Document:

MORTGAGE LOAN PURCHASE AGREEMENT

     THIS MORTGAGE LOAN PURCHASE AGREEMENT dated as of November
28, 2003 by and between FIRST TENNESSEE BANK NATIONAL ASSOCIATION
(the "Seller"), and FIRST HORIZON ASSET SECURITIES INC., a
Delaware corporation (the "Purchaser").

     WHEREAS, the Seller owns certain Mortgage Loans (as
hereinafter defined) which Mortgage Loans are more particularly
listed and described in Schedule A attached hereto and made a
part hereof.

     WHEREAS, the Seller and the Purchaser wish to set forth the
terms pursuant to which the Mortgage Loans, excluding the
servicing rights thereto, are to be sold by the Seller to the
Purchaser.

     WHEREAS, First Tennessee Mortgage Services, Inc. ("FTMSI")
owns the servicing rights to the Mortgage Loans pursuant to the
Servicing Rights Transfer and Subservicing Agreement (as
hereinafter defined).

     WHEREAS, the Seller has engaged FTMSI to service the
mortgage Loans pursuant to the Servicing Agreement (as
hereinafter defined).

     NOW, THEREFORE, in consideration of the foregoing, other
good and valuable consideration, and the mutual terms and
covenants contained herein, the parties hereto agree as follows:

                            ARTICLE I
                           Definitions
                           -----------

     AGREEMENT:  This Mortgage Loan Purchase Agreement, as the
same may be amended, supplemented or otherwise modified from time
to time in accordance with the terms hereof.

     CLOSING DATE:  November 28, 2003.

     COOPERATIVE CORPORATION:  The entity that holds title (fee
or an acceptable leasehold estate) to the real property and
improvements constituting the Cooperative Property and which
governs the Cooperative Property, which Cooperative Corporation
must qualify as a Cooperative Housing Corporation under Section
216 of the Code.

     COOP SHARES:  Shares issued by a Cooperative Corporation.

     COOPERATIVE LOAN:  Any Mortgage Loan secured by Coop  Shares
and a Proprietary Lease.

     COOPERATIVE PROPERTY:  The real property and improvements
owned by the Cooperative Corporation, including the allocation of
individual dwelling units to the holders of the Coop Shares of
the Cooperative Corporation.

     COOPERATIVE  UNIT:  A single family dwelling  located  in  a
Cooperative Property.

                               -1-

<PAGE>

     CUSTODIAN:  LaSalle Bank National Association, a national
banking association, and its successors and assigns, as custodian
under the Custodial Agreement dated as of November 28, 2003 by
and among The Bank of New York, as trustee, First Horizon Home
Loan Corporation, as master servicer, and the Custodian.

     CUT-OFF DATE:  November 1, 2003.

     DELAY DELIVERY MORTGAGE LOANS:  The Mortgage Loans for which
all or a portion of a related Mortgage File is not delivered to
the Trustee or to the Custodian on its behalf on the Closing
Date. The number of Delay Delivery Mortgage Loans shall not
exceed 25% of the aggregate number of Mortgage Loans as of the
Closing Date.

     FHHLC:  First Horizon Home Loan Corporation, a Kansas
corporation, in its capacity as the seller of the Mortgage Loans
pursuant to MLPA I.

     GAAP:  Generally applied accounting principals as in effect
from time to time in the United States of America.

     MLPA I:  The mortgage loan purchase agreement, dated as of
November 28, 2003, between First Horizon Home Loan Corporation,
as seller, and First Tennessee Bank National Association, as
purchaser, as related to the transfer, sale and conveyance of the
Mortgage Loans.

     MORTGAGE:  The mortgage, deed of trust or other instrument
creating a first lien on the property securing a Mortgage Note.

     MORTGAGE FILE:  The mortgage documents listed in Section 3.1
pertaining to a particular Mortgage Loan and any additional
documents required to be added to the Mortgage File pursuant to
this Agreement.

     MORTGAGE LOANS:  The mortgage loans transferred, sold and
conveyed by the Seller to the Purchaser, pursuant to this
Agreement.

     MORTGAGE NOTE:  The original executed note or other evidence
of indebtedness evidencing the indebtedness of a Mortgagor under
a Mortgage Loan.

     MORTGAGED PROPERTY:  The underlying property securing a
Mortgage Loan, which, with respect to a Cooperative Loan, is the
related Coop Shares and Proprietary Lease.

     MORTGAGOR:  The obligor(s) on a Mortgage Note.

     PROPRIETARY LEASE:  With respect to any Cooperative Unit, a
lease or occupancy agreement between a Cooperative Corporation
and a holder of related Coop Shares.

     PURCHASE PRICE:  $247,448,396.92.

     PURCHASER:  First Horizon Asset Securities Inc., a Delaware
corporation, in its capacity as purchaser of the Mortgage Loans
from the Seller pursuant to this Agreement.

                               -2-

<PAGE>

     RECOGNITION AGREEMENT:  With respect to any Cooperative
Loan, an agreement between the Cooperative Corporation and the
originator of such Mortgage Loan which establishes the rights of
such originator in the Cooperative Property.

     SECURITY AGREEMENT: The security agreement with respect to a
Cooperative Loan.

     SELLER:  First Tennessee Bank National Association, and its
successors and assigns, in its capacity as seller of the Mortgage
Loans pursuant to this Agreement.

     SERVICING AGREEMENT:  The servicing agreement, dated as of
November 26, 2002 by and between First Tennessee Bank National
Association and its assigns, as owner, and First Tennessee
Mortgage Services, Inc., as servicer.

     SERVICING RIGHTS TRANSFER AND SUBSERVICING AGREEMENT:  The
servicing rights transfer and subservicing agreement, dated as of
November 26, 2002 by and between First Horizon Home Loan
Corporation, as transferor and subservicer, and First Tennessee
Mortgage Services, Inc., as transferee and servicer.

     TRUSTEE:  The Bank of New York and its successors and, if a
successor trustee is appointed hereunder, such successor.

                           ARTICLE II
                        Purchase and Sale
                        -----------------

     Section 2.1    PURCHASE PRICE.  In consideration for the
payment to it of the Purchase Price on the Closing Date, pursuant
to written instructions delivered by the Seller to the Purchaser
on the Closing Date, the Seller does hereby transfer, sell and
convey to the Purchaser on the Closing Date, but with effect from
the Cut-off Date, without recourse, (i) all right, title and
interest of the Seller in the Mortgage Loans, excluding the
servicing rights thereto, and all property securing such Mortgage
Loans, including all interest and principal received or
receivable by the Seller with respect to the Mortgage Loans on or
after the Cut-off Date and all interest and principal payments on
the Mortgage Loans received on or prior to the Cut-off Date in
respect of installments of interest and principal due thereafter,
but not including payments of principal and interest due and
payable on the Mortgage Loans on or before the Cut-off Date, (ii)
all of the Seller's rights as Purchaser under MLPA I including,
without limitation, the rights of the Seller to require FHHLC to
cure breaches of representations and warranties with respect to
the Mortgage Loans as provided thereunder, (iii) all right, title
and interest of the Seller in, to and under the Servicing
Agreement, and (iv) all proceeds from the foregoing.  Items (i)
through (iv) in the preceding sentence are herein referred to
collectively as "Mortgage Assets."

     Section  2.2     TIMING.   The sale of the  Mortgage  Assets
hereunder shall take place on the Closing Date.

                           ARTICLE III
                     Conveyance and Delivery
                     -----------------------

     Section  3.1     DELIVERY OF MORTGAGE FILES.  In  connection
with  the transfer and assignment set forth in Section 2.1 above,
the Seller has delivered or caused to be delivered to

                               -3-

<PAGE>

the Trustee or to the Custodian on its behalf (or, in the case of
the Delay Delivery Mortgage Loans, will deliver or cause to be
delivered to the Trustee or to the Custodian on its behalf within
thirty (30) days following the Closing Date) the following
documents or instruments with respect to each Mortgage Loan so
assigned (collectively, the "Mortgage Files"):

     (a)       (1)  the original Mortgage Note endorsed by manual
          or facsimile signature in blank in the following form:
          "Pay to the order of ________________, without
          recourse," with all intervening endorsements showing a
          complete chain of endorsement from the originator to
          the Person endorsing the Mortgage Note (each such
          endorsement being sufficient to transfer all right,
          title and interest of the party so endorsing, as
          noteholder or assignee thereof, in and to that Mortgage
          Note); or

               (2)  with respect to any Lost Mortgage Note, a
          lost note affidavit from the Seller stating that the
          original Mortgage Note was lost or destroyed, together
          with a copy of such Mortgage Note;

     (b)  except as provided below, the original recorded
          Mortgage or a copy of such Mortgage certified by the
          Seller as being a true and complete copy of the
          Mortgage;

     (c)  a duly executed assignment of the Mortgage in blank
          (which may be included in a blanket assignment or
          assignments), together with, except as provided below,
          all interim recorded assignments of such mortgage (each
          such assignment, when duly and validly completed, to be
          in recordable form and sufficient to effect the
          assignment of and transfer to the assignee thereof,
          under the Mortgage to which the assignment relates);
          provided that, if the related Mortgage has not been
          returned from the applicable public recording office,
          such assignment of the Mortgage may exclude the
          information to be provided by the recording office;

     (d)  the original or copies of each assumption,
          modification, written assurance or substitution
          agreement, if any;

     (e)  either the original or duplicate original title policy
          (including all riders thereto) with respect to the
          related Mortgaged Property, if available, provided that
          the title policy (including all riders thereto) will be
          delivered as soon as it becomes available, and if the
          title policy is not available, and to the extent
          required pursuant to the second paragraph below or
          otherwise in connection with the rating of the
          Certificates, a written commitment or interim binder or
          preliminary report of the title issued by the title
          insurance or escrow company with respect to the
          Mortgaged Property, and

     (f)  in the case of a Cooperative Loan, the originals of the
          following documents or instruments:

               (1)  The Coop Shares, together with a stock power
          in blank;

               (2)  The executed Security Agreement;

                               -4-

<PAGE>

               (3)  The executed Proprietary Lease;

               (4)  The executed Recognition Agreement;

               (5)  The executed UCC-1 financing statement with
          evidence of  recording thereon which have been filed in
          all places required to perfect the Seller's interest in
          the Coop Shares and the Proprietary Lease; and

               (6)  Executed UCC-3 financing statements or other
          appropriate UCC financing statements required by state
          law, evidencing a complete and unbroken line from the
          mortgagee to the Trustee with evidence of recording
          thereon (or in a form suitable for recordation).

                           ARTICLE IV
                 Representations and Warranties
                 ------------------------------

     Section 4.1    REPRESENTATIONS AND WARRANTIES OF THE SELLER.

          (a)  The Seller hereby represents and warrants to the
     Purchaser, as of the date of execution and delivery hereof,
     that:

               (1)  The Seller is duly organized as a national
          banking association and is validly existing under the
          laws of the United States of America and is duly
          authorized and qualified to transact any and all
          business contemplated by this Agreement to be conducted
          by the Seller in any state in which a Mortgaged
          Property is located or is otherwise not required under
          applicable law to effect such qualification and, in any
          event, is in compliance with the doing business laws of
          any such state, to the extent necessary to ensure its
          ability to enforce each Mortgage Loan and to perform
          any of its other obligations under this Agreement in
          accordance with the terms thereof.

               (2)  The Seller has the requisite power and
          authority to sell each Mortgage Loan, and to execute,
          deliver and perform, and to enter into and consummate
          the transactions contemplated by this Agreement and has
          duly authorized by all necessary action on the part of
          the Seller the execution, delivery and performance of
          this Agreement; and this Agreement, assuming the due
          authorization, execution and delivery thereof by the
          other parties thereto, constitutes a legal, valid and
          binding obligation of the Seller, enforceable against
          the Seller in accordance with its terms, except that
          (a) the enforceability thereof may be limited by
          bankruptcy, insolvency, moratorium, receivership and
          other similar laws relating to creditors' rights
          generally or of creditors of depository institutions,
          the accounts of which are insured by the FDIC, and (b)
          the remedy of specific performance and injunctive and
          other forms of equitable relief may be subject to
          equitable defenses and to the discretion of the court
          before which any proceeding therefor may be brought.

               (3)  The execution and delivery of this Agreement
          by the Seller, the sale of the Mortgage Loans by the
          Seller under this Agreement, the

                               -5-

<PAGE>

          consummation of any other of the transactions
          contemplated by this Agreement, and the fulfillment of
          or compliance with the terms thereof are in the
          ordinary course of business of the Seller and will not
          (a) result in a material breach of any term or
          provision of the charter or by-laws of the Seller or
          (b) materially conflict with, result in a material
          breach, violation or acceleration of, or result in a
          material default under, the terms of any other material
          agreement or instrument to which the Seller is a party
          or by which it may be bound, or (c) constitute a
          material violation of any statute, order or regulation
          applicable to the Seller of any court, regulatory body,
          administrative agency or governmental body having
          jurisdiction over the Seller, other than such
          conflicts, breaches, violations, accelerations or
          defaults which, individually or on a cumulative basis,
          would not have a material adverse effect on the Seller
          and its subsidiaries, taken as a whole, or the
          consummation of the transactions contemplated by this
          Agreement; and the Seller is not in breach or violation
          of any material indenture or other material agreement
          or instrument, or in violation of any statute, order or
          regulation of any court, regulatory body,
          administrative agency or governmental body having
          jurisdiction over it which breach or violation may
          materially impair the Seller's ability to perform or
          meet any of its obligations under this Agreement.

               (4)  No litigation is pending or, to the best of
          the Seller's knowledge, threatened against the Seller
          that would prohibit the execution or delivery of, or
          performance under, this Agreement by the Seller.

          (b)  The Seller hereby assigns, transfers and conveys
     to the Purchaser all of its rights with respect to the
     Mortgage Loans including, without limitation, the
     representations and warranties of FHHLC made pursuant to
     MLPA I, together with all rights of the Seller to require
     FHHLC to cure any breach thereof or to repurchase or
     substitute for any affected Mortgage Loan in accordance with
     MLPA I.

     It is understood and agreed that the obligation under MLPA I
of FHHLC to cure, repurchase or replace any Mortgage Loan as to
which a breach has occurred and is continuing shall constitute
the sole remedy, which may be enforced solely against FHHLC and
not the Seller, respecting such breach available to the Purchaser
on its behalf.

     The representations and warranties contained in this
Agreement shall not be construed as a warranty or guaranty by the
Seller as to the future payments by any Mortgagor.

     It is understood and agreed that the representations and
warranties set forth in this Section 4.1 shall survive the sale
of the Mortgage Loans to the Purchaser hereunder.

                            ARTICLE V
                          Miscellaneous
                          -------------

     Section 5.1    TRANSFER INTENDED AS SALE.  It is the express
intent of the parties hereto that the conveyance of the Mortgage
Loans by the Seller to the Purchaser be, and be construed as, an
absolute sale thereof in accordance with GAAP and for regulatory
purposes.  It is, further, not the intention of the parties that
such conveyances be deemed a pledge thereof by the Seller to the

                               -6-

<PAGE>

Purchaser.  However, in the event that, notwithstanding the
intent of the parties, the Mortgage Loans are held to be the
property of the Seller or the Purchaser, respectively, or if for
any other reason this Agreement is held or deemed to create a
security interest in such assets, then (i) this Agreement shall
be deemed to be a security agreement within the meaning of the
Uniform Commercial Code of the State of Texas and (ii) the
conveyance of the Mortgage Loans provided for in this Agreement
shall be deemed to be an assignment and a grant by the Seller to
the Purchaser of a security interest in all of the Mortgage
Loans, whether now owned or hereafter acquired.

     The Seller and the Purchaser shall, to the extent consistent
with this Agreement, take such actions as may be necessary to
ensure that, if this Agreement were deemed to create a security
interest in the Mortgage Loans, such security interest would be
deemed to be a perfected security interest of first priority
under applicable law and will be maintained as such throughout
the term of the Agreement.  The Seller and the Purchaser shall
arrange for filing any Uniform Commercial Code continuation
statements in connection with any security interest granted
hereby.

     Section 5.2    SELLER'S CONSENT TO ASSIGNMENT.  The Seller hereby
acknowledges the Purchaser's right to assign, transfer and convey
all of the Purchaser's rights under this Agreement to a third
party and that the representations and warranties made by FHHLC
to the Seller pursuant to MLPA I will, in the case of such
assignment, transfer and conveyance, be for the benefit of such
third party.  The Seller hereby consents to such assignment,
transfer and conveyance.

     Section  5.3    SPECIFIC PERFORMANCE.  Either party  or  its
assignees may enforce specific performance of this Agreement.

     Section 5.4    NOTICES.  All notices, demands and requests
that may be given or that are required to be given hereunder
shall be sent by United States certified mail, postage prepaid,
return receipt requested, to the parties at their respective
addresses as follows:

               If to the Purchaser:     4000 Horizon Way
                                        Irving, Texas 75063
                                        Attn: Larry P. Cole

               If to the Seller:        165 Madison Avenue
                                        Memphis, Tennessee 38103
                                        Attn: Clyde A. Billings, Jr.

     Section 5.5    CHOICE OF LAW.  This Agreement shall be construed
in accordance with and governed by the substantive laws of the
State of Texas applicable to agreements made and to be performed
in the State of Texas and the obligations, rights and remedies of
the parties hereto shall be determined in accordance with such
laws.

                               -7-

<PAGE>

     Section 5.6    ACKNOWLEDGMENT OF FHHLC.  FHHLC hereby
acknowledges the provisions of this Agreement, including the
duties of FHHLC created hereunder and the assignment of the
representations and warranties made by FHHLC to the Seller
pursuant to MLPA I.

                               -8-

<PAGE>

     IN WITNESS WHEREOF, the Purchaser and the Seller have caused
their names to be signed hereto by their respective officers
thereunto duly authorized as of the 28th day of November, 2003.

                              FIRST TENNESSEE BANK NATIONAL
                              ASSOCIATION, as Seller

                              By:_____________________________
                                   Wade Walker
                                   Senior Vice President

                              FIRST HORIZON ASSET SECURITIES
                              INC., as Purchaser

                              By:______________________________
                                   Wade Walker
                                   Senior Vice President - Asset
                                     Securitization

The foregoing agreement is hereby
acknowledged and accepted as of the
date first above written.

FIRST HORIZON HOME LOAN CORPORATION,
in its capacity as the seller pursuant to MLPA I

By:___________________________________
     Wade Walker
     Senior Vice President - Asset
        Securitization

Mortgage Loan Purchase Agreement II - 2003-10, Signature Page

<PAGE>

                           SCHEDULE A
                           ----------

                      [BEGINS ON NEXT PAGE]

              [Available Upon Request From Trustee]Exhibit 4.1

                  [This security is a global security within the meaning of an
indenture, dated as of November 26, 2003 (herein called the "Indenture", which
term shall have the meaning assigned to it in such instrument; all other
capitalized terms used, but not defined, herein shall have the meanings assigned
to such terms in the Indenture), and is registered in the name of a depository
or a nominee thereof. This security may not be exchanged in whole or in part for
a security registered, and no transfer of this security in whole or in part may
be registered, in the name of any person other than such depositary or a nominee
thereof, except in the limited circumstances described in the Indenture.]

                  [Unless this certificate is presented by an authorized
representative of the Depository Trust Company (55 Water Street, New York, New
York), a New York corporation ("DTC"), to OMI Corporation or its agent for
registration of transfer, exchange or payment, and any certificate issued is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co., or such other entity as is requested by an authorized representative
of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH as the registered owner hereof, Cede & Co.,
has an interest herein.]

                                OMI CORPORATION

                          7.625% SENIOR NOTES DUE 2013

No. ______                                                        $ ____________

CUSIP No. 670874 AD 8

                  OMI Corporation, a corporation duly organized and existing
under the laws of the Republic of the Marshall Islands, for value received,
hereby promises to pay to __________, or registered assigns, the principal sum
of ___________ on December 1, 2013 and to pay interest thereon from November 26,
2003 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, semi-annually in arrears on June 1 and December 1 in
each year, commencing June 1, 2004, at the rate of 7.625% per annum, until the
principal hereof is paid or made available for payment. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the May 15 or
November 15 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture.

                  The payment by OMI Corporation of the principal of (and
premium, if any) and interest on, the Securities is fully and unconditionally
guaranteed on a joint and several senior unsecured basis by each of the
Subsidiary Guarantors.

                  Payment of the principal of (and premium, if any) and any such
interest on this Security will be made at the office or agency of the Trustee,
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.

                  All payments made under or with respect to the Securities
shall be made free and clear of and without withholding or deduction for or on
account of any Taxes imposed or levied by or on behalf of any Relevant Taxing
Jurisdiction, unless withholdings or deductions of Taxes are required by law or
by the interpretation or administration thereof.

<PAGE>

                  If OMI Corporation or a Subsidiary Guarantor is so required to
withhold or deduct any amount for or on account of Taxes imposed by a Relevant
Taxing Jurisdiction from any payment made under or with respect to the
Securities, OMI Corporation or such Subsidiary Guarantor shall pay such
Additional Amounts as may be necessary so that the net amount received by the
Holders (including Additional Amounts) after such withholding or deduction will
not be less than the amount the Holders would have received if such Taxes had
not been withheld or deducted; PROVIDED, HOWEVER, that the foregoing obligation
to pay Additional Amounts does not apply to (1) any Taxes that would not have
been so imposed but for the existence of any present or former connection
between the relevant Holder (or between a fiduciary, settlor, beneficiary,
member or shareholder of, or possessor of power over the relevant Holder, if the
relevant Holder is an estate, nominee, trust or corporation) and the Relevant
Taxing Jurisdiction (other than the mere receipt of such payment or the
ownership or holding outside of the Republic of the Marshall Islands of such
Security); or (2) any estate, inheritance, gift, sales, excise, transfer,
personal property tax or similar tax, assessment or governmental charge; nor
shall OMI Corporation or such Subsidiary Guarantor be required to pay Additional
Amounts if the payment could have been made without such deduction or
withholding if the beneficiary of the payment had presented this Security for
payment within 30 days after the date on which such payment or such Security
became due and payable or the date on which payment thereof is duly provided
for, whichever is later (except to the extent that the Holder would have been
entitled to Additional Amounts had the Security been presented on the last day
of such 30 day period).

                  Upon request, OMI Corporation shall provide the Trustee with
the official acknowledgement, receipts or other documentation satisfactory to
the Trustee evidencing the payment of the Taxes with respect to which Additional
Amounts are paid. Copies of such documentation will be made available to the
Holders of the Securities or the Paying Agents, as applicable, upon request
therefor.

                  OMI Corporation shall pay any present or future stamp, court
or documentary taxes or any other excise or property taxes, charges or similar
levies that arise in any jurisdiction from the execution, delivery, enforcement
or registration of the Securities, this Indenture or any other document or
instrument in relation thereof, or the receipt of any payments with respect to
the Securities, (excluding such taxes, charges or similar levies imposed by any
jurisdiction outside of: (1) the Republic of the Marshall Islands, (2) the
jurisdiction of incorporation of any successor of OMI Corporation or (3) any
jurisdiction in which a paying agent is located), and we will agree to indemnify
the Holders for any such taxes paid by such Holders.

                  Reference is hereby made to the further provisions of this
Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

                  Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature,
this Security shall not be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose.

<PAGE>

                  In Witness Whereof, OMI Corporation has caused this instrument
to be duly executed.

Dated:

                                             OMI CORPORATION,

                                             by
                                                 -------------------------------
                                                 Name:
                                                 Title:

Attest:

---------------------------------

                         Certificate of Authentication:

                  This is one of the Securities of the series designated therein
referred to in the Indenture.

                                             HSBC BANK USA,
                                             as Trustee

                                             By
                                                 -------------------------------
                                                 Authorized Officer

<PAGE>

                  This Security is one of a duly authorized issue of securities
of OMI Corporation (herein called the "Securities"), issued and to be issued in
one or more series under the Indenture. Reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on
the face hereof, limited in aggregate principal amount to $200,000,000.

                  The Securities of this series are subject to redemption upon
not less than 30 nor more than 60 days' notice by mail, at any time on or after
December 1, 2008, as a whole or in part, at the election of OMI Corporation, at
the following Redemption Prices (expressed as percentages of the principal
amount): If redeemed during the 12-month period beginning December 1 of the
years indicated,

                                                        Redemption
                 Period                                   Price
                 ------                                 ----------
                  2008                                   103.813%
                  2009                                   102.542%
                  2010                                   101.271%
      2011 and thereafter                                100.000%

together in the case of any such redemption with accrued interest to the
Redemption Date, but interest installments whose Stated Maturity is on or prior
to such Redemption Date will be payable to the Holders of such Securities, or
one or more Predecessor Securities, of record at the close of business on the
relevant Record Dates referred to on the face hereof, all as provided in the
Indenture.

                  The Securities of this series are subject to redemption upon
not less than 30 nor more than 60 days' notice by mail, at a Redemption Price
equal to 100% of the principal amount in the event OMI Corporation is obligated
or will become obligated to pay, on the next date on which any amount would be
payable with respect to the Securities, any Additional Amounts as a result of
(1) a change in or an amendment to the laws (including any regulations
promulgated thereunder) of the Republic of the Marshall Islands (or any
political subdivision or taxing authority thereof or therein) or (2) any change
in or amendment to any official position regarding the application or
interpretation of such laws or regulations, which change or amendment is
announced or becomes effective on or after November 21, 2003 and OMI Corporation
cannot avoid such obligation by taking reasonable measures available to it;
provided, however, that no such notice of redemption shall be given earlier than
60 days prior to the earliest date on which OMI Corporation would be obligated
to pay such Additional Amounts.

                  Prior to mailing any notice of redemption as a result of
having to pay Additional Amounts, OMI Corporation shall deliver to the Trustee
an Officer's Certificate, stating that OMI Corporation cannot avoid its
obligation to pay Additional Amounts by taking reasonable measures available to
it. OMI Corporation will also

<PAGE>

deliver to the Trustee an opinion of independent legal counsel of recognized
standing stating that OMI Corporation has become obligated to pay Additional
Amounts as a result of a change in tax laws or regulations or the application or
interpretation of such laws or regulations.

                  The Indenture provides that upon the occurrence of a Change of
Control, each Holder of this Security will have the right to require that OMI
Corporation repurchase such Holder's Securities, in whole or in part, in
integral multiples of $1,000, at a purchase price in cash equal to 101% of the
principal amount thereof plus accrued and unpaid interest, if any, to the date
of purchase (subject to the right of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date).

                  In the event of redemption of this Security in part only, a
new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.

                  The Indenture contains provisions for defeasance at any time
of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance
with certain conditions set forth in the Indenture.

                  If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect
provided in the Indenture.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of OMI Corporation, the Subsidiary Guarantors and the rights of the
Holders of the Securities of each series to be affected under the Indenture at
any time by OMI Corporation and the Trustee with the consent of the Holders of
66 2/3% in aggregate principal amount of the Outstanding Securities of each
series to be affected by such modification or amendment. The Indenture also
contains provisions permitting the Holders of specified percentages in aggregate
principal amount of the Outstanding Securities of each series, on behalf of the
Holders of all Securities of such series, to waive any past defaults under the
Indenture, except a default in the payment of principal, premium or interest and
certain covenants and provisions of the Indenture which cannot be amended
without the consent of the Holder of each outstanding security affected. Any
such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Security.

                  As provided in and subject to the provisions of the Indenture,
the Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture, or for the appointment of a receiver or trustee,
or for any other remedy thereunder, unless (1) such Holder has previously given
to the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, (2) the Holders of

<PAGE>

at least 25% in aggregate principal amount of the Outstanding Securities of this
series have made written request, and such Holder or Holders have offered
reasonable indemnity, to the Trustee to institute such proceeding as Trustee and
offered the Trustee reasonable indemnity, and (3) the Trustee has failed to
institute any such proceeding, and has not received from the Holders of a
majority in aggregate principal amount of the Outstanding Securities a direction
inconsistent with such request, within 60 days after receipt of such notice,
request and offer. The foregoing shall not apply to any suit instituted by the
Holder of this Security for the enforcement of payment of principal of, or any
premium or interest on, such Security, on or after the applicable due dates
expressed herein.

                  No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of OMI
Corporation, or the Subsidiary Guarantors, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the
times, place and rate, and in the coin or currency, herein prescribed.

                  As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in
the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of OMI Corporation in any place where the
principal of and any premium and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to OMI Corporation and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

                  The Securities of this series are issuable only in registered
form without coupons in denominations of $1,000 and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations therein
set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

                  No service charge shall be made for any such registration of
transfer or exchange, but OMI Corporation or the Trustee may require payment of
a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

                  Prior to due presentment of this Security for registration of
transfer, OMI Corporation, the Trustee and any agent of OMI Corporation or the
Trustee may treat the Person in whose name this Security is registered as the
owner hereof for all purposes, whether or not this Security be overdue, and
neither OMI Corporation, the Trustee nor any such agent shall be affected by
notice to the contrary.

<PAGE>

              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

                  The following increases or decreases in this Global Security
have been made:

<TABLE>
<CAPTION>
                                                         Principal Amount of   Signature of
               Amount of Decrease   Amount of Increase   This Global           Authorized Officer
               in Principal         in Principal Amount  Security Following    of Trustee or
Date of        Amount of this       of this Global       Such Decrease or      Securities
Exchange       Global Security      Security             Increase              Custodian
-----------    ------------------   -------------------  -------------------   ------------------
<S>            <C>                  <C>                  <C>                   <C>
</TABLE>

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