Document:

Exhibit 10.67

Dated       28 June 2018

NORTHERN SHIPPING FUND III LP

as Agent

and

NORTHERN SHIPPING FUND III LP

as Security Trustee

and

THE ENTITIES LISTED IN SCHEDULE 1

as Lenders

IN FAVOUR OF

KNIGHT OCEAN NAVIGATION CO.

as Borrower

and

EMPEROR HOLDING LTD.

as Shareholder

and

V. SHIPS LIMITED

as Approved Technical Manager

and

FIDELITY MARINE INC.

as Approved Commercial Manager

 

 

DEED OF RELEASE

relating to a facility of (originally)

US$32,000,000

 for m.v. "LORDSHIP" and m.v. "KNIGHTSHIP"

Index

	
Clause

	 	
Page

	 	 	 
	
1

	
Interpretation

	
1

	
2

	
Release of Security

	
2

	
3

	
Reassignment of Assigned Property

	
3

	
4

	
Further Documents

	
3

	
5

	
Third party rights

	
4

	
6

	
Governing Law and Jurisdiction

	
4

Schedules

	
Schedule 1 Lenders

	
5

	
Schedule 2 The Released Assets

	
6

	
Schedule 3

	
7

	
Part A Form of Notice of Reassignment  Notice of Reassignment of Insurances

	
7

	
Part B Form of Notice of Reassignment  Notice of Reassignment of Insurances

	
8

	
Part C Form of Notice of Reassignment  Notice of Reassignment of Insurances

	
9

Execution

	
Execution

	
10

THIS DEED is made on      28 June 2018

PARTIES

	(1)	
NORTHERN SHIPPING FUND III LP, a limited partnership formed in Delaware, United States of America, acting through its office at One Stamford Landing, Suite 212, 62 Southfield Avenue, Stamford, CT 06902, U.S.A. as agent (the "Agent")

	(2)	
NORTHERN SHIPPING FUND III LP, a limited partnership formed in Delaware, United States of America, acting through its office at One Stamford Landing, Suite 212, 62 Southfield Avenue, Stamford, CT 06902, U.S.A. as security trustee (the "Security Trustee")

	(3)	
THE ENTITIES LISTED IN SCHEDULE 1 as lenders (the "Lenders")

IN FAVOUR OF

	(4)	
KNIGHT OCEAN NAVIGATION CO., a corporation incorporated and existing under the laws of the Republic of Liberia having its registered office at 80 Broad street, Monrovia, Liberia, as borrower ("Knight")

	(5)	
EMPEROR HOLDING LTD., a corporation incorporated in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, the Republic of the Marshall Islands as shareholder (the "Shareholder")

	(6)	
V. SHIPS LIMITED, a company incorporated in Cyprus acting through its office is at Zinas Kanther, 16-18, Agia Triada, 3035 Limassol, Cyprus as approved technical manager (the "Approved Technical Manager")

	(7)	
FIDELITY MARINE INC., a corporation incorporated in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, the Republic of the Marshall Islands as approved commercial manager (the "Approved Commercial Manager" and together with the Approved Technical Manager, the "Approved Managers")

BACKGROUND

	(A)	
By the Facility Agreement the Lenders made available to Knight and Lord Ocean Navigation Co. (together, the "Borrowers") a facility of (originally) up to US$32,000,000.

	(B)	
As security for the Secured Liabilities, the Borrowers, the Shareholder and the Approved Managers entered into the Finance Documents.

	(C)	
The Borrowers have, on the date of this Deed, repaid the Loan in full to the Lenders.

	(D)	
This Deed sets out the terms and conditions on which the Creditor Parties agree, at the request of Knight and the Security Parties, to the release of the Security Interests and certain other obligations created by the Finance Documents.

OPERATIVE PROVISIONS

	1	
INTERPRETATION

	1.1	
Definitions

In this Deed:

"Facility Agreement" means the facility agreement dated 28 November 2016 and made between, amongst others, (i) the Borrowers, (ii) the entities listed in Schedule 1 as Lenders, (iii) the Agent and (iv) the Security Trustee.

"German Law Document" means the account pledge in respect of the earnings account of Knight dated 21 March 2017 and made between (i) Knight, (ii) the Lenders, (iii) the Agent and (iv) the Security Trustee.

"Mortgage" means the first preferred Liberian Mortgage over the whole of the Ship dated 13 December 2016 duly recorded in the Office of the Deputy Commissioner of Maritime Affairs of the Republic of Liberia on 13 December 2016 at 4:47 AM, E.S.T. in New York, U.S.A. in Book PM 68 at page 1194.

"NY Law Document" means the account pledge and security agreement dated 21 December 2016 made by Knight as pledgor (as defined therein) in favor of the Security Trustee as pledgee regarding the Deposit Account held in the name of Knight with the relevant Account Bank.

"Shares Security" means the shares security dated 28 November 2016 in respect of the share capital of Knight and executed by the Shareholder and the Security Trustee.

"Ship" means m.v. "KNIGHTSHIP" (Official Number 17746) currently registered in the ownership of Knight under the Liberian flag.

"Released Assets" means the assets listed in Schedule 2 (The Released Assets).

	1.2	
Defined expressions

Defined expressions in the Facility Agreement shall have the same meanings when used in this Deed unless the context otherwise requires or unless otherwise defined in this Deed.

	1.3	
Application of construction and interpretation provisions of Facility Agreement

Clause 1.2 (construction of certain terms) of the Facility Agreement applies to this Deed as if it were expressly incorporated in it with any necessary modifications.

	2	
RELEASE OF SECURITY

	2.1	
Release

The Creditor Parties irrevocably and unconditionally release all Security Interests (other than (i) the Account and the Pledged Rights in respect of the German Law Document and (ii) the Deposit Account and the Collateral in respect of the NY Law Document) created in its favour by the Borrowers and the Security Parties under the Finance Documents.

	2.2	
Release of obligations

The Creditor Parties irrevocably and unconditionally release:

	(a)	
Knight from all its obligations and liabilities under the Facility Agreement and all other Finance Documents (other than (i) the Account and the Pledged Rights in respect of the German Law Document and (ii) the Deposit Account and the Collateral in respect of the NY Law Document);

2

	(b)	
the Shareholder from all its obligations and undertakings under the Shares Security; and

	(c)	
each Approved Manager for all its obligations and undertaking under each Finance Document to which each is a party which creates a Security Interest.

	2.3	
Release of German Law Document

The Creditor Parties hereby irrevocably and unconditionally release and discharge all Security Interests created in their favour by Knight under the German Law Document and release and discharge all claims and demands each of them may have against Knight under the German Law Document.

	2.4	
Release of obligations under the German Law Document

The Creditor Parties irrevocably and unconditionally release Knight from all obligations and liabilities under the German Law Document, which document shall cease to have effect against Knight.

	2.5	
Release of obligations under the NY Law Document

The Creditor Parties irrevocably and unconditionally release:

	(a)	
Knight from any and all obligations under or in connection with the NY Law Document and in accordance with section 11(b) thereof, terminates the right of the pledge contained therein; and

	(b)	
its Security Interest in deposit account number 1502525391 and hereby terminates the deposit account control agreement made among Knight, the Security Trustee and Signature Bank.

	3	
REASSIGNMENT OF ASSIGNED PROPERTY

	3.1	
Reassignment

The Creditor Parties, without any warranty, representation, covenant or other recourse, reassign:

	(a)	
to Knight, all rights and interests of every kind in any Released Assets assigned to any Creditor Party by Knight;

	(b)	
to the Shareholder, all rights and interests of every kind in any Released Assets assigned to any Creditor Party by the Shareholder;

	(c)	
to the Approved Technical Manager, all rights and interests of every kind in any Released Assets assigned to any Creditor Party by the Approved Technical Manager; and

	(d)	
to the Approved Commercial Manager, all rights and interests of every kind in any Released Assets assigned to any Creditor Party by the Approved Commercial Manager.

3

	4	
FURTHER DOCUMENTS

	4.1	
Delivery of further documents

Subject to Knight paying to the Security Trustee all expenses incurred by the Security Trustee in accordance with clause 20 (fees, other interests and expenses) of the Facility Agreement, the Security Trustee shall promptly after execution and delivery of this Deed:

	(a)	
deliver to Knight:

		(i)	
evidence that the Mortgage has been discharged; and

		(ii)	
an executed notice of reassignment of Insurances in the form set out in Part A of Schedule 2 (Form of Notice of Reassignment);

	(b)	
to the Approved Technical Manager, an executed notice of reassignment of Insurances in the form set out in Part B of Schedule 2 (Form of Notice of Reassignment);

	(c)	
to the Approved Commercial Manager, an executed notice of reassignment of Insurances in the form set out in Part C of Schedule 2 (Form of Notice of Reassignment); and

	(d)	
deliver to the Shareholder each document delivered to the Security Trustee pursuant to the Shares Security.

	5	
THIRD PARTY RIGHTS

A person who is not a party to this Deed, or who is not expressed to be a beneficiary of the terms of this Deed, has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Deed.

	6	
GOVERNING LAW AND JURISDICTION

	(a)	
This Deed (other than Clauses 2.3, 2.4 and 2.5) and any non-contractual obligations arising out of or in connection with it are governed by English law, Clauses 2.3 and 2.4 hereof and any non–contractual obligations arising out of or in connection with them shall be governed by and construed in accordance with German law and Clause 2.5 hereof and any non–contractual obligations arising out of or in connection with them shall be governed by and construed in accordance with New York law.

	(b)	
The English courts shall have exclusive jurisdiction in relation to all disputes arising out of or in connection with this Deed.

This Deed has been executed as a Deed and delivered on the date stated at the beginning of this Deed.

4

Schedule 1

 LENDERS

 

	
Lender

 

	
Lending Office

	
Northern Shipping Fund III LP

	
100 First Stamford Place

6th Floor, Stamford

CT 06902

U.S.A.

 

Attn: Sean Durkin

Fax No: +1 (203) 487 3435

Email: sd@northernshippingfunds.com

 

5

Schedule 2

 THE RELEASED ASSETS

The Ship

The Earnings, Insurances, any Charter, any Charter Guarantee and any Requisition Compensation each as defined in the General Assignment granted by Knight

The Insurances under the Approved Technical Manager's Undertaking in respect of the Ship granted by the Approved Technical Manager

The Insurances under the Approved Commercial Manager's Undertaking in respect of the Ship granted by the Approved Commercial Manager

The Account and the Pledged Rights each as defined in the Account Pledge in respect of the Earnings Account of Knight

The Deposit Account and the Collateral each as defined in the Account Pledge in respect of the Deposit Account of Knight

The Shares and the Derivative Assets each as defined in the Shares Security granted by the Shareholder in respect of the share capital of Knight

6

Schedule 3

PART A

FORM OF NOTICE OF REASSIGNMENT

NOTICE OF REASSIGNMENT OF INSURANCES

m.v. "KNIGHTSHIP" (the "Ship")

We, NORTHERN SHIPPING FUND III LP, the assignee of all rights and interest of every kind which KNIGHT OCEAN NAVIGATION CO. (the "Assignor") has to, in or in connection with all policies and contracts of insurance in respect of the Ship, its earnings or otherwise (including entries of the Ship in any protection and indemnity or war risks association) (the "Insurances") pursuant to a first priority assignment dated 13 December 2016 (the "Assignment") GIVE NOTICE that we have reassigned to the Assignor all of the rights and interest of every kind in the Insurances assigned to us by the Assignment and, with effect from the date of this Notice, we have no further rights or interest in the Insurances.

______________________

[l]

for and on behalf of

NORTHERN SHIPPING FUND III LP

Date:     [l] June 2018

7

PART B

FORM OF NOTICE OF REASSIGNMENT

NOTICE OF REASSIGNMENT OF INSURANCES

m.v. "KNIGHTSHIP" (the "Ship")

We, NORTHERN SHIPPING FUND III LP, the assignee of all rights and interest of every kind which V. SHIPS LIMITED (the "Assignor") has to, in or in connection with all policies and contracts of insurance in respect of the Ship, its earnings or otherwise (including entries of the Ship in any protection and indemnity or war risks association) (the "Insurances") pursuant to a first priority assignment dated 13 December 2016 (the "Assignment") GIVE NOTICE that we have reassigned to the Assignor all of the rights and interest of every kind in the Insurances assigned to us by the Assignment and, with effect from the date of this Notice, we have no further rights or interest in the Insurances.

______________________

[l]

for and on behalf of

NORTHERN SHIPPING FUND III LP

Date:     [l] June 2018

8

PART C

FORM OF NOTICE OF REASSIGNMENT

NOTICE OF REASSIGNMENT OF INSURANCES

m.v. "KNIGHTSHIP" (the "Ship")

We, NORTHERN SHIPPING FUND III LP, the assignee of all rights and interest of every kind which FIDELITY MARINE INC. (the "Assignor") has to, in or in connection with all policies and contracts of insurance in respect of the Ship, its earnings or otherwise (including entries of the Ship in any protection and indemnity or war risks association) (the "Insurances") pursuant to a first priority assignment dated 13 December 2016 (the "Assignment") GIVE NOTICE that we have reassigned to the Assignor all of the rights and interest of every kind to the Insurances assigned to us by the Assignment and, with effect from the date of this Notice, we have no further rights or interest in the Insurances.

______________________

[l]

for and on behalf of

NORTHERN SHIPPING FUND III LP

Date:     [l] June 2018

9

EXECUTION

AGENT

	
EXECUTED AS A DEED

	
)

	 
	
by NORTHERN SHIPPING FUND III LP

	
)

	 
	
acting by Kelina Kantzou

	
)

	
/s/ Kelina Kantzou

	
being an attorney-in-fact

	
)

	 
	
expressly authorised in accordance

	
)

	 
	
with the laws of the state of Delaware

	
)

	 
	
in the presence of:

	
)

	 
	
Witness' signature:  /s/ Emmanouil Pontikis

	
)

	 
	
Witness' name:  Emmanouil Pontikis

	
)

	 
	
Witness' address:

	
Watson Farley & Williams

	
)

	 
	 	
348 Syngrou Avenue

176 74 Kallithea

Athens – Greece

	 	 

 SECURITY TRUSTEE

	
EXECUTED AS A DEED

	
)

	 
	
by NORTHERN SHIPPING FUND III LP

	
)

	 
	
acting by Kelina Kantzou

	
)

	
/s/ Kelina Kantzou

	
being an attorney-in-fact

	
)

	 
	
expressly authorised in accordance

	
)

	 
	
with the laws of the state of Delaware

	
)

	 
	
in the presence of:

	
)

	 
	
Witness' signature:  /s/ Emmanouil Pontikis

	
)

	 
	
Witness' name:  Emmanouil Pontikis

	
)

	 
	
Witness' address:

	
Watson Farley & Williams

	
)

	 
	 	
348 Syngrou Avenue

176 74 Kallithea

Athens – Greece

	 	 

 LENDERS

	
EXECUTED AS A DEED

	
)

	 
	
by NORTHERN SHIPPING FUND III LP

	
)

	 
	
acting by Kelina Kantzou

	
)

	
/s/ Kelina Kantzou

	
being an attorney-in-fact

	
)

	 
	
expressly authorised in accordance

	
)

	 
	
with the laws of the state of Delaware

	
)

	 
	
in the presence of:

	
)

	 
	
Witness' signature:  /s/ Emmanouil Pontikis

	
)

	 
	
Witness' name:  Emmanouil Pontikis

	
)

	 
	
Witness' address:

	
Watson Farley & Williams

	
)

	 
	 	
348 Syngrou Avenue

176 74 Kallithea

Athens – Greece

	 	 

10Exhibit 10.78

 

Dated 10 April 2018

EMPEROR HOLDING LTD.

as Guarantor

and

JELCO DELTA HOLDING CORP.

as Lender

                                                                                     

GUARANTEE

                                                                                     

relating to

a loan agreement dated 10 April 2018

 in respect of a loan facility of US$2,000,000

INDEX

	
Clause

	 	
Page

	
1

	
INTERPRETATION

	
1

	
2

	
GUARANTEE

	
2

	
3

	
LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR

	
2

	
4

	
EXPENSES

	
3

	
5

	
ADJUSTMENT OF TRANSACTIONS

	
3

	
6

	
PAYMENTS

	
3

	
7

	
INTEREST

	
3

	
8

	
SUBORDINATION

	
4

	
9

	
ENFORCEMENT

	
4

	
10

	
REPRESENTATIONS AND WARRANTIES

	
4

	
11

	
UNDERTAKINGS

	
5

	
12

	
JUDGMENTS

	
7

	
13

	
SUPPLEMENTAL

	
7

	
14

	
NOTICES

	
8

	
15

	
INVALIDITY OF A SECURED AGREEMENT

	
9

	
16

	
GOVERNING LAW AND JURISDICTION

	
9

	
EXECUTION PAGE

	
11

THIS GUARANTEE is made on 10 April 2018

BETWEEN

	(1)	
EMPEROR HOLDING LTD., a corporation incorporated under the laws of the Republic of the Marshall Islands, whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the "Guarantor"); and

	(2)	
JELCO DELTA HOLDING CORP., a corporation incorporated under the laws of the Republic of the Marshall Islands, whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the "Lender", which expression includes its successors and assigns).

BACKGROUND

	(A)	
By a loan agreement dated 10 April 2018 (the "Loan Agreement") and made between (i) Seanergy Maritime Holdings Corp. as borrower (the "Borrower") and (i) the Lender as lender, it was agreed that the Lender would make available to the Borrower a loan facility of US$2,000,000 (the "Loan").

	(B)	
The Guarantor is a wholly owned subsidiary of the Borrower and commercially benefits from the Loan as the Loan provides additional liquidity to the Borrower ensuring that it can meet its current obligations while retaining liquidity available to fund the working capital and other financial requirements of the Guarantor.

	(C)	
It is a condition precedent to the Lender advancing the Loan to the Borrower under the Loan Agreement that the Guarantor shall execute and deliver to the Lender this Guarantee.

IT IS AGREED as follows:

	1	
INTERPRETATION

	1.1	
Defined expressions

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

	1.2	
Construction of certain terms

In this Guarantee:

"bankruptcy"  includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with creditors or reorganisation under any corporate or insolvency law of any country;

"Loan Agreement" means the loan agreement dated 10 April 2018 referred to in Recital (A) above and includes any existing or future amendments or supplements, whether made with the Guarantor's consent or otherwise;

"Secured Agreements" means the Loan Agreement, the Finance Documents and all other agreements made between the Borrower and the Lender from time to time; and

"Security Period" means the period commencing on the date of the Loan Agreement and ending on the date on which the Lender notifies the Borrower that:

		(a)	
all amounts which have become due for payment by the Borrower under the Loan Agreement have been paid; and

		(b)	
no amount is owing or has accrued (without yet having become due for payment) under the Loan Agreement.

	1.3	
Application of construction and interpretation provisions of Loan Agreement

Clauses 1.2 and 1.3 of the Loan Agreement apply, with any necessary modifications, to this Guarantee.

	2	
GUARANTEE

	2.1	
Guarantee and indemnity

The Guarantor unconditionally and irrevocably:

	(a)	
guarantees the due payment of all amounts payable by the Borrower under or in connection with each of the Secured Agreements;

	(b)	
undertakes to pay to the Lender, on the Lender's demand, any such amount which is not paid by the Borrower when payable; and

	(c)	
fully indemnifies the Lender on its demand in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by the Lender as a result of or in connection with any obligation or liability guaranteed by the Guarantor being or becoming unenforceable, invalid, void or illegal; and the amount recoverable under this indemnity shall be equal to the amount which the Lender would otherwise have been entitled to recover.

	2.2	
No limit on number of demands

The Lender may serve more than one demand under Clause 2.1.

	2.3	
Release of Guarantee

At the end of the Security Period and any similar period under the other Secured Agreements, the Lender will release the Guarantor from its obligations under this Guarantee and, at the request and cost of the Guarantor, return this Guarantee to the Guarantor.

	3	
LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR

	3.1	
Principal and independent debtor

The Guarantor shall be liable under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards this Guarantee, any of the rights or defences of a surety.

	3.2	
Waiver of rights and defences

Without limiting the generality of Clause 3.1, the Guarantor shall neither be discharged by, nor have any claim against the Lender in respect of:

	(a)	
any amendment or supplement being made to any of the Secured Agreements;

	(b)	
any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to, or affecting, any of the Secured Agreements;

4

	(c)	
any release or loss (even though negligent) of any right created by any of the Secured Agreements;

	(d)	
any failure (even though negligent) promptly or properly to exercise or enforce any such right; or

	(e)	
any other Secured Agreement now being or later becoming void, unenforceable, illegal or invalid or otherwise defective for any reason, including a neglect to register it.

	4	
EXPENSES

	4.1	
Costs of preservation of rights, enforcement etc.

The Guarantor shall pay to the Lender on its demand the amount of all expenses incurred by the Lender in connection with any matter arising out of this Guarantee or any security interest connected with it, including any advice, claim or proceedings relating to this Guarantee or such a security interest.

	5	
ADJUSTMENT OF TRANSACTIONS

	5.1	
Reinstatement of obligation to pay

The Guarantor shall pay to the Lender on its demand any amount which the Lender is required, or agrees, to pay pursuant to any claim by, or settlement with, a trustee in bankruptcy of the Borrower on the ground that a Secured Agreement, or a payment by the Borrower, was invalid or on any similar ground.

	6	
PAYMENTS

	6.1	
Method of payments

Any amount due under this Guarantee shall be paid:

	(a)	
in immediately available funds;

	(b)	
to such account as the Lender may from time to time notify to the Guarantor;

	(c)	
without any form of set‐off, cross‐claim or condition; and

	(d)	
free and clear of any tax deduction except a tax deduction which the Guarantor is required by law to make.

	6.2	
Grossing-up for taxes

If the Guarantor is required by law to make a tax deduction, the amount due to the Lender shall be increased by the amount necessary to ensure that the Lender receives and retains a net amount which, after the tax deduction, is equal to the full amount that it would otherwise have received.

	7	
INTEREST

	7.1	
Accrual of interest

Any amount due under this Guarantee shall carry interest after the date on which the Lender demands payment of it until it is actually paid, unless interest on that same amount also accrues under the relevant Secured Agreement.

	7.2	
Calculation of interest

5

Interest under this Guarantee shall be calculated and accrue in the same way as interest under clause 3 of the Loan Agreement.

	7.3	
Guarantee extends to interest payable under each Secured Agreement

For the avoidance of doubt, it is confirmed that this Guarantee covers all interest payable under each Secured Agreement.

	8	
SUBORDINATION

	8.1	
Subordination of rights of Guarantor

After an Event of Default has occurred under any Secured Agreement and the Lender has, by notice to the Guarantor, brought this Clause 8.1 into operation, which notice shall take effect immediately, the Guarantor shall not during the Security Period or such other period while the Borrower continues to have any obligations or liability under any other Secured Agreement:

	(a)	
claim, or in a bankruptcy of the Borrower prove for, any amount payable to the Guarantor by the Borrower, whether in respect of this Guarantee or any other transaction;

	(b)	
claim to set-off any such amount against any amount payable by the Guarantor to the Borrower; or

	(c)	
claim any subrogation or other right in respect of any Secure Agreement or any sum received or recovered by the Lender under a Secured Agreement.

	9	
ENFORCEMENT

	9.1	
No requirement to commence proceedings against Borrower

The Lender will not need to commence any proceedings under, or enforce any security interest created by, the Loan Agreement or any other Secured Agreement before claiming or commencing proceedings under this Guarantee.

	9.2	
Conclusive evidence of certain matters

However, as against the Guarantor:

	(a)	
any judgment or order of a court in England or the Marshall Islands, the State of New York,  the United States or America or Greece in connection with the Loan Agreement or any other Secured Agreement; and

	(b)	
any statement or admission of the Borrower in connection with the Loan Agreement or any other Secured Agreement,

shall be binding and conclusive as to all matters of fact and law to which it relates.

	10	
REPRESENTATIONS AND WARRANTIES

	10.1	
General

The Guarantor represents and warrants to the Lender as follows.

	10.2	
Status

The Guarantor is duly incorporated and validly existing and in good standing under the laws of the Republic of the Marshall Islands.

6

	10.3	
Corporate power

The Guarantor has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:

	(a)	
to execute this Guarantee; and

	(b)	
to make all the payments contemplated by, and to comply with, this Guarantee.

	10.4	
Consents in force

All the consents referred to in Clause 10.3 remain in force and nothing has occurred which makes any of them liable to revocation.

	10.5	
Legal validity and effective Security Interests

This Guarantee:

	(a)	
constitutes the Guarantor's legal, valid and binding obligations enforceable against the Guarantor in accordance with its terms and subject any relevant insolvency laws affecting creditors' rights generally; and

	(b)	
creates legal, valid and binding security interests enforceable in accordance with its terms over all the assets to which it relates.

	10.6	
No conflicts

The execution by the Guarantor of this Guarantee and its compliance herewith will not involve or lead to a contravention of:

	(a)	
any law or regulation; or

	(b)	
the constitutional documents of the Guarantor; or

	(c)	
any contractual or other obligation or restriction which is binding on the Guarantor or any of its assets.

	10.7	
No withholding taxes

All payments which the Guarantor is liable to make under this Guarantee may be made without deduction or withholding for or on account of any tax payable under any law of any pertinent jurisdiction.

	10.8	
No default

To the knowledge of the Guarantor, no Event of Default has occurred.

	10.9	
No litigation

No legal or administrative action involving the Guarantor has been commenced or taken or, to the Guarantor's knowledge, is likely to be commenced or taken which, in either case, would be likely to have a material adverse effect on the Guarantor's financial position or profitability.

	11	
UNDERTAKINGS

	11.1	
General

7

The Guarantor undertakes with the Lender to comply with the following provisions of this Clause 11 at all times while during the Security Period and while the Borrower continues to have any obligations or liability under a Secured Agreement, except as the Lender may otherwise permit.

	11.2	
Creditor notices

The Guarantor will send the Lender, at the same time as they are despatched, copies of all communications which are despatched to the Guarantor's creditors or any class of them.

	11.3	
Consents

The Guarantor will maintain in force and promptly obtain or renew, and will promptly send certified copies to the Lender of, all consents required:

	(a)	
for the Guarantor to perform its obligations under this Guarantee;

	(b)	
for the validity or enforceability of this Guarantee,

and the Guarantor will comply with the terms of all such consents.

	11.4	
Maintenance of Security Interests

The Guarantor will:

	(a)	
at its own cost, do all that it reasonably can to ensure that this Guarantee validly creates the obligations and the security interests which it purports to create; and

	(b)	
without limiting the generality of paragraph (a) above, at its own cost, promptly register, file, record or enrol this Guarantee with any court or authority in all relevant jurisdictions, pay any stamp, registration or similar tax in all relevant jurisdictions in respect of this Guarantee, give any notice or take any other step which may be or become necessary or desirable for this Guarantee to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any security interest which it creates.

	11.5	
Notification of litigation

The Guarantor will provide the Lender with details of any legal or administrative action involving the Guarantor as soon as such action is instituted or it becomes apparent to the Guarantor that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be considered material in the context of this Guarantee.

	11.6	
Notification of default

The Guarantor will notify the Lender as soon as the Guarantor becomes aware of:

	(a)	
the occurrence of an Event of Default; or

	(b)	
any matter which indicates that an Event of Default may have occurred,

and will thereafter keep the Lender fully up-to-date with all developments.

	11.7	
Maintenance of status

The Guarantor will maintain its separate corporate existence and remain in good standing under the laws of the Marshall Islands.

	11.8	
No disposal of assets, change of business

8

The Guarantor will not:

	(a)	
transfer, lease or otherwise dispose of all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not; or

	(b)	
make any substantial change to the nature of its business from that existing at the date of this Guarantee.

	11.9	
No merger etc.

The Guarantor shall not enter into any form of merger, sub-division, amalgamation or other reorganisation.

	12	
JUDGMENTS

	12.1	
Judgments relating to a Secured Agreement

This Guarantee shall cover any amount payable by the Borrower under or in connection with any judgment relating to a Secured Agreement.

	13	
SUPPLEMENTAL

	13.1	
Continuing guarantee

This Guarantee shall remain in force as a continuing security at all times during the Security Period or while the Borrower continues to have any obligations or liability under a Secured Agreement.

	13.2	
Rights cumulative, non-exclusive

The Lender's rights under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken to exclude or limit any right or remedy conferred by law.

	13.3	
No impairment of rights under Guarantee

If the Lender omits to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair that or any other right of the Lender under this Guarantee.

	13.4	
Severability of provisions

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

	13.5	
Guarantee not affected by other security

This Guarantee shall not impair, nor be impaired by, any other guarantee, any Security Interest or any right of set-off or netting or to combine accounts which the Lender may now or later hold in connection with the Loan Agreement.

9

	13.6	
Guarantor bound by Loan Agreement

The Guarantor agrees with the Lender to be bound by all provisions of the Loan Agreement which are applicable to the Guarantor in the same way as if those provisions had been set out (with any necessary modifications) in this Guarantee.

	13.7	
Applicability of provisions of Guarantee to other security interests

Any security interest which the Guarantor creates (whether at the time at which it signs this Guarantee or at any later time) to secure any liability under this Guarantee shall be a principal and independent security, and Clauses 3 and 15 shall, with any necessary modifications, apply to it, notwithstanding that the document creating the security interest neither describes it as a principal or independent security nor includes provisions similar to Clauses 3 and 15.

	13.8	
Applicability of provisions of Guarantee to other rights

Clauses 3 and 15 shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time (notwithstanding that the agreement does not include provisions similar to Clauses 3 and 15), being an agreement referring to this Guarantee.

	13.9	
Guarantor's approval of Loan Agreement

The Guarantor has read the Loan Agreement and understands and approves all the terms and conditions thereof.

	13.10	
Third party rights

A person who is not a party to this Guarantee has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Guarantee.

	14	
NOTICES

	14.1	
Notices to Guarantor

Any notice or demand to the Guarantor under or in connection with this Guarantee shall be given by letter or fax at:

154 Vouliagmenis Avenue

16674 Glyfada, Athens Greece

Fax No: +30 210 9638404

or to such other address or fax which the Guarantor may notify to the Lender.

	14.2	
Application of certain provisions of Loan Agreement

Clause 7 of the Loan Agreement applies to any notice or demand under or in connection with this Guarantee.

	14.3	
Validity of demands

A demand under this Guarantee shall be valid notwithstanding that it is served:

	(a)	
on the date on which the amount to which it relates is payable by the Borrower under the Loan Agreement;

10

	(b)	
at the same time as the service of a notice under clause 5.10 (events of default) of the Loan Agreement,

and a demand under this Guarantee may refer to all amounts payable under or in connection with the Loan Agreement without specifying a particular sum or aggregate sum.

	14.4	
Notices to Lender

Any notice to the Lender under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the Lender under the Loan Agreement.

	15	
INVALIDITY OF A SECURED AGREEMENT

	15.1	
Invalidity of a Secured Agreement

In the event of:

	(a)	
a Secured Agreement now being or later becoming, with immediate or retrospective effect, void, illegal, unenforceable or otherwise invalid for any other reason whatsoever, whether of a similar kind or not; or

	(b)	
without limiting the scope of paragraph (a), a bankruptcy of the Borrower, the introduction of any law or any other matter resulting in the Borrower being discharged from liability under a Secured Agreement, or a Secured Agreement ceasing to operate (for example, by interest ceasing to accrue);

this Guarantee shall cover any amount which would have been or become payable under or in connection with that Secured Agreement if that Secured Agreement had been and remained entirely valid, legal and enforceable, or the Borrower had not suffered bankruptcy, or any combination of such events or circumstances, as the case may be, and the Borrower had remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated;  and references in this Guarantee to amounts payable by the Borrower under or in connection with such Secured Agreement shall include references to any amount which would have so been or become payable as aforesaid.

	15.2	
Invalidity of Finance Documents

Clause 15.1 also applies to any other Finance Documents to which the Borrower is a party.

	16	
GOVERNING LAW AND JURISDICTION

	16.1	
English law

This Guarantee and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.

	16.2	
Exclusive English jurisdiction

Subject to Clause 16.3, the courts of England shall have exclusive jurisdiction to settle any Dispute.

	16.3	
Choice of forum for the exclusive benefit of the Lender

Clause 16.2 is for the exclusive benefit of the Lender, which reserves the rights:

	(a)	
to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction to that Dispute; and

11

	(b)	
to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in England or without commencing proceedings in England.

The Guarantor shall not commence any proceedings in any country other than England in relation to a Dispute.

	16.4	
Process agent

The Guarantor irrevocably appoints Messrs. E.J.C Album Solicitors, presently of Landmark House, 190 Willifield Way, London, NW11 6YA, England (Attention of Mr. Edward Album Tel: +44 208 455 7653, Fax +44 208 457 5558, e-mail: ejca@mitgr.com), to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with a Dispute.

	16.5	
Lender' rights unaffected

Nothing in this Clause 16 shall exclude or limit any right which the Lender may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction.

	16.6	
Meaning of "proceedings"

In this Clause 16, "proceedings" means proceedings of any kind, including an application for a provisional or protective measure and a "Dispute" means any dispute arising out of or in connection with this Guarantee (including a dispute relating to the existence, validity or termination of this Guarantee) or any non-contractual obligation arising out of or in connection with this Guarantee.

THIS GUARANTEE has been entered into on the date stated at the beginning of this Guarantee.

12

EXECUTION PAGE

GUARANTOR

	
EXECUTED AND DELIVERED AS A DEED

	
)

	
	
by EMPEROR HOLDING LTD.

	
)

	 
	
acting by Stamatios Tsantanis

	
)

	 
	
expressly authorised in accordance with the

	
)

	 /s/ Stamatios Tsantanis 
	
laws of the Republic of the Marshall Islands

	
)

	 
	
by virtue of a power of attorney granted

	
)

	 
	
by EMPEROR HOLDING LTD.

	
)

	 
	
on 10 April 2018

	
)

	 
	
such execution being witnessed by

	
)

	 

 

Signature of witness

/s/ Theodora Mitropetrou

LENDER

	
EXECUTED AND DELIVERED AS A DEED

	
)

	 
	
by JELCO DELTA HOLDING CORP.

	
)

	 
	
acting by Alastair Macdonald

	
)

	 /s/ Alastair Macdonald
	
expressly authorised in accordance with the

	
)

	 
	
laws of the Republic of the Marshall Islands

	
)

	 
	
by virtue of a power of attorney granted

	
)

	 
	
by JELCO DELTA HOLDING CORP.

	
)

	 
	
on 10 April 2018

	
)

	 
	
such execution being witnessed by

	
)

	 

Signature of witness

/s/ Ian Waterson

13

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