Document:

Exhibit 10.11

 

LOAN AGREEMENT

Date: 14th
August 2006

 

 

	
  Borrower

  	
  :

  	
  Danaos Corporation of Trust Company Complex, Ajeltake Island,
  Ajeltake Road, Majuro, Marshall Islands MH96960.

  
	
   

  	
   

  	
   

  
	
  Amount

  	
  :

  	
  Up to US Dollars 75 MM (United States Dollar Seventy-Five Million
  only)

  
	
   

  	
   

  	
   

  
	
  Purpose

  	
  :

  	
  Bridge loan to partly finance the payment of the pre-delivery
  installments to Sungdong Shipbuilding & Marine Engineering Co., Ltd.
  (the “Builder”) for the construction of Hull Nos. S4001, S4002, S4003, S4004
  and S4005 (collectively the “Vessels”), currently being constructed by the
  Builder.

  The loan amount will be an amount of up to
  USD 75 MM (United States Dollar Seventy-Five Million only)

  
	
   

  	
   

  	
   

  
	
  Lender

  	
  :

  	
  Seasonal Maritime Corporation of 80 Broad Street, Monrovia, Liberia.

  
	
   

  	
   

  	
   

  
	
  Interest rate

  	
  :

  	
  1.0% p.a. over 3 or 6 months LIBOR or longer at the Borrower’s option
  subject to market availability and the Lender’s consent. Interest shall be
  payable at least quarterly in arrears.

  
	
   

  	
   

  	
   

  
	
  Front end fee:

  	
   

  	
  0.15% of the amount advanced, payable prior to advancement.

  
	
   

  	
   

  	
   

  
	
  Commitment fee

  	
  :

  	
  0.30% per annum on any undrawn amount under the facility, payable
  quarterly in arrears, starting from the date of execution of the Loan
  Agreement.

  
	
   

  	
   

  	
   

  
	
  Interest rate and fee computation

  	
  :

  	
  Interest, premium, penalties and fees to be calculated on the exact
  number of days over a 360 days year basis.

  
	
   

  	
   

  	
   

  
	
  Repayment

  	
  :

  	
  Bullet in 6 (six) Months. Option 6 (six) Months.

  
	
   

  	
   

  	
   

  
	
  Final maturity date

  	
  :

  	
  Not later than 6 (six) months + 6 (six) months Bullet

  
	
   

  	
   

  	
   

  
	
  Security

  	
  :

  	
  Corporate Guarantee by the Borrower.

  
	
   

  	
   

  	
   

  
	
  Events of Default

  	
  :

  	
  Usual events of default for a facility of this nature including cross
  default and material adverse change regarding Danaos Corporation.

  
	
   

  	
   

  	
   

  
	
  Conditions precedent

  	
  :

  	
  Funds will not be made available to the Borrower if there is a
  material adverse change in the financial

  

 

 

	
   

  	
   

  	
  condition and operations of the Borrower and/or the Guarantor and/or
  the Group.

  
	
   

  	
   

  	
   

  
	
  Taxation

  	
  :

  	
  The Borrower will pay principal, interest and fees free and clear of
  any and all taxes, stamp dues, duties or other levies or charges of any kind
  whatsoever in favor of any government, authority or any other entity,
  applicable to this Loan Agreement.

  
	
  Governing Law

  	
  :

  	
  English law.

  
	
   

  	
   

  	
   

  
	
  Documentation required 

  	
   

  	
  Will include but not be restricted to:

  
	
  prior to 

  	
   

  	
   

  
	
  drawdown

  	
  :

  	
  1.               Presentation of Builder’s request for the
  payment of the 1st installment and copies of the Refundment
  Guarantees.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.               Executed
  Corporate Guarantee by the Borrower.

  
	
   

  	
   

  	
   

  
	
  Costs and expenses

  	
  :

  	
  All costs in connection with the above and the subsequent monitoring
  and control thereof of the Loan Agreement, including all legal fees,
  consultant and surveyor fees are to be borne by the Borrower.

  
	
   

  	
   

  	
   

  

 

	
  For the Lender

  	
   

  	
  For the Borrower

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Dimitrios Theodosiou

  	
   

  	
  /s/ Dimitri AndritsoyiannisQuickLinks
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EXHIBIT 10.40  

 
 

LOAN AGREEMENT    
    

Dated:
25th September 2006 

	Borrower:	 	Danaos Corporation of Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands MH96960.
	
Amount:	
 	

Up to US Dollars 25 MM (United States Dollar Twenty-Five Million only)
	
Purpose:	
 	

Bridge loan to partly finance the payment of the pre-delivery installments to Samsung Heavy Industries Co. Ltd. (the "Builder") for the construction of Hull Nos. 1670, 1671, 1672 and 1673 (collectively the "Vessels"), currently being constructed
by the Builder.
	

 	
 	

The loan amount will be an amount of up to USD 25 MM (United States Dollar Twenty-Five Million only)
	
Lender:	
 	

Seasonal Maritime Corporation of 80 Broad Street, Monrovia, Liberia.
	
Interest rate:	
 	

1.0% p.a. over 3 or 6 months LIBOR or longer at the Borrower's option subject to market availability and the Lender's consent. Interest shall be payable at least quarterly in arrears.
	
Front end fee:	
 	

0.15% of the amount advanced, payable prior to advancement.
	
Commitment fee:	
 	

0.30% per annum on any undrawn amount under the facility, payable quarterly in arrears, starting from the date of execution of the Loan Agreement.
	
Interest rate and fee computation:	
 	

Interest, premium, penalties and fees to be calculated on the exact number of days over a 360 days year basis.
	
Repayment:	
 	

Bullet in 6 (six) Months. Option 6 (six) Months.
	
Final maturity date:	
 	

Not later than 6 (six) months + 6 (six) months Bullet.
	
Security:	
 	

Corporate Gurantee by the Borrower.
	
Events of Default:	
 	

Usual events of default for a facility of this nature including cross default and material adverse change regarding Danaos Corporation.
	
Conditions precedent:	
 	

Funds will not be made available to the Borrower if there is a material adverse change in the financial condition and operations of the Borrower and/or the Guarantor and/or the Group.
	
Taxation:	
 	

The Borrower will pay principal, interest and fees free and clear of any and all taxes, stamp dues, duties or other levies or charges of any kind whatsoever in favor of any government, authority or any other entity, applicable to this Loan
Agreement.
	 	 	 

	
Governing Law:	
 	

English law.
	
Documentation required prior to drawdown:	
 	

Will include but not be restricted to:

	

 	
 	

1.	
 	

Presentation of Builder's request for the payment of the 1st installment and copies of the Refundment Guarantees.
	

 	
 	

2.	
 	

Executed Corporate Guarantee by the Borrower.

	
Costs and expenses:	
 	

All costs in connection with the above and the subsequent monitoring and control thereof of the Loan Agreement, including all legal fees, consultant and surveyor fees are to be borne by the Borrower.

	 	 	 
	For the Lender	 	For the Borrower
	

/s/ Efstathios Sfiris
	
 	

/s/ Iraklis Prokopakis

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Exhibit 4.1    
    

[CERTIFICATE]  

NUMBER OF SHARES [                        ]  

COMMON STOCK

PAR VALUE $.01  

CUSIP [                        ]

SEE REVERSE FOR CERTAIN DEFINITIONS  

DOUGLAS EMMETT, INC.  

INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND  

	This Certifies that	 	    
	 	 

	is the record holder of	 	    
	 	 

FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK OF  

Douglas
Emmett, Inc. transferable on the books of the Corporation by the holder hereof, in person or by duly authorized attorney, upon surrender of this certificate properly endorsed. This
certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar. 

Witness
the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers. 

Dated: 

COUNTERSIGNED AND REGISTERED:

COMPUTERSHARE TRUST COMPANY, INC.

TRANSFER
AGENT AND REGISTRAR,

By: 

AUTHORIZED OFFICER

[DOUGLAS EMMETT, INC. CORPORATE SEAL]

Jordan
Kaplan

CHIEF EXECUTIVE OFFICER 

William
Kamer

CHIEF FINANCIAL OFFICER 

The
shares represented by this certificate are subject to restrictions on Beneficial and Constructive Ownership and Transfer for the purpose, among others, of the Corporation's maintenance of its
status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended (the "Code"). Subject to certain further restrictions and except as expressly provided in the Corporation's
Charter, (i) no Person may Beneficially or Constructively Own shares of the Corporation's Common Stock in excess of 5.0% (in value or number of shares) of the outstanding shares of Common Stock
of the Corporation unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person may Beneficially or Constructively Own shares of
Capital Stock of the Corporation in excess of 5.0% of the value of the total outstanding shares of Capital Stock of the
Corporation, unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (iii) no Person may Beneficially or Constructively Own Capital Stock that
would result in the Corporation being "closely held" under Section 856(h) of the Code or otherwise cause the Corporation to fail to qualify as a REIT; and (iv) no Person may Transfer
shares of Capital Stock if such Transfer would result in the Capital Stock of the Corporation being owned by fewer than 100 Persons. Any Person who Beneficially or Constructively Owns or attempts to
Beneficially or Constructively Own shares of Capital Stock which causes or will cause a Person to Beneficially or Constructively Own shares of Capital Stock in excess or in violation of the above
limitations must immediately notify the Corporation. If any of the restrictions on transfer or ownership are violated, the shares of Capital Stock represented hereby will be automatically transferred
to a Trustee of a Trust for the benefit of one or more Charitable Beneficiaries. In addition, the Corporation may redeem shares upon the terms and conditions specified by the Board of Directors in its
sole discretion if the Board of Directors determines that ownership or a Transfer or other event may violate the restrictions described above. Furthermore, upon the occurrence of certain events,
attempted Transfers in violation of the restrictions described above may be void ab initio. All capitalized terms in this legend have the meanings defined in the Charter of the Corporation, as the
same may be amended from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of Capital Stock of the Corporation on request and
without charge. Requests for such a copy may be directed to the Secretary of the Corporation at its Principal Office. 

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 

	TEN COM—	 	as tenants in common	 	UNIF GIFT MIN ACT-             Custodian               
	TEN ENT—	 	as tenants by the entireties	 	                                        
 (Cust)                 (Minor)
	JT TEN—	 	as joint tenants with right of	 	under Uniform Gifts to Minors
	 	 	survivorship and not as tenants	 	Act                             
	 	 	in common	 	        (State)

UNIF TRF MIN ACT—             Custodian (until age
    )
                                        
                          (Cust)                                         
                     
 

           
under Uniform Transfers

(Minor)
                                         
  

to
Minors Act             

                         (State) 

Additional
abbreviations may also be used though not in the above list. 

For
Value received,                          hereby sells, assigns and transfers
unto                         
 

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,

INCLUDING POSTAL ZIP CODE, OF ASSIGNEE  

                            
Shares of the common stock represented by the within certificate, and do hereby irrevocably constitute and appoint
                   Attorney to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.

Dated             

X                     

X                     

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND

WITH THE NAME AS WRITTEN UPON THE FACE OF THE

CERTIFICATE IN EVERY PARTICULAR WITHOUT

ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.  

SIGNATURE(S) GUARANTEED:  

BY                   

THE
SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. 

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Exhibit 4.1

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