Dreliozis

            

            

            
              	
                      (c)

                    	
                      if to the Security Agent at:

                    

            

            

            

            KfVV IPEX-Bank GmbH

            Palmengartenstrasse 5-9

            D-60325 Frankfurt am Main

            Germany

            

            

            Fax No:         + 49 (69)
                7431 3768

            Attention:      X2a-Maritime
                Industries

            

            

            or to such other address and/or numbers as is notified by one party to the other parties under this Deed.

            

            

            
              	
                      22

                    	
                      Counterparts

                    

            

            

            

            This Deed may be entered into in the form of two or more counterparts, each executed by one or more of the
                parties, and, provided all the parties shall so execute this Deed, each of the executed counterparts, when duly exchanged or delivered, shall be deemed to be an original but, taken together, they shall constitute one instrument.

            

            

            
              	
                      23

                    	
                      Severability of provisions

                    

            

            

            

            Each of the provisions in this Deed are severable and distinct from the others, and if at any time one or more
                such provisions is or becomes invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Deed shall not in any way be affected or impaired thereby.

            

            

            
              	
                      24

                    	
                      Law and jurisdiction

                    

            

            

            

            
              	
                      24.1

                    	
                      Law

                    

            

            

            

            This Deed and any non-contractual obligations in connection with this Deed are governed by, and shall be construed
                in accordance with, English law.

            

            

            
              	
                      24.2

                    	
                      Submission to jurisdiction

                    

            

            

            

            For the benefit of the Security Agent, the parties hereto irrevocably agree that any legal action or proceedings
                in connection with this Deed may be brought in the English courts, or in the courts of any other country chosen by the Security Agent, each of which shall have jurisdiction to settle any disputes arising out of or in connection with the
                Mortgage and/or this Deed (including any non-contractual obligations connected with the Mortgage and/or this Deed) Each of the Owner and the Charterer irrevocably and unconditionally submits to the jurisdiction of the English courts, and
                the courts of any country chosen by the Security Agent and irrevocably designates, appoints and empowers Ince Process Agents Ltd. Aldgate Tower, 2 Leman Street, London, E1 8QN, England to receive, for it and or. its behalf, service of
                process issued out of the English courts in any legal action or proceedings arising out of or in connection with the Mortgage and/or this Deed (including any non-contractual obligations connected with the Mortgage and/or this Deed). The
                submission to such jurisdiction sh2ill not (and shall not be construed so as to) limit the right of the Security Agent to take proceedings against the Owner and/or the Charterer in any

            

            

            
              35

              
                

            

            other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions
                preclude the taking of proceedings in any other jurisdiction, Whether concurrently or not The parties further agree that only the courts of England and not those of any other State shall have jurisdiction to determine any claim which the
                Owner or the Charterer may have against the Security Agent arising out of or in connection with the Mortgage and/or this Deed (including any non-contractual obligations connected with the Mortgage and/or this Deed).

            

            

            
              	
                      24.3

                    	
                      Contracts (Rights of Third
                            Parties) Act 1999

                    

            

            

            

            No term of this Deed is enforceable under the provisions of the Contracts (Rights of Third Parties) Act 1999 by a
                person who is not a party to this Deed

            

            

            IN WITNESS whereof

                this Deed has been duly executed as a deed the day and year first above written.

            

            

            
              36

              
                

            

            Schedule 1

            

            

            Forms of Loss Payable Clauses

            

            

            

            

            Part A - Charter Period

            

            

            

            

            
              	
                      1

                    	
                      Hull and machinery (marine
                            and war risks)

                    

            

            

            

            By a Tripartite Deed of Covenant dated [•] 2018 CORYSIA OWNING COMPANY LIMITED of Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands (the “Owner”)

                and EGERIA MARINE INC. of Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands (the “Charterer”) have each assigned to KfW IPEX-BANK GmbH of
                Palmengartenstrasse 5-9, D-60325 Frankfurt am Main, Germany (the “Mortgagee”) all the Owner's and the Charterer's rights, title and
                interest in arid to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner and/or the Charterer in respect of the vessel Conquistador and accordingly:

            

            

            
              	
                      (a)

                    	
                      all claims hereunder in respect of an actual or constructive or compromised or arranged total loss, and all claims in
                          respect of a major casualty (that is to say any casualty the claim in respect of which exceeds One million Dollars (US$1,000,000) (or the equivalent in any other currency) inclusive of any deductible shall be paid in full to the
                          Mortgagee or to its order; and

                    

            

            

            

            
              	
                      (b)

                    	
                      all other claims hereunder shall be paid in full to the Charterer or to its order. unless and until the Mortgagee shall
                          have notified insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or to its order.

                    

            

            

            

            
              	
                      2

                    	
                      War risks

                    

            

            

            

            It is noted that KfW

                  IPEX-BANK GmbH of Palmengartenstrasse 5-9, D-60325 Frankfurt am Main, Germany (the “Mortgagee”) is interested as first mortgagee in the subject matter of this insurance. Save as hereinafter provided, all claims (whether in respect of actual, constructive,
                arranged or corr1promised total loss or otherwise) which. but for this Loss Payable Clause would be payable to CORYSIA OWNING COMPANY LIMITED of Ajeltake Road. Ajeltake Island. Majuro, the Marshall Islands (the “Owner”) or EGERIA MARINE INC. of Ajeltake Road, Ajeltake
                Island, Majuro, the Marshall Islands (the “Charterer”) shall be payable to the Mortgagee provided always that unless and until notice in writing to the contrary has been received by the Association, claims (other than total loss claims) not exceeding One million
                Dollars (US$1,000,000) (or the equivalent in any other currency) in respect of any one claim shall be paid direct to the Owner or the Charterer to its order.

            

            

            
              	
                      3

                    	
                      Protection and indemnity

                    

            

            

            

            Payment of ar1y recovery which C0RYSIA OWNING COMPANY LIMITED of Ajeltake Road, Ajeltake Island. Majuro, the Marshall Islands (the “Owner”) or EGERIA MARINE INC. of Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands (the “Charterer”) is entitled to make out of the funds of the Association in
                respect of any liability, costs or expenses incurred by the Owner or the Charterer, shall be made to the Owner or the Charterer or to its order, unless and until the Association receives notice to the contrary from KfW IPEX-BANK GmbH of Palmengartenstrasse 5-9, D-60325 Frankfurt am Main, Germany (the “Mortgagee”) in which event all recoveries shall thereafter be paid to the Mortgagee or its order;
                provided that no liability whatsoever shall attach to the Association, its Managers or their agents for failure to comply with the latter obligation until the expiry of two (2) clear business days from the receipt of such notice.

            

            

            
              37

              
                

            

            Part B - Non-Charter Period

            

            

            

            

            
              	
                      1

                    	
                      Hull and machinery (marine
                            and war risks)

                    

            

            

            

            By a Tripartite Deed of Covenant dated[•] 2018, CORYSIA OWNING COMPANY LIMITED of Ajeltake Road, Ajeltake Island. Majuro, the Marshall Islands (the “Owner”)

                has assigned to KfW IPEX-BANK GmbH of Palmengartenstrasse 5-9, D-60325 Frankfurt, am Main, Germany (the “Mortgagee”) all the Owner's rights, title and interest in and to all policies
                and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner in respect of the vessel Conquistador

                and accordingly

            

            

            
              	
                      (a)

                    	
                      all claims hereunder in respect of an actual or constructive or compromised or arranged total loss. and all claims in
                          respect of a major Casualty (that is to say any casualty the claim in respect of which exceeds One million Dollars
                          (US$1,000.000) (or the equivalent in any other currency inclusive of any deductible)) shall be paid in full to the Mortgagee or to its order; and

                    

            

            

            

            
              	
                      (b)

                    	
                      all other claims hereunder shall be paid in full to the Owner or to its order, unless and until the Mortgagee shall have
                          notified insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or to its order.

                    

            

            

            

            
              	
                      2

                    	
                      War risks

                    

            

            

            

            It is noted that KfW

                  IPEX-BANK GmbH of Palmengartenstrasse 5-9. D-60325 Frankfurt am Main, Germany (the “Mortgagee”) is interested as first
                mortgagee in the subject matter of this insurance.  Save as hereinafter provided, all claims (whether in respect of actual, constructive, arranged or compromised total loss or otherwise) which, but for this Loss Payable Clause would be
                payable to CORYSIA OWNING COMPANY LIMITED of Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands (the “Owner”) shall be payable to the Mortgagee provided always that unless and until notice in writing to the contrary has been received by the Association, claims (other than total loss claims) not exceeding One million Dollars (US$1,000.000) (or the equivalent in any other currency) in respect of any one claim shall be paid direct to the Owner or
                to its order.

            

            

            
              	
                      3

                    	
                      Protection and indemnity

                    

            

            

            

            Payment of any recovery which CORYSIA OWNING COMPANY LIMITED of Ajeltake Road, Ajeltake Island. Majuro, the Marshall Islands (the “Owner”)
                is entitled to make out of the funds of the Association in respect of any liability, costs or expenses incurred by the Owner, shall be made to the Owner or to its order. unless and until the Association receives notice to the contrary from
                KfW IPEX-BANK GmbH of Palmengartenstrasse 5-9, D-60325 Frankfurt am Main, Germany (the “Mortgagee”) in which event all recoveries shall thereafter be paid to the Mortgagee or its order; provided that no liability whatsoever shall attach to the Association, its Managers or
                their agents for failure to comply with the latter obligation until the expiry of two (2) clear business days from the receipt of such notice.

            

            

            
              	
                      4

                    	
                      Loss of earnings

                    

            

            

            

            By a Tripartite Deed of Covenant dated [●] 2018 CORYSIA OWNING COMPANY LIMITED of Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands (the “Owner”)

                assigned to KfW IPEX-BANK GmbH of Palmengartenstrasse 5-9, D-60325 Frankfurt am Main, Germany (the “Mortgagee”) all the Owner's rights. title and interest in and to all policies
                and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner in respect of m.v. Conquistador and accordingly all claims hereunder shall be paid in full to NL97ABNA0248741055 unless and until the Mortgagee shall have notified the insurers
                hereunder to the contrary, whereupon in either case all such claims shall be paid to the Mortgagee or its order.

            

            

            
              38

              
                

            

            Schedule 2

            

            

            Forms of Notices of Assignment of Insurances

            

            

            

            

            Part A - Charter Period

            

            

            Notice of Assignment

            

            

            (For attachment by way of endorsement to the Policy)

            

            

            

            

            CORYSIA OWNING
                  COMPANY LIMITED of Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands and EGERIA MARINE INC. of Ajeltake Road,
                Ajeltake Island, Majuro, the Marshall Islands, the owners and demise charterers, respectively, of the motor vessel Conquistador HEREBY GIVE NOTICE that by a Tripartite Deed of Covenant dated [●] 2018 and entered into by us with KfW IPEX-BANK GmbH there has been assigned by us to KfW IPEX-BANK GmbH as
                mortgagees of the said vessel all insurances in respect thereof, including the insurances constituted by the policy whereon this notice is endorsed.

            

            

            

            

            	 	 	 	 	 	 	 
	
                    Signed

                    For and on behalf of

                    CORYSIA OWNING COMPANY LIMITED

                  	 	 	 	 	 

            

            

            

            

            	 	 	 	 
	
                    Dated [●] 2018

                  	 	 	 

            

            

            

            

            

            

            

            

            

            

            	 	 	 	 	 	 	 
	
                    Signed

                    For and on behalf of

                    EGERIA MARINE INC.

                  	 	 	 	 	 

            

            

            

            

            	 	 	 	 
	
                    Dated [●] 2018

                  	 	 	 

            

            

            

            

            

            

            

            

            

            

            
              39

              
                

            

            Part B - Non-Charter Period

            

            

            Notice of Assignment

            

            

            (For attachment by way of endorsement to the Policy)

            

            

            

            

            CORYSIA OWNING
                  COMPANY LIMITED of Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands, the owners of the m.v. Conquistador HEREBY GIVE NOTICE that by a Tripartite Deed of Covenant dated [●] 2018 and entered into by us with KfW IPEX-BANK GmbH and others there has been assigned by us to KfW IPEX-BANK GmbH as
                mortgagees of the said vessel all insurances in respect thereof, including the insurances constituted by the policy whereon this notice is endorsed.

            

            

            

            

            	 	 	 	 	 	 	 
	
                    Signed

                    For and on behalf of

                    CORYSIA OWNING COMPANY LIMITED

                  	 	 	 	 	 

            

            

            

            

            	 	 	 	 
	
                    Dated [●] 2018

                  	 	 	 

            

            

            

            

            

            

            

            

            

            

            

            

            
              40

              
                

            

            Schedule 3

            

            

            Form of Notice of Assignment of Owner's Earnings

            

            

            

            

            To: EGERIA MARINE INC.

            

            

            m.v. Conquistador

            

            

            We refer to the bareboat charter dated 19 November 2018 (the “Charterparty”) made between us, CORYSIA OWNING COMPANY LIMITED, and you, EGERIA MARINE INC., whereby we agreed to let and you agreed to take on bareboat charter for the period and upon the terms and conditions
                therein mentioned the vessel Conquistador registered in our name under the flag of Malta.

            

            

            NOW WE HEREBY GIVE YOU NOTICE:

            

            

            
              	
                      1

                    	
                      that, by a Tripartite Deed of Covenant dated [•) 2018 made between us, you and KfW IPEX- BANK GmbH of Palmengartenstrasse 5-9, D-60325 Frankfurt am Main, Germany (the “Assignee”), we have assigned to the Assignee all our rights, title and interest to and in any
                          moneys whatsoever payable to us under the Charterparty including (but without prejudice to the generality of the foregoing) all claims for damages in respect of any breach by you of the Charterparty; and

                    

            

            

            

            
              	
                      2

                    	
                      that you are hereby irrevocably authorised and instructed to pay such moneys as aforesaid to our account held with the
                          Assignee with account number NL97ABNA0248741055 or to such other account as the Assignee may from time to time direct

                    

            

            

            

            The authority and instructions hereby contained cannot be revoked or varied by us without the consent of the
                Assignee.

            

            

            

            

            	 	 	 	 	 	 	 
	
                    For and on behalf of

                    CORYSIA OWNING COMPANY LIMITED

                  	 	 	 	 	 

            

            

            

            

            	 	 	 	 
	
                    Dated [●] 2018

                  	 	 	 

            

            

            

            

            

            

            

            

            
              
                	To:	
                        CORYSIA OWNING COMPANY LIMITED

                            and

                            KfW IPEX-BANK GmbH

                      

              

            

            

            

            

            

            We acknowledge receipt of the notice set out above arid consent to the assignment referred to herein This letter
                is governed by English law.

            

            

            

            

            	 	 	 	 	 	 	 
	
                    For and on behalf of

                    EGERIA MARINE INC.

                  	 	 	 	 	 

            

            

            

            

            	 	 	 	 
	
                    Dated [●] 2018

                  	 	 	 

            

            

            
              41

              
                

            

            Schedule 4

            

            

            Form of Notice of Assignment of Charter Guarantee and Acknowledgement

            

            

            

            

            To: DRYSHIPS INC.

            

            

            m.v. Conquistador

            

            

            We refer to:

            

            

            
              	
                      (a)

                    	
                      the “Barecon 2001 bareboat” charterparty (the “Charter”) dated as of 19 November 2018 made between (i) us CORYSIA OWNING COMPANY LIMITED and (ii) EGERIA MARINE INC. (the “Charterer”) whereby we agreed to let and the Charterer agreed to take on bareboat charter for the period and upon the terms and conditions
                          therein mentioned the vessel Conquistador registered in our name under the Maltese flag: and

                    

            

            

            

            
              	
                      (b)

                    	
                      the guarantee contained in the Charter (the “Charter Guarantee”) whereby you guaranteed the obligations of the Charterer under the Charter.

                    

            

            

            

            NOW WE HEREBY GIVE YOU NOTICE:

            

            

            
              	
                      1

                    	
                      that, by a Deed dated [•] 2018 made between us and KfW IPEX-BANK GmbH of Palmengartenstrasse 5-9, D-60325 Frankfurt am Main, Germany acting for the purposes of this Deed through its office at Palmengartenstrasse 5-9, D-60325 Frankfurt am Main,
                          Germany (the “Mortgagee”) and

                          others, we have assigned to the Mortgagee all our rights title and interest to and in any moneys whatsoever payable to us under the Charter and the Charter Guarantee and all other rights and benefits whatsoever accruing to us
                          under the Charter and the Charter Guarantee including (but without prejudice to the generality of the foregoing) all claims for damages in respect of any breach by the Charterer of the Charter; and

                    

            

            

            

            
              	
                      2

                    	
                      that you are hereby irrevocably authorised and instructed to pay such moneys as aforesaid to our bank account held with the
                          Mortgagee with account number NL97ABNA0248741055 or to such other account as the Mortgagee may from time to time direct.

                    

            

            

            

            The authority and instructions herein contained cannot be revoked or varied by us without the consent of the
                Mortgagee.

            

            

            

            

            	
                    For and on behalf of

                    CORYSIA OWNING COMPANY LIMITED

                  

            

            
              

              

              	 	 	 
	
                      Dated [●] 2018

                    

            

            

            

            
              42

              
                

            

            

            

            

            

            
              
                	To	
                        Corysia Owning Company Limited

                            and

                            KfW lpex-Bank GmbH

                      

              

            

            

            

            We acknowledge receipt of the notice set out above (the “Notice”) and consent to the assignment referred to therein and. in consideration of US$10 and other good and valuable consideration (the receipt and adequacy of which we hereby
                acknowledge), we hereby undertake with, and confirm to, the Mortgagee as follows:

            

            

            
              	
                      (a)

                    	
                      to pay all amounts due from us under the Charter Guarantee in full in Dollars (and without any set-off or counterclaim
                          whatsoever and free and clear of any deductions or withholdings) to the account specified in the Notice or to such other account as the Mortgagee will require, or to the Mortgagee or its order;

                    

            

            

            

            
              	
                      (b)

                    	
                      to permit the Mortgagee to enforce all other rights and benefits whatsoever accrued or accruing to the Owner under the
                          Charter Guarantee to and for this purpose to take over or institute proceedings in respect thereof;

                    

            

            

            

            
              	
                      (c)

                    	
                      not. without the prior written consent of the Mortgagee to agree to any variation of the Charter Guarantee;

                    

            

            

            

            
              	
                      (d)

                    	
                      to perform our obligations under the Charter Guarantee; and

                    

            

            

            

            
              	
                      (e)

                    	
                      that we have not received any notice of, any prior charge, assignment or encumbrance over the Owner's right, title and
                          interest in and to the Charter Guarantee.

                    

            

            

            

            Words and expressions defir1ed in the Notice shall have the same meanings when used herein.

            

            

            This letter is governed by English law.

            

            

            

            

            	
                    Yours faithfully

                    For and on behalf of

                    DRYSHIPS INC.

                  

            

            

            

            
              	 	 	 
	
                      Dated [●] 2018

                    

            

            

            

            
              43

              
                

            

            

            

            	
                    EXECUTED as a DEED

                  	 	
                    )

                  	 	 
	
                    by Dimitrios Glynos

                  	 	
                    )

                  	 	 
	
                    for and on behalf of

                  	 	
                    )

                  	 	 
	
                    CORYSIA OWNING COMPANY LIMITED

                  	 	
                    )

                  	 	 
	 	 	
                    )

                  	 	 
	
                    as Owner

                  	 	
                    )

                  	
                    /s/ Dimitrios Glynos

                  	 
	
                    in the presence of:

                  	 	
                    )

                  	
                    Attorney-in-fact

                  	 

            

            

            

            

            	
                    /s/ Dimitrios Beis

                  	 	 	 	 
	
                    Witness

                  	 	 	 	 
	
                    Name:

                  	
                    Dimitrios Beis

                  	 	 	 
	
                    Address:

                  	 	 	 	 
	
                    Occupation:

                  	
                    Solicitor

                  	 	 	 
	 	
                    Norton Rose Fulbright Greece

                  	 	 	 

            

            

            

            

            

            

            

            

            	
                    EXECUTED as a DEED

                  	 	
                    )

                  	 	 
	
                    by Dimitrios Glynos

                  	 	
                    )

                  	 	 
	
                    for and on behalf of

                  	 	
                    )

                  	 	 
	
                    EGERIA MARINE INC.

                  	 	
                    )

                  	 	 
	 	 	
                    )

                  	 	 
	
                    as Charterer

                  	 	
                    )

                  	
                    /s/ Dimitrios Glynos

                  	 
	
                    in the presence of:

                  	 	
                    )

                  	
                    Attorney-in-fact

                  	 

            

            

            

            

            	
                    /s/ Dimitrios Beis

                  	 	 	 	 
	
                    Witness

                  	 	 	 	 
	
                    Name:

                  	
                    Dimitrios Beis

                  	 	 	 
	
                    Address:

                  	 	 	 	 
	
                    Occupation:

                  	
                    Solicitor

                  	 	 	 
	 	
                    Norton Rose Fulbright Greece

                  	 	 	 

            

            

            

            

            

            

            

            

            	
                    EXECUTED as a DEED

                  	 	
                    )

                  	 	 
	
                    by

                  	 	
                    )

                  	 	 
	
                    and by

                  	 	 	 	 
	
                    for and on behalf of

                  	 	
                    )

                  	 	 
	
                    KfW IPEX-BANK GmbH

                  	 	
                    )

                  	 	 
	 	 	
                    )

                  	 	 
	
                    as Security Agent

                  	 	
                    )

                  	
                    /s/ Christos Magklaras

                  	 
	
                    in the presence of:

                  	 	
                    )

                  	
                    Authorised signatory

                  	 

            

            

            

            

            	
                    /s/ Dimitrios Beis

                  	 	 	 	 
	
                    Witness

                  	 	 	 	 
	
                    Name:

                  	
                    Dimitrios Beis

                  	 	
                    Christos Magklaras

                  	 
	
                    Address:

                  	 	 	 	 
	
                    Occupation:

                  	
                    Solicitor

                  	 	
                    Solicitor

                  	 
	 	
                    Norton Rose Fulbright Greece

                  	 	
                    Norton Rose Fulbright Greece

                  	 

            

            

            

            

          

          44

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