Document:

Exhibit 4.57

      

       

        

      	
               

            	
               

            

    

     

      
        	
                1.    Shipbroker

                N/A

              	
                2.    Place and date

                22 June 2021

              
	
                3.    Owners/Place of business (Cl. 1)

                 

                Sea 242 Leasing Co. Limited, a company incorporated under the laws of Hong Kong with registration number 3016198 whose registered office is at 27/F, Three Exchange Square, 8 Connaught Place
                  Central, Hong Kong

              	
                4.    Bareboat Charterers/Place of business (Cl. 1)

                 

                Patriot Shipping Co., a corporation incorporated under the laws of the Republic of Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,
                  Majuro,

                Marshall Islands MH96960

              
	
                5.    Vessel’s name, call sign and flag (Cl. 1 and 3)

                Patriotship

                Call Sign: V7A4666

                Flag:Marshall Islands

              
	
                6.    Type of Vessel

                Bulk carrier

              	
                7.    GT/NT

                93079/ 60504

              
	
                8.    When/Where built

                2010

                Imabari Shipbuilding Co., Ltd.

              	
                9.    Total DWT (abt.) in metric tons on summer freeboard

                181709

              
	
                10.  Classification Society (Cl. 3)

                DNV

              	
                11.  Date of last special survey by the Vessel’s classification society

                 N/A

              
	
                12   Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3)

                N/A

              
	
                13.  Port or Place of delivery (Cl. 3)

                   Back to back with MOA delivery

              	
                14.  Time for delivery (Cl. 4)

                See Clause 34

              	
                15.  Cancelling date (Cl. 5) 

                See definition of 

                “Cancelling Date”and

                Clause 33

              
	
                16.  Port or Place of redelivery (Cl. 15)

                See Clauses 41 and 42

              	
                17.  No. of months’ validity of trading and class certificates upon redelivery (Cl. 15)

                Three (3) months

              
	
                18.  Running days’ notice if other than stated in Cl. 4

              	
                19.  Frequency of dry-docking (Cl. 10(g))

                In accordance with Approved Classification Society or

                requirements of Flag State

              
	
                20.  Trading limits (Cl. 6)

                Worldwide within International Navigating Limits and excluding any war listed area declared by the Joint War Committee

              
	
                21.  Charter period (Cl. 2)

                See Clause 32

              	
                22.  Charter hire (Cl. 11)

                See Clause 36

              
	
                23.  New class and other safety requirements (state percentage of Vessel’s insurance value acc. to Box 29)(Cl. 10(a)(ii))

                N/A

              
	
                24.  Rate of interest payable acc. to Cl. 11 (f) and, if applicable, acc. to PART IV

                See Clause 37

              	
                25.  Currency and method of payment (Cl. 11)

                Dollars/Bank transfer

              
	
                26.  Place of payment; also state beneficiary and bank account (Cl. 11)

                See Clause 36

              	
                27.  Bank guarantee/bond (sum and place) (Cl. 24) (optional)

                N/A

              
	
                28.  Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) applies state date of Financial Instrument and name of Mortgagee(s)/Place of business) (Cl. 12)

                N/A

              	
                29.  Insurance (hull and machinery and war risks) (state value acc. to Cl. 13(f) or, if applicable, acc. to Cl. 14(k)) (also state if Cl. 14 applies)

                See Clause 39

              
	
                30.  Additional insurance cover, if any, for Owners’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))

                See Clause 39

              	
                31.  Additional insurance cover, if any, for Charterers’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))

                See Clause 39

              
	
                32.  Latent defects (only to be filled in if period other than stated in Cl. 3)

                N/A

              	
                33.  Brokerage commission and to whom payable (Cl. 27)

                N/A

              

      

      
         

        Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement
          of BIMCO’s copyright. Explanatory notes are available from BIMCO at www.bimco.org.

        First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

         

        

      

    

    
      
        

    

    	
            34.  Grace period (state number of clear banking days) (Cl. 28)

            N/A

          	
            35.  Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed Place of Arbitration must be stated (Cl. 30)

            (c) Clause 30 not applicable. See Clause 65

          
	
            36.  War cancellation (indicate countries agreed) (Cl. 26(f))

            N/A

          
	
            37.  Newbuilding Vessel (indicate with “yes” or “no” whether PART III applies) (optional)

            No

          	
            38.  Name and place of Builders (only to be filled in if PART III applies)

            N/A

          
	
            39.  Vessel’s Yard Building No. (only to be filled in if PART III applies)

            N/A

          	
            40.  Date of Building Contract (only to be filled in if PART III applies)

            N/A

          
	
            41.  Liquidated damages and costs shall accrue to (state party acc. to Cl. 1)

            a) N/A

            b) N/A

            c) N/A

          
	
            42.  Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV applies) (optional)

            No, Part IV does not apply

          	
            43.  Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional)

            No

          
	
            44.  Flag and Country of the Bareboat Charter Registry (only to be filled in if PART V applies)

            N/A

          	
            45.  Country of the Underlying Registry (only to be filled in if PART V applies)

            N/A

          
	
            46.  Number of additional clauses covering special provisions, if agreed

            Clause 32 to Clause 66

          

    
      

      

      PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I
        and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only
        apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II
        shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further.

      

      

      	 	
              Signature (Owners)

            	 	
              Signature (Charterers)

            
	 	 	 	 
	 	/s/ Zhou Ling	 	 /s/ Stavros Gyftakis
	 	Zhou Ling	 	Stavros Gyftakis 
	 	Attorney-in-fact	 	Attorney-in-Fact
	 	 	 	 

      
        

        

        
          
            Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
              copyright. Explanatory notes are available from BIMCO at www.bimco.org.

            First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

          

          
            

            

          

        

      

      
        
          

      

      
        PART II

        BARECON 2001 Standard Bareboat Charter

         

        

      

      
        
          
            1      1. Definitions

          

          
            2      In this Charter, the following terms shall have the

          

          
            3      meanings hereby assigned to them:

          

          
            4     “The Owners” shall mean the party identified in Box 3;

          

          
            5     “The Charterers” shall mean the party identified in Box 4;

          

          
            6     “The Vessel” shall mean the vessel named in Box 5 and

          

          
            7      with particulars as stated in Boxes 6 to 12.

          

          
            8     “Financial Instrument” has the meaning ascribed to it in Clause 66. means the mortgage, deed of

            9      covenant or other such financial security instrument as 

            10    annexed to this Charter and stated in Box 28.

          

          
            11    2 Charter Period

          

          
            12    In consideration of the hire detailed in Box 22,

          

          
            13    the Owners have agreed to let and the Charterers have

          

          
            14    agreed to hire the Vessel for the period stated in Box 21

          

          
            15    (“The Charter Period”). See also Clause 32.

             

                

          

          
            16    3. Delivery

          

          
            17    (not applicable when Part III applies, as indicated in Box 37)

          

          18    (a) The Owners shall
                before and at the time of delivery 

          19    exercise due diligence to make the Vessel seaworthy 

          20    And in every respect ready in hull, machinery and

          
            21    equipment for service under this Charter.

          

          
            22    The Vessel shall be delivered by the Owners and taken

          

          
            23    over by the Charterers at the port or place indicated in

          

          24    Box 13. in such ready safe berth as the Charterers may

           25    direct.

           

              

          
            26    (b) The Vessel shall be properly documented on

          

          27    delivery in accordance with the laws of the flag State 

          28    indicated in Box 5 and the requirements of the

          29    classification society stated in Box 10. The Vessel upon 

          30    delivery shall have her survey cycles up to date and

          31    trading and class certificates valid for at least the number 

          32    of months agreed in Box 12.

          
            33    (c) The delivery of the Vessel by the Owners and the

          

          
            34    taking over of the Vessel by the Charterers shall

          

          
            35    constitute a full performance by the Owners of all the

          

          
            36    Owners’ obligations under this Clause 3, and thereafter

          

          
            37    the Charterers shall not be entitled to make or assert

          

          
            38    any claim against the Owners on account of any

          

          
            39    conditions, representations or warranties expressed or

          

          40    implied with respect to the Vessel. but the Owners shall 

          41    be liable for the cost of but not the time for repairs or 

          42    renewals occasioned by latent defects in the Vessel,

          43 her machinery or appurtenances, existing at the time of  44  delivery under this Charter, provided such defects have  45  manifested
              themselves within twelve (12) months after  46 delivery unless otherwise provided in Box 32.

           

            

          
            47    4. Time for Delivery (See Clause 34)

          

          
            48    (not applicable when Part III applies, as indicated in Box 37)

          

          
            49   The Vessel shall not be delivered before the date

          

          50    indicated in Box 14 without the Charterers’ consent
                  and 51the Owners shall exercise due diligence to deliver the

          
            52    Vessel not later than the date indicated in Box 15.

          

          
            53    Unless otherwise agreed in Box 18, the Owners shall

          

          54   give the Charterers not less than thirty (30) running days’ 55 preliminary and not less than fourteen (14) running days’  56
                definite notice of the date on which the Vessel is

          
            57    expected to be ready for delivery.

          

          58    The Owners shall keep the Charterers closely advised 59of
                possible changes in the Vessel’s position.

           

          
            60    5. Cancelling (See Clause 33)

          

          
            61    (not applicable when Part III applies, as indicated in Box 37)

          

        

      

      
        
          62     (a) Should the Vessel not be delivered latest by the

          63     cancelling date indicated in Box 15, the Charterers shall 

          64     have the option of cancelling this Charter by giving the 

          65     Owners notice of cancellation within thirty-six (36)

          66     running hours after the cancelling date stated in Box 

          67     15, failing which this Charter shall remain in full force 

          68     and effect.

           

          69     (b) If it appears that the Vessel will be
                  delayed beyond 

          70     the cancelling date, the Owners may, as soon as they 

          71     are in a position to state with reasonable certainty the 

          72     day on which the Vessel should be ready, give notice 

                73     thereof to the Charterers asking whether they will

          74     exercise their option of cancelling, and the option must 

          75     then be declared within one hundred and sixty-eight

          76   (168) running hours of the receipt by the Charterers of 77  such notice or within thirty-six (36) running hours after 78 the cancelling date, whichever is the earlier. If the

          79     Charterers do not then exercise their option of cancelling, 

          80     the seventh day after the readiness date stated in the

          
            81     Owners’ notice shall be substituted for the cancelling

          

          
            82     date indicated in Box 15 for the purpose of this Clause 5.

          

          83     (c) Cancellation under this Clause 5 shall
                  be without 

          84     prejudice to any claim the Charterers may otherwise 

          85     have on the Owners under this Charter.

           

              

          
            86     6. Trading Restrictions (See also Clauses 39.9(d) and 53.1(c))

          

          
            87     The Vessel shall be employed in lawful trades for the

          

          
            88     carriage of suitable lawful merchandise within the trading

          

          
            89     limits indicated in Box 20.

          

          
            90     The Charterers undertake not to employ the Vessel or

          

          
            91     suffer the Vessel to be employed otherwise than in

          

          
            92     conformity with the terms of the contracts of insurance

          

          
            93     (including any warranties expressed or implied therein)

          

          
            94     without first obtaining the consent of the insurers to such

          

          
            95     employment and complying with such requirements as

          

          
            96     to extra premium or otherwise as the insurers may

          

          
            97     prescribe.

          

          
            98     The Charterers also undertake not to employ the Vessel

          

          
            99     or suffer her employment in any trade or businesswhich

          

          
            100   is forbidden by the law of any country to which the Vessel

          

          
            101   may sail or is otherwise illicit or in carrying illicit or

          

          
            102   prohibited goods or in any manner whatsoever which

          

          
            103   may render her liable to condemnation, destruction,

          

          
            104   seizure or confiscation.

          

          
            105   Notwithstanding any other provisions contained in this

          

          
            106   Charter it is agreed that nuclear fuels or radioactive

          

          
            107   products or waste are specifically excluded from the

          

          
            108   cargo permitted to be loaded or carried under this

          

          
            109   Charter. This exclusion does not apply to radio-isotopes

          

          
            110   used or intended to be used for any industrial,

          

          
            111   commercial, agricultural, medical or scientificpurposes

          

          
            112   provided the Owners’ prior approval has beenobtained

          

          
            113   to loading thereof.

             

            

          

          
            114   7. Surveys on Delivery and Redelivery (See Clauses 41.8 and 41.9)

          

          
            115   (not applicable when Part III applies, as indicated in Box 37)

          

          
            116   The Owners and Charterers shall each appoint

          

          117   surveyors for the purpose of determining and agreeing 

          118   in writing the condition of the Vessel at the time of  

          119   delivery and redelivery
                hereunder (if applicable). The Owners shall

          120   bear all expenses of the On-hire Survey including loss

        

      

      
        	
                 

              

         Copyright ©2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of
            BIMCO’s copyright. 

        Explanatory notes are available from BIMCO at www.bimco.org.

          

         First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

         

          

      

      
        
          

      

      
        PART II

        BARECON 2001 Standard Bareboat Charter

         

        

      

      
        
          121  of time, if any, and the Charterers shall bear all expenses 

          122  of the Off-hire Survey including loss of time, if any, at 

          123 the daily equivalent to the rate of hire or pro rata thereof.

           

          
            124  8. Inspection (See Clause 54)

          

          125  The Owners shall have the right at any time after giving 

          126  reasonable notice to the Charterers to inspect or survey 

          127  the Vessel or instruct a duly authorised surveyor to carry 

          128  out such survey on their behalf:-

           

          129  (a) to ascertain the condition of the Vessel and satisfy 

          130  themselves that the Vessel is being properly repaired 

          131  and maintained. The costs and fees for such inspection 

          132  or survey shall be paid by the Owners unless the Vessel 

          133 is found to require repairs or maintenance in order to 

          134 achieve the condition so provided;

           

          135  (b) in dry-dock if the Charterers have not dry-docked 

          136  Her in accordance with Clause 10(g). The costs and fees 

          137  for such inspection or survey shall be paid bythe

          
            138  Charterers; and

          

           

          139  (c) for any other commercial  reason  they  consider 

          140  necessary (provided it does not unduly interfere with 

          141 the commercial operation of the Vessel). The costs and 

          142  fees for such inspection and survey shall be paid by the 

          143  Owners.

           

          144  All time used in respect of inspection, survey or repairs 

          145  shall be for the Charterers’ account and form part of the 

          146  Charter Period.

          147  The Charterers shall also permit the Owners to inspect 

          148  the Vessel’s log books whenever requested and shall 

          149  whenever required by the Owners furnish them with full 

          150  information regarding any casualties or other accidents 

          151  or damage to the Vessel.

           

          
            152  9. Inventories, Oil and Stores

          

          153  A complete inventory of the Vessel’s entire equipment, 

          154  outfit including spare parts, appliances and ofall

          155  consumable stores on board the Vessel shall be made

           156  by the Charterers in conjunction with the Owners on 

          157  delivery and again on redelivery of the Vessel. The 

          158  Charterers and the Owners, respectively, shall atthe

          159  time of delivery and redelivery take over and pay for all 

          160  bunkers, lubricating oil, unbroached provisions, paints, 

          161  ropes and other consumable stores (excludingspare

          162  parts) in the said Vessel at the then current market prices 

          163  at the ports of delivery and redelivery, respectively. The 

          164  Charterers shall ensure that all spare parts listed in the

           165 inventory and used during the Charter Periodare

          166  replaced at their expense prior to redelivery of the 

          167  Vessel.

           

          
            168  10. Maintenance and Operation

          

          
            169 (a)(i)Maintenance and Repairs - During the Charter

          

          
            170  Period the Vessel shall be in the full possession

          

          
            171  and at the absolute disposal for all purposes of the

          

          
            172  Charterers and under their complete control in

          

          
            173  every respect. The Charterers shall maintain the

          

          
            174  Vessel, her machinery, boilers, appurtenances and

          

          
            175  spare parts in a good state of repair, in efficient

          

          
            176  operating condition and in accordance with good

          

          
            177  commercial maintenance practice and, except as

          

          
            178  provided for in Clause 14(l), if applicable, at their

          

          
            179  own expense they shall at all times keep the

          

          
            180  Vessel’s Classification Class fully up to date with the Classification

          

        

      

      
        
          
            181   Society indicated in Box 10 and maintain all other

          

          
            182   necessary certificates in force at all times.

          

          
            183   (ii) New Class and Other Safety Requirements - In the

          

          
            184   event of any improvement, structural changes or

          

          
            185   new equipment becoming necessary for the

          

          
            186   continued operation of the Vessel by reason of new

          

          
            187   class requirements or by compulsory legislation, the costs of compliance shall be for the Charterers’
                  account.

          

          188   costing (excluding the Charterers’ loss of time) 

          189   more than the percentage stated in Box 23, or if 

          190   Box 23 is left blank, 5 per cent. of the Vessel’s 

          191   insurance value as stated in Box 29, thenthe

          192   extent, if any, to which the rate of hire shall be varied 

          193   and the ratio in which the cost of compliance shall 

          194   be shared between the parties concerned in order 

          195   to achieve a reasonable distribution thereof as

          196   between the Owners and the Charterers having 

          197    regard, inter alia, to the length of the period

          198   remaining under this Charter shall, in the absence 

          199   of agreement, be referred to the dispute resolution 

          200   method agreed in Clause 30.

           

            

          
            201   (iii) Financial Security - The Charterers shall maintain

          

          
            202   financial security or responsibility in respect of third

          

          
            203   party liabilities as required by any government,

          

          
            204   including federal, state or municipal or other division

          

          
            205   or authority thereof, to enable the Vessel, without

          

          
            206   penalty or charge, lawfully to enter, remain at, or

          

          
            207   leave any port, place, territorial orcontiguous

          

          
            208   waters of any country, state or municipality in

          

          
            209   performance of this Charter without any delay. This

          

          
            210   obligation shall apply whether or not such

          

          
            211   requirements have been lawfully imposed by such

          

          
            212   government or division or authority thereof.

          

          
            213   The Charterers shall make and maintain all arrange-

          

          
            214   ments by bond or otherwise as may be necessary to

          

          
            215   satisfy such requirements at the Charterers’ sole

          

          
            216   expense and the Charterers shall indemnify the Owners

          

          
            217   against all consequences whatsoever (including loss of

          

          
            218   time) for any failure or inability to do so.

          

          
            219   (b) Operation of the Vessel - The Charterers shall at

          

          
            220   their own expense and by their own procurement man,

          

          
            221   victual, navigate, operate, supply, fuel and, whenever

          

          
            222   required, repair the Vessel during the CharterPeriod

          

          
            223   and they shall pay all charges and expenses of every

          

          
            224   kind and nature whatsoever incidental to their use and

          

          
            225   operation of the Vessel under this Charter, including

          

          
            226   annual flag State fees of the Flag State and any foreign general

          

          
            227   municipality and/or state taxes. The Master, officers

          

          
            228   and crew of the Vessel shall be the servants of the Charterers

          

          
            229   for all purposes whatsoever, even if for any reason

          

          
            230   appointed by the Owners.

          

          
            231   Charterers shall comply with the regulations regarding

          

          
            232   officers and crew in force in the country of the Vessel’s

          

          
            233   flag or any other applicable law.

          

          
            234   (c) The Charterers shall keep the Owners and the

          

          
            235   mortgagee(s) advised of the intended employment,

          

          
            236   planned dry-docking and major repairs of the Vessel,

          

          
            237   as reasonably required.

          

          
            238   (d) Flag and Name of Vessel – During the Charter

          

          
            239   Period, the Charterers shall have the liberty to paint the

          

          
            240   Vessel in their own colours, install and display their

          

          
            241   funnel insignia and fly their own house flag. The

          

        

      

      
        	
                 

              

      

      
        Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s copyright.
          Explanatory notes are available from BIMCO at www.bimco.org.

        First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

      

      
        

        

      

    

    
      
        

    

    
      PART II

      BARECON 2001 Standard Bareboat Charter

       

      

      
        
          
            242  Charterers shall also have the liberty, with the Owners’

          

          
            243  consent, which shall not be unreasonably withheld, to

          

          
            244  change the flag and/or the name of the Vessel during

          

          
            245  the Charter Period (with all fees, costs and expenses arising in relation thereto for the Charterers’ account). Painting and
              re-painting, instalment

          

          
            246  and re-instalment, registration and re-registration, if

          

          
            247  required by the Owners, shall be at the Charterers’

          

          
            248  expense and time.

          

          
            249  (e) Changes to the Vessel – See Clause 53.1(j). Subject to Clause 10(a)(ii),

          

          250  the Charterers shall make no structural changes in the 

          251  Vessel or changes in the machinery, boilers, appurten- 

          252  ances or spare parts thereof without in  each  instance 

          253  first securing the Owners’ approval thereof. If the Owners 

          254  so agree, the Charterers shall, if the Owners so require, 

          255  restore the Vessel to its former condition beforethe

          
            256  termination of this Charter.

          

          
            257  (f) Use of the Vessel’s Outfit, Equipment and

          

          
            258  Appliances - The Charterers shall have the use of all

          

          
            259  outfit, equipment, and appliances on board the Vessel

          

          
            260  at the time of delivery, provided the same or their

          

          
            261  substantial equivalent shall be returned to the Owners

          

          
            262  on redelivery in the same good order and condition as

          

          
            263  when received, ordinary wear and tear excepted. The

          

          
            264  Charterers shall from time to time during the Charter

          

          
            265  Period replace, renew or substitute such itemsof equipment as shall be so

          

          
            266 damaged or worn as to be unfit for use. The Charterers

          

          
            267  are to procure that all repairs to or replacement of any

          

          
            268  damaged, worn or lost parts or equipment be effected

          

          
            269  in such manner (both as regards workmanship and

          

          
            270  quality of materials) as not to diminish the value of the

          

          
            271  Vessel. Title of any equipment so replaced, renewed or substituted shall vest in and remain with the Owners. The
              Charterers have the right to fit additional

          

          
            272  equipment at their expense and risk but the Charterers

          

          
            273  shall remove such equipment at the end of the period if

          

          
            274  requested by the Owners. See also Clause 53.1(j). Any equipment including radio

          

          
            275  equipment on hire on the Vessel at time of delivery shall

          

          276  be kept and maintained by the Charterers and the

          277  Charterers shall assume the obligations and liabilities

          278  of the Owners under any lease contracts inconnection

           279  therewith and shall reimburse the Owners for all

          
            280  expenses incurred in connection therewith, also for any

          

          
            281  new equipment required in order to comply with radio

          

          
            282  regulations.

          

           

          283  (g) Periodical Dry-Docking - The Charterers shall dry-

           284  dock the Vessel and clean and paint her underwater

           285  parts whenever the same may be necessary, but not

           286 less than once during the period stated in Box 19 or, if 

          287  Box 19 has been left blank, every sixty (60) calendar 

          288  months after delivery or such other period as may be

          
            289  required by the Classification Society or flag State.

          

           

          
            290  11. Hire (See Clause 36)

          

          291  (a) The Charterers shall pay hire due to the Owners 

          292  punctually in accordance with the terms of this Charter 

          293  in respect of which time shall be of theessence.

           

          294 (b) The Charterers shall pay to the Owners for the hire 

          295  of the Vessel a lump sum in the amount indicated in 

          296  Box 22 which shall be payable not later than every thirty

        

      

      
        
          297   (30) running days in advance, the first lump sum being 

          298   payable on the date and hour of the Vessel’s delivery to 

          299   the Charterers. Hire shall be paid continuously

          
            300   throughout the Charter Period.

          

           

          
            301   (c) Payment of hire shall be made in cash without

          

          302   discount in the currency and in the manner indicated in

           303   Box 25 and at the place mentioned in Box 26.

           

          
            304   (d) Final payment of hire, if for a period of less than

          

          305   thirty (30) running days, shall be calculated proportionally 

          306   according to the number of days and hours remaining

          307   before redelivery and advance payment to be effected 

          308   accordingly.

           

          
            309   (e) Should the Vessel be lost or missing, hire shall

          

          310   cease from the date and time when she was lost or last 

          311   heard of. The date upon which the Vessel is to be treated 

          312   as lost or missing shall be ten (10) days after the Vessel 

          313   was last reported or when the Vessel is postedas

          314   missing by Lloyd’s, whichever occurs first. Any hire paid 

          315   in advance to be adjusted accordingly.

           

          316   (f) Any delay in payment of hire shall entitle the 

          317   Owners to interest at the rate per annum asagreed

          318   in Box 24. If Box 24 has not been filled in, the three months 

          319   Interbank offered rate in London (LIBOR or its successor) 

          320   for the currency stated in Box 25, as quoted by the British 

          321   Bankers’ Association (BBA) on the date when the hire 

          322   fell due, increased by 2 per cent., shallapply.

           

          
            323   (g) Payment of interest due under sub-clause 11(f)

          

          324   shall be made within seven (7) running days of the date

           325   of the Owners’ invoice specifying the amount payable 

          326   or, in the absence of an invoice, at the time of the next 

          327   hire payment date.

           

          
            328   12. Mortgage (See Clause 62)

          

          329   (only to apply if Box 28 has been appropriately filled in) 

          330   *)(a)
                The Owners warrant that they have not effected 

          331   any mortgage(s) of the Vessel and that they shall not 

          332   effect any mortgage(s) without the prior consent of the 

          333   Charterers, which shall not be unreasonablywithheld.

           

          334   *) (b) The Vessel chartered under this Charter is financed 

          335   by a mortgage according to the Financial Instrument.

          336   The Charterers undertake to  comply, and provide such  

          337   information and documents  to  enable  the  Owners  to 

          338   comply, with all such instructions or directions in regard 

          339   to the employment, insurances, operation, repairs and  

          340   maintenance of the Vessel as laid down in theFinancial 

           341   Instrument or as may be directed from time to time during 

          342   the currency of the Charter by the mortgagee(s) in

          343   conformity with the Financial Instrument. The Charterers 

          344   confirm that, for this purpose,  they  have  acquainted 

          345   themselves with all relevant terms, conditions and

          346   provisions of the  Financial  Instrument  and  agree  to  

          347   acknowledge this in writing in any form that may be  

          348   required by the mortgagee(s). The Owners warrantthat 

          349   they have not effected any mortgage(s) other than stated 

          350   in Box 28 and that they shall not agree to any

          351   amendment of the mortgage(s) referred to in Box 28 or 

          352   effect any other mortgage(s) without the prior consent 

          353   of the Charterers, which shall not be unreasonably

          
            354   withheld.

          

           

          355   *) (Optional, Clauses 12(a) and 12(b) are alternatives; 

          356   indicate alternative agreed in Box 28).

           

          
            357   13. Insurance and Repairs (See also Clause 39)

          

        

      

      
        	
                 

              

      

      
         

        

        
          Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s copyright.
            Explanatory notes are available from BIMCO at www.bimco.org.

          First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

        

        
          

          

        

      

      
        
          

      

      PART II

      BARECON 2001 Standard Bareboat Charter

       

      

      
        
          
            358  (a) During the Charter Period the Vessel shall be kept

          

          
            359  insured in accordance with Clause 39 andby the Charterers at their
                  expense against hull

          

          360  and machinery, war and Protection and Indemnity risks 

          361  (and any risks against which it is compulsory to insure 

          362  for the operation of the Vessel, including but not limited to maintaining

          
            363  financial security in accordance with sub-clause

          

          
            364  10(a)(iii)) in such form as the Owners shall inwriting

          

          
            365  approve, which approval shall not be un-reasonably

          

          
            366  withheld. Such insurances shall be arranged by the

          

          
            367  Charterers to protect the interests of both the Owners

          

          
            368  and the Charterers and the Owners’ Financiers mortgagee(s) (if any), and

          

          
            369  The Charterers shall be at liberty to protect under such

          

          
            370  insurances the interests of any managers they may

          

          
            371  appoint provided such manager has entered into a manager’s undertaking in form and substance acceptable to the Owners and the Owners’ Financiers (if any). Insurance policies
              shall cover the Owners, the mortgagee(s) (if any), the appointed managers, and

          

          
            372  the Charterers according to their respective interests.

          

          
            373  Subject to the provisions of the agreed loss payable clauses, Financial Instrument, if

          

          
            374  any, and the approval of the Owners and the insurers,

          

          
            375  the Charterers shall effect all insured repairs and shall

          

          
            376  undertake settlement and reimbursement from the

          

          
            377  insurers of all costs in connection with such repairs as

          

          
            378  well as insured charges, expenses and liabilities to the

          

          
            379  extent of coverage under the insurances herein provided

          

          
            380  for.

          

          
            381  The Charterers also to remain responsible for and to

          

          
            382  effect repairs and settlement of costs and expenses

          

          
            383  incurred thereby in respect of all other repairs not

          

          
            384  covered by the insurances and/or not exceeding any

          

          
            385  possible franchise(s) or deductibles provided for in the

          

          
            386  insurances.

          

          
            387  All time used for repairs under the provisions of sub-

          

          
            388  clause 13(a) and for repairs of latent defects according

          

          
            389  to Clause 3(c) above, including any deviation, shall be

          

          
            390  for the Charterers’ account.

             

            

          

          391  (b) If the conditions of the above insurances permit 

          392  additional insurance to be placed by the parties, such 

          393  cover shall be limited to the amount for each party set 

          394  out in Box 30 and Box 31, respectively. The Ownersor

          
            395  the Charterers as the case may be shall immediately

          

          
            396  furnish the other partyOwners with particulars ofany additional

          

          
            397  insurance effected, including copies of any cover notes

          

          
            398  or policies and the written consent of the insurers of

          

          
            399  any such required insurance in any case where the

          

          
            400  consent of such insurers is necessary.

          

          
            401  (c) The Charterers shall upon the request of the

          

          
            402  Owners, provide information and promptly execute such

          

          
            403  documents as may be reasonably required to enable the Owners to

          

          
            404  comply with the insurance provisions of the Financial

          

          
            405  Instrument (if any).

          

          
            406  (d) Subject to the provisions of the Financial Instru-

          

          
            407  ments and Clause 43, if any, should the Vessel become a Total Loss, an actual,

          

          
            408  constructive, compromised or agreed total loss under

          

        

      

      
        
          
            409   the insurances required under sub-clause 13(a), all

          

          
            410   insurance payments for such loss shall be paid to the

          

          
            411   Owners (or, if applicable, the Owners’ Financiers) in accordance with the agreed loss payable clauses. who shall distribute the moneys between the

          

          412   Owners and the Charterers according to their respective 

          413   interests. The Charterers undertake to notify the Owners and the Owners’ Financiers,

          
            414   and the mortgagee(s), if any, of any occurrences in

          

          
            415   consequence of which the Vessel is likely to become a

          

          
            416   tTotal lLoss. as defined in this Clause.

             

                

          

          
            417   (e) The Owners shall upon the request of the

          

          
            418   Charterers, promptly execute such documents as may

          

          
            419   be required to enable the Charterers to abandon the

          

          
            420   Vessel to insurers and claim a constructive totalloss.

          

           

          
            421   (f) For the purpose of insurance coverage against hull

          

          
            422   and machinery and war risks under the provisions of

          

          
            423   sub-clause 13(a), the value of the Vessel is the sum

          

          
            424   indicated in Clause 39.Box 29.

          

           

          
            425   14. Insurance, Repairs and Classification

          

           

          426   (Optional, only to apply if expressly agreed and stated
                

          427   in Box 29, in which event Clause 13 shall be considered

           428   deleted).

          429   (a) During the Charter Period the Vessel shall be kept 

          430   insured by the Owners at their expense against hull and 

          431   machinery and war risks under the form of policy or 

          432   policies attached hereto. The Owners and/or insurers 

          433   shall not have any right of recovery orsubrogation

          434   against the Charterers on account of loss of or any 435   damage to the Vessel or her machinery or appurt-436   enances covered by such insurance, or on account of

          437   payments made to discharge claims against or liabilities 

          438   of the Vessel or the Owners covered by such insurance. 

          439   Insurance policies shall cover the Owners andthe

          440   Charterers according to their respectiveinterests.

           

          441   (b) During the Charter Period the Vessel shall be kept 

          442   insured by the  Charterers  at  their  expense  against 

          443   Protection and Indemnity risks (and any risksagainst  

          444   which it is compulsory to insure for the operation of the 

          445   Vessel, including maintaining financial security in

          446   accordance with sub-clause 10(a)(iii)) in such form as 

          447   the Owners shall in writing approve which approval shall 

          448   not be unreasonably withheld.

           

          449  (c) In the event that any act or negligence of the  450 Charterers shall vitiate any of the
              insurance herein 451 provided, the Charterers shall pay to the Owners all

          452 losses and indemnify the Owners against all claims and 453 demands which would otherwise have been covered by 454 such insurance.

           

          455   (d) The Charterers shall, subject to the approval of the 

          456   Owners or Owners’ Underwriters, effect all insured 

          457   repairs, and the Charterers shall undertake settlement 

          458   of all miscellaneous expenses in connection with such 

          459   repairs as well as all insured charges, expensesand

          460   liabilities, to the extent of coverage under the insurances 

          461   provided for under the provisions of sub-clause 14(a).

          462   The Charterers to be secured reimbursement through 

          463   the Owners’ Underwriters for such expenditures upon 

          464   presentation of accounts.

           

          465   (e) The
                Charterers to remain responsible for and to 

          466   effect repairs and settlement of costs and expenses

        

      

      
        	
                 

              

        
          
            
              Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
                copyright. Explanatory notes are available from BIMCO at www.bimco.org.

              First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

            

            
              

              

            

          

        

        
          
            

        

        
          PART II

          BARECON 2001 Standard Bareboat Charter

        

         

        

        
          
            467  incurred thereby in respect of all other repairs not 

            468  covered by the insurances and/or not exceeding any 

            469  possible franchise(s) or deductibles provided for in the 

            470  insurances.

             

            471  (f) All time used for repairs under the provisions of 

            472  sub-clauses 14(d) and 14(e) and for repairs of latent

             473  defects according to Clause 3 above, including any

            474  deviation, shall be for the Charterers’ account and shall 

            475  form part of the Charter Period.

            476  The Owners shall not be responsible for any expenses 

            477 as are incident to the use and operation of the Vessel 478 for such time as may be required to make such repairs.

             

            479  (g) If the conditions of the above insurances permit  

            480  additional insurance to be placed by the parties such 

            481  cover shall be limited to the amount for each party set 

            482  out in Box 30 and Box 31, respectively. The Owners or 

            483  the Charterers as the case may  be  shallimmediately 

            484  furnish the other party with particulars of any additional 

            485 insurance effected, including copies of any cover notes 

            486  or policies and the written consent of the insurers of 

            487  any such required insurance in any case wherethe

            488  consent of such insurers is necessary.

             

            489  (h) Should the Vessel become an actual, constructive, 

            490  compromised or agreed total loss under the insurances 

            491  required under sub-clause 14(a), all insurance payments 

            492  for such loss shall be paid to the Owners, whoshall

            493  distribute the moneys between themselves and the 

            494  Charterers according to their respective interests.

             

            495  (i) If the Vessel becomes an actual, constructive,

            496  compromised or agreed total loss under the insurances 

            497 arranged by the Owners in accordance with sub-clause 498 14(a), this Charter shall terminate as of the date of such 499 loss.

             

            500  (j) The Charterers shall upon the request of the

            501  Owners, promptly execute such documents as may be 

            502  required to enable the Owners to abandon the Vessel 

            503  to the insurers and claim a constructive total loss.

             

            504  (k) For the purpose of insurance coverage against hull 

            505  and machinery and war risks under the provisions of 

              

            506  sub-clause 14(a), the value of the Vessel is the sum 

            507  indicated in Box 29.

             

            508  (l) Notwithstanding anything contained in sub-clause 

            509  10(a), it is agreed that under the provisions of Clause 

            510  14, if applicable, the Owners shall keep the Vessel’s 

            511  Class fully up to date with the Classification Society 

            512  indicated in Box 10 and maintain all other necessary 

            513  certificates in force at all times.

             

            514  15. Redelivery (See Clauses 41 and 42)

            515  At the expiration of the Charter Period the Vessel shall 

            516  be redelivered by the Charterers to the Owners at a 

            517  safe and ice-free port or place as indicated in Box 16, in 

            518  such ready safe berth as the Owners may direct. The 

            519  Charterers shall give the Owners not less than thirty 

            520  (30) running days’ preliminary notice of expecteddate, 

            521  range of ports of redelivery or port or place of redelivery 

            522  and not less than fourteen (14) running days’ definite

             523  notice of expected date and port or place of redelivery. 

            524  Any changes thereafter in the Vessel’s position shall be 

            525  notified immediately to the Owners.

            526  The Charterers warrant that they will not permit the 

            527  Vessel to commence a voyage (including anypreceding

          

        

        
          
            528   ballast voyage) which cannot reasonably be expected

             529   to be completed in time to allow redelivery of the Vessel 

            530   within the Charter Period. Notwithstanding the above, 

            531   should the Charterers fail to redeliver the Vessel within 

            532   The Charter Period, the Charterers shall pay the daily 

            533   equivalent to the rate of hire stated in Box 22 plus 10 

            534   per cent. or to the market rate, whichever is the higher,

             535   for the number of days by which the Charter Period is 

            536   exceeded. All other terms, conditions and provisions of 

            537   this Charter shall continue to apply.

            538   Subject to the provisions of Clause 10, the Vessel shall 

            539   be redelivered to the Owners in the same or as good 

            540   structure, state, condition and class as that in which she 

            541   was delivered, fair wear and tear not affecting class 

                542   excepted.

            543   The Vessel upon redelivery shall have her survey cycles 

              

            544   up to date and trading and class certificates valid for at 

            545   least the number of months agreed in Box 17.

             

            
              546   16. Non-Lien

            

            
              547   The Charterers will not suffer, nor permit to be continued,

            

            
              548   any lien or encumbrance incurred by them or their

            

            
              549   agents, which might have priority over the title and

            

            
              550   interest of the Owners in the Vessel. The Charterers

            

            
              551   further agree to fasten to the Vessel in a conspicuous

            

            
              552   place and to keep so fastened during the Charter Period

            

            
              553   a notice reading as follows:

            

            
              554   “This Vessel is the property of (name of Owners). It is

            

            
              555   under charter to (name of Charterers) and by the terms

            

            
              556   of the Charter Party neither the Charterers nor the

            

            
              557   Master have any right, power or authority to create, incur

            

            
              558   or permit to be imposed on the Vessel any lien

            

            
              559   whatsoever.”

            

             

            560   17. Indemnity (See Clauses 38.3, 39.14, 39.15,
                  39.16, 39.17, 41.4, 44, 53.1(j), 57 and 58)

            561   (a) The Charterers shall indemnify the Owners against 

            562   any loss, damage or expense incurred by the Owners 

            563   arising out of or in relation to the operation of the Vessel 

            564   by the Charterers, and against any lien of whatsoever 

            565   nature arising out of an event occurring duringthe

            566   Charter Period. If the Vessel be arrested or otherwise

             567   detained by reason of claims or liens arising out of her 

            568   operation hereunder by the Charterers, the Charterers 

            569   shall at their own expense take all reasonable steps to 

            570   secure that within a reasonable time the Vessel is

            571   released, including the provision of bail.

            572   Without prejudice to the generality of the foregoing, the 

            573   Charterers agree to indemnify the Owners against all 

            574   consequences or liabilities arising from the Master,

            575   officers or agents signing Bills of Lading or other 

            576   documents.

             

            577   (b) If the Vessel be arrested or otherwise detained by 

            578   reason of a claim or claims against the Owners, the  

            579   Owners shall at their own expense take all reasonable 

            580   steps to secure that within a reasonable time the Vessel 

            581   is released, including the provision of bail.

            582   In such circumstances the Owners shall indemnify the 

            583   Charterers against any loss, damage or expense

            584   incurred by the Charterers (including hire paid under 

            585   this Charter) as a direct consequence of such arrest or 

            586   detention.

             

            
              587   18. Lien

            

            
              588   The Owners to shall have a lien upon all cargoes, sub-hire

            

            
              589   and sub-freights belonging or due to the Charterers or

            

          

        

        
          	
                   

                

        

        
          
            
              Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
                copyright. Explanatory notes are available from BIMCO at www.bimco.org.

              First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

            

            
              

              

            

          

        

        
          
            

        

        
          PART II

          BARECON 2001 Standard Bareboat Charter

        

         

        

        
          
            
              590  any sub-charterers and any Bill of Lading freight forall

            

            591  claims under this Charter., and the Charterers to have a 

            592  lien on the Vessel for all moneys paid in advance and 

            593  not earned.

            
              594  19. Salvage

            

            
              595  All salvage and towage performed by the Vessel shall

            

            
              596  be for the Charterers’ benefit and the cost of repairing

            

            
              597  damage occasioned thereby shall be borne by the

            

            
              598  Charterers.

            

             

            
              599  20. Wreck Removal

            

            
              600  In the event of the Vessel becoming a wreck or

            

            601  obstruction to navigation the Charterers shall indemnify 

            602  the Owners against any sums whatsoever which the 

            603  Owners shall become liable to pay and shall pay in

            604  consequence of the Vessel becoming a wreck or 

            605  obstruction to navigation.

             

            606  21. General Average

            607  The Owners shall not contribute to General Average.

             

            608  22. Assignment, Sub-Charter and Sale (See Clause 62) 

            609  (a) The Charterers  shall  not 
                  assign  this  Charter  nor 

            610  sub-charter the Vessel on a bareboat basis except with 

            611  the prior consent in writing of the Owners, which shall 

            612  not be unreasonably withheld, and subject to such terms 

            613  and conditions as the Owners shall approve.

             

            614  (b) The Owners shall not sell the Vessel during the  

             615  currency of this Charter except with the priorwritten 

            616  consent of the Charterers, which shall not be unreason-

             617  ably withheld, and subject to the buyer accepting an 

            618  assignment of this Charter.

             

            619  23. Contracts of Carriage

            620  *) (a) The Charterers are to procure that all documents

             621  issued during the Charter Period evidencing the terms

            

            622  and conditions agreed in respect of carriage of goods 

            623  shall contain a paramount clause incorporatingany  

            624 legislation relating to carrier’s liability for cargo

            625  compulsorily applicable in the trade; if no such legislation 

            626  exists, the documents shall incorporate the Hague-Visby 

            627  Rules. The documents shall also contain the New Jason 

            628  Clause and the Both-to-Blame Collision Clause.

             

            629  *) (b) The Charterers are to procure that all passenger 

            630  tickets issued during the Charter Period for the carriage

             631  of passengers and their luggage under this Charter shall

             632  contain a paramount clause incorporating any legislation 

            633  relating to carrier’s liability for passengers andtheir

            634  luggage compulsorily applicable in the trade; if no such 

            635 legislation exists, the passenger tickets shall incorporate 

            636  the Athens Convention Relating to the Carriage of

            637  Passengers and their Luggage by Sea, 1974, and any 

            638  protocol thereto.

            639  *) Delete as applicable.

             

            640  24. Bank Guarantee

            641  (Optional, only to apply if Box 27 filled in)

            642  The Charterers undertake to furnish, before delivery of 

            643  the Vessel, a first class bank guarantee or bond in the 

            644  sum and at the place as indicated in Box 27 as guarantee 

            645  for full performance of their obligations underthis

            646  Charter.

             

            647  25. Requisition/Acquisition

            648  (a) In the event of the Requisition for Hire of the Vessel 

            649  by any governmental or other competent authority 

            650  (hereinafter referred to as “Requisition for Hire”)

          

        

        
          
            651   irrespective of the date during the Charter Period when 

            652   “Requisition for Hire” may occur and irrespective of the 

            653   length thereof and whether or not it be for an indefinite

             654   or a limited period of time, and irrespective of whether it 

            655   may or will remain in force for the remainder ofthe

            656   Charter Period, this Charter shall not be deemed thereby 

            657   or thereupon to be frustrated or otherwise terminated 

            658   and the Charterers shall continue to pay the stipulated 

            659   hire in the manner provided by this Charter until the time 

            660   when the Charter would have terminated pursuant to 

            661   any of the provisions hereof. always provided however 

            662   that in the event of “Requisition for Hire” any Requisition 

            663   Hire or compensation received or receivable bythe

            664   Owners shall be payable to the Charterers during the 

            665   remainder of the Charter Period or the period of the 

            666   “Requisition for Hire” whichever be the shorter.

            667   (b) In the event of the Owners being deprived of
                  their 

            668   ownership in the Vessel by any Compulsory Acquisition 

            669   of the Vessel or requisition for title by any governmental

             670   or other competent authority (hereinafter referred to as 

            671   “Compulsory Acquisition”), then, irrespective of the date 

              672   during the Charter Period when “Compulsory

            673   Acquisition” may occur, this Charter shall be deemed 

            674   terminated as of the date of such “Compulsory

            675   Acquisition”. In such event Charter Hire to be considered 

            676   as earned and to be paid up to the date and time of

            
              677   such “Compulsory Acquisition”.

            

              

            

            
              678   26. War

            

             

            
              679   (a) Subject to the provisions of the Financial Instruments (if any) FfFor the purpose of this Clause, the words “War

            

            
              680   Risks” shall include any war (whether actual or

            

            681   threatened), act of war, civil war, hostilities, revolution, 

            682   rebellion, civil commotion, warlike operations, the laying 

            683   of mines (whether actual or reported), acts of piracy, 

            684   acts of terrorists, acts of hostility or malicious damage, 

            685   blockades (whether imposed against all vessels or

            686   imposed selectively against vessels of certain flags or 

            687   ownership, or against certain cargoes or crews or

            688   otherwise howsoever), by any person, body, terrorist or 

            689   political group, or the Government of any state

            690   whatsoever, which may be dangerous or are likely to be

             691   or to become dangerous to the Vessel, her cargo, crew 

            692   or other persons on board the Vessel.

             

            693  (b) The Vessel, unless the written consent of the

            694  Owners be first obtained and adequate insurances are obtained (such adequacy to be deteremined by the Owners (acting
                  reasonably)), shall not continue to or go

            695   through any port, place, area or zone (whether of land 

            696   or sea), or any waterway or canal, where it reasonably 

            697   appears that the Vessel, her cargo, crew or other

            698   persons on board the Vessel, in the reasonable

            699   judgement of the Owners, may be, or are likely to be, 

            700   exposed to War Risks. Should the Vessel be within any 

            701   such place as aforesaid, which only becomes danger- 

            702   ous, or is likely to be or to become dangerous, after her 

            

            703   entry into it, the Owners shall have the right to require 

            704   the Vessel to leave such area.

             

            705   (c) The Vessel shall not load contraband cargo, or to 

            

            706   pass through any blockade, whether such blockade be 

            707   imposed on all vessels, or is imposed selectively in any 

            708   way whatsoever against vessels of certain flagsor

            709   ownership, or against certain cargoes or crews or

          

        

        
          	
                   

                

        

        
          
            
              Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
                copyright. Explanatory notes are available from BIMCO at www.bimco.org.

              First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

            

            
              

              

            

          

        

        
          
            

        

        
          PART II

          BARECON 2001 Standard Bareboat Charter

           

          

          
            
              710  otherwise howsoever, or to proceed to an area where 

              711  she shall be subject, or is likely to be subject to

              712  a belligerent’s right of search and/or confiscation.

               

              713  (d) If the insurers of the war risks insurance, when 

              714  Clause 14 is applicable, should require payment of 

              715  premiums and/or calls because, pursuant to the

              716  Charterers’ orders, the Vessel is within, or is due to enter 

              717  and remain within, any area or areas which are specified 

              718  by such insurers as being subject to additional premiums 

              719  because of War Risks, then such premiums and/or calls 

              720  shall be reimbursed by the Charterers to the Owners at 

              721  the same time as the next payment of hire isdue.

               

              722  (e) The Charterers shall have the liberty:

              723  (i) to comply with all orders, directions, recommend- 

              724  ations or advice as to departure, arrival, routes,

              725  sailing in convoy, ports of call, stoppages,

              726  destinations, discharge of cargo, delivery, or in any 

              727  other way whatsoever, which are given by the

              728  Government of the Nation under whose flag the 

              729  Vessel sails, or any other Government, body or

              730  group whatsoever acting with the power to compel 

              731  compliance with their orders or directions;

               

              732  (ii) to comply with the orders, directions or recom- 

              733  mendations of any war risks underwriters who have 

              734  the authority to give the same under the terms of

               735  the war risks insurance;

               

              736  (iii) to comply with the terms of any resolution of the

               737  Security Council of the United Nations, any

              738  directives of the European Community, the effective 

              739  orders of any other Supranational body which has 

                740  the right to issue and give the same, andwith

              741  national laws aimed at enforcing the same to which 

              742   the Owners are subject, and to obey the orders 

              743  and directions of those who are charged with their 

              744  enforcement.

               

              745  (f) In the event of outbreak of war (whether there be a 

              746  declaration of war or not) (i) between any two or more 

              747  of the following countries: the United States of America;

               748  Russia; the United Kingdom; France; and the People’s 

              749  Republic of China, (ii) between any two or more of the 

              750  countries stated in Box 36, both the Owners and the 

              751  Charterers shall have the right to cancel this Charter, 

              752  whereupon the Charterers shall redeliver the Vessel to 

              753  the Owners in accordance with Clause 15, if the Vessel 

              754  has cargo on board after discharge thereofat

              755  destination, or if debarred  under this Clause from 

              756  reaching or entering it at a near, open and safe port as 

              757  directed by the Owners, or if the Vessel has no cargo

              758  on board, at the port at which the Vessel then is or if at 

              759  sea at a near, open and safe port as directed by the 

              760  Owners. In all cases hire shall continue to be paid in 

              761  accordance with Clause 11 and except as aforesaid all 

              762  other provisions of this Charter shall apply until

              763  redelivery the end of the Charter Period.

               

              764 27. Commission

              765  The Owners to pay a commission at the rate indicated 

              766  in Box 33 to the Brokers named in Box 33 on any hire 

              767  paid under the Charter. If no rate is indicated in Box 33, 

              768  the commission to be paid by the Owners shall cover 

              769  the actual expenses of the Brokers and a reasonable 

              770  fee for their work.

              771  If the full hire is not paid owing to breach of the Charter

            

          

          
            
              772   by either of the parties the party liable therefor shall 

              773   indemnify the Brokers against their loss of commission. 

              774   Should the parties agree to cancel the Charter, the 

              775   Owners shall indemnify the Brokers against any loss of 

              776   commission but in such case the commission shall not 

              777   exceed the brokerage on one year’s hire.

               

              778   28. Termination (See Clauses 41, 42 and 47)

              779   (a) Charterers’ Default

              780   The Owners shall be entitled to withdraw the Vessel from 

              781   the service of the Charterers and terminate the Charter 

              782   with immediate effect by written notice to the Charterers if:

               

              783   (i) the Charterers fail to pay hire in accordance with 

              784   Clause 11.   However, where there is a failure to 

              785   make punctual payment of hire due to oversight, 

              786   negligence, errors or omissions on the part of the 

              787   Charterers or their bankers, the Owners shall give 

              788   the Charterers written notice of the number of clear 

              789   banking days stated in Box 34 (as recognisedat

              790   the agreed place of payment) in which to rectify 

              791   the failure, and when so rectified  within  such 

              792   number of days following the Owners’ notice, the 

              793   payment shall stand as regular andpunctual.

              794   Failure by the Charterers to pay hire within the 

              795   number of days stated in Box 34 of their receiving 

              796   the Owners’ notice as provided herein, shall entitle

              797   the Owners to withdraw the Vessel from the service 

              798   of the Charterers and terminate the Charter without 

              799   further notice;

               

              800   (ii) the Charterers fail to comply with the requirements of: 

              801   (1) Clause 6 (Trading Restrictions)

               

              802   (2) Clause 13(a) (Insurance and Repairs)

              803   provided that the Owners shall have the option, by 

              804   written notice to the Charterers, to give the

              805   Charterers a specified number of days grace within 

              806   which to rectify the failure without prejudice to the 

              807   Owners’ right to withdraw and terminate under this 

              808   Clause if the Charterers fail to comply with such 

              809   notice;

               

              810   (iii) the Charterers fail to rectify any failure to comply 

              811   with the requirements of sub-clause 10(a)(i)

              812   (Maintenance and Repairs) as soon as practically 

              813   possible after the Owners have requested them in 

              814   writing so to do and in any event so that the Vessel’s 

              815   insurance cover is not prejudiced.

               

              816   (b) Owners’ Default

              817   If the Owners shall by any act or omission be in breach 

              818   of their obligations under this Charter to the extent that 

              819   the Charterers are deprived of the  use of  the  Vessel 

              820   and such breach continues for a period of fourteen (14) 

              821   running days after written notice thereof has been given 

              822   by the Charterers to the Owners, the Charterersshall

              823   be entitled to terminate this Charter with immediate effect 

              824   by written notice to the Owners.

               

              825   (c) Loss of Vessel

              826   This Charter shall be deemed to be terminated if the 

              827   Vessel becomes a total loss or is declared as a

              828   constructive or compromised or arranged total loss. For 

              829   the purpose of this sub-clause, the Vessel shall not be 

              830   deemed to be lost unless she  has  either  becomean 

              831   actual total loss or agreement has been reached with 

              832   her underwriters in respect of her constructive,

              833   compromised or arranged total loss or if such agreement

            

          

          
            	
                     

                  

          

          
            
              Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
                copyright. Explanatory notes are available from BIMCO at www.bimco.org.

              First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

            

            

          

          
            
              

          

          
            PART II

            BARECON 2001 Standard Bareboat Charter

             

            

            
              
                834  with her underwriters is not reached it is adjudged by a 

                835  competent tribunal that a constructive loss of the Vessel 

                836  has occurred.

                 

                837  (d) Either party shall be entitled to terminatethis   

                838  Charter with immediate effect by written notice to the 

                839  other party  in the event of an order being made or

                 840  resolution passed for the winding up, dissolution,

                841  liquidation or bankruptcy of the other party (otherwise 

                842  than for the purpose of reconstruction or amalgamation) 

                843  or if a receiver is appointed, or if it suspends payment, 

                844  ceases to carry on business or makes any special

                845  arrangement or composition with its creditors.

                 

                846  (e) The termination of this Charter shall be without 

                847  prejudice to all rights accrued due between the parties 

                848  prior to the date of termination and to any claim that 

                849  either party might have.

                 

                850  29. Repossession (See also Clauses 41, 42 and 47) In the event the Vessel is due for redelivery pursuant to Clause 41 or Owners have made a request for redelivery of the Vessel in accordance with the applicable

                    provisions of Clause 42.1,

                851  In the event of the termination of this Charterin

                852  accordance with the applicable provisions of Clause 28, 

                853  the Owners shall have the right to repossess the Vessel 

                854  from the Charterers at her current or next port of call, or

                 855  at a port or place convenient to them without hindrance 

                856  or interference by the Charterers, courts orlocal

                857  authorities. Pending physical repossession of the Vessel 

                858  in accordance with this Clause 29, the Charterers shall

                859 hold the Vessel as gratuitous bailee only to the Owners and the Charterers shall procure that the master and crew
                      follow the directions of the Owners .

                860  The Owners shall arrange for an authorised represent- 

                      861  ative to board the Vessel as soon as reasonably

                862  practicable following the termination of the Charter. The 

                863  Vessel shall be deemed to be repossessed bythe

                864  Owners from the Charterers upon the boarding of the 

                865  Vessel by the Owners’ representative. All arrangements 

                  866  and expenses relating to the settling ofwages,

                867  disembarkation and repatriation of the Charterers’

                868  Master, officers and crew shall be the sole responsibility 

                869  of the Charterers.

                 

                870  30. Dispute Resolution (See Clause 65)

                871   *)    (a) This

                      Contract shall be governed by and construed 

                872  in accordance with  English law and  any dispute arising 

                873  out of or in connection with this Contract shall be referred

                    

                874  to arbitration in London in accordance with the Arbitration 

                875  Act 1996 or any statutory modification or re-enactment 

                876  thereof save to the extent necessary to give effectto

                877  the provisions of this Clause.

                878  The arbitration shall be conducted in accordance with 

                879   the London Maritime Arbitrators Association (LMAA) 

                880  Terms current at the time when the arbitration proceed- 

                881  ings are commenced.

                882  The reference shall be to three arbitrators.    A party  

                883  wishing to refer a dispute to arbitration shall appoint its 

                884  arbitrator and send notice of such appointment in writing 

                885  to the other party requiring the other party to appoint its 

                886  own arbitrator within 14 calendar days of that notice and 

                887  stating that it will appoint its arbitrator as sole arbitrator 

                888  unless the other party appoints its own arbitrator and 

                889  gives notice that it has done so within the 14 days

                890  specified. If the other party does not appoint its own

              

            

            
              
                891   arbitrator and give notice that it has done so within the 

                892   14 days specified, the party referring a dispute to

                893   arbitration may, without the requirement of any further 

                894   prior notice to the other party, appoint its arbitrator as 

                895   sole arbitrator and shall advise the other party

                896   accordingly.  The award of a sole arbitrator shall be 

                897   binding on both parties as if he had been appointed by 

                898   agreement.

                899   Nothing herein shall prevent the parties agreeing in 

                900   writing to vary these provisions to provide for the

                 901   appointment of a sole arbitrator.

                902   In cases where neither the claim nor any counterclaim 

                903   exceeds the sum of US$50,000 (or such other sum as

                 904   the parties may agree) the arbitration shall be conducted 

                905    in accordance with the LMAA Small Claims Procedure 

                906   current at the time when the arbitration proceedings are 

                907   commenced.

                 

                908   *) (b) This Contract shall be governed by and construed

                 909   in accordance with Title 9 of the United States Code

                 910   and the Maritime Law of the United States and any

                911   dispute arising out of or in connection with this Contract 

                912   shall be referred to three persons at New York, one to 

                913   be appointed by each of the parties hereto, and the third 

                914   by the two so chosen; their decision or that of any two 

                915   of them shall be final, and for the purposes of enforcing 

                916   any award, judgement may be entered on an award by 

                917   any court of competent jurisdiction.  The proceedings 

                918   shall be conducted in accordance with the rules of the 

                919   Society of Maritime Arbitrators, Inc.

                920   In cases where neither the claim nor any counterclaim 

                921   exceeds the sum of US$50,000 (or such other sum as 

                922   the parties may agree) the arbitration shall be conducted 

                923   in accordance with the Shortened Arbitration Procedure 

                924   of the Society of Maritime Arbitrators, Inc.  current at 

                    925   the time when the arbitration proceedings arecommenced.

                 

                926  *) (c) This Contract shall be governed by and construed 927 in accordance with the laws of
                    the place mutually agreed 928 by the parties and any dispute arising out of orin

                929   connection with this Contract shall be referred to 

                930   arbitration at a mutually agreed place, subject to the 

                931   procedures applicable there.

                 

                932   (d) Notwithstanding (a), (b) or (c) above, the parties 

                933   may agree at any time to refer to mediation any

                934   difference and/or dispute arising out of or in connection 

                    935   with this Contract.

                936   In the case of a dispute in respect of which arbitration 

                937   has been commenced under (a), (b) or (c) above, the 

                938   following shall apply:-

                 

                939   (i) Either party may at any time and from time to time 

                940   elect to refer the dispute or part of the dispute to 

                941   mediation by service on the other party of a written 

                942   notice (the “Mediation Notice”) calling on the other 

                943   party to agree to mediation.

                 

                944   (ii) The other party shall thereupon within 14 calendar 

                945   days of receipt of the Mediation Notice confirm that 

                946   they agree to mediation, in which case the parties 

                947   shall thereafter agree a mediator within afurther

                948   14 calendar days, failing which on  the  application 

                949   of either party a mediator will be appointed promptly

                 950   by the Arbitration Tribunal (“the Tribunal”) or such 

                951   person as the Tribunal may designate forthat

                952   purpose. The mediation shall be conducted in such 

                953   place and in accordance with such procedureand

              

            

            
              	
                       

                    

            

            
              
                
                  Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
                    copyright. Explanatory notes are available from BIMCO at www.bimco.org.

                  First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

                

                
                  

                  

                

              

            

            
              
                

            

            
              PART II

              BARECON 2001 Standard Bareboat Charter

               

              

              
                
                  954  on such terms as the parties may agree or, in the 

                  955  event of  disagreement, as  may be set by the

                   956  mediator.

                   

                  957  (iii) If the other party does not agree to mediate, that

                   958  fact may be brought to the attention of the Tribunal 

                  959  and may be taken into account by the Tribunal when 

                    

                  960  allocating the costs of the arbitration as between 

                  961  the parties.

                   

                  962  (iv) The mediation shall not affect the right of either

                   963  party to seek such relief or take such steps as it

                  964  considers necessary to protect its interest.

                   

                  965  (v) Either party may advise the Tribunal that they have 

                  966  agreed to mediation. The arbitration procedure shall 

                  967  continue during the conduct of the mediation but

                  968  the Tribunal may take the mediation timetable into 

                  969  account when setting the timetable for steps in the 

                  970  arbitration.

                   

                  971  (vi) Unless otherwise agreed or specified in the

                  972  mediation terms, each party shall bear its own costs

                   973  incurred in the mediation and the parties shall share 

                  974  equally the mediator’s costs and expenses.

                

              

              
                
                  975   (vii) The mediation process shall be without prejudice 

                  976   and confidential and no information or documents 

                  977   disclosed during it shall be revealed to the Tribunal 

                  978   except to the extent that they are disclosable under 

                  979   the law and procedure governing thearbitration.

                  980   (Note: The parties should be aware that the mediation

                  981   process may not necessarily interrupt time limits.)

                   

                  982   (e) If Box 35 in Part I is not appropriately filled in, sub-clause

                   983   30(a) of this Clause shall apply. Sub-clause 30(d) shall

                  984   apply in all cases.

                  985   *) Sub-clauses 30(a), 30(b) and 30(c) arealternatives; 

                  986   indicate alternative agreed in Box 35.

                   

                  987   31. Notices (See Clause 46)

                  988   (a) Any notice to be given by either party to the other 

                  989    party shall be in writing and may be sent by fax, telex,

                   990   registered or recorded mail or by personalservice.

                   

                  991   (b) The address of the Parties for service of such 

                  992   communication shall be as stated in Boxes 3 and 4 993 respectively.

                

              

              
                	
                         

                      

              

            

            
              
                
                  Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
                    copyright. Explanatory notes are available from BIMCO at www.bimco.org.

                  First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

                

                

                

              

            

            
              
                

            

            
              PART III

              PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY 

              

              (Optional, only to apply if expressly agreed and stated in Box 37)

            

             

            

            
              
                
                  1.     Specifications and Building Contract

                  2      (a) The Vessel shall be constructed in accordance with 

                3      the Building Contract (hereafter called “the Building

                4      Contract”) as annexed to this Charter, made between the 

                5      Builders and the Owners and in accordance with the

                6      specifications and plans annexed thereto, such Building 

                 7      Contract, specifications and plans having been counter-

                 8      signed as approved by the Charterers.

                 

                9      (b) No change shall
                        be made in the Building Contract or 

                10    in the specifications or plans of the Vessel as approved by 

                11    the
                      Charterers as aforesaid, without the Charterers’

                
                  12    consent.

                

                 

                
                  13    (c) The Charterers shall have the right to send their

                

                14    representative

                        to the Builders’ Yard to inspect the Vessel 

                15    during the course of her construction to satisfy themselves 

                16    that construction is in accordance with suchapproved

                17    specifications

                        and plans as referred to undersub-clause

                 18    (a) of this Clause.

                 

                
                  19    (d) The Vessel shall be built in accordance with the

                

                20    Building Contract and shall be of the description set out 

                21    therein. Subject to the provisions of sub-clause 2(c)(ii) 

                22    hereunder, the Charterers shall be bound to accept the 

                23    Vessel from the Owners, completed and constructed in
                    

                24    accordance with the Building Contract, on the date of 

                25    delivery by the Builders. The Charterers undertake that

                26   having accepted the Vessel they will not thereafter raise 27 any claims against the Owners in respect of the Vessel’s 28 performance or specification or defects, if
                    any.

                29    Nevertheless, in respect of any repairs, replacements or 

                30    defects which appear within the first 12 months from 

                31    delivery by the Builders, the Owners shall endeavour to

                32   compel the Builders to repair, replace or remedy any defects 33 or to recover from the Builders any expenditure incurred in  34 carrying out such
                    repairs, replacements or remedies.

                35    However, the Owners’ liability to the Charterers shall be 

                36    limited to the extent the Owners have a valid claim against

                 37    the Builders under the guarantee clause of
                      theBuilding

                
                  38    Contract (a copy whereof has been supplied to the

                

                39    Charterers). The Charterers shall be bound to accept such 

                40   sums as the Owners are reasonably able to recover under 41  this Clause and shall make no further claim on the Owners 42  for the difference between the
                      amount(s) so recovered and 43 the actual expenditure on repairs, replacementor

                
                  44    remedying defects or for any loss of time incurred.

                

                45    Any liquidated damages for physical defects or deficiencies
                      

                46    shall accrue to the account of the party stated in Box 41(a) 

                47    or if not filled in shall be shared equally between
                      the parties. 

                48    The costs of pursuing a claim or claims against the
                      Builders

                 49    under this Clause (including any liability tothe
                      Builders)

                50    shall be borne by the party stated in Box 41(b) or if not 

                51    filled in shall be shared equally between the parties.

                 

                
                  52    2.

                      Time and Place of Delivery

                

                
                  53    (a) Subject to the Vessel having completedher

                

                54    acceptance

                        trials including trials of cargo equipment in 

                 55    accordance with the Building Contract and specifications 

                56    to the satisfaction of the Charterers, the Owners shall give 

                57    and the Charterers shall take delivery of the Vessel afloat 

                58    when ready for delivery and properly documented at the 

                59    Builders’ Yard or some other safe andreadily accessible

                60    dock, wharf or place as may be agreed between the parties 

                61    hereto and the Builders. Under the Building Contract the

              

            

            
              
                62     Builders have estimated that the Vessel will be ready for 

                63     delivery to the Owners as therein provided but the delivery 

                64     date for the purpose of this Charter shall be the date when 

                65     the Vessel is in fact ready for delivery by the Builders after 

                66     completion of trials whether that be before or after as

                67     indicated in the Building Contract. The Charterers shall not 

                68     be entitled to refuse acceptance of delivery of the Vessel 

                69     and upon and after such acceptance, subject to Clause

                70     1(d), the Charterers shall not be entitled to make any claim

                 71     against the Owners in respect of any conditions,

                72     representations or warranties, whether  express  or  implied, 73 as to the seaworthiness of the Vessel or in respect of delay 74 in delivery.

                 

                75     (b) If for any reason other than a
                        default by the Owners 

                 76     under the Building Contract, the Builders become entitled 

                77     under that Contract not to deliver the Vessel to the Owners,

                 78     the Owners shall upon giving to the Charterers written

                79 notice of Builders becoming so entitled, be excused from 80   giving delivery of the Vessel to the Charterers and upon 81 receipt of such notice by the Charterers this
                    Charter shall 82 cease to have effect.

                 

                
                  83     (c) If for any reason the Owners become entitled under

                

                84     the Building Contract to reject the Vessel the Owners shall, 

                85     before exercising such right of rejection, consultthe

                
                  86     Charterers and thereupon

                

                 

                87     (i) if the Charterers do not wish to
                        take delivery of the Vessel 

                88     they shall inform the Owners within seven (7) running days 

                89     by notice in writing and upon receipt by the Owners of such 

                90     notice this Charter shall cease to have effect; or

                 

                
                  91     (ii) if the Charterers wish to take delivery of the Vessel

                

                92     they may by notice in writing within seven (7) running
                        days

                 93     require the Owners to negotiate with the Builders as to the

                94     terms on which delivery should be taken and/or refrain from 

                95     exercising their right to rejection and upon receipt of such

                 96     notice the Owners shall commence such negotiations and/

                 97     or take delivery of the Vessel from the Builders and deliver

                 98     her to the Charterers;

                 

                99     (iii) in no circumstances shall the Charterers be entitled to 

                100   reject the Vessel unless the Owners are able to reject the

                 101   Vessel from the Builders;

                 

                102   (iv) if this Charter terminates under sub-clause (b) or (c) of 

                103   this Clause, the Owners shall thereafter not be liable to the 

                104   Charterers for any claim under or arising out of this Charter 

                105   or its termination.

                 

                106   (d) Any liquidated damages for delay in delivery under the 

                107   Building Contract and any costs incurred in pursuing a claim 

                108   therefor shall accrue to the account of the party stated in 

                109   Box 41(c) or if not filled in shall be shared equally between 

                110   the parties.

                 

                
                  111   3. Guarantee Works

                

                112   If not otherwise agreed, the
                      Owners authorise the 

                113   Charterers to arrange for the guarantee works to be

                114   performed in accordance with the building contract terms, 

                115   and hire to continue during the period of guarantee works. 

                116   The Charterers have to advise the Owners about the

                
                  117   performance to the extent the Owners may request.

                

                 

                
                  118   4. Name of Vessel

                

                119   The name of the Vessel shall be mutually agreed between 

                120   the Owners and the Charterers and the Vessel shall be

              

            

            
              	
                       

                    

              
                
                  
                    Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
                      copyright. Explanatory notes are available from BIMCO at www.bimco.org.

                    First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

                  

                  
                    

                    

                  

                

              

              
                
                  

              

              
                PART III

                PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY

                (Optional, only to apply if expressly agreed and stated in Box 37)

                 

                

              

              
                
                  121  painted in the colours, display the funnel insignia and fly 

                  122  the house flag as required by the Charterers.

                   

                  
                    123  5.
                        Survey on Redelivery

                  

                  124  The Owners and the Charterers shall appoint surveyors 

                  125  for the purpose of determining and agreeing in writing the 

                  126  condition of the Vessel at the time of re-delivery.

                  
                    127  Without prejudice to Clause 15 (Part II), the Charterers

                  

                

              

              
                
                  128   shall bear all survey expenses and all other costs, if any, 

                  129   including the cost of docking and undocking, if required, 

                  130   as well as all repair costs incurred. The Charterers shall 

                  131   also bear all loss of time spent in connection with any 

                  132   docking and undocking as well as repairs, which shall be 

                  133   paid at the rate of hire per day or pro rata.

                

              

              
                	
                         

                      

              

              
                
                  
                    Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
                      copyright. Explanatory notes are available from BIMCO at www.bimco.org.

                    First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

                  

                  
                    

                    

                  

                

              

              
                
                  

              

              
                PART V 

                HIRE/PURCHASE AGREEMENT

                (Optional, only to apply if expressly agreed and stated in Box 42)

              

               

              

              
                
                  
                    1      On expiration of this Charter and provided the Charterers

                  

                  2      have fulfilled their obligations according to Part I and II 

                  3      as well as Part III, if applicable, it is agreed, that on

                  4      payment of the final payment of hire as per Clause 11 

                  5      the Charterers have purchased the Vessel with

                  6      everything belonging to her and the Vessel is fully paid
                        

                  7      for.

                  8      In

                          the following paragraphs the Owners are referred to 

                  9      as the Sellers and the Charterers as the Buyers.

                  10    The Vessel shall be delivered by the Sellers and taken 

                  11    over by the Buyers on expiration of the Charter.

                  12    The Sellers guarantee that the  Vessel,  at  the  time  of

                   13    delivery, is free from all  encumbrances  and  maritime 

                        14    liens or any debts whatsoever other than those arising 

                        15    from anything  done or not done  by the Buyers or
                        any 

                  16    existing mortgage agreed not to be paid off by the time 

                  17    of delivery. Should any claims, which have been incurred

                   18    prior to the time of delivery be made against the Vessel, 

                  19    the Sellers hereby  undertake to indemnify the Buyers 

                   20    against all consequences of such claims to the extent it 

                  21    can be proved that the Sellers are responsible for such 

                  22    claims. Any taxes, notarial, consular and other charges 

                  23    and expenses connected with the purchase and

                  24    registration under Buyers’ flag, shall be for Buyers’

                   25    account. Any taxes, consular and other charges and

                  
                    26    expenses connected with closing of the Sellers’ register,

                  

                

              

              
                
                  
                    27      shall be for Sellers’ account.

                  

                  28     In exchange for payment of  the last month’s  hire 29

                            instalment the Sellers shall furnish the Buyers with a

                  30     Bill of Sale duly  attested and legalized, together with a 31     certificate setting out the  registered encumbrances, if  32 
                         any. On delivery of the Vessel the Sellers shall provide 33     for deletion of the Vessel from the Ship’s Register and 34     deliver a certificate of deletion to the Buyers.

                  35     The Sellers shall, at the time of delivery, hand to the
                        

                  36     Buyers all classification certificates (for hull, engines, 

                  37     anchors, chains, etc.), as well as all plans which may 

                  38     be in Sellers’ possession.

                  
                    39     The Wireless Installation and Nautical Instruments,

                  

                  40     unless on hire, shall be included in the sale without any 

                  41     extra payment.

                  42     The Vessel with everything belonging to her shall be at
                        

                  43     Sellers’ risk and expense until she is delivered to the 

                   44     Buyers, subject to the conditions of this Contract and

                   45     the Vessel with everything belonging to her
                        shall be

                  46     delivered and taken over as she is at the time of delivery, 

                  47     after which the Sellers  shall  have no responsibility for 

                  48     possible faults or deficiencies of any description.

                  49     The Buyers undertake to pay for the repatriation of the 

                  50     Master, officers and other personnel if appointed by the 

                  51     Sellers to the port where the Vessel entered the Bareboat 

                  52     Charter as per Clause 3 (Part II) or to pay the equivalent 

                  53     cost for their journey to any other place.

                

              

              
                	
                         

                      

              

              
                
                  
                    Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
                      copyright. Explanatory notes are available from BIMCO at www.bimco.org.

                    First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

                  

                  
                    

                    

                  

                

              

              
                
                  

              

              
                PART IV

                PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER REGISTRY 

                

                (Optional, only to apply if expressly agreed and stated in Box 43)

              

               

              

              
                
                  
                    1      1. Definitions

                  

                  2     For the purpose of this PART V, the following terms shall 3 have
                        the meanings hereby assigned to them:

                  4      “The Bareboat Charter Registry” shall
                      mean the registry 5         of the State whose flag the Vessel will fly and in which   6       the Charterers are registered as the bareboat charterers 7 during the period of the Bareboat Charter.

                  8      “The Underlying Registry” shall mean the registry of the

                   9state in which the Owners of the Vessel are registered 

                  10    as Owners and to which jurisdiction and control of the 

                  11    Vessel will revert upon termination of the Bareboat

                  
                    12    Charter Registration.

                     

                      

                  

                  
                    13    2. Mortgage

                  

                  14   The Vessel chartered under this Charter is financed by 

                  15    a mortgage and the provisions of Clause 12(b)  (Part II) 16 shall apply.

                

              

              
                
                  
                    17     3.Termination of Charter by Default

                    18     If the Vessel chartered under this Charter is registered

                   19     in a Bareboat Charter Registry as stated in Box 44, and

                  20     if the Owners shall default in the payment of any amounts 

                  21     due under the mortgage(s) specified in Box 28, the

                  22     Charterers

                          shall, if so required by the mortgagee, direct 

                  23     the Owners to re-register the Vessel in the Underlying 

                  24     Registry as shown in Box 45.

                  
                    25     In the event of the Vessel being deleted from the

                  

                  26     Bareboat Charter Registry as stated in Box 44, due to a

                   27     default by the Owners in the payment of  any amounts  28 due under the mortgage(s), the Charterers shall have

                  29     the right to terminate this Charter forthwith and without 

                  30prejudice to any other claim they may have against the

                   31     Owners under this Charter.

                

              

              
                	
                         

                      

              

              
                
                  Copyright © 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO’s
                    copyright. Explanatory notes are available from BIMCO at www.bimco.org.

                  First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

                  
                     

                  

                

              

            

            
              
                

            

            
              ADDITIONAL CLAUSES TO BARECON 2001

            

          

        

      

    

  

  

   
  	–	
          CHARTER PERIOD

        

   

  	32.1

        	
          The period of this Charter (the “Charter Period”) shall, subject to the terms of this Charter, continue for a period of sixty (60) months starting from the Commencement Date.

        

   

  	32.2

        	
          Notwithstanding the fact that the Charter Period shall commence on the Commencement Date, this Charter shall be:

        

   

  	(a)	
          in full force and effect; and

        

   

  	(b)	
          valid, binding and enforceable against the parties hereto,

        

   

  with effect from the date hereof until the end of the Charter Period (subject to the terms of this Charter).

   

  	–	
          CANCELLATION

        

   

  	33.1

        	
          If:

        

   

  	(a)	
          the Vessel is not delivered by the Charterers as sellers to the Owners as buyers under the MOA by the Cancelling Date (or such later date as the parties to the MOA may agree); or

        

   

  	(b)	
          the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and effect for any reason (in whole or in part),

        

   

  then this Charter shall immediately terminate and be cancelled (without prejudice to Clause 57 (Indemnities) and without the need for either the Owners or the
    Charterers to take any action whatsoever), provided that the Owners shall be entitled to retain all fees and expenses paid by the Charterers pursuant to Clause 44 (Fees and Expenses) (and without prejudice to
    Clause 44 (Fees and Expenses) and any clause of the MOA, if such fees have not been paid, the Charterers shall forthwith pay such fees and expenses to the Owners in accordance with Clause 44 (Fees and Expenses)), save that if the Charter is terminated and/or the Vessel not delivered under the MOA for a reason solely related to a default of the Owners, then the Charterers shall not be obliged to pay the
    Arrangement Fee (and if the Arrangement Fee has already been paid at such time, the Owners shall refund the Arrangement Fee to the Charterers within a reasonable time). Any such payment by the Charterers under this Clause shall be irrevocable and
    unconditional and is acknowledged by the Charterers to be proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners’ risk of the Charterers failing to perform its obligations under this
    Charter. For the avoidance of doubt, the termination of the Charter shall not prejudice the operation of any provision of any Leasing Document which is expressed to survive the termination or cancellation of this Charter.

   

  	–	
          DELIVERY AND CHARTER OF VESSEL

        

  

  

  	34.1

        	
          This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and constitutes one of the Leasing Documents.

        

   

  	34.2

        	
          The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and conditional upon:

        

  

  

  
    
      	 	

            	
              
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  	(a)	
          no Termination Event or Potential Termination Event having occurred and being continuing on the date of this Charter and on the Commencement Date;

        

   

  	(b)	
          the representations and warranties contained in Clause 48 (Representations and Warranties)

        

  being true and correct on the date hereof and on the Commencement Date;

   

  	(c)	
          the Delivery occurring on or before the Cancelling Date; and

        

   

  	(d)	
          the Owners having received from the Charterers:

        

   

  	

        	(i)	
          on or before the Prepositioning Date, the documents or evidence set out in Part A of Schedule 2 (Conditions Precedent) in form and substance satisfactory to them; and

        

   

  	

        	(ii)	
          on the Commencement Date and prior to or simultaneously with the Owners executing a dated and timed copy of the protocol of delivery and acceptance evidencing delivery of the Vessel under the MOA and a dated and timed copy of the Acceptance
            Certificate, the documents or evidence set out in Part B of Schedule 2 (Conditions Precedent) in form and substance satisfactory to them,

        

   

  and if any of the documents listed in sub-paragraph (d) above are not in the English language then they shall be accompanied by an English translation where required by the Owners.

   

  	34.3

        	
          On delivery to and acceptance by the Owners (in their capacity as buyers) of the Vessel from the Charterers (in their capacity as sellers) under the MOA, the Vessel shall be deemed to have been delivered to, and accepted without reservation
            by, the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of the Vessel on and subject to the terms and conditions of this Charter on the same day as the delivery date of the Vessel under
            the MOA.

        

   

  	34.4

        	
          On Delivery, as evidence of the commencement of the Charter Period, the Charterers shall sign and deliver to the Owners, the Acceptance Certificate. The Charterers shall be deemed to have accepted the Vessel under this Charter, and the
            commencement of the Charter Period having started, on Delivery even if, for whatever reason, the Acceptance Certificate is not signed.

        

  

  

  	34.5

        	
          The Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the Vessel under this Charter once the Vessel has been delivered to and accepted by the Owners (in their capacity as buyers) from the Charterers
            (in their capacity as sellers) under the MOA, and the Owners shall not be liable for any losses, costs or expenses whatsoever or howsoever arising including without limitation, any loss of profit or any loss or otherwise:

        

   

  	(a)	
          resulting directly or indirectly from any defect or alleged defect in the Vessel or any failure of the Vessel; or

        

   

  

  	(b)	
          arising from any delay in the commencement of the Charter Period or any failure of the Charter Period to commence.

        

   

  	34.6

        	
          The Owners shall not be obliged to deliver the Vessel to the Charterers with any bunkers and unused lubricating oils and hydraulic oils and greases in storage tanks and unopened drums of the Vessel except for such items which are already on
            the Vessel on Delivery. The Owners shall not be responsible for the fitness, quality or quantity of any such bunkers and unused lubricating oils and hydraulic oils and greases and the Charterers shall make no claim against Owners in respect of
            the same.

        

   

  

  
    
      	

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  	34.7

        	
          The Charterers shall procure receipt by the Owners of the conditions subsequent set out in Part C of Schedule 2 in a form and substance satisfactory to the Owners within the time periods permitted therein.

        

   

  	–	
          QUIET ENJOYMENT

        

   

  	35.1

        	
          Provided that no Potential Termination Event, Termination Event or Total Loss has occurred, the Owners hereby agree not to disturb or interfere in any way whatsoever with the Charterers’ lawful use, possession and quiet enjoyment of the
            Vessel during the Charter Period.

        

   

  	–	
          CHARTERHIRE AND ADVANCE CHARTERHIRE

        

   

  	36.1

        	
          In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at the request of the Charterers, the Charterers hereby irrevocably and unconditionally agree to pay to the Owners the Charterhire, the
            Advance Charterhire and all other amounts payable under this Charter in accordance with the terms of this Charter.

        

  

  

  	36.2

        	
          The Charterers shall pay to the Owners on the Commencement Date, an amount which is equal to the difference between the Purchase Price and the Financing Amount as of the Commencement Date (the “Advance
              Charterhire”). The Charterers shall be deemed to have paid the Advance Charterhire to the Owners on the Commencement Date by the Owners (as buyers under the MOA) setting off an amount equal to the Advance Charterhire against a
            corresponding amount of the Purchase Price payable by the Owners to the Charterers (as sellers) under the MOA.

        

   

  
    	36.3

          	
            The Advance Charterhire shall not bear interest and shall be non-refundable.

          

  

   

  	36.4

        	
          Following Delivery and commencing from the Commencement Date, the Charterers shall pay Charterhire in arrears in quarterly instalments on each Payment Date. Each instalment shall consist of:

        

  

  

  	(a)	
          a capital element of Charterhire (the “Fixed Charterhire”) which shall be in an amount equivalent to 1/20*(Financing Amount less the Expiry Owners’ Costs); and

        

   

  	(b)	
          a variable element of Charterhire (the “Variable Charterhire”) which shall be calculated by applying the aggregate of:

        

   

  	 	(i)	
          the applicable Interest Rate for the relevant Hire Period; and

        

  

  

  	 	(ii)	
          the Margin,

        

   

  to the Owners’ Costs on the immediately preceding Payment Date (or, in the case of the First Payment Date only, on the Commencement Date) for the Hire Period ending on the relevant Payment Date by
    reference to the actual number of days elapsed in that Hire Period.

  

  

  	36.5

        	
          Charterhire shall be payable in arrears on the following dates (each a “Payment Date”):

        

   

  	(a)	
          the first instalment of Charterhire shall be payable on the date falling three (3) months after the Commencement Date (the “First Payment Date”); and

        

   

  

  
    
      	

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  	(b)	
          each subsequent instalment of Charterhire (other than the last instalment of Charterhire) shall be payable quarterly thereafter, with the final instalment of Charterhire payable on the last day of the Charter Period,

        

   

  such that there are a total of twenty (20) Payment Dates during the Charter Period.

   

  	36.6

        	
          Payment of Charterhire on any Payment Date shall be made in same day available funds and received by the Owners by not later than 4.00 pm (Shanghai time). Any payment of Charterhire which is due to be made on a Payment Date which is not also
            a Business Day shall be made on the previous Business Day instead.

        

   

  	36.7

        	
          Time of payment of the Charterhire and any other payments by the Charterers under this Charter shall be of the essence of this Charter.

        

   

  	36.8

        	
          All payments of the Charterhire and any other moneys payable hereunder shall be made in Dollars.

        

   

  	36.9

        	
          All payments of the Charterhire and any other moneys payable hereunder shall be payable by the Charterers to the Owners’ designated bank account as the Owners may notify the Charterers in writing from time to time.

        

   

  	36.10

        	
          Payment of the Charterhire and any other amounts under this Charter shall be at the Charterers’ risk until receipt by the Owners.

        

   

  	36.11

        	
          The Vessel shall not at any time be deemed off-hire and the Charterers’ obligation to pay the Charterhire and any other amounts payable under this Charter (including but not limited to the Termination Sum) in Dollars shall be absolute and
            unconditional under any and all circumstances and shall not be affected by any circumstances of any nature whatsoever including but not limited to:

        

   

  	(a)	
          (except in the case of the Advance Charterhire) any set off, counterclaim, recoupment, defence, claim or other right which the Charterers may at any time have against the Owners or any other person for any reason whatsoever including,
            without limitation, any act, omission or breach on the part of the Owners under this Charter or any other agreement at any time existing between the Owners and the Charterers;

        

   

  	(b)	
          any change, extension, indulgence or other act or omission in respect of any indebtedness or obligation of the Charterers, or any sale, exchange, release or surrender of, or other dealing in, any security for any such indebtedness or
            obligation;

        

   

  	(c)	
          any title defect or encumbrance or any dispossession of the Vessel by title paramount or otherwise;

        

   

  	(d)	
          any defect in the seaworthiness, condition, value, design, merchantability, operation or fitness for use of the Vessel or the ineligibility of the Vessel for any particular trade;

        

   

  	(e)	
          the Total Loss or any damage to or forfeiture or court marshall’s or other sale of the Vessel if the Termination Sum or any part thereof remains due;

        

   

  	(f)	
          any libel, attachment, levy, detention, sequestration or taking into custody of the Vessel or any restriction or prevention of or interference with or interruption or cessation in, the use or possession thereof by the Charterers;

        

   

  

  
    
      	

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    	(g)	
            any insolvency, bankruptcy, reorganization, arrangement, readjustment, dissolution, liquidation or similar proceedings by or against the Charterers and any other Obligors;

          

    

    

    	(h)	
            any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay in performing or complying with any of the terms and provisions of this Charter or any of the Leasing Documents by any party to this
              Charter or any other person;

          

     

    	(i)	
            any enforcement or attempted enforcement by the Owners of their rights under this Charter or any of the Leasing Documents executed or to be executed pursuant to this Charter;

          

    

    

    	(j)	
            any loss of use of the Vessel due to deficiency or default or strike of officers or crew, fire, breakdown, damage, accident, defective cargo or any other cause which would or might but for this provision have the effect of terminating or
              in any way affecting any obligation of the Charterers under this Charter; or

          

     

    	(k)	
            any prevention, delay, deviation or disruption in the use of the Vessel resulting from the wide outbreak of any viruses (including the 2019 novel coronavirus), including but not limited to those caused by:

          

     

    	

          	(i)	
            closure of ports;

          

     

    	

          	(ii)	
            prohibitions or restrictions against the Vessel calling at or passing through certain ports;

          

     

    	

          	(iii)	
            restriction in the movement of personnel and/or shortage of labour affecting the operation of the Vessel or the operation of the ports (including stevedoring operations);

          

    

    

    	

          	(iv)	
            quarantine regulations affecting the Vessel, its cargo, the crew members or relevant port personnel;

          

     

    	

          	(v)	
            fumigation or cleaning of the Vessel; or

          

     

    	

          	(vi)	
            any claims raised by any sub-charterer or manager of the Vessel that a force majeure event or termination event (or any other analogous event howsoever called) has occurred under the relevant charter agreement or management agreement (as
              the case may be) of the Vessel as a result of the outbreak of such viruses.

          

     

    Nothing contained in this Section 36.11 shall be deemed to hinder or prevent the Charterers from pursuing any claim the Charterers may have at law against the Owner for damages
      for the Owner’s breach of its express obligations under this Charter.

     

    	36.12

          	
            All stamp duty, value added tax (for the avoidance of doubt, including without limitation, goods and services tax), withholding or other taxes and import and export duties and all other similar types of charges which may be levied or
              assessed on or in connection with:

          

     

    	(a)	
            the operation of this Charter in respect of the hire and all other payments to be made pursuant to this Charter and the remittance thereof to the Owners; and

          

     

    	(b)	
            the import, export, purchase, delivery and re-delivery of the Vessel,

          

     

    shall be borne by the Charterers (for the avoidance of doubt, the above excludes any income tax or any tax arising from the Owners’ shares by competent tax authorities in their domicile, which shall be borne by the
      Owners). The Charterers shall pay, if applicable, value added tax and other similar tax levied on any Charterhire and other payments payable under this Charter by addition to, and at the time of payment of, such amounts.

     

    

    
      
        	

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    	–	
            CHANGES TO INTEREST RATE, DEFAULT INTEREST

          

     

    	37.1

          	
            If, in relation to any determination of the Interest Rate prior to a Screen Rate Replacement Event:

          

     

    	(a)	
            the Owners determine (which determination shall be conclusive and binding) that by reason of circumstances affecting the Relevant Interbank Market generally, adequate and fair means do not or will not exist for ascertaining LIBOR at the
              beginning of that Hire Period or the same does not reflect the cost of funding of the Owners; and

          

     

    	(b)	
            the Owners determine (which determination shall be conclusive and binding) that by reason of circumstances affecting the Relevant Interbank Market generally, deposits in Dollars in the required amount for the 3-month period commencing on
              the first day of that Hire Period are not available to it in the Relevant Interbank market or from whatever sources it may select to obtain funds for that Hire Period,

          

     

    the Owners shall promptly notify the Charterers accordingly.

     

    	37.2

          	
            Immediately following the notification referred to in Clause 37.1 above, the Owners and the Charterers, shall negotiate in good faith with a view to agreeing upon a substitute basis for determining the Interest Rate for that Hire Period.

          

     

    	37.3

          	
            If a substitute basis is not so agreed pursuant to Clause 37.2 above or after the occurrence of a Screen Rate Replacement Event but prior to the making of any necessary amendment or waiver in accordance with Clause 37.4 below, the Interest
              Rate shall be the rate per annum equal to the cost certified by the Owners (expressed as an annual rate of interest) of funding the Owners’ Costs during the relevant Hire Period (as reasonably determined by the Owners).

          

    

    

    	37.4

          	
            On or at any time after the occurrence of a Screen Rate Replacement Event, the Owners are entitled to make any amendment or waiver to the terms of the Leasing Documents (at the Charterers’ cost) which relates to:

          

     

    	(a)	
            providing for the use of a Replacement Benchmark in relation to Dollars in place of (or in addition to) that Screen Rate; and

          

     

    (b)

     

    	 	(i)	
            aligning any provision of any Leasing Document to the use of that Replacement Benchmark;

          

    

    

    	 	(ii)	
            enabling that Replacement Benchmark to be used for the calculation of the Interest Rate under this Charter (including, without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes
              of this Charter);

          

     

    	 	(iii)	
            implementing market conventions applicable to that Replacement Benchmark;

          

     

    	 	(iv)	
            providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

          

     

    

    
      
        	

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    	 	(v)	
            adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for
              calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),

          

     

    and pending any such amendment or waiver and the Replacement Benchmark being utilised under the Leasing Documents to calculate the Interest rate, Clause 37.3 shall apply to the calculation of the
      Interest Rate.

     

    	37.5

          	
            If the Charterers fail to make any payment due under this Charter on the due date, they shall pay additional interest on such late payment at a rate which is equal to two per cent. (2%) per annum above the aggregate of (i) the applicable
              Interest Rate for the relevant Hire Period and 

              (ii) the Margin which shall apply prior to, during or following Delivery and shall accrue on a daily basis from the date on which such payment became due up to and excluding the date of payment thereof, and the Charterers and the Owners
                agree that such default rate is proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners’ risk of the Charterers failing to perform its obligations under this Charter.

            

          

     

    	37.6

          	
            All interest (including default interest) and any other payments under this Charter which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a
              three hundred and sixty (360) days’ year.

          

     

    POSSESSION OF VESSEL

     

    	38.1

          	
            The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge the Vessel or any interest therein and shall not permit the creation or existence of any Security Interest thereon (including for any
              monies paid in advance and not earned, and for any claims for damages arising from any breach by the Owners of this Charter and other amounts due to the Charterers under this Charter) except for the Permitted Security Interests.

          

     

    	38.2

          	
            The Charterers shall promptly notify any party (including without limitation, any sub-charterer) (as the Owners may request) in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy
              of such written notification.

          

     

    	38.3

          	
            If the Vessel is arrested, seized, impounded, forfeited, detained or taken out of their possession or control (whether or not pursuant to any distress, execution or other legal process), the Charterers shall procure the immediate release
              of the Vessel (whether by providing bail or procuring the provision of security or otherwise do such lawful things as the circumstances may require) and shall immediately notify the Owners of such event and shall indemnify the Owners against
              all documented losses, costs or charges incurred by the Owners by reason thereof in re- taking possession or otherwise in re-acquiring the Vessel.

          

     

    	38.4

          	
            The Charterers shall pay and discharge or cause any sub-charterer of the Vessel to pay and discharge all obligations and liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel. The
              Charterers shall take all reasonable steps to prevent (and shall procure that a sub-charterer shall take all steps to prevent) an arrest of the Vessel.

          

     

    

    
      
        	

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    	–	
            INSURANCE

          

     

    	39.1

          	
            The Charterers shall procure that insurances for the Vessel are effected:

          

     

    	(a)	
            in Dollars;

          

     

    

    	(b)	
            in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping), on an agreed value basis of at least the higher of (i) one hundred per cent (100%) of then applicable Fair Market Value of the
              Vessel and (ii) one hundred and twenty per cent (120%) of the then prevailing Owners’ Costs;

          

     

    	(c)	
            in the case of oil pollution liability risks, for an aggregate amount equal to the higher of (i) US$1,000,000,000 or (ii) the highest level of cover from time to time available under basic protection and indemnity club entry and in the
              international marine insurance market;

          

     

    	(d)	
            in the case of protection and indemnity risks, in respect of the full tonnage of the Vessel and with a protection and indemnity club which is a member of the International Group of Protection and Indemnity Clubs;

          

     

    	(e)	
            through brokers approved by the Owners and with first class international insurers and/or underwriters acceptable to the Owners and having a Standard & Poor’s rating of BBB+ or above, a Moody’s rating of A or above or an AM Best rating
              of A- or above or, in the case of war risks, through a protection and indemnity club which meets the requirements of paragraph (d) above; and

          

     

    	(f)	
            otherwise on terms and in form acceptable to the Owners.

          

     

    	39.2

          	
            In addition to the terms set out in Clause 13(a) (Insurance and Repairs), the Charterers shall procure that the Obligatory Insurances shall:

          

     

    	(a)	
            subject always to paragraph (b), name the Owners and the Charterers as the only named assureds unless the interest of every other named assured or co-assured is limited:

          

     

    	 	(i)	
            in respect of any Obligatory Insurances for hull and machinery and war risks;

          

     

    	 	(A)	
            to any provable out-of-pocket expenses that they have incurred and which form part of any recoverable claim on underwriters; and

          

     

    	 	(B)	
            to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against them); and

          

     

    

    	 	(ii)	
            in respect of any Obligatory Insurances for protection and indemnity risks, to any recoveries they are entitled to make by way of reimbursement following discharge of any third party liability claims made specifically against them,

          

     

    and every other named assured or co-assured has undertaken in writing to the Owners or the Owners’ Financiers (if any) (in such form as they may require) that any deductible shall be apportioned
      between the Charterers and every other named assured or co-assured (save for the Owners or the Owners’ Financiers (if any)) in proportion to the gross claims made by or paid to each of them (provided that in the event they do not agree to this, the
      Charterers agree that they shall be responsible for bearing such deductible portion) and that they shall do all things necessary and provide all documents, evidence and information reasonably required to enable the Owners and the Owners’ Financiers
      (if any) in accordance with the terms of the loss payable clause, to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances;

     

    

    
      
        	

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    	(b)	
            whenever the Owners require in respect of any Owners’ Financiers:

          

     

    	 	(i)	
            in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same as additional named assured for their rights and interests, warranted no operational interest and with full waiver of rights of
              subrogation against such Owners’ Financier, but without such financiers thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance;

          

     

    	 	(ii)	
            in relation to protection and indemnity risks, name (or be amended to name) the same as additional insured or co-assured for their rights and interests to the extent permissible under the relevant protection and indemnity club rules; and

          

     

    	 	(iii)	
            name the Owners’ Financiers (if any) and the Owners as respectively the first ranking loss payee and the second ranking loss payee (and in the absence of any Owners’ Financiers, the Owners as first ranking loss payee) in accordance with
              the terms of the relevant loss payable clauses approved by the Owners’ Financiers and the Owners with such directions for payment in accordance with the terms of such relevant loss payable clause, as the Owners and the Owners’ Financiers (if
              any) may specify;

          

     

    	(c)	
            provide that all payments by or on behalf of the insurers under the Obligatory Insurances to the Owners and/or the Owners’ Financiers (as applicable) shall be made without set-off, counterclaim, deduction or condition whatsoever;

          

     

    	(d)	
            provide that such Obligatory Insurances shall be primary without right of contribution from other insurances which may be carried by the Owners or the Owners’ Financiers (if any);

          

     

    	(e)	
            provide that the Owners and/or the Owners’ Financiers (if any) may make proof of loss if the Charterers fail to do so; and

          

     

    	(f)	
            provide that if any Obligatory Insurance is cancelled, or if any substantial change is made in the coverage which adversely affects the interest of the Owners and/or the Owners’ Financiers (if any), or if any Obligatory Insurance is
              allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with respect to the Owners and/or the Owners’ Financiers (if any) for thirty (30) days after receipt by the Owners and/or the Owners’
              Financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse.

          

     

    	39.3

          	
            The Charterers shall:

          

     

    	(a)	
            at least ten (10) days prior to Delivery (or such shorter period agreed by the parties), notify in writing the Owners of the terms and conditions of all Insurances;

          

     

    	(b)	
            at least seven (7) days before the expiry of any Obligatory Insurance or otherwise before the change of appointment of any brokers (or other insurers) and any protection and indemnity or war risks association through which Obligatory
              Insurances are taken from time to time pursuant to this Clause 39 (Insurance), notify the Owners of the brokers (or other insurers) and any protection and indemnity or war risks association through or
              with whom the Charterers propose to renew or obtain that Obligatory Insurance and of the proposed terms of such renewed or new insurance cover and obtain the Owners’ approval to such matters;

          

    

    
      
        	

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    	(c)	
            at least two (2) days before the expiry of any Obligatory Insurance, procure that such Obligatory Insurance is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter;

          

     

    	(d)	
            procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity
              cover notify the Owners in writing of the terms and conditions of the renewal; and

          

     

    	(e)	
            as soon as practicable after the expiry of any Obligatory Insurance and within thirty (30) days after such expiry, deliver to the Owners a letter of undertaking as required by this Charter in respect of such Insurances for the Vessel as
              renewed pursuant to Clause 39.3 together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Owners and/or the Owners’ Financiers (if any).

          

     

    	39.4

          	
            The Charterers shall ensure that all insurance companies and/or underwriters, and/or insurance brokers (if any) provide the Owners with copies (or upon the Owners’ request, originals) of policies, cover notes and certificates of entry
              relating to the Obligatory Insurances which they are to effect or renew and letter or letters of undertaking in a form required by the Owners or the Owners’ Financiers (if any) and including undertakings by the insurance companies and/or
              underwriters that:

          

    

    

    	(a)	
            they will have endorsed on each policy, immediately upon issuance, a loss payable clause and a notice of assignment complying with the provisions of this Charter and the Financial Instruments;

          

    

    

    	(b)	
            they will hold the benefit of such policies and such insurances, to the order of the Owners and/or the Owners’ Financiers (if any) and/or such other party in accordance with the said loss payable clause;

          

    

    

    	(c)	
            they will advise the Owners and the Owners’ Financiers (if any) promptly of any material change to the terms of the Obligatory Insurances of which they are aware;

          

     

    	(d)	
            they will notify the Owners and the Owners’ Financiers (if any) not less than fourteen (14) days before the expiry of the Obligatory Insurances, in the event of their not having received notice of renewal instructions from the Charterers
              and, in the event of their receiving instructions to renew, they will promptly notify the Owners and the Owners’ Financiers (if any) of the terms of the instructions; and

          

     

    	(e)	
            if any of the Obligatory Insurances form part of any fleet cover, the Charterers shall procure that the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and the Owners’ Financiers (if any) that such
              insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to the Vessel under such Obligatory Insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel
              forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums, and they will not cancel such Obligatory Insurances by reason of
              non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of the Vessel forthwith upon being so requested by the Owners or the Owners’ Financiers (if any) and where practicable.

          

    

    
      
        	

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    	39.5

          	
            The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the Vessel is entered provides the Owners and the Owners’ Financiers (if any) with:

          

     

    	(a)	
            a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued; and

          

    

    

    	(b)	
            a copy of the letter or letters of undertaking in such form as may be required by the Owners or the Owners’ Financiers (if any) or in such association’s standard form.

          

     

    	39.6

          	
            The Charterers shall ensure that all policies relating to the Obligatory Insurances are deposited with the approved brokers (if any) through which the insurances are effected or renewed.

          

     

    	39.7

          	
            The Charterers shall procure that all premiums or other sums payable in respect of the Obligatory Insurances are punctually paid.

          

     

    	39.8

          	
            The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.

          

     

    	39.9

          	
            The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any Obligatory Insurance invalid, void, voidable or unenforceable or render any sum payable under an
              Obligatory Insurance repayable in whole or in part and, in particular:

          

     

    	(a)	
            the Charterers shall procure that all necessary action is taken and all requirements are complied with which may from time to time be applicable to the Obligatory Insurances, and (without limiting the obligations contained in this Clause)
              ensure that the Obligatory Insurances are not made subject to any exclusions or qualifications to which the Owners have not given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a
              protection and indemnity association which is a member of the International Group of Protection and Indemnity Clubs);

          

     

    	(b)	
            the Charterers shall not make or permit any changes relating to the classification or the classification society of the Vessel or, subject to procuring the provision of a replacement manager’s undertaking in substantially the same form as
              the Manager’s Undertaking, any changes to the manager or operator of the Vessel unless such changes have, if required, first been approved by the underwriters of the Obligatory Insurances and the Owners or the Owners’ Financiers (if any);

          

     

    	(c)	
            the Charterers shall procure that all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of
              America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation) are made and the Charterers shall promptly provide the Owners with copies of such declarations and a copy of its
              valid certificate of financial responsibility; and

          

     

    	(d)	
            the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the Obligatory Insurances, without first obtaining the consent of the insurers and complying with any
              requirements (as to extra premium or otherwise) which the insurers specify.

          

     

    

    
      
        	

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      	39.10

            	
              The Charterers shall not make or agree to any material alteration to the terms of any Obligatory Insurance nor waive any right relating to any Obligatory Insurance without the prior written consent of the
                Owners.

            

    

     

    

    
      	
              39.11 

              

            	
              The Charterers shall not settle, compromise or abandon any claim under any Obligatory Insurance for Total Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence
                and information to enable the Owners to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances.

            

    

     

    
      	
              39.12 

              

            	
              The Charterers shall provide the Owners with copies of all communications between the Charterers and:

            

    

     

    	(a)	
            the approved brokers;

          

     

    	(b)	
            the approved protection and indemnity and/or war risks associations; and

          

     

    	(c)	
            the approved insurers and/or underwriters, which relate directly or indirectly to:

          

     

    

    	 	(i)	
            prior to the occurrence of a continuing Termination Event, a Major Casualty or a Total Loss; and

          

     

    	 	(ii)	
            at any time after the occurrence of a Termination Event and while it is continuing, any material communications whatsoever relating to the insurances of the Vessel.

          

     

    
      	39.13

            	
              The Charterers shall promptly provide the Owners (or any persons which they may designate) with any information which the Owners may request for the purpose of:

            

    

     

    	(a)	
            obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the Insurances (including but not limited to the report obtained under Clause 39.16); or

          

     

    	(b)	
            effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) (Insurance and Repairs) or this Clause 39 or dealing with or considering any matters relating to any such
              insurances;

          

     

    
      	39.14

            	
              The Charterers shall upon demand fully indemnify the Owners (including if requested by the Owners, make direct payment to the relevant insurer or broker for the same) in respect of all premiums and other
                expenses which are incurred by:

            

    

     

    	(a)	
            the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners interest insurance and an innocent owners additional perils insurance or any similar protective shipowner insurance that is taken out in
              respect of the Vessel; and/or

          

     

    	(b)	
            the Owners’ Financiers (if any) in connection with or with a view to effecting, maintaining or renewing a mortgagee’s interest insurance, a mortgagee’s additional perils insurance, all protection and indemnity insurance that is taken out
              in respect of the Vessel,

          

     

    in each case as referred to in paragraphs (a) and (b) above, in such an amount as the Owners consider reasonable and on such other terms, through such insurers and generally in such manner as the
      Owners or the Owners’ Financiers (as the case may be) may from time to time consider appropriate.

     

    

    
      
        	

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                39.15 

                

              	
                The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage to the Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in
                  respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, with only reasonable wear and tear to the Vessel excepted.

              

      

      

      

      
        	
                39.16

              	
                The Charterers shall reimburse or indemnify the Owners for any expenses reasonably incurred by the Owners in obtaining a detailed report signed by an independent firm of marine insurance brokers approved by
                  the Owners dealing with the Obligatory Insurances and stating the opinion of such firm as to the adequacy of the Obligatory Insurances:

              

      

       

      	(a)	
              when an agreed form of such detailed report satisfactory to the Owners is obtained as a condition precedent requirement under Part A of Schedule 2 (Conditions Precedent) of this Charter;

            

       

      	(b)	
              when the Owners procure the issuance of such detailed report no more than once every calendar year, unless a Termination Event has occurred in which case such reports may be procured at the Charterer’s cost at any such time; and

            

       

      	(c)	
              further from time to time upon the Owners’ demand where, in the Owners’ opinion, at any time during the Charter Period there has been a material change in the terms of the Insurances and/or a change in the circumstances which would
                materially adversely affect the adequacy of the Obligatory Insurances.

            

       

      
        	39.17

              	
                The Charterers shall:

              

      

       

      	(a)	
              keep the Vessel insured at their expense against such other risks (not including loss of hire or earnings risks) which the Owners and the Owners’ Financiers (if any) consider reasonable for a prudent shipowner or operator to insure
                against for trading, management, operational and/or safety purposes at the relevant time (as notified by the Owners) and which risks are, at that time, generally insured against as market practice by owners or operators of vessels similar
                to the Vessel and having regard to the availability of such cover in the insurance market at that time; and

            

       

      	(b)	
              upon demand fully indemnify the Owners in respect of all premiums and other expenses incurred by the Owners in respect of any other insurances which the Owners deem necessary (acting reasonably) and takes out in respect of the Vessel.

            

       

      	–	
              WARRANTIES RELATING TO VESSEL

            

       

      
        	40.1

              	
                It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier of the Vessel but that the Owners (in their capacity as buyers) have purchased the Vessel from the
                  Charterers (in their capacity as sellers) pursuant to the MOA at the request of the Charterers, for the purpose of then chartering the Vessel to the Charterers hereunder and that no condition, term, warranty or representation of any kind
                  is or has been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof).

              

      

      

      

      
        	40.2

              	
                All conditions, terms or warranties express or implied by the law relating to the specifications, quality, description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or
                  otherwise are hereby expressly excluded.

              

      

      

      
        
          
            	

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        	40.3

              	
                The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage, expense or other liability of any kind or nature caused directly or indirectly by the Vessel or by any
                  inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be released from any liability to pay any Charterhire or other payment due under this Charter.

              

      

       

      	–	
              TERMINATION AND REDELIVERY

            

      

      

      
        	
                
                  41.1 

                  

                

              	
                Upon termination of the leasing of the Vessel under this Charter pursuant to Clause 47.2, the Charterers shall be obliged to pay the Owners the Termination Sum on the Termination Date and it is hereby
                  agreed by the parties hereto that:

              

      

       

      	(a)	
              without prejudice to Clause 42.2, the obligation to pay the Termination Sum is a continuing obligation and shall survive the termination of the leasing of the Vessel under this Charter and shall continue in full force and effect until
                irrevocably and unconditionally paid in full;

            

       

      	(b)	
              payment of the Termination Sum is deemed to be proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners’ risk of the Charterers failing to perform its obligations under this
                Charter; and

            

       

      

      	(c)	
              the Termination Sum shall, depending on the nature of the Termination Event(s) on the basis of which the Owners serve a Termination Notice, be either an obligation to pay damages following acceptance by the Owners of a breach of
                condition by the Charterers or an obligation to pay an agreed sum in specified circumstances which do not involve a breach of contract by the Charterers.

            

       

      
        	41.2

              	
                If the Charterers fail to make any payment of the Termination Sum on the Termination Date, Clause 37.5 shall apply and the Owners shall be entitled to exercise their rights under Clause 42.

              

      

       

      
        	
                41.3 

                

              	
                Concurrently with the unconditional and irrevocable payment of the Termination Sum in full pursuant to the terms of this Charter, this Charter shall terminate and the Owners shall (save in the event of
                  Total Loss or in the event that the Vessel has been sold or contracted to be sold pursuant to Clause 42), at the cost of the Charterers, transfer the legal and beneficial ownership of the Vessel on an “as is where is” basis to the
                  Charterers or their nominees free from all mortgages, encumbrances, liens, debts or any claims whatsoever incurred or permitted by the Owners (save for those liens, encumbrances and debts incurred by the Charterers or arising out of or in
                  connection with this Charter), and shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same and such sale shall be completed otherwise in accordance with Clause 56.1(a) and 56.1(b).

              

      

      

      

      
        	
                
                  41.4

                  

                

              	
                The Charterers hereby undertake to indemnify the Owners against any documented claims incurred in relation to the Vessel prior to such transfer of ownership. Any taxes, notarial, consular and other costs,
                  charges and expenses connected with closing of the Owners’ register shall be for the Charterers’ account.

              

      

       

      
        	
                41.5 

                

              	
                On natural expiration of this Charter, unless the Purchase Option Price is paid by the Charterers in accordance with Clause 56, the Charterers shall re-deliver the Vessel to the Owners in accordance with
                  Clause 41.6 and shall ensure that they have fulfilled their obligations under this Charter and made payment of all Charterhire and all other moneys pursuant to the terms of this Charter. In such case, the Charterers shall give the Owners
                  not less than 20 running days’ preliminary notice of expected date and port or place of redelivery and not less than 3 running days’ definite notice of expected date and port or place of redelivery. Any changes thereafter in the Vessel’s
                  position shall be notified immediately to the Owners.

              

         

        

        
          
            	

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                41.6 

                

              	
                If the Charterers are required to redeliver the Vessel to the Owners pursuant to the terms of this Charter, the Vessel shall be redelivered and taken over safely afloat at a safe and accessible berth or
                  anchorage in such location as the Owners may require (which, for the avoidance of doubt, shall exclude any war listed area declared by the Joint War Committee). The Charterers shall ensure that, at the time of redelivery to the Owners,
                  the Vessel:

              

      

      

      

      	(a)	
              be in an equivalent class as she was as at the Commencement Date and without any recommendations or conditions and with valid, unextended certificates for not less than three (3) months and free of average damage affecting the Vessel’s
                classification and in the same or as good structure, state, condition and classification as that in which she was deemed on the Commencement Date, fair wear and tear not affecting the Vessel’s classification excepted;

            

      

      

      	(b)	
              has passed her 5-year special survey (if applicable), and subsequent second intermediate surveys and drydock (if applicable) at the Charterers’ time and expense without any recommendations or conditions:

            

       

      	 	(i)	
              to the satisfaction of the Approved Classification Society; and

            

       

      	 	(ii)	
              in the case of the 5-year special survey, to the reasonable satisfaction of an Owners’ Surveyor appointed at the cost of the Charterers;

            

       

      	(c)	
              has her survey cycles up-to-date and trading and class certificate valid for at least the number of months agreed in Box 17;

            

       

      	(d)	
              be re-delivered to the Owners together with all spare parts and spare equipment as were on board at the time of Delivery, and any such spare parts and spare equipment on board at the time of re-delivery shall be taken over by the Owners
                free of charge;

            

       

      	(e)	
              be free of any cargo and Security Interest (save for the Security Interests granted pursuant to the Financial Instruments, if any);

            

       

      	(f)	
              be free of any crew and officers unless otherwise instructed by the Owners;

            

       

      	(g)	
              be free of any charter or other employment (unless the Owners wish to retain the continuance of any prevailing charter or as otherwise agreed by the Owners in their absolute discretion); and

            

       

      	(h)	
              have such amount of bunkers on board the Vessel as would be sufficient to enable the Vessel to sail to the nearest bunker port in compliance with all bunkering fuel content regulations then applicable in such place of redelivery.

            

       

      
        	
                
                  41.7 

                  

                

              	
                The Charterers warrant that they will not permit (or request any sub-charterer not to) the Vessel to commence a voyage (including any preceding ballast voyage) which cannot reasonably be expected to be
                  completed in time to allow redelivery of the Vessel within any time period required by this Clause 41 (Termination and Redelivery). Notwithstanding the above, should the Charterers fail to
                  redeliver the Vessel within any time period required by this Clause 41 (Termination and Redelivery), the Charterers shall pay the daily equivalent to the rate of Charterhire plus five per cent.
                  (5%) or to the then applicable BCI rate, whichever is the higher, for the number of days by which the Charter Period is exceeded.

              

         

        

        
          
            	

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                41.8 

                

              	
                If the Charterers are required to redeliver the Vessel to the Owners under the terms of this Charter, the Owners shall be entitled to appoint surveyors (the “Owners’
                    Surveyor”) (but at Charterers’ cost) for the purpose of determining and agreeing in writing the condition of the Vessel at the time of such redelivery. The Charterers shall provide the Owners’ Surveyor with all such facilities
                  and access to the Vessel as may be required to enable the Owners’ Surveyor to conduct its survey of the Vessel and shall take all such actions as may be reasonably recommended by the Owners’ Surveyor to ensure that the Vessel shall be
                  redelivered in accordance with Clause 41.6.

              

      

       

      
        	
                41.9 

                

              	
                The Owners shall not be obliged to accept redelivery of the Vessel until the Owners are reasonably satisfied that all conditions for the redelivery of the Vessel under this Charter are met, and the Vessel
                  shall (if the redelivery is at the end of the Charter Period) continue to be on-hire under the terms of this Charter until such redelivery. The Owners reserve all rights to recover from the Charterers any costs, expense and/or liabilities
                  incurred or suffered by them (including without limitation, the costs of any repairs which may be required to restore the Vessel to the condition required by Clause 41.6 as a result of the Vessel not being redelivered in accordance with
                  the terms of this Charter.

              

      

      

      

      
        	
                41.10 

                

              	
                The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil, unbroached provisions, paints, ropes, other consumable stores and spare parts in the Vessel at no cost
                  to the Owners.

              

      

       

      – SALE OF VESSEL BY THE OWNERS IN THE EVENT OF NON-PAYMENT OF TERMINATION SUM

       

      
        	
                42.1 

                

              	
                The Charterers agree that should the Termination Sum not be paid on the Termination Date:

              

      

       

      	(a)	
              save as required to comply with this Clause 42.1, the Charterers’ right to possess and operate the Vessel shall immediately cease and (without in any way affecting the Charterers’ obligation to pay the Charterer the Termination Sum and
                comply with its other obligations under this Charter) the Charterers shall hold the Vessel as gratuitous bailee only to the Owners, the Charterers shall procure that the master and crew follow the orders and directions of the Owners and the
                Charterers shall, upon the Owners’ request (at Owners’ sole discretion), be obliged to immediately (and at the Charterers’ own cost) redeliver the Vessel to the Owners at such ready and nearest safe port or location as the Owners may
                require and for the avoidance of doubt, any such redelivery shall not extinguish the Owners’ right to recover the Termination Sum from the Charterers under this Charter;

            

      

      

      	(b)	
              the Owners shall be entitled (at Owners’ sole discretion) to operate the Vessel as they may require and may create whatsoever interests thereon, including without limitation charterparties or any other form of employment contracts
                provided that the Earnings of the Vessel during such period less its operational expenses (the “Net Trading Proceeds”) shall be applied against the Termination Sum and any other amounts payable under
                the Leasing Documents pursuant to Clause 64 provided that if such use of the Vessel results in the Owners suffering a loss then such losses shall be included in the indemnities contained in Clause 57 and be added to the Termination Sum; and

            

      

      

      	(c)	
              the Owners shall be entitled (at Owners’ sole discretion) to immediately thereafter sell the Vessel to any person on such terms as they deem fit, subject to the right of the Charterers to have a period of 45 days from the Termination
                Date (the “Nomination Period”) to first nominate or identify a purchaser for the Vessel (a “Nominated Purchaser”) and the Owners shall sell the Vessel to such
                Nominated Purchaser subject to all of the following conditions being satisfied:

            

      

      
        
          	

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      	 	(i)	
              the Nominated Purchaser is acceptable to the Owners (such acceptability not to be unreasonably withheld or delayed); and

            

       

      	 	(ii)	
              the price to be paid by the Nominated Purchaser (after deducting any commissions, taxes and other costs of sale) is equal to or more than the applicable Termination Sum (unless otherwise agreed by the Owners in their absolute discretion)
                unless the shortfall is paid by any Obligor or member of the Group on or before such sale,

            

       

      and any net sale proceeds (after deducting all fees, taxes, disbursements and any other documented costs and expenses incurred by the Owners in connection with such sale) (the “Net Sales Proceeds”) derived from any such sale to a Nominated Purchaser or any other person shall be applied towards reduction of the Termination Sum in accordance with Clause 64 (General Application of Proceeds). If the Net Sales Proceeds are not sufficient to settle the Termination Sum in full, the Charterers shall remain liable to pay the shortfall and default interest shall continue to accrue on the
        unpaid portion of the Termination Sum in accordance with Clause 37.5.

       

      
        	
                42.2

              	
                Notwithstanding Clause 42.1, the Owners may, by written notice to the Charterers at any time after the expiry of the Nomination Period, elect to retain the Vessel instead of selling the Vessel instead of
                  selling the Vessel under Clause 42.1(c) above (with such option to elect to retain the Vessel to take effect from such date as they may nominate after the Termination Date (regardless of date of the notice)), and in doing so, the Owners
                  shall first obtain the Fair Market Value of the Vessel (after deducting any commissions, taxes and costs which would be likely to be incurred in connection with a sale of the Vessel) and if the Fair Market Value (less such deductions) of
                  the Vessel as at the date of such nomination is less than the Termination Sum as at such date, the Charterers shall immediately pay the difference to the Owners upon the Owners’ demand. If the Fair Market Value of the Vessel (subject to
                  the aforesaid deductions) exceeds the Termination Sum as at such date, the Owners shall within twenty five days (of the date of the notice) pay the difference to the Charterers.

              

      

       

      	–	
              TOTAL LOSS

            

       

      
        	
                43.1 

                

              	
                Throughout the Charter Period, the Charterer shall bear the full risk of any Total Loss of or any other damage to the Vessel howsoever arising. If the Vessel becomes a Total Loss after Delivery, the
                  Charterer shall, subject to Clause 43.2, pay the Termination Sum to the Owners on the Total Loss Payment Date. Upon such receipt by the Owners of the Termination Sum, this Charter shall terminate (without prejudice to any provision of
                  this Charter expressed to survive termination) but until such receipt, the Charterers shall remain liable to make all payments of Charterhire and all other amounts to the Owners under this Charter, notwithstanding that the Vessel has
                  become a Total Loss.

              

      

       

      
        	
                43.2 

                

              	
                Any Total Loss Proceeds unconditionally received by the Owners (or the Owners’ Financiers in accordance with the terms of the relevant loss payable clause) shall be applied in accordance with Clause 64 and
                  shall satisfy the obligation of the Charterers to pay the Termination Sum to the extent received by the Owners or the Owners’ Financiers in accordance with the terms of the relevant loss payable clause). The obligation of the Charterers
                  to pay the Termination Sum shall remain unaffected and exist regardless of whether any of the insurers have agreed or refused to meet or has disputed in good faith, the claim for Total Loss.

              

      

    

  

   

  

  
    
      	

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    	43.3	
            If the Total Loss Proceeds unconditionally received by the Owners or the Owners’ Financiers in accordance with the terms of the relevant loss payable clause) are less than the Termination Sum, the Charterers shall pay such shortfall to the
              Owner on the Total Loss Payment Date.

          

    

    

    	43.4	
            The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the occurrence of a Total Loss.

          

     

    	–	
            FEES AND EXPENSES

          

     

    
      	
              
                44.1 

                

                

              

            	
              The Charterers shall pay to the Owners a non-refundable arrangement fee (the “Arrangement Fee”) in the amount and at the times agreed in the Fee Letter.

            

    

     

    	44.2	
            All costs and expenses including, but not limited to legal costs, expenses and other disbursements incurred by the Owners and each of their legal counsels in relation to preparing, negotiating and executing this Charter and the Leasing
              Documents and/or any Financial Instruments, shall be for the account of the Charterers (regardless of whether the transaction contemplated by the Leasing Documents actually completes).

          

     

    
      	
              44.3 

              

            	
              If:

            

    

     

    	(a)	
            the Charterers request an amendment, waiver or consent;

          

     

    	(b)	
            the Charterers make a request to re-register the Vessel in another Flag State; or

          

     

    	(c)	
            an amendment is required to address the fact that the Screen Rate is not or is likely not to be available for Dollars,

          

     

    the Charterers shall, on demand, reimburse the Owners for the amount of all reasonable and documented costs and expenses (including legal fees) incurred by the Owners in responding to, evaluating,
      negotiating or complying with that request or requirement (including, for the avoidance of doubt, any amounts the Owners have to pay under the terms of the Financial Instruments).

    

    

    
      	
              
                44.4

              

            	
              All documented costs and expenses incurred by the Owners in relation to the acquisition, registration of title of the Vessel in the Owners’ name in the Flag State together with any and all fees (including but
                not limited to any vessel registration and tonnage fees and the Owners’ initial and ongoing registration and maintenance costs if required to be registered as a foreign maritime entity or the appointment of resident agents under the laws of
                the Flag State) payable by the Owners to register, maintain and/or renew such registration, shall be for the account of the Charterers. Without prejudice to the foregoing, if the Flag State requires the Owners to establish a physical
                presence or office in the jurisdiction of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. The Charterers shall
                promptly provide the Owners with evidence of payment of the annual register (including but not limited to the Owners’ being registered as a foreign maritime entity)/tonnage tax amounts payable to the Flag State or any other aforesaid costs,
                expenses and/or taxes when the same fall due.

            

    

     

    	44.5	
            All reasonable and documented costs and expenses (including legal fees) incurred by the Owners in relation to the transfer of title of the Vessel by the Owners to the Charterers and the re-delivery of the Vessel by the Charterers to the
              Owners pursuant to Clause 41 (Termination and Redelivery) shall be for the account of the Charterers.

          

    

    
      
        	

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    	44.6	
            The Charterers shall, on demand, pay to the Owners the amount of all costs and expenses (including legal fees) incurred by the Owners in connection with the enforcement of, or the preservation of any rights under, any Leasing Document,
              including, without limitation, any action brought by the Owners to arrest or recover possession of the Vessel, and with any proceedings instituted by or against the Owners as a consequence of it entering into a Leasing Document or enforcing
              those rights.

          

    

    

    	-	
            NO WAIVER OF RIGHTS

          

     

    	45.1	
            No neglect, delay, act, omission or indulgence on the part of either Party in enforcing the terms and conditions of this Charter or any other Leasing Document (to which they are party to) shall prejudice the strict rights of that Party or
              be construed as a waiver thereof nor shall any single or partial exercise of any right of either party preclude any other or further exercise thereof.

          

     

    	45.2	
            No right or remedy conferred upon either Party by this Charter or any other Leasing Document shall be exclusive of any other right or remedy provided for herein or by law and all such rights and remedies shall be cumulative.

          

    

    

    	-	
            NOTICES

          

     

    Any notice, certificate, demand or other communication to be served, given, made or sent under or in relation to this Charter shall be in English and in writing and (without prejudice to any other
      valid method or giving, making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post or by email to the following respective address:

     

    
      	
              (a)

            	
              to the Owners:

            	
              c/o CMB Financial Leasing Co., Ltd.

            
	 	 	
              21F, China Merchants Bank Building No. 1088 Lujiazui Ring Road Shanghai

            
	 	 	
              China 200120

            
	 	 	

            
	 	 	Attention:	Xiao Yue
	 	 	
              Email:

              

            	xiao_yue@cmbchina.com/

            
	 	 	zyzlsceb@cmbchina.com
	 	 	Tel:	+86-21-61061534
	 	 	

            
	
              (b)

            	
              to the Charterers:

            	
              Patriot Shipping Co.

              c/o Seanergy Management Corp.

              154 Vouliagmenis Avenue,

              16674 Glyfada, Athens, Greece

            
	 	 	Attention:	Mr. Stavros Gyftakis
	 	 	Email: 

            	legal@seanergy.gr and
	 	 	 finance@seanergy.gr

            
	 	 	Tel:

            	+30 210 8913520

    

     

    or, if a party hereto changes its address or email address, to such other address (or email address) as that party may notify to the other.

     

    	–	
            TERMINATION EVENTS

          

     

    
      	
              
                47.1

              

            	
              The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination Event:

            

    

    

    
      
        	

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    	(a)	
            the Charterers or the Guarantor fails to pay or the Owners do not receive on the due date any amount payable pursuant to a Leasing Document, unless such failure to pay is caused by a technical error and payment is made within three (3)
              Business Days of its due date;

          

     

    

    	(b)	
            the Charterers breach or omit to observe or perform or procure the performance of any of the undertakings in Clauses 34.7, 50.1(f), Clause 51, Clause 52, 53.1(b), 53.1(c), 53.1(d), 53.1(g) or 53.1(h);

          

     

    	(c)	
            the Charterers fail to obtain and/or maintain the Insurances required under Clause 39 (Insurance) in accordance with the provisions thereof (or any insurer in respect of such Insurances cancels the
              Insurances or disclaims liability with respect thereto);

          

     

    	(d)	
            any Obligor commits any other breach of, or omits to observe or perform, any of their other obligations or undertakings in any Leasing Document (other than a breach referred to in paragraphs (a) to (c) above) or any Approved Manager that
              is not a member of the Group breaches any provision of, or omits to observe or perform, any of their obligations or undertakings in any Manager’s Undertaking unless such breach or omission is in the reasonable opinion of the Owners,
              remediable and the relevant Obligor or Approved Manager remedies such breach or omission to the satisfaction of the Owners (acting reasonably) within ten (10) Business Days of the earlier of (i) the date of the notice thereof from the Owners
              or (ii) upon the relevant Obligor or Approved Manager becoming aware of the same;

          

     

    	(e)	
            any representation or warranty made by or on behalf of an Obligor, in or pursuant to any Leasing Document to which it is a party, proves to be, in the opinion of the Owners, untrue or misleading when it is made;

          

     

    	(f)	
            any of the following occurs in relation to any Financial Indebtedness of any Obligor:

          

    

    

    	 	(i)	
            any Financial Indebtedness is not paid when due or not paid within any applicable grace period;

          

     

    	 	(ii)	
            any Financial Indebtedness is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described) and following the expiry of any applicable grace period;

          

     

    	 	(iii)	
            any commitment for any Financial Indebtedness is cancelled or suspended by any of its creditors as a result of an event of default (however described) and following the expiry of any applicable grace period;

          

     

    	 	(iv)	
            any of its creditors becomes entitled to declare any Financial Indebtedness due and payable prior to its specified maturity as a result of an event of default (however described) and following the expiry of any applicable grace period; or

          

    

    

    	 	(v)	
            any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of such Obligors or
              member of the Group ceases to be available or becomes capable of being terminated or declared due and payable or cash cover is required or becomes capable of being required, as a result of any termination event or event of default (howsoever
              defined) and following the expiry of any applicable grace period,

          

    

    
      
        	

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    provided that no Termination Event will occur under this paragraph (f) in respect of the Guarantor if the aggregate amount of Financial Indebtedness falling within sub-paragraphs (i) to (v) above is
      less than US$5,000,000 (or its equivalent in any other currency or currencies);

     

    	(g)	
            any of the following occurs in relation to any Obligor:

          

     

    	 	(i)	
            it becomes unable to pay its debts as they fall due;

          

    

    

    	 	(ii)	
            any administrative or other receiver is appointed over all or a substantial part of its assets unless as part of a solvent reorganisation which has been approved in writing by the Owners;

          

    

    

    	 	(iii)	
            it makes any formal declaration of bankruptcy or any formal statement to the effect that it is insolvent or likely to become insolvent or a winding up or administration order is made in relation to it, or its members or directors of pass a
              resolution to the effect that it should be wound up, placed in administration or cease to carry on business or it makes any formal statement to the effect that it is reasonably likely to become insolvent;

          

     

    	 	(iv)	
            a petition is filed in any Relevant Jurisdiction for its winding up or administration, or the appointment of a provisional liquidator over it;

          

     

    	 	(v)	
            it petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of its debt (or certain of its debt) or arrangement with all or a substantial proportion (by number
              or value) of their creditors or of any class of them or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise;

          

     

    	 	(vi)	
            any meeting of its members or directors is summoned to authorise or take any action of a type described in paragraphs (ii), (iii), (iv) or (v) above;

          

    

    

    	 	(vii)	
            in a country other than England and Wales, any event occurs or any procedure is commenced which, in the opinion of the Owners, is similar to any of the foregoing described in paragraphs (ii), (iii), (iv) or (v) above;

          

     

    	 	(viii)	
            any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any of its asset or assets (other than a Total Loss of the Vessel) provided that no Termination Event will occur
              under this sub-paragraph (viii) in respect of the Guarantor unless the relevant event would have or is reasonably likely to have a Material Adverse Effect;

          

     

    	 	(ix)	
            it fails to comply with or pay any sum due from it under any final judgment or any final order made or given by a court or tribunal of competent jurisdiction; or

          

     

    	 	(x)	
            if it suspends or ceases to carry on all or a material part of its business;

          

     

    	(h)	
            any consent, approval, authorisation, license or permit necessary to enable the Charterers to operate or charter the Vessel or to enable any Obligor or any Approved Manager to (i) comply with any provision of a Leasing Document to which it
              is a party or (ii) ensure that the obligations of that Obligor or Approved Manager under such Leasing Document are legal, valid, binding or enforceable, is not granted, expires without being renewed, is revoked or becomes, at the relevant
              time, expressly liable to or otherwise subject to automatic revocation or any condition of such a consent, approval, authorisation, license or permit is not fulfilled or waived within any applicable grace period (resulting in such consent,
              approval, authorisation, licence or permit being, at the relevant time, subject to automatic revocation or expiration);

          

    

    
      
        	

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    	(i)	
            any event or circumstance occurs which has or is reasonably likely to have a Material Adverse Effect;

          

     

    	(j)	
            an Obligor suspends or ceases carrying on its business;

          

     

    	(k)	
            the Security Interest constituted by any Security Document is in any way imperilled or in jeopardy or this Charter or any Leasing Document or any Security Interest created by a Security Document:

          

    

    

    	 	(i)	
            is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and effect for any reason or no longer constitutes valid, binding and enforceable obligations of any party to that document for any reason
              whatsoever; or

          

     

    	 	(ii)	
            is amended or varied without the prior written consent of the Owners, except for any amendment or variation which is expressly permitted by this Charter or any other relevant Leasing Document;

          

     

    	(l)	
            any Obligor or any Approved Manager rescinds, repudiates (or purports to rescind or repudiates or purports to repudiate) a Leasing Document;

          

     

    	(m)	
            it is or has become:

          

     

    	 	(i)	
            unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an existing law is or will be interpreted or applied; or

          

     

    	 	(ii)	
            contrary to, or inconsistent with, any regulation,

          

     

    for any Obligor or Approved Manager to maintain or give effect to any of its obligations under any Leasing Document;

    

    

    	(n)	
            if it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their obligations as contemplated by this Charter or any other Leasing Document to which they are a party;

          

     

    	(o)	
            any Termination Event (as defined in the Other Charter) occurs under the Other Charter;

          

     

    	(p)	
            if as a result of any Sanctions, the Owners or the Owners’ Financiers are prohibited from performing any of their obligations under the Leasing Documents, the Financial Instruments or the transactions contemplated under each of these
              respective documents;

          

     

    	(q)	
            if any Obligor:

          

     

    	 	(i)	
            is or becomes a Prohibited Person;

          

     

    	 	(ii)	
            is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person;

          

     

    	 	(iii)	
            owns or controls a Prohibited Person;

          

    

    	 	(iv)	
            has a Prohibited Person serving as a director, officer or employee;

          

     

    
      
        	

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    	(r)	
            any lease, hire purchase agreement, charter or any other financing arrangement in respect of any Fleet Vessel is terminated, cancelled or repudiated by the relevant lessor or owner or financier as a consequence of any termination event or
              event of default (howsoever defined therein); or

          

     

    	(s)	
            a Change of Control in respect of the Charterers occurs without the prior written consent of the Owners.

          

     

    
      	
              47.2

            	
              Notwithstanding and without prejudice to Clause 33 (Cancellation), upon the occurrence of any Termination Event, the Owners may issue a written notice to the
                Charterers terminating this leasing of the Vessel under this Charter and demanding payment of the Termination Sum (the “Termination Notice”), whereupon the Charterers shall be obliged to pay the
                Termination Sum to the Owners on the date specified by the Owners in their sole discretion in the Termination Notice (the “Termination Date” but which shall be no earlier than the date falling twenty
                (20) Business Days after the date of the Termination Notice).

            

    

     

    
      	
              47.3

            	
              For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event, the Charterers shall remain liable for the outstanding obligations on their part to be performed under
                this Charter including but not limited to all insurance, operational and maintenance covenants until such time as the Vessel is redelivered to the Owners in accordance with Clause 42, or the title is transferred to the Charterers in
                accordance with Clause 41.3 or the Vessel is sold in accordance with Clause 42.

            

    

     

    
      	
              
                47.4

              

            	
              vWithout limiting the generality of the foregoing or any other rights of the Owners, upon the occurrence of a Termination Event, the Charterers agree and acknowledge that the Owners shall have the sole and
                exclusive right and power to (i) settle, compromise, compound, adjust or defend any action, suit or proceeding relating to or pertaining to the Vessel and this Charter, (ii) make proof of loss, appear in and prosecute any action arising
                from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or take any other action in respect of, any such policy or policies and/or
                change or appoint a new manager for the Vessel and the appointment of any originally appointed manager may be terminated immediately without any recourse to the Owners.

            

    

    

    

    
      	
              47.5

            	
              Each Termination Event shall either be a breach of condition by the Charterers where it involves a breach of this Charter or any of the other Leasing Document by the Charterers or shall otherwise be an agreed
                terminating event, the occurrence of which gives rise to a right of the Owners to terminate the leasing of the Vessel under this Charter and to exercise its rights under this clause.

            

    

    

    

    CLAUSE 47A – MANDATORY SALE

     

    If there is a Change of Control of the Guarantor, the Charterers shall immediately notify the Charterers of the same and (unless the Owners otherwise agree in writing) the Charterers shall be
      required to purchase the Vessel from the Owners by the Charterers paying the Termination Sum to the Owners within thirty (30) days from the Change of Control and (upon such payment of the Termination Sum) this Charter shall terminate and title to the
      Vessel shall be transferred in accordance with the procedures set out in Clause 41.3.

    

    
      
        	

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    	–	
            REPRESENTATIONS AND WARRANTIES

          

     

    
      	
              48.1

            	
              The Charterers represent and warrant to the Owners, save as otherwise stated in this Clause, as of the date hereof, and on each day henceforth until the last day of the Charter Period, as follows:

            

    

     

    	(a)	
            each of the Obligors and any Approved Manager which is a member of the Group is duly incorporated and validly existing under the laws of its jurisdiction of incorporation;

          

     

    	(b)	
            each Obligor and any Approved Manager which is a member of the Group has the corporate capacity and has taken all corporate actions to obtain and maintain all consents, approvals, authorisations, licenses or permits necessary or desirable
              for it:

          

     

    	 	(i)	
            to enable it lawfully to enter into, exercise its rights and comply with and perform its obligations under each of the Leasing Documents to which it is a party; and

          

     

    	 	(ii)	
            to make each of the Leasing Documents to which it is a party admissible in evidence in its Relevant Jurisdictions;

          

     

    	(c)	
            all consents, approvals, authorisations, licences or permits referred to in Clause 48(b) remain in full force and effect and nothing has occurred which makes any of them liable to revocation;

          

     

    	(d)	
            each Leasing Document to which an Obligor and any Approved Manager which is a member of the Group, is a party constitutes such Obligor’s and Approved Manager’s legal, valid and binding obligations enforceable against such party (and where
              expressed to be a deed, shall be enforceable as a deed) in accordance with its respective terms;

          

     

    	(e)	
            the entry into and performance by each Obligor and any Approved Manager which is a member of the Group, and the transactions contemplated by, each Leasing Document to which such Obligors and Approved Manager is a party do not and will not
              conflict with:

          

     

    	 	(i)	
            any law or regulation applicable to it (including Anti-Money Laundering Laws, Anti- Bribery and Anti-Corruption Laws, Sanctions or laws relating to anti-trust or collusion and laws relating to human rights violation);

          

     

    	 	(ii)	
            its constitutional documents; and

          

     

    	 	(iii)	
            any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any such agreement or instrument;

          

     

    	(f)	
            the choice of governing law as stated in each Leasing Document and the agreement by the relevant parties thereto to refer disputes to the relevant courts or tribunals as stated in such Leasing Document are valid and binding against such
              parties;

          

     

    	(g)	
            under the laws of the Relevant Jurisdictions of each Obligor and Approved Manager which is a member of the Group it is not necessary for any of the Leasing Documents to which it is a party to be registered, filed, recorded, notarised or
              enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar taxes or fees be paid on or in relation to the Leasing Documents to which it is a party or the transactions contemplated by
              those Leasing Documents except payment of associated fees which registration, filings, taxes and fees will be made and paid promptly after the date of the relevant Leasing Documents to which it is a party;

          

    

    
      
        	

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    	(h)	
            each Security Document to which an Obligor or Approved Manager which is a member of the Group is a party does now or, as the case may be, will upon execution and delivery create, the Security Interests it purports to create over any assets
              to which such Security Interest, by its terms, relates, and such Security Interests will, when created or intended to be created, be valid and effective;

          

     

    	(i)	
            no party has any Security Interest (other than the Permitted Security Interests) or any other interest, right or claim over, in or in relation to the Vessel, this Charter, any moneys payable under any Leasing Document or over any assets
              which are, the subject of the Security Interests created or intended to be created by the Security Documents;

          

     

    	(j)	
            the obligations of each Obligor, under each Leasing Document to which it is a party, are the direct, general and unconditional obligations of such Obligor and rank at least pari passu with all
              other present and future unsecured and unsubordinated creditors of each Obligor save for any obligation which is mandatorily preferred by law and not by virtue of any contract;

          

    

    

    	(k)	
            all payments which an Obligor is liable to make under any Leasing Document to which such Obligor is a party may be made by such party without deduction or withholding for or on account of any tax payable under the laws of their
              jurisdiction of incorporation;

          

     

    	(l)	
            no Obligor has failed to pay all taxes applicable to, or imposed on or in relation to it, its business or if applicable, the Vessel;

          

     

    	(m)	
            no Obligor has breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect;

          

     

    	(n)	
            no Obligor or other member of the Group, nor any of their subsidiaries, directors or officers, affiliates or any employee, has engaged in any activity or conduct which would violate any Anti- Bribery and Anti-Corruption Laws or Anti-Money
              Laundering Laws in any applicable jurisdiction and each Obligor and Group member has instituted and maintained policies and procedures designed to prevent violation of such laws, regulations and rules;

          

     

    	(o)	
            no Obligor or other member of the Group, nor any of their subsidiaries, directors or officers, or to the best of their knowledge affiliates or employees, has taken or will take any action in furtherance of an offer, payment, promise to pay
              or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any government official (which shall include without limitation, any officer or employee of a government or
              government owned or controlled entity or of a public international organisation or any person acting in an official capacity for and on behalf of the foregoing or any political party or party official or candidate for public office) to
              influence official action or secure an improper advantage;

          

     

    	(p)	
            no Environmental Claim has been made or threatened against any Obligor or any other member of the Group;

          

     

    	(q)	
            no Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred;

          

     

    	(r)	
            no Termination Event or Potential Termination Event has occurred or might reasonably be expected to result from the entry into and performance of this Charter or any other Leasing Document and no other event or circumstance is outstanding
              which constitutes a default or a termination event (however described) under any other agreement or instrument which is binding on it or to which its assets are subject;

          

    

    
      
        	

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    	(s)	
            no litigation, arbitration or administrative proceedings or investigations (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) of or before any court, arbitral body or
              agency have been started or threatened against any Obligor which has or is reasonably likely to have a Material Adverse Effect;

          

     

    	(t)	
            the consolidated financial statements delivered pursuant to Clause 49.1(a) are prepared in accordance with GAAP consistently applied and give a true and fair view of (if audited) or fairly represent (if unaudited) the financial condition
              of the Guarantor as at the end of the period to which such financial statements relate;

          

     

    	(u)	
            since the date of the Original Financial Statements or as the case may be, the date of any more recent financial statements delivered pursuant to Clause 49.1(a), there has been no material adverse change in the Guarantor’s or the Group’s
              business, assets or financial condition;

          

     

    	(v)	
            in relation to any information provided by any Obligor for the purposes of this Charter:

          

     

    	 	(i)	
            such information was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated;

          

    

    

    	 	(ii)	
            any financial projections contained in such information have been prepared on the basis of recent historical information and on the basis of reasonable assumptions, and

          

     

    	 	(iii)	
            nothing has occurred or been omitted from any such information and no information has been given or withheld that results in any such information being untrue or misleading;

          

    

    

    	(w)	
            no corporate action, legal proceeding or other procedure or step described in Clause 47.1(g) or circumstances described in Clause 47.1(f) has been taken or exists or, to their knowledge, threatened in relation to an Obligor;

          

     

    	(x)	
            no Obligors, nor any of its assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other
              enforcement);

          

     

    	(y)	
            for the purposes of the Regulation, the centre of main interest (as that term is used in Article 3(1) of the Regulation) of each Obligor is situated in its jurisdiction of incorporation and it has no “establishment” (as that term is used
              in Article 2(10) of the Regulation) in any other jurisdiction;

          

    

    

    	(z)	
            no Obligor is a US Tax Obligor and none of them have established a place of business in the United States of America;

          

     

    
      	
              (aa)

            	
              no Obligor has established a place of business in the United Kingdom;

            

    

     

    	(bb)	
            no Obligor, Approved Manager which is a member of the Group, sub-charterer (to the best of its knowledge) and no member of the Group:

          

     

    	 	(i)	
            is a Prohibited Person;

          

    

  

  
    
      	

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    	 	(ii)	
            is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person;

          

    

    

    	 	(iii)	
            owns or controls a Prohibited Person; or

          

     

    	 	(iv)	
            has a Prohibited Person serving as a director, officer or, to the best of its knowledge, employee;

          

     

    
      	
              (cc)

            	
              no Obligor nor its respective directors, member, officers and any member of the Group nor (to the best of its knowledge) any or any sub-charterer is in breach of applicable Sanctions, has been or is currently
                being investigated on compliance with Sanctions, have received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions, or have taken any action to evade the application of Sanctions; and

            

    

     

    
      	
              (dd)

            	
              any factual information provided by the Charterers (or on their behalf) to the Owners was true and accurate as at the date it was provided or as the date at which such information was stated.

            

    

     

    	–	
            GENERAL INFORMATION UNDERTAKINGS

          

     

    
      	
              49.1

            	
              The Charterers undertake that they shall comply or procure compliance with the following information undertakings commencing from the date hereof and up to the last day of the Charter Period:

            

    

     

    	(a)	
            they will send to the Owners:

          

     

    	 	(i)	
            as soon as possible, but in no event later than ninety (90) days after the end of each financial half year of the Charterers, the unaudited semi-annual management accounts of the Charterers;

          

     

    	 	(ii)	
            as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Charterers, the unaudited annual management accounts of the Charterers;

          

     

    	 	(iii)	
            as soon as possible, but in no event later than ninety (90) days after the end of each financial half year of the Guarantor, the unaudited semi-annual consolidated financial accounts of the Guarantor;

          

     

    	 	(iv)	
            as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Guarantor, the audited annual consolidated financial accounts of the Guarantor;

          

     

    	(b)	
            they will procure that each set of financial statements delivered pursuant to Clause 49.1(a) shall be certified by a duly authorised officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if
              unaudited) its financial condition and operations as at the date as at which those financial statements were drawn up and the financial statements of the Guarantor shall be provided together with a Compliance Certificate signed by an
              authorized signatory of the Guarantor certifying that the financial covenants referred to in Clause 51 have been complied with and setting out all relevant calculations and statements demonstrating compliance with such financial covenants;

          

     

    	(c)	
            they will promptly provide to the Owners, copies of all notices and minutes relating to any of their extraordinary shareholders’ meetings which are despatched to the shareholders or to their creditors or any class thereof and its
              constitutional documents where these have been amended or varied (to the extent not contrary to the other provisions of this Charter);

          

    

    
      
        	

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    	(d)	
            they will provide the Owners promptly upon becoming aware of them, the details of:

          

     

    	 	(i)	
            any litigation, arbitration or administrative proceedings or investigations relating to any alleged or actual breach of any Sanctions or Anti-Money Laundering Laws which are current or pending against any Obligor, Approved Manager,
              sub-charterer or other member of the Group;

          

     

    	 	(ii)	
            any litigation, arbitration or administrative proceedings or investigations relating to any other matters not referred to in paragraph (i) above (including proceedings or investigations relating to any alleged or actual breach of the ISM
              Code or of the ISPS Code) in relation to an Obligor; and

          

     

    	 	(iii)	
            any Termination Event or Potential Termination Event that has occurred (and the steps, if any, being taken to remedy it);

          

     

    	(e)	
            they will, promptly upon a request by the Owners, supply to the Owners a certificate signed by an officer on its behalf certifying that no Termination Event or Potential Termination Event has occurred (or if a Termination Event or
              Potential Termination Event has occurred, specifying the nature of the Potential Termination Event or Termination Event (and the steps, if any, being taken to remedy it);

          

     

    	(f)	
            they will, as soon as practicable upon the request of the Owners, provide the Owners with any additional reasonable financial or other information relating to:

          

     

    	 	(i)	
            themselves, any Obligor and/or the Vessel (including, but not limited to the condition and location of the Vessel, its Earnings and its Insurances);

          

     

    	 	(ii)	
            details of the Vessel’s management and employment status and copies of all accurate, complete and up-to-date records and logs of all voyages made by the Vessel (but not more than once every twelve months);

          

     

    	 	(iii)	
            the Security Interests relating to any Leasing Documents;

          

     

    	 	(iv)	
            compliance of each Obligor and any Approved Manager with the terms of the Leasing Documents;

          

     

    	 	(v)	
            the financial condition, business and operations of the Obligors; or

          

     

    	 	(vi)	
            to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,

          

     

    which may reasonably be requested by the Owners at any time; and

     

    	(g)	
            they shall immediately notify the Owners in writing if any payments which they or any other Obligor, is liable to make under any Leasing Document is subject to deduction or withholding or any other tax whatsoever;

          

    

    
      
        	

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    	–	
            GENERAL UNDERTAKINGS

          

     

    

    
      	
              50.1

            	
              The Charterers undertake that they shall comply or procure compliance with the following general undertakings commencing from the date hereof and up to the last day of the Charter Period:

            

    

     

    	(a)	
            they will, and will procure that each other Obligor and each Approved Manager which is a member of the Group shall, obtain and promptly renew or procure the provision or renewal of and provide copies of, from time to time, any necessary
              consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which any Obligor and each Approved Manager which is a member of the Group is a
              party (including without limitation the sale, chartering and operation of the Vessel);

          

     

    	(b)	
            they will at their own cost, and will procure and each other Obligor and each Approved Manager which is a member of the Group, will:

          

     

    	 	(i)	
            ensure that any Leasing Document to they are a party validly creates the obligations and the Security Interests which such Leasing Document purports to create; and

          

    

    

    	 	(ii)	
            without limiting the generality of paragraph (i), promptly register, file, record or enrol any Leasing Document to which they are a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or
              similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which they are a party, give any notice or take any other step which, is or has become necessary or desirable for any such Leasing Document to be valid,
              enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which such Leasing Document creates;

          

     

    	(c)	
            they will not, and will procure each other Obligor will not, create or permit to subsist any Security Interest over any of its assets which are, the subject of the Security Interests created or intended to be created by the Security
              Documents, unless with the prior written approval of the Owners and save for Permitted Security Interests;

          

     

    	(d)	
            they will not, and will procure each Obligor will not, change the location of its centre of main interest (as that term is used in Article 3(1) of the Regulation) from that stated in relation to it under 48.1(y) and it will create no
              “establishment” (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction;

          

     

    	(e)	
            except with the Owners’ prior written consent, they will not, and will procure each other Obligor will not, make a substantial change to the general nature of their respective businesses from that carried on at the date of this Charter;

          

     

    	(f)	
            except with the Owners’ prior written consent or where expressly permitted under the Leasing Documents, they will not, and will procure that each other Obligors will not, enter into any merger, amalgamation, demerger, solvent
              reorganisation or corporate reconstruction other than an internal group reorganisation under which the (i) the Charterers and Guarantor each survive and (ii) the Charterers remain wholly and directly (or indirectly) wholly owned by the
              Guarantor (and if indirectly owned, any replacement shareholder of the Charterers has entered into Share Security over the shares in the Charterers in a form acceptable to the Owners);

          

     

    	(g)	
            they will not:

          

    

    
      
        	

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    	 	(i)	
            enter into any borrowing except for loans from affiliates which are unsecured and fully subordinated to the Owners in a manner acceptable to the Owners and which are approved by the Owners in writing;

          

     

    	 	(ii)	
            incur any liabilities or obligations to any party except for those reasonably incurred in the ordinary course of operating, chartering, repairing and maintaining the Vessel;

          

     

    	 	(iii)	
            be the creditor in respect of any loan or any form of credit to any person;

          

     

    	 	(iv)	
            give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person in respect of any obligation of any other person or enter into any document under which they assume any liability of any other person other than
              any guarantee or indemnity given under the Leasing Documents;

          

    

    

    	 	(v)	
            enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of the Vessel, its Earnings or its Insurances; and

          

     

    	 	(vi)	
            without prejudice to the above sub-paragraphs (i) to (vi), enter into any transaction (whether with another member of the Group or otherwise) which are, in any respect, less favourable than those which they could obtain an a bargain made
              at arms’ length; and

          

    

    

    	(h)	
            they will not, and shall procure that the Guarantor shall not, following the occurrence of a Termination Event which is continuing or where any of the following would result in the occurrence of a Potential Termination Event or Termination
              Event or suffering a net loss in respect of the preceding financial year:

          

     

    	 	(i)	
            declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its shares (or any class of its shares);

          

     

    	 	(ii)	
            repay or distribute any dividend or share premium reserve;

          

     

    	 	(iii)	
            pay any management, advisory or other fee to or to the order of any of its shareholders; or

          

     

    	 	(iv)	
            redeem, repurchase, defease, retire or repay any of their shares or resolve to do so.

          

     

    	–	
            FINANCIAL COVENANTS

          

     

    
      	
              51.1

            	
              The Charterers undertake that they shall procure that the Guarantor shall comply with the following financial covenants during the Charter Period:

            

    

     

    	(a)	
            On each Testing Date and for the relevant Accounting Period throughout the Charter Period:

          

     

    	 	(i)	
            Cash and Cash Equivalents divided by the number of Fleet Vessels shall not be lower than $500,000; and

          

     

    	 	(ii)	
            the Leverage Ratio shall not be more than 85 per cent.

          

     

    

    
      
        	

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              51.2

            	
              In this Clause 51 (Financial Covenants):

            

    

    

    “Accounting Information” means, (i) the annual audited financial statements of the Guarantor and (ii) the semi-annual unaudited consolidated financial
      statements of the Guarantor as provided to the Owners in accordance with Clause 49.1(a).

     

    “Accounting Period” means:

     

    	 	(i)	
            the financial year of the Guarantor ending 31 December of each calendar year; or

          

     

    	 	(ii)	
            the financial half year of the Guarantor ending 30 June of each calendar year,

          

     

    in respect of which, in each case, the relevant Accounting Information is required to be delivered pursuant to Clause 49.1(a).

    

    

    “Cash and Cash Equivalents” shall be that shown in the balance sheet in the relevant Accounting Information and includes term deposits, restricted cash and
      amounts required by the Group’s lenders and lessors to be held for minimum liquidity purposes.

     

    “Fleet Market Value” means valuations of the Fleet Vessels calculated in accordance with the principles set out in the definition of Fair Market Value but
      using one Approved Valuer.

     

    “Fleet Vessels” means all vessels owned by the Guarantor and its subsidiaries.

     

    “Market Value Adjusted Total Assets” means, as at the date of calculation, the aggregate of the Market Value Adjusted Other Assets and the Total Current
      Assets.

     

    “Market Value Adjusted Other Assets” means, as at the date of calculation, the Fleet Market Value plus the book value (less depreciation and amortization
      computed in accordance with the applicable Accounting Information on a consolidated basis of all non-current assets of the Group (which, without limitation, shall exclude all Fleet Vessels)), as stated in the latest Accounting Information.

     

    “Total Current Assets” means, the aggregate of the cash, term deposits and marketable securities, trade and other receivables from persons (other than persons
      being members of the Group) realisable within 1 year such amount to be determined on a consolidated basis less any discounts, allowances and activated goodwill, in each case as shown in the applicable Accounting Information.

     

    “Net Debt” means, as at the date of calculation, the Total Debt less any cash, term-deposits restricted cash and cash equivalents, in each case as stated in
      the applicable Accounting Information.

     

    “Leverage Ratio” means, as at the date of calculation, the ratio (expressed as a percentage) of Net Debt to Market Value Adjusted Total Assets.

     

    “Testing Date” means 30 June and 31 December of each financial year.

     

    “Total Debt” means, as at the date of calculation, the current portion of long-term debt, net of deferred finance costs and the long-term debt, net of current
      portion and deferred finance costs of the Group as shown in the applicable Accounting Information.

    

    

    
      
        	

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              51.3

            	
              The Charterers shall promptly notify the Owners if the Guarantor agrees to provide any more favourable financial covenants to a creditor than those that are set out in favour of the Owners under Clause 51.1
                above (or to amend existing ones such that they place such creditor in a position which is comparatively more favourable in terms of the financial covenants than the position of the Owners) under any agreements entered into or to be entered
                into in connection with any Financial Indebtedness owed by the Guarantor or a Group member to a creditor. Such more favourable financial covenants shall be deemed as automatically incorporated into this Charter in favour of the Owners from
                the date of the financing agreements entered into in connection with such other Financial Indebtedness (in place of the financial covenants set out in Clause 51.1 or to supplement them, at the option of the Owners) and the Charterers agree
                that they will and shall procure that the Guarantor will promptly enter into such necessary documentation as may be required to amend and supplement (as applicable) this Charter and any applicable Leasing Document so as to record the
                incorporation of such more favourable financial covenants into this Charter and any applicable Leasing Document (as the case may be).

            

    

    

    	–	
            VALUATIONS

          

     

    
      	
              52.1

            	
              The Charterers undertake that they shall comply or procure compliance with the following undertakings commencing from the date hereof and up to the last day of the Charter Period:

            

    

     

    	(a)	
            they shall at their cost:

          

     

    	 	(i)	
            provide to the Owners valuations of the Vessel (to be addressed to the Owners) to enable the Owners to determine the Initial Market Value of the Vessel; and

          

     

    	 	(ii)	
            at least twice per calendar year (on each Testing Date) and at any time after the occurrence of a Potential Termination Event or Termination Event which is continuing if requested by the Owners, provide to the Owners valuations of the
              Vessel (or any other vessel over which additional Security Interests have been created in accordance with Clause 52.1(b)) (to be addressed to the Owners) to enable the Owners to determine the Fair Market Value of the Vessel or such other
              relevant vessel; and

          

     

    	(b)	
            if at any time, the Vessel’s Fair Market Value falls below an amount equivalent to one hundred and twenty per cent (120%) of the Owners’ Costs (the “LTV Breach”, and the said difference between the
              Fair Market Value and one hundred and twenty per cent (120%) of the Owners’ Costs shall be referred to as the “shortfall” for the purposes of this paragraph), the Charterers shall, promptly and in any
              event no later than the date falling thirty (30) days from the date which the valuations relating to the Vessel’s Fair Market Value are received by the Owners and in the Owners’ sole discretion, either:

          

     

    	 	(i)	
            make payment in an amount such as to eliminate the shortfall which payment shall be deemed to be an advance payment of hire and credited against future instalment(s) of Fixed Charterhire (or part thereof) payable in inverse order of
              maturity of payments of Fixed Charterhire; and/or

          

     

    
      	 	
              (ii)

            	
              provide, or ensure that a third party has provided, additional Security Interests which, in the opinion of the Owners has a net realisable value at least equal to the shortfall and is acceptable to the Owners,
                and which is documented in such terms as the Owners may require.

              

            

       

      

      
        
          	

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        	-	
                VESSEL UNDERTAKINGS

              

         

        
          	
                  53.1

                  

                	
                  The Charterers undertake that they shall comply or procure compliance with the following Vessel and Sanctions related undertakings commencing from the date hereof and up to the last day of the Charter
                    Period:

                

        

         

        	(a)	
                they will notify the Owners promptly upon becoming aware:

              

         

        	 	(i)	
                that any Environmental Claim has been made against the Charterers or in connection with the Vessel, or that any Environmental Incident has occurred;

              

        

        

        	 	(ii)	
                of any arrest or detention of the Vessel or any exercise of any lien on that Vessel or its Earnings or any requisition of the Vessel for hire;

              

        

        

        	 	(iii)	
                any modification or alteration of the Vessel of a value in excess of the Major Casualty amount;

              

         

        	 	(iv)	
                any casualty or occurrence as a result of which the Vessel has become or is, by the passing of time or otherwise, likely to become, a Major Casualty;

              

         

        	 	(v)	
                that a Total Loss has occurred; and

              

         

        	 	(vi)	
                any violation of Sanctions in relation to the Vessel,

              

         

        and will keep the Owners fully up-to-date with all developments;

         

        	(b)	
                they will comply, and will procure that each other Obligor and each other member of the Group and (on a best efforts basis) any sub-charterer will comply, with all Sanctions and all laws and regulations relating to them, the Vessel and
                  its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code (including the maintenance of an ISSC), all Environmental Laws, all Anti-Money Laundering Laws, Anti-Bribery and
                  Anti-Corruption Laws and the laws of the Vessel’s registry, and in particular, they shall effect and maintain a sanctions compliance policy which, inter alia, implements the recommendations of the Sanctions Advisory, to ensure compliance
                  with all such laws and regulations implemented from time to time, including, without limitation they will, and will procure that each other Obligors, each other member of the Group and each sub-charterer will:

              

         

        	 	(i)	
                conduct their activities in a manner consistent with US and UN sanctions, as applicable;

              

         

        	 	(ii)	
                have sufficient resources in place to ensure execution of and compliance with their own sanctions policies by their personnel, e.g., direct hires, contractors, and staff;

              

         

        	 	(iii)	
                ensure subsidiaries and affiliates comply with the relevant policies, as applicable;

              

        

        

        	 	(iv)	
                have relevant controls in place to monitor automatic identification system (AIS) transponders;

              

         

        	 	(v)	
                have controls in place to screen and assess onboarding or offloading cargo in areas they determine to present a high risk;

              

         

        	 	(vi)	
                have controls to assess authenticity of bills of lading, as necessary; and

              

        

        	 	(vii)	
                have controls in place consistent with the Sanctions Advisory,

              

         

        
          
            	

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        	(c)	
                without limiting Clause 53.1(b), they will procure that:

              

         

        	

              	(i)	
                the Vessel shall not be constructed, operated, employed, managed, used by or for the benefit of a Prohibited Person;

              

         

        	

              	(ii)	
                the Vessel shall not be employed in trading with any Prohibited Person or in any manner contrary to Sanctions;

              

         

        	

              	(iii)	
                notwithstanding any other provision of this paragraph (c), the Vessel shall not be permitted to call at any port in any Prohibited Country or any area or country where trading in such area or country would constitute or would be
                  reasonably expected to constitute a breach of Sanctions;

              

         

        	

              	(iv)	
                the Vessel shall not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances or in any manner which would result or would reasonably be expected to result
                  in any Obligor or the Owners becoming a Prohibited Person; and

              

         

        	

              	(v)	
                that each charterparty in respect of the Vessel shall contain, for the benefit of the Owners, language which gives effect to the provisions of Clause 53.1(c) as regards Sanctions and of this Clause and which permits refusal of
                  employment or voyage orders if compliance would result in a breach of Sanctions and which prohibits trading to any Prohibited Country;

              

         

        	(d)	
                they will, promptly notify the Owners and provide all information which may be relevant for the purposes of ascertaining whether the Obligors, the Approved Manager and any sub- charterer are in compliance with all laws and regulations
                  and Sanctions applicable to and/or binding on them, and in particular, they shall notify the Owners in writing promptly upon being aware that any of the Charterers’ shareholders, directors, officers or employees is a Prohibited Person or
                  has otherwise become a target of any Sanctions;

              

        

        

        	(e)	
                save with the Owners’ prior consent in writing, they shall not agree or enter into, and shall procure that each Approved Manager does not agree or enter into, any transaction, arrangement, document or do or omit to do anything which
                  will have the effect of varying, amending, supplementing or waiving any term of the relevant Management Agreement which would result in an annual increase of the management fee to more than ten per cent. (10%) of the management fee
                  payable under the relevant Management Agreement as at the date of this Charter;

              

         

        	(f)	
                they shall not:

              

         

        	

              	(i)	
                change or appoint a manager of the Vessel other than an Approved Manager and provided that any such Approved Manager has (prior to accepting its appointment) entered into a Manager’s Undertaking in such form as may be acceptable to the
                  Owners; or

              

         

        	

              	(ii)	
                terminate or otherwise assign or transfer any Management Agreement unless with the prior approval in writing by the Owners such approval not to be unreasonably withheld or delayed;

              

        

        
          
            	

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        	(g)	
                with effect from and following Delivery, ensure that the Vessel will be registered in the Flag State under the name of the Owners;

              

         

        	(h)	
                the Vessel shall be classed with an Approved Classification Society upon Delivery at the highest classification available for vessels of its type and be free of all overdue conditions (unless special dispensation is obtained from class
                  and insurers), and maintain such class during the Charter Period;

              

        

        

        	(i)	
                unless with the Owners’ prior written consent they shall not deactivate or lay up the Vessel;

              

         

        	(j)	
                save for the installation of scrubbers (which, once installed shall form part of the Vessel and shall not be removed at redelivery) they shall not make any structural change to the Vessel without the prior written consent of the Owners
                  other than a structural change that is mandatorily required by any applicable law and regulation and the Charterers shall provide the Owners with at least fifteen (15) days prior written notice of the commencement of any such alterations
                  (as well as notification of such alterations being completed promptly after such completion) and shall provide the Owners with all information (including without limitation, any plans for the proposed modifications, repairs, replacement,
                  installation or alteration, valuation reports and confirmation of class from the Approved Classification Society) as the Owners may reasonably require for the purposes of determining their approval together with evidence that the
                  Obligatory Insurances have been appropriately updated, and shall indemnify the Owners against all costs and expenses incurred by the Owners in connection with all such proposed modifications, repairs, replacement, installation or
                  alteration of the Vessel and if such modification, repair or replacement or installation is approved or satisfies the requirements of this Clause, once effected, shall form part of the Vessel and shall not (unless requested by Owners) be
                  removed at any redelivery;

              

         

        	(k)	
                they will procure that each Approved Manager shall, upon the request of the Owners at the expense of the Charterers, furnish the Owners with an inspection report setting out such matters relating to the condition of the Vessel as the
                  Owners may require on an annual basis and if a Potential Termination Event or Termination Event occurs, at such other frequency as the Owners may otherwise require;

              

         

        	(l)	
                subject to the other terms of this Charter, the Charterers may freely sub-charter the Vessel save that the Owners’ prior written consent shall be required:

              

         

        	

              	(i)	
                to any sub-bareboat or demise charter of the Vessel;

              

         

        	

              	(ii)	
                to any Assignable Sub-Charter; and

              

        

        

        	

              	(iii)	
                to any employment of the Vessel which does not permit a transfer of the registered ownership of the Vessel without the consent of the applicable sub-charterer;

              

         

        	(m)	
                they shall procure that:

              

         

        	

              	(i)	
                all Earnings in connection with the Vessel are paid into the Operating Account;

              

         

        	

              	(ii)	
                at all times during the Charter Period the Operating Account has a minimum credit balance of at least US$550,000; and

              

         

        	

              	(iii)	
                the Owners are given any information and access relating to the Operating Account that they may require; and

              

        

        
          
            	

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        	(n)	
                they shall, upon the request of the Owners and at the cost of the Charterers, on or before 31st July in each calendar year commencing from 1 January 2022, supply or procure the supply to the Owners all information necessary in order
                  for the Owners to comply with its or any Owners’ Financiers’ obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and
                  reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance relating to the Vessel for the preceding calendar year and, for the avoidance of doubt, such information shall be “Confidential Information” for the
                  purposes of Clause 63 but the Charterers acknowledge that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the Owners’ and/or Owners’ Financiers’ portfolio climate
                  alignment.

              

         

        	–	
                INSPECTION OF VESSEL

              

         

        
          	
                  54.1

                	
                  Without prejudice to Clause 54.2 below, the Owners shall be entitled to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey on their behalf:

                

        

        

        

        	(a)	
                to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and maintained;

              

         

        	(b)	
                in dry-dock if the Charterers have not dry-docked the Vessel in accordance with Clause 10(g) (Periodical Dry-docking);

              

         

        	(c)	
                as may be required for classification purposes; and

              

         

        	(d)	
                for any other commercial reason they consider necessary,

              

         

        and in doing so, the Charterers shall afford the Owners or their authorised surveyor with all proper facilities in relation to such inspection or survey.

         

        
          	
                  54.2

                	
                  The Owners shall be entitled to exercise its rights of inspection or survey as described under Clause 54.1 (Inspection of Vessel) once a year (subject to provision
                    of prior notice) without interference to the operation and trading of the Vessel save that upon the occurrence of a Termination Event or Potential Termination Event, the Owners shall have the right to inspect or survey the Vessel at any
                    time (and for the avoidance of doubt, more than once a year).

                

        

         

        
          	
                  54.3

                	
                  The costs and fees for any inspection and survey permitted under this Clause shall be paid by the Charterers.

                

        

         

        
          	
                  54.4

                	
                  All time used in respect of inspection, survey or repairs pursuant to this Clause shall be for the Charterers’ account and form part of the Charter Period.

                

        

         

        
          	
                  54.5

                	
                  The Charterers shall also permit the Owners to inspect the Vessel’s log books or survey reports whenever requested and shall whenever required by the Owners furnish them with full information regarding
                    any casualties or other accidents or material damage to the Vessel.

                

        

         

        	–	
                PURCHASE OPTION

              

         

        
          	
                  55.1

                	
                  The Charterers shall have the option (the “Purchase Option”) to purchase the Vessel on any Purchase Option Date (as hereinafter defined) specified in the Purchase
                    Option Notice (as hereinafter defined) at the applicable Purchase Option Price, subject to the other terms of this Clause 55 (Purchase Option).

                

        

        

        
          
            
              	

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                  55.2

                	
                  The Purchase Option shall be exercisable only (unless otherwise agreed by the Owners):

                

        

         

        	(a)	
                upon the Charterers providing not less than forty five (45) days’ written notice (the “Purchase Option Notice”) to purchase the Vessel on a date specified therein (the “Purchase Option Date”) which Purchase Option Date shall, subject to Clause 60.1, fall on any anniversary of the Commencement Date on or after the second (2nd) anniversary of the Commencement Date or on the last day of the Charter Period (as the case may be) unless the Purchase Option Notice is served pursuant to a proposed Transfer by the Owners, in which case the Purchase
                  Option Notice must be served by the Charterers within the time provided under Clause 62.4 (but regardless of whether this falls on or after the second (2nd)
                  anniversary of the Commencement Date) and the Purchase Option Date specified in such Purchase Option Notice may fall on any Business Day being not less than thirty (30) days after the date of the relevant Purchase Option Notice; and

              

         

        	(b)	
                in the absence of the occurrence of a Termination Event that is continuing on or prior to either the date of the Purchase Option Notice or the Purchase Option Date.

              

         

        
          	
                  55.3

                	
                  The Purchase Option Notice shall each be signed by a duly authorised officer or attorney of the Charterers and, once delivered to the Owners, will in each case be irrevocable and the Charterers shall be
                    bound to pay to the Owners the Purchase Option Price on the Purchase Option Date.

                

        

         

        
          	
                  55.4

                	
                  The sale of the Vessel pursuant to the Charterers’ exercise of the Purchase Option shall be conducted in accordance with Clause 56 (Sale of the Vessel).

                

        

         

        	–	
                SALE OF THE VESSEL

              

         

        
          	
                  56.1

                	
                  The sale of the legal and beneficial interest and title in the Vessel pursuant to the Charterers’ exercise of, as the case may be, the Charterers’ Purchase Option under Clause 55 (Purchase Option) or pursuant to Clause 41.3 shall be on an “as is where is” and subject to the following terms and conditions:

                

        

         

        	(a)	
                no condition, warranty or representation of any kind is or has been given by or on behalf of the Owners in respect of the Vessel or any part thereof, and accordingly the Charterers hereby confirm that they have not, in entering into
                  this Charter, relied on any condition, warranty or representation by the Owners or any person on the Owners’ behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including, without
                  limitation, warranties or representations as to the description, suitability, quality, merchantability, fitness for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the
                  Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the Owners is hereby irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law, and the
                  Charterers hereby also waive any rights which they may have in tort in respect of any of the matters referred to above and irrevocably agree that the Owners shall have no greater liability in tort in respect of any such matter than they
                  would have in contract after taking account of all of the foregoing exclusions. No third party making any representation or warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party
                  authority to bind the Owners thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or waive any rights or warranties or other claims relating thereto which the Charterers (or their
                  nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third party;

              

         

        

        
          
            	

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        	(b)	
                the Vessel shall be free from all registered mortgages, liens, encumbrances, claims and debts whatsoever incurred by the Owners (save for those liens, encumbrances and debts arising out of or in connection with this Charter or the
                  Leasing Documents);

              

         

        	(c)	
                the Purchase Option Price or Termination Sum (as applicable) shall be paid by (or on behalf of) the Charterers to the Owners together with (without double counting) unpaid amounts of Charterhire, Breakfunding Costs (if applicable),
                  default interest accruing under Clause 37.5 (if applicable), fees, expenses and any other moneys then owing by or accrued or due from the Charterers under this Charter; and

              

         

        	(d)	
                concurrently with the Owners receiving irrevocable payment of the Purchase Option Price or the Termination Sum (as applicable) and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners
                  shall (save in the event of Total Loss) (at Charterers’ cost) transfer the legal and beneficial ownership of the Vessel on an “as is where is” basis to the Charterers or their nominees and shall (at Charterers’ cost) execute a bill of
                  sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel, as well as procure the relevant ship registry to issue a certificate of title or any other
                  evidence provided in accordance with the practice of such registry showing that the Vessel shall be free from any registered mortgages in favour of the Owners, to the Charterers and the relevant ship registry of the Vessel under the
                  Charterers’ flag of choice (and to the extent required for such purposes, the Vessel shall be deemed first to have been redelivered to the Owners). Any fees (including legal fees), costs or disbursements incurred by the Owners in
                  connection with the Charterers’ exercise of the Purchase Option or transfer of the Vessel following payment of the Termination Sum shall be indemnified or reimbursed by the Charterers to the Owners upon the Owners’ demand on or prior to
                  the Purchase Option Date or date of payment of the Termination Sum (as applicable).

              

        

        

        	–	
                INDEMNITIES

              

         

        
          	
                  57.1

                	
                  The Charterers shall pay such amounts to the Owners, on the Owners’ demand, in respect of all claims, expenses, liabilities, losses, taxes, fees (including but not limited to any vessel registration and
                    tonnage fees) suffered or incurred by or imposed on the Owners arising from this Charter and any Leasing Document, whether prior to, during or after termination of the leasing of this Charter, including without limitation:

                

        

         

        	(a)	
                as a result of incorporating the Owners in the relevant jurisdiction selected by the Charterers or required for the purpose of flying the flag of the Vessel in a particular jurisdiction;

              

         

        	(b)	
                in connection with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership or operation of the Vessel (including but not limited to any social security
                  contributions), or the financing or re-financing in relation to the Vessel obtained from the Owners’ Financiers;

              

         

        	(c)	
                in connection with the prevention or release of liens or detention of or requisition, use, operation, redelivery, sale or disposal of the Vessel (or any part of it) and/or whether prior to, during or after termination;

              

         

        	(d)	
                in connection with or following the occurrence of a Termination Event or Potential Termination Event (including without limitation, by reason thereof in re-taking possession or otherwise in acquiring the Vessel pursuant to Clause
                  38.3).

              

        

        
          
            	

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        Without prejudice to its generality, this Clause covers any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any law relating to safety at sea,
          the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law or any Sanctions.

         

        
          	
                  57.2

                	
                  The Charterers hereby irrevocably agree to indemnify and hold harmless the Owners against all consequences or liabilities arising from the master, officers or agents signing bills of lading or other
                    documents and any claim, expense, liability or loss incurred by the Owners in liquidating or employing deposits from the Owners’ Financiers or third parties to fund the acquisition of the Vessel pursuant to the MOA.

                

        

         

        
          	
                  57.3

                	
                  Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33 (Cancellation)) and without prejudice to any right to damages or
                    other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and effect notwithstanding any breach of the
                    terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners.

                

        

        

        

        
          	
                  57.4

                	
                  All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction) against any Obligors shall be fully subordinated to the rights of the Owners under the
                    Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any rights which it may have (whether in respect of this Charter or any other transaction) by reason of
                    performance by it of its obligations under any Leasing Document or by reason of any amount becoming payable, or liability arising, under this Clause:

                

        

         

        	(a)	
                to be indemnified by any Obligor;

              

         

        	(b)	
                to claim any contribution from any third party providing security for, or any other guarantor of, any Obligor under any Leasing Document;

              

         

        	(c)	
                to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of any Obligor under any Leasing Document or of any other guarantee or security taken pursuant to, or in connection with, any
                  Leasing Document by any Obligors;

              

         

        	(d)	
                to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of any Leasing Document;

              

         

        	(e)	
                to exercise any right of set-off against any Obligor; and/or

              

         

        	(f)	
                to claim or prove as a creditor of any Obligor,

              

         

        and if the Charterers receive any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts
          which may be or become payable to the Owners by any Obligor or in connection with any Leasing Document to be repaid in full on trust for the Owners and shall promptly pay or transfer the same to the Owners.

         

        	–	
                NO SET-OFF OR TAX DEDUCTION

              

         

        
          	
                  58.1

                	
                  All Charterhire and any payment made from the Charterers to enable the Owners to pay all amounts under a Leasing Document shall be paid punctually and:

                

        

        

        
          
            	

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        	(a)	
                without any form of set-off, cross claim, condition or counterclaim;

              

         

        	(b)	
                free and clear of any tax deduction or withholding unless required by law; and

              

         

        	(c)	
                net of any bank charges or bank fees.

              

         

        
          	
                  58.2

                	
                  Without prejudice to Clause 58.1, if the Owners are required by law to make a tax deduction from any payment:

                

        

         

        	(a)	
                the Owners shall notify the Charterers as soon as they become aware of the requirement; and

              

         

        	(b)	
                the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Owners receive and retain (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is
                  equal to the full amount which they would otherwise have received.

              

         

        
          	
                  58.3

                	
                  The Charterers shall (within three (3) Business Days of demand by Owners) pay to the Owners an amount equal to any documented loss, liability or cost which the Owners (acting reasonably) determine will be
                    or has been (directly or indirectly) suffered for or on account of tax by the Owners in respect of a Leasing Document.

                

        

         

        
          	
                  58.4

                	
                  Clause 58.3 shall not apply:

                

        

         

        	(a)	
                with respect to any tax assessed on the Owners under the law of the jurisdiction in which the Owners are incorporated or, if different, the jurisdiction (or jurisdictions) in which the Owners are treated as resident for tax purposes if
                  that tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by the Owners; or

              

         

        	(b)	
                to the extent a loss, liability or cost is compensated for by an increased payment under Clause 58.2.

              

         

        
          	
                  58.5

                	
                  Notwithstanding any other provision to this Charter, if any deduction or withholding or other tax is or will be required to be made by the Charterers or the Owners in respect of a payment to the Owners as
                    a result of the Owners being incorporated in a particular jurisdiction, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such
                    transfer shall be for the account of the Charterers.

                

        

         

        	–	
                INCREASED COSTS

              

        

        

        
          	
                  59.1

                	
                  This Clause 59 applies if the Owners notify the Charterers that they consider that as a result of:

                

        

         

        	(a)	
                the introduction or alteration after the date of this Charter of a law or an alteration after the date of this Charter in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to
                  payments under this Charter of a tax on the Owners’ overall net income); or

              

         

        	(b)	
                complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Owners allocates capital resources to their obligations under this Charter) which is
                  introduced, or altered, or the interpretation or application of which is altered, after the date of this Charter, the Owners (or a parent company of them) has incurred or will incur an “increased cost”.

              

         

        

        
          
            
              
                	

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                    59.2

                  	
                    In this Clause 59, “increased cost” means, in relation to the Owners:

                  

          

           

          	(a)	
                  an additional or increased cost incurred as a result of, or in connection with, the Owners or the Owners’ parent company having entered into, or being a party to, this Charter, or funding the acquisition of the Vessel pursuant to the
                    MOA or performing their obligations under this Charter (including as a result of, or in connection with, incorporating itself in a particular jurisdiction as requested by the Charterers or in order to fly a particular flag in respect of
                    the Vessel);

                

          

          

          	(b)	
                  an additional or increased cost of funding or financing the acquisition of the Vessel pursuant to the MOA; or

                

           

          	(c)	
                  a liability to make a payment or a return forgone, which is calculated by reference to any amounts received or receivable by the Owners under this Charter,

                

           

          and for the purposes of this Clause, the Owners may in good faith allocate or spread costs an/or losses among their assets and liabilities (or any class of their assets and liabilities) on such
            basis as they consider appropriate.

           

          
            	
                    59.3

                  	
                    Subject to the terms of Clause 59.1, the Charterers shall pay to the Owners, upon receipt of the Owners’ demand and any evidence thereto (where available to the Owners), the amounts which the Owners
                      from time to time notify the Charterers to be necessary to compensate the Owners for the increased cost.

                  

          

           

          	–	
                  MISCELLANEOUS

                

           

          
            	
                    60.1

                  	
                    Unless otherwise expressly stated to the contrary in this Charter, any payment which is due to be made on a day which is not a Business Day shall be made on the preceding Business Day instead.

                  

          

          

          

          
            	
                    60.2

                  	
                    If, at any time, any provision of any Leasing Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability
                      of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

                  

          

           

          
            	
                    60.3

                  	
                    The Charterers waive any rights of sovereign immunity which they or any of their properties may enjoy in any jurisdiction and subjects itself to civil and commercial law with respect to their
                      obligations under this Charter.

                  

          

           

          
            	
                    60.4

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

                  

          

           

          
            	
                    60.5

                  	
                    This Charter and each other Leasing Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Charter or
                      that Leasing Document, as the case may be.

                  

          

          

          
            
              	

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          	–	
                  FATCA

                

           

          
            	
                    61.1

                  	
                    Defined terms

                  

          

           

          For the purposes of this Clause 61, the following terms shall have the following meanings:

           

          

          “Code” means the United States Internal Revenue Code of 1986, as amended.

           

          

          “FATCA” means:

           

          	 	(a)	
                  sections 1471 to 1474 of the Code or any associated regulations;

                

           

          	 	(b)	
                  any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred
                    to in paragraph (a) above; or

                

           

          	 	(c)	
                  any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the IRS, the US government or any governmental or taxation authority in any other jurisdiction.

                

           

          “FATCA Deduction” means a deduction or withholding from a payment under this Charter or the Leasing Documents required by or under FATCA.

           

          “FATCA Exempt Party” means a Relevant Party that is entitled under FATCA to receive payments free from any FATCA Deduction.

           

          “FATCA Non-Exempt Party” means any Relevant Party who is not a FATCA Exempt Party.

           

          “IRS” means the United States Internal Revenue Service or any successor taxing authority or agency of the United States government.

           

          “Relevant Party” means any of the parties to this Charter and the Leasing Documents.

           

          
            	
                    61.2

                  	
                    FATCA Information

                  

          

            

          

          	(a)	
                  Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter within ten (10) Business Days of a reasonable request by another Relevant Party:

                

          

          

          	 	(i)	
                  confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

                

           

          	 	(ii)	
                  supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms (including IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other
                    information relating to its status under FATCA (including its applicable “pass thru percentage” or other information required under FATCA or other official guidance including intergovernmental agreements) as the requesting party
                    reasonably requests for the purpose of the requesting party’s compliance with FATCA.

                

           

          	(b)	
                  If a Relevant Party confirms to any other Relevant Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 to showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to
                    be a FATCA Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so notify all other Relevant Parties or provide the relevant revised form, as applicable, reasonably promptly.

                

          

          
            
              	

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          	(c)	
                  Nothing in this Clause shall oblige any Relevant Party to do anything which would or, in its reasonable opinion, might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of
                    confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that nothing in this paragraph shall excuse any Relevant Party from providing a true,
                    complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential
                    information of such party for purposes of this paragraph.

                

           

          	(d)	
                  If a Relevant Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:

                

          

          

          	 	(i)	
                  if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and

                

           

          	 	(ii)	
                  if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is
                    100%,

                

           

          until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant facts.

           

          
            	
                    61.3

                  	
                    FATCA Deduction and gross-up by Relevant Party.

                  

          

           

          	(a)	
                  If the representation made by the Charterers under 48.1(z) proves to be untrue or misleading such that the Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA Deduction and any payment required in
                    connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.

                

           

          	(b)	
                  If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment due from them to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which
                    would have been due if no FATCA Deduction had been required.

                

           

          	(c)	
                  The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there is any change in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers
                    making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers shall deliver to the Owners evidence reasonably satisfactory to the Owners that the FATCA Deduction has been made or (as
                    applicable) any appropriate payment paid to the relevant governmental or taxation authority.

                

          

          

          
            	
                    61.4

                  	
                    FATCA Deduction by Owners.

                  

          

           

          The Owners may make any FATCA Deduction they are required by FATCA to make, and any payment required in connection with that FATCA Deduction, and the Owners shall not be required to increase any payment in respect
            of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction.

          

          
            
              	

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                    61.5

                  	
                    FATCA Mitigation.

                  

          

           

          Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will be required to be made by any party under Clause 61.4 in respect of a payment to the Owners as a result of
            the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such transfer shall be for the account of
            the Charterers.

           

          	–	
                  ASSIGNMENT, TRANSFER AND REFINANCING

                

           

          
            	
                    62.1

                  	
                    The Charterers shall not assign or transfer (whether by novation or otherwise) their rights and/or obligations under this Charter or any other Leasing Document without the prior written consent of the
                      Owners.

                  

          

           

          
            	
                    62.2

                  	
                    The Charterers acknowledge that, at any time during the Charter Period:

                  

          

           

          	(a)	
                  the Owners (at their own cost) are entitled to enter into certain funding arrangements with the Owners’ Financiers in order to refinance the Financing Amount (or part thereof), which funding arrangements may be secured, inter alia, by the relevant Financial Instruments;

                

           

          	(b)	
                  the Owners may do any of the following as security for the funding arrangements referred to in paragraph (a) above, in each case without consent of the Charterers (but after giving Charterers at least five (5) days prior written
                    notice):

                

           

          	 	(i)	
                  execute a ship mortgage over the Vessel or any other Financial Instrument in favour of the Owners’ Financiers (provided that the Owners shall use reasonable endeavours to procure that the Owners’ Financiers enter into a quiet
                    enjoyment letter on terms acceptable to the owners’ Financiers, Charterer and Owners);

                

          

          

          	 	(ii)	
                  assign their rights and interests to, in or in connection with this Charter and/or any other Leasing Document in favour of the Owners’ Financiers;

                

           

          	 	(iii)	
                  assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition Compensation of the Vessel in favour of the Owners’ Financiers; and

                

          

          	 	(iv)	
                  enter into any other document or arrangement which is necessary to give effect to such financing arrangements.

                

           

          
            	
                    62.3

                  	
                    The Charterers undertake to comply, and provide such information and documents reasonably required to enable the Owners to comply, with all such instructions or directions in regard to the employment,
                      insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be directed from time to time during the currency of this Charter by the Owners’ Financiers in conformity with any
                      Financial Instrument provided always that the same are no more onerous than set out under the Leasing Documents. The Charterers further agree and acknowledge for themselves all relevant terms, conditions and provisions of each
                      Financial Instrument (if any) and agree to acknowledge this in writing in any form that may be reasonably required by the Owners’ Financiers. The Charterers further agree to enter into any required acknowledgements of assignments and
                      other customary documents as may be required in connection with the Financing Documents.

                  

          

          

          
            
              
                	

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                    62.4

                  	
                    The Owners may procure a:

                  

          

           

          	(a)	
                  change in the registered ownership of the Vessel; and/or

                

           

          	(b)	
                  assign or transfer by novation of any of its rights and obligations under any of the Leasing Documents (other than pursuant to Clause 62.2),

                

           

          (any such event described in (a) and (b) above being a “Transfer”) to any affiliate or to another financial institution, trust, fund, leasing company or
            other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in shipping loans, securities or other financial assets without the consent of the Charterers, provided that (other than in respect of
            a Transfer to an affiliate) the Owners shall give the Charterers at least 30 days prior written notice of their intention to effect a Transfer (a “Transfer Notice”). Within five (5) Business Days of the
            Owners serving a Transfer Notice on the Charterers, the Charterers may elect to serve a Purchase Option Notice on the Owners in accordance with Clause 55.2, following which the Charterers shall purchase the Vessel in accordance with the
            applicable terms of this Charter and the Owners shall not proceed with the relevant proposed Transfer (unless the Charterers fail to complete the purchase on the relevant Purchase Option Date in which case the Owners shall be free to effect
            such Transfer without reference to the Charterers and shall not be obliged to serve Transfer Notices for any future proposed Transfers). If the Charterers do not serve a Purchase Option Notice within the aforementioned five (5) Business Day
            period, then the Owners may proceed with the Transfer.

           

          
            	
                    62.5

                  	
                    Any Transfer shall not in any manner whatsoever disturb or interfere with the Charterers’ lawful use, possession and quiet enjoyment of the Vessel during the Charter Period. The Charterers shall be
                      liable to the applicable new owner of the Vessel for its performance of all obligations under this Charter (as novated) after any such Transfer and the Charterers shall procure that any party to a Leasing Document:

                  

          

           

          	 	(i)	
                  becomes liable to the new of owner of the Vessel for its performance of all obligations pursuant to such Leasing Document; and

                

          

          

          	 	(ii)	
                  enters into all necessary documents or takes any necessary actions required for such Leasing Document and any Security Interest created thereunder remaining in full force and effect (or to be novated and/or re-executed) as from the
                    completion of the relevant Transfer.

                

          

          

          
            	
                    62.6

                  	
                    The Charterers agree and undertake to enter into any such usual documents and provide all necessary assistance as the Owners shall require to complete or perfect the any Transfer made pursuant to this
                      Clause 62 (Assignment, Transfer and Re-financing).

                  

          

           

          	–	
                  CONFIDENTIALITY

                

           

          The Parties agree to keep the terms and conditions of this Charter and any other Leasing Document (the “Confidential Information”) strictly confidential,
            provided that a Party may disclose Confidential Information in the following cases:

           

          	(a)	
                  it is already known to the public or becomes available to the public other than through the act or omission of the disclosing Party;

                

        

         

        

        
          
            	

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          	(b)	
                  it is required to be disclosed under the applicable laws of any Relevant Jurisdiction or by a governmental order, any stock exchange and/or securities and exchange commission laws and regulations including but not limited to the US
                    SEC Rule or the Nasdaq Rules, decree, regulation or rule;

                

           

          	(c)	
                  in filings with a court or arbitral body in proceedings in which the Confidential Information is relevant and in discovery arising out of such proceedings;

                

           

          	(d)	
                  to any other party to a Leasing Document;

                

           

          	(e)	
                  to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Leasing Document (as permitted by the terms thereof);

                

           

          	(f)	
                  to any of the following persons (on a need to know basis):

                

           

          
            
              	 	
                      (i)

                    	
                      a shareholder or an Affiliate of either Party or a party referred to in paragraph (d);

                    

            

          

          

          

          	

                	(ii)	
                  its board of directors, employees, its shareholders, auditors, third party managers, external counsels or accountants;

                

           

          	

                	(iii)	
                  professional advisers retained by a disclosing party;

                

           

          	

                	(iv)	
                  any rating agencies;

                

           

          	

                	(v)	
                  the Approved Classification Society;

                

           

          	

                	(vi)	
                  the ship registry of the Flag State; and

                

           

          	

                	(vii)	
                  in the case of the disclosing party being the Owners, persons advising on, providing or considering the provision of financing to the Owners or an Affiliate of the Owners,

                

          

          

          provided that the disclosing party shall exercise due diligence to ensure that no such person shall disclose Confidential Information to any other party save for circumstances arising which are
            similar to those described under this Clause or such other circumstances as may be permitted by all Parties;

           

          	(g)	
                  to any person which is a classification society or other entity which the Owners or the Owners’ Financiers have engaged to make the calculations necessary to enable the Owners and/or the Owners’ Financiers to comply with their
                    reporting obligations under the Poseidon Principles; or

                

           

          	(h)	
                  with the prior written consent of all Parties and if required by any Party, subject to a corresponding confidentiality undertaking obtained from the party to whom the Confidential Information is disclosed to.

                

           

          	–	
                  GENERAL APPLICATION OF PROCEEDS

                

           

          
            	
                    64.1

                  	
                    Any Net Trading Proceeds, Net Sales Proceeds, Total Loss Proceeds, any proceeds realised by the Owners in connection with the enforcement of the Security Documents (unless otherwise specified in the
                      Security Documents) and any proceeds received by the Owners from the Other Owner (as trustee for the Owners) shall be applied in the following order of application against amounts payable under the Leasing Documents:

                  

             

            

          

          
            
              	

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          	(a)	
                  firstly, in or towards any amounts outstanding under the Leasing Documents other than the Termination Sum (including but not limited to any costs and expenses incurred in the enforcement of the Security Documents, to the extent these
                    are not covered under the Termination Sum);

                

           

          	(b)	
                  secondly, in or towards satisfaction of the Charterers’ obligation to pay the Termination Sum (or such portion of it that then remains unpaid) in any order of application in the amounts comprising the Termination Sum as the Owners
                    may determine; and

                

           

          	(c)	
                  thirdly, upon satisfaction in full of all amounts payable to the Owners under the Leasing Documents, in payment of any surplus to the Charterers, but subject always to the terms of the General Assignment.

                

           

          	–	
                  GOVERNING LAW AND ENFORCEMENT

                

           

          
            	65.1	
                    This Charter, and any non-contractual obligations arising out of or in connection with it, shall be governed by English law.

                  

             

            

          

          
            	
                    65.2

                  	
                    Any dispute arising out of or in connection with any Leasing Document (including a dispute regarding the existence, validity or termination of any Leasing Document or any non- contractual obligation
                      arising out of or in connection with any Leasing Document) (a “Dispute”) shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or
                      re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause.

                  

          

           

            
              	
                      65.3

                    	
                      The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced. The reference shall be to three (3) arbitrators. A
                        Party wishing to refer the Dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other Party requiring the other Party to appoint its own arbitrator within 14 calendar days of that
                        notice and stating that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and give notice that it has done so within the fourteen (14) days specified. If the other Party does not
                        appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the Party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other Party,
                        appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole arbitrator shall be binding on both Parties as if he had been appointed by agreement. Nothing herein shall prevent the
                        Parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

                    

               

              

            

          

          
            	
                    65.4

                  	
                    In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small
                      Claims Procedure current at the time when the arbitration proceedings are commenced.

                  

          

           

          	–	
                  DEFINITIONS

                

           

          
            	
                    66.1

                  	
                    In this Charter the following terms shall have the meanings ascribed to them below:

                  

          

           

          “Acceptance Certificate” means a certificate substantially in the form set out in Schedule 1 (Acceptance Certificate) to be signed by
            the Charterers at Delivery.

           

          

          
            
              	

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          “Account Bank” means Alpha Bank S.A. or such other bank approved by the Owners.

          

          

          “Account Charge” means the document creating charge(s) over the Operating Account executed or to be executed by the Charterers in favour of the Owners.

           

          “Advance Charterhire” has the meaning as defined under Clause 36.2 of the Charter.

           

          “Affiliate” means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding
            Company.

           

          “Annex VI” means Annex VI of the Protocol of 1997 to amend the International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as
            modified by the Protocol of 1978 relating thereto.

          

          

          “Anti-Bribery and Anti-Corruption Laws” means the US Foreign Corrupt Practices Act of 1977 as amended and the rules and regulations thereunder, the UK
            Bribery Act of 2010, and/or any similar laws, rules or regulations issued, administered or enforced by the United States, United Kingdom, the European Union or any of its member states, or any other country or governmental agency having
            jurisdiction over the Owners or any Obligors or their respective subsidiaries.

          

          

          “Anti-Money Laundering Laws” means all applicable financial record-keeping and reporting requirements, anti-money laundering statutes (including all
            applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and without limitation, the United States of America, the United Kingdom, Hong Kong and
            the People’s Republic of China and which in each case are:

           

          
            
              	 	
                      (a)

                    	
                      issued, administered or enforced by any governmental agency having jurisdiction over the Charterers or any other Obligors or their respective subsidiaries;

                    

            

          

           

          	

                	(b)	
                  of any jurisdiction in which the Charterers or any other Obligor conducts business; or

                

           

          	

                	(c)	
                  to which the Charterers or any other Obligor is subjected or subject to.

                

          

          

          “Approved Classification Society” means Bureau Veritas, Lloyds’ Register or any other classification society which is a member of the International
            Association of Classification Societies and approved by the Owners in writing.

           

          “Approved Commercial Manager” means Fidelity Marine Inc., Seanergy Management Corp. or any other reputable ship management company as may be approved by
            the Owners in writing prior to its appointment as commercial manager of the Vessel.

          

          

          “Approved Manager” means the Approved Commercial Manager or the Approved Technical Manager.

           

          “Assignable Sub-charter” means any charter or any other form of employment contract relating to the Vessel, whether or not already in existence with a
            duration exceeding or capable of exceeding 12 months (inclusive of options to renew).

           

          “Approved Technical Manager” means V Ships Limited (a Cyprus entity), V Ships Greece, Seanergy Shipmanagement Corp. or any other reputable ship
            management company as may be approved by the Owners in writing prior to its appointment as technical manager of the  Vessel (such approval from the Owners not to be required for the appointment of an entity controlled by the Guarantor).

           

          

          
            
              	

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          “Approved Valuer” means Simpson Spence Young, Clarksons Platou, Maersk Broker, Arrow Shipbrokers, Howe Robinson, Braemar ACM Shipbroking, Barry Rogliano
            Salles or such other independent and reputable shipbroker nominated by the Charterers and approved by the Owners.

          

          

          “Arrangement Fee” has the meaning as defined under Clause 44.1.

           

          “Breakfunding Costs” means all breakfunding costs and expenses (excluding the margin) incurred or payable by the Owners when a repayment or prepayment
            under the relevant funding arrangement entered into by the Owners for the purpose of financing the Purchase Price (or any part thereof) does not fall on a Payment Date, a Purchase Option Date or a date specified by the Owners in any Termination
            Notice.

           

          “Business Day” means a day (other than a Saturday or Sunday) on which banks are open for business in the principal business centres of Shanghai,
            Singapore and Athens and/or:

          

          

          	

                	(a)	
                  in respect of a day on which a payment is required to be made or other dealing is due to take place under this Agreement in Dollars, a day on which banks are open in New York City; and

                

           

          	

                	(b)	
                  in respect of any Quotation Day or any date on which LIBOR or (if applicable) any Replacement Benchmark is to be determined, a day on which banks are open in London.

                

          

          

          “Cancelling Date” has the meaning given to such term under the MOA. “Change of Control” means:

           

          

          	

                	(a)	
                  the Guarantor ceases to own and/or control directly or indirectly, all of the shares and voting rights in the Charterers; and/or

                

           

          	

                	(b)	
                  the Guarantor ceases to be listed on Nasdaq.

                

          

          

          “Charter Period” means the period described in Clause 32.1 unless it is terminated earlier in accordance with the provisions of this Charter.

           

          “Charterhire” means each of, as the context may require, all of the instalments of hire payable hereunder on each applicable Payment Date comprising in
            each case both Fixed Charterhire and Variable Charterhire, as further detailed in Clause 36.

           

          “Commencement Date” means the date on which Delivery takes place.

           

          “Compliance Certificate” means a certificate substantially in the form set out in Schedule 3.

           

          “Delivery” means the physical and legal delivery of the Vessel from the Owners to the Charterers pursuant to the terms of this Charter.

          

          

          “Dollars” and “US$” mean the lawful currency for the time being of the United States of America.

           

          

          
            
              	

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          “Earnings” means all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Charterers and which arise out of the
            use or operation of the Vessel, including (but not limited to):

           

          	

                	(a)	
                  all freight, hire and passage moneys;

                

          

          

          	

                	(b)	
                  any compensation payable in the event of requisition of the Vessel for hire;

                

           

          	

                	(c)	
                  any remuneration for salvage and towage services;

                

           

          	

                	(d)	
                  any demurrage and detention moneys;

                

           

          	

                	(e)	
                  damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Vessel;

                

           

          	

                	(f)	
                  all moneys which are at any time payable to the Charterers in relation to general average contribution; and

                

           

          	

                	(g)	
                  if and whenever the Vessel is employed on terms whereby any moneys falling within paragraphs (a) to (f) are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement
                    which is attributable to the Vessel.

                

           

          “Environmental Claim” means any claim by any governmental, judicial or regulatory authority or any other person which arises out of an Environmental
            Incident or an alleged Environmental Incident or which relates to any Environmental Law and, for this purpose, “claim” includes a claim for damages, compensation, contribution, injury, fines, losses and
            penalties or any other payment of any kind, including in relation to clean-up and removal, whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and
            any form of enforcement or regulatory action, including the arrest or attachment of any asset.

          

          

          “Environmental Incident” means:

           

          	

                	(a)	
                  any release, emission, spill or discharge of Environmentally Sensitive Material whether within the Vessel or from the Vessel into any other vessel or into or upon the air, water, land or soils (including the seabed) or surface water;
                    or

                

           

          	

                	(b)	
                  any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, water, land or soils (including the seabed) or surface water from a vessel other than the Vessel and which
                    involves a collision between the Vessel and such other vessel or some other incident of navigation or operation, in either case, in connection with which the Vessel is actually or potentially liable to be arrested, attached, detained or
                    injuncted and/or the Vessel and/or any Obligors and/or any operator or manager of the Vessel is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or

                

           

          	

                	(c)	
                  any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, water, land or soils (including the seabed) or surface water otherwise than from the Vessel and in
                    connection with which the Vessel is actually or potentially liable to be arrested and/or where any Obligors and/or any operator or manager of the Vessel is at fault or allegedly at fault or otherwise liable to any legal or
                    administrative action.

                

           

          

          
            
              	

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          “Environmental Law” means any present or future law relating to pollution or protection of human health or the environment, to conditions in the
            workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.

          

          

          “Environmentally Sensitive Material” means and includes all contaminants, oil, oil products, toxic substances and any other substance (including any
            chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.

          

          

          “Expiry Owners’ Costs” means an amount equal to US$ 6,600,000.

           

          “Fair Market Value” means the value of the Vessel determined as follows:

           

          	

                	(a)	
                  subject to sub-paragraph (b) below, the arithmetic mean of the valuations shown by two (2) valuation reports prepared:

                

           

          
            
              	 	
                      (i)

                    	
                      on a date no earlier than fifteen (15) days prior to the relevant date of valuation (except in the case of the Initial Market Value, in which cash such valuation reports shall be prepared on a date no earlier than fifteen (15)
                        days prior to the Commencement Date);

                    

            

          

           

          	

                	(ii)	
                  by Approved Valuers one nominated by the Owners and the other nominated by the Charterers;

                

           

          
            
              	 	
                      (iii)

                    	
                      without physical inspection of the Vessel or other vessel; and

                    

            

          

           

          	

                	(iv)	
                  on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, without taking into account any charter whatsoever; and

                

          

          

          	

                	(b)	
                  if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two valuation reports obtained pursuant to paragraph (a) above (using the lower valuation figure as the denominator), the arithmetic
                    mean of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as set out under paragraph (a) above (except that the third valuation report additionally required under this sub-paragraph (b)
                    shall be prepared by an Approved Valuer nominated by the Owners).

                

           

          “Fee Letter” mean the fee letter referred to under Clause 44.1 for payment of the Arrangement Fee.

           

          “Financial Indebtedness” means, in relation to a person (the “debtor”), a liability of the debtor:

           

          	

                	(a)	
                  for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

                

          

          

          
            
              	 	
                      (b)

                    	
                      under any loan stock, bond, note or other security issued by the debtor;

                    

            

          

          

          

          	

                	(c)	
                  under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

                

           

          

          
            
              	

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                	(d)	
                  under a financial lease, a deferred purchase consideration arrangement (other than deferred payments for assets or services obtained on normal commercial terms in the ordinary course of business) or any other agreement having the
                    commercial effect of a borrowing or raising of money by the debtor;

                

           

          	

                	(e)	
                  under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of
                    mutual liabilities, the liability of the debtor for the net amount; or

                

          

          

          	

                	(f)	
                  under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person.

                

          

          

          “Financial Instruments” means the applicable loan or facility agreement entered into between the Owners (or their affiliate) and the Owners’ Financiers
            and any mortgage, deed of covenants, assignment in respect of this Charter, assignment in respect of the Guarantees, assignment in respect of Earnings, Insurances and Requisition Compensation, manager’s undertaking and subordination (including
            assignment of manager’s interests in the Insurances) or any other financial security instruments granted by the Owners to the Owners’ Financiers as security for the financing or refinancing of the Owners’ acquisition of the Vessel.

          

          

          “Financing Amount” shall have the same meaning as defined under the MOA. “First Payment Date” shall have the
            meaning as defined under 36.5(a).

           

          “Fixed Charterhire” shall have the meaning as defined under Clause 36.4(a).

           

          “Flag State” means the flag state named in Box 5 of this Charter or any other state or jurisdiction approved in writing by the Owners.

           

          “Fleet Vessel” means any ship or vessel (including, but not limited to, the Vessel and the Other Vessel) from time to time wholly leased, hired,
            chartered or financed under any lease, hire purchase agreement, charter or any other financing arrangement by affiliates of the Owners and/or the Other Owner to subsidiaries or affiliates of the Guarantor.

           

          “GAAP” means generally accepted accounting principles in the United States of America or such other accounting principles as agreed by both Parties.

          

          

          “General Assignment” means the assignment agreement executed or to be executed between the Charterers and the Owners in respect of the Vessel, pursuant
            to which the Charterers shall, inter alia, assign its rights under:

           

          	

                	(a)	
                  the Earnings, Insurances, Requisition Compensation in respect of the Vessel; and

                

           

          
            	 	
                    (b)

                  	
                    any Assignable Sub-charter, in favour of the Owners.

                  

          

           

          “Group” means the Guarantor and its Subsidiaries (whether directly or indirectly owned) for the time being.

           

          

          
            
              	

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          “Guarantee” means the guarantee executed by the Guarantor in favour of the Owners on or about the date hereof.

           

          “Guarantor” means Seanergy Maritime Holdings Corp., a corporation incorporated and existing under the laws of the Republic of Marshall Islands.

           

          “Hire Period” means (i) in the case of the first Hire Period, the period commencing on the Commencement Date and ending on the First Payment Date; and
            (ii) in the case of each subsequent Payment Date, the period of commencing on the last day of the preceding Hire Period and ending on the next occurring Payment Date.

          

          

          “Holding Company” means, in relation to a person, any other person in relation to which (i) it is a Subsidiary or (ii) it is a Subsidiary of a
            Subsidiary.

           

          “IAPPC” means a valid international air pollution prevention certificate for the Vessel issued pursuant to the MARPOL Protocol.

           

          “Initial Market Value” means, in relation to the Vessel, the Fair Market Value of the Vessel as at a date no earlier than fifteen (15) days prior to the
            Commencement Date.

           

          “Insurances” means:

           

          	

                	(a)	
                  all policies and contracts of insurance, including entries of the Vessel in any protection and indemnity or war risks association, which are effected in respect of the Vessel or otherwise in relation to it whether before, on or after
                    the date of this Charter; and

                

           

          	

                	(b)	
                  all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium and any rights in respect of any claim whether or not the relevant policy, contract of insurance or entry
                    has expired on or before the date of this Charter.

                

           

          “Interest Rate” means:

          

          

          	

                	(a)	
                  subject to Clause 37.1, for any Hire Period of which the Quotation Day falls before the occurrence of a Screen Rate Replacement Event, LIBOR;

                

           

          	

                	(b)	
                  for any Hire Period of which the Quotation Day falls on or after the occurrence of a Screen Rate Replacement Event but before a Replacement Benchmark is implemented pursuant to Clause 37.4, in accordance with Clause 37.3 (unless
                    otherwise agreed by the Owners); and

                

           

          	

                	(c)	
                  for any Hire Period of which the Quotation Day falls on or after a Replacement Benchmark is implemented pursuant to Clause 37.4, the rate of interest determined under the Replacement Benchmark.

                

           

          “ISM Code” means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime
            Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time to time (and the terms “safety management system”, “Safety

              Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code).

           

          

          
            
              	

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          “ISPS Code” means the International Ship and Port Security Code as adopted by the Conference of Contracting Governments to the Safety of Life at Sea
            Convention 1974 on 13 December 2002 and incorporated as Chapter XI-2 of the Safety of Life at Sea Convention 1974, as the same may be supplemented or amended from time to time.

          

          

          “ISSC” means a valid international ship security certificate for the Vessel issued pursuant to the ISPS Code.

           

          “Leasing Documents” means this Charter, the Guarantees, the MOA, the Fee Letter and the Security Documents and each, as the context may require, the “Leasing Document”.

          

          

          “LIBOR” means, in relation to a Hire Period:

          

          

          	

                	(a)	
                  the applicable Screen Rate as of the Specified Time for dollars and for a period equal in length to the Hire Period; or

                

           

          	

                	(b)	
                  as otherwise determined pursuant to Clause 37,

                

           

          and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero.

           

          “Major Casualty” means any casualty to the Vessel in respect of which the claim or the aggregate of the claims against all insurers, before adjustment
            for any relevant franchise or deductible, exceeds US$1,000,000 or the equivalent in any other currency.

          

          

          “Management Agreement” means:

          

          

          	

                	(a)	
                  the technical management agreement dated 19 May 2021 and made between V Ships Limited and the Charterers;

                

           

          	

                	(b)	
                  the commercial management agreement dated 2 March 2015 and made between Fidelity Marine Inc. and Seanergy Management Corp. as amended by a first amendment dated 11 September 2015, a second amendment dated 24 February 2016, a third
                    amendment dated 1 February 2018, a fourth amendment dated 28 June 2018 and as further amended from time to time), as acceded to by the Charterers pursuant to an accession letter dated 19 May 2021; and/or

                

           

          	

                	(c)	
                  such other management agreement for the technical and/or commercial management of the Vessel as may be subsequently entered into in respect of the Vessel by the Charterers with an Approved Manager.

                

           

          “Manager’s Undertaking” means, in relation to an Approved Manager, a letter of undertaking to be executed by that Approved Manager in favour of the
            Owners subordinating the rights of that Approved Manager against the Vessel and the Charterers to the rights of the Owners.

           

          “Margin” means three point fifty per cent. (3.50%) per annum.

          

          

          “MARPOL Protocol” means Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention for the Prevention of
            Pollution from Ships 1973 (as amended in 1978 and 1997).

           

          “Material Adverse Effect” means, in the reasonable opinion of the Owners, a material adverse effect on:

           

          

          
            
              	

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                	(a)	
                  the business, operations, property, condition (financial or otherwise) of any Obligor or any member of the Group; or

                

          

          

          	

                	(b)	
                  the ability of any Obligor to perform its obligations under any Leasing Document to which it is a party; or

                

          

          

          	

                	(c)	
                  the validity or enforceability of, or the effectiveness or ranking of any Security Interests granted pursuant to, any of the Leasing Documents or the rights or remedies of the Owners under any of the Leasing Documents.

                

           

          “MOA” means the memorandum of agreement dated on or about the date of this Charter and made between the Owners (in their capacity as buyers) and the
            Charterers (in their capacity as sellers), pursuant to which the Charterers agree to sell and the Owners agree to purchase the Vessel upon the terms and conditions set out therein.

          

          

          “Net Sales Proceeds” has the meaning given to it under Clause 42.1(c). “Net Trading Proceeds” has the meaning given to it under Clause
            42.1(b). “Nominated Purchaser” has the meaning given to it under Clause 42.1(c). “Nomination Period” has the meaning given to it under Clause 42.1(c).

           

          “Obligatory Insurances” means any insurances of the Vessel required to be effected by or on behalf of the Charterers pursuant to Clause 39.

           

          “Obligors” means:

           

          	

                	(a)	
                  the Charterers;

                

           

          	

                	(b)	
                  the Guarantor;

                

           

          	

                	(c)	
                  any Approved Manager which is an entity within the Group;

                

          

          

          	

                	(d)	
                  any sub-charterer of the Vessel which is an entity within the Group; and

                

          

          

          	

                	(e)	
                  any other party providing security for the Charterers’ obligations under this Charter pursuant to a Security Document or otherwise (except any Approved Manager or sub- charterer which are not entities within the Group).

                

           

          “Operating Account” means an interest bearing account with account number 960- 01- 5006034700 opened in the name of the Charterers with the Account Bank.

          

          

          “Original Financial Statements” means in relation to the Guarantor, its audited consolidated financial statements for the fiscal year ended 31 December 2020.

          

          

          “Original Jurisdiction” means, in relation to an Obligor, the jurisdiction under whose laws they are incorporated as at the date of this Charter.

           

          “Other Charter” means, in relation to the Other Vessel, the bareboat charterparty dated on or around the date of this Charter entered into between the
            Other Owner and the Other Charterer.

           

          

          
            
              	

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          “Other Charterer” means Hellas Ocean Navigation Co. “Other Owner” means Sea 241 Leasing Co. Limited. “Other

              Vessel” means m.v. Hellasship.

           

          “Owners’ Costs” means, on any relevant date, (i) the Financing Amount minus (ii) the aggregate Fixed Charterhire which has been paid by the Charterers
            and received by the Owners as at such date.

           

          “Owners’ Financier” means any financier providing financing or refinancing facilities to the Owners or any affiliate of the Owners in respect of the
            Owners’ purchase and/or lease of the Vessel to the Charterers under the terms of the Leasing Documents.

           

          “Owners’ Surveyor” means the surveyor appointed by the Owners in accordance with Clause 7.

          

          

          “Party” means a party to this Charter, namely the Owners or the Charterers. “Payment Date” shall have the meaning as defined under
            Clause 36.5. “Permitted Security Interest” means:

           

          	

                	(a)	
                  any Security Interest created by a Security Document or a Financial Instrument;

                

           

          	

                	(b)	
                  any lien for unpaid master’s and crew’s wages in accordance with the ordinary course of operation of the Vessel or in accordance with usual reputable maritime practice;

                

          

          

          	

                	(c)	
                  any lien for salvage;

                

           

          	

                	(d)	
                  any lien for master’s disbursements incurred in the ordinary course of trading;

                

           

          	

                	(e)	
                  any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of the Vessel provided such liens do not secure amounts more than thirty (30) days overdue;

                

           

          	

                	(f)	
                  any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom such action is brought as security for costs and expenses where the Owners are prosecuting or defending such
                    action in good faith by appropriate steps; and

                

           

          	

                	(g)	
                  Security Interests arising by operation of law in respect of taxes which are not overdue or for payment of taxes which are overdue for payment but which are being contested by the Owners or the Charterers in good faith by appropriate
                    steps and in respect of which adequate reserves have been made,

                

           

          provided that the foregoing have not arisen due to the default or omission of any Obligor.

          

          

          “Poseidon Principles” means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in
            June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organisation from time to time.

           

          

          
            
              	

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          “Potential Termination Event” means, an event or circumstance specified in Clause 47 (Termination Event) which
            would with the giving of any notice, the lapse of time, and/or a determination of the Owners, constitute a Termination Event.

          

          

          “Prepositioning Date” shall have the same meaning as defined under the MOA.

           

          “Prohibited Countries” means those countries and territories subject to country-wide or territory-wide Sanctions and/or trade embargoes from time to time
            during the Charter Period, in particular but not limited to pursuant to the U.S.’s Office of Foreign Assets Control of the

           

          U.S. Department of Treasury (“OFAC”) or the United Nations.

          

          

          “Prohibited Person” means any person, entity or any other party which is (i) located, domiciled, resident or incorporated in a Prohibited Country, and/or
            (ii) subject to any sanction administrated by the United Nations, the European Union, the United States and the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the United Kingdom,
            Her Majesty’s Treasury (“HMT”) and the Foreign and Commonwealth Office of the United Kingdom, the Special Administrative Region of Hong Kong, the People’s Republic of China and/or (iii) owned or
            controlled by or affiliated with persons, entities or any other parties as referred to in (i) and (ii).

          

          

          “Purchase Option” means the purchase option referred to in Clause 55.1. “Purchase Option Date” shall have the meaning ascribed thereto
            in Clause 55.2. “Purchase Option Fee” means:

           

          	

                	(a)	
                  if the Purchase Option is exercised on the second (2nd) anniversary of the Commencement Date (or prior to it but only in accordance with Clause 62.4),
                    two point five per cent. (2.50%) of the Owners’ Costs on that date;

                

           

          	

                	(b)	
                  if the Purchase Option is exercised on the third (3rd) anniversary of the Commencement Date, one point five per cent. (1.50%) of the Owners’ Costs on
                    that date; and

                

          

          

          	

                	(c)	
                  if the Purchase Option is exercised on the fourth (4th) or fifth (5th)
                    anniversary of the Commencement Date, zero per cent. (0%) of the Owners’ Costs on that date.

                

           

          “Purchase Option Notice” shall have the meaning ascribed thereto in Clause 55.2. “Purchase Option Price” means, in respect of any
            Purchase Option Date:

           

          	

                	(a)	
                  if the Purchase Option Date falls prior to the last day of the Charter Period, the aggregate of:

                

          

          

          
            
              	 	
                      (i)

                    	
                      the Owners’ Costs prevailing as at the relevant Purchase Option Date;

                    

            

          

          

          

          	

                	(ii)	
                  any Variable Charterhire accrued but unpaid as at the date of payment of the Purchase Option Price;

                

          

          

          	

                	(iii)	
                  any Purchase Option Fee;

                

           

          	

                	(iv)	
                  any Breakfunding Costs;

                

           

          

          
            
              	

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                	(v)	
                  any reasonable and documented legal or other costs incurred by the Owners in connection with the exercise of the Purchase Option under Clause 55 (Purchase Option); and

                

          

          

          	

                	(vi)	
                  aside from the amounts described under paragraphs (i) to (v) above, any other moneys due and owing under the Leasing Documents at the relevant Purchase Option Date;

                

           

          	

                	(b)	
                  if the Purchase Option Date falls on the last day of the Charter Period, the aggregate of:

                

          

          

          	

                	(i)	
                  the Expiry Owners’ Costs;

                

           

          	

                	(ii)	
                  any Charterhire accrued but unpaid as at the date of payment of the Purchase Option Price;

                

           

          	

                	(iii)	
                  any reasonable and documented legal or other costs incurred by the Owners in connection with the exercise of the Purchase Option under Clause 55 (Purchase Option); and

                

           

          	

                	(iv)	
                  aside from the amounts described under paragraphs (i) to (iv) above, any other moneys due and owing under the Leasing Documents at the relevant Purchase Option Date.

                

          

          

          “Purchase Price” has the meaning given to it in the MOA.

           

          “Quotation Day” means, in relation to any Hire Period, two (2) Business Days before the first day of that Hire Period unless market practice differs in
            the Relevant Interbank Market in which case the Quotation Day will be determined by the Owners in accordance with market practice in the Relevant Interbank Market.

           

          “Relevant Interbank Market” means the London interbank market or in the case of any Replacement Benchmark, any applicable replacement interbank market.

           

          “Relevant Jurisdiction” means, in relation to an Obligor:

           

          	

                	(a)	
                  its Original Jurisdiction;

                

          

          

          	

                	(b)	
                  any jurisdiction where any property owned by it and charged under a Leasing Document is situated;

                

           

          	

                	(c)	
                  any jurisdiction where it conducts its business; or

                

           

          	

                	(d)	
                  any jurisdiction whose laws govern the perfection of any of the Security Documents entered into by it creating a Security Interest.

                

           

          “Relevant Nominating Body” means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or
            committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

           

          “Replacement Benchmark” means a benchmark rate which is:

           

          

          
            
              	

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                	(a)	
                  formally designated, nominated or recommended as the replacement for a Screen Rate by:

                

           

          	

                	(i)	
                  the administrator of that Screen Rate; or

                

          

          

          	

                	(ii)	
                  any Relevant Nominating Body,

                

           

          and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the “Replacement Benchmark” will be the replacement under paragraph
            (ii) above;

           

          	

                	(b)	
                  in the opinion of the Owners, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor to that Screen Rate; or

                

           

          	

                	(c)	
                  in the opinion of the Owners, an appropriate successor to a Screen Rate.

                

           

          “Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (a) of the
            definition of “Total Loss”.

           

          “Sanctions” means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment,
            exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing):

          

          

          	

                	(a)	
                  imposed by law or regulation of the United Kingdom, the Council of the European Union, the United Nations or its Security Council, the People’s Republic of China, the Special Administrative Region of Hong Kong or the United States of
                    America regardless of whether the same is or is not applicable or binding on any Obligor; or

                

          

          

          	

                	(b)	
                  otherwise imposed by any law or regulation which are applicable to and/or binding on any Obligor (which shall include without limitation, any extra-territorial sanctions imposed by law or regulation of the United States of America).

                

          

          

          “Sanctions Advisory” means the Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities issued May 14, 2020 by
            the US Department of the Treasury, Department of State and Coast Guard, as may be amended or supplemented, and any similar future advisory.

           

          “Screen Rate” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the
            administration of that rate) for dollars for the relevant period displayed on page LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other
            information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Owners may specify another page or service displaying the relevant rate.

           

          “Screen Rate Contingency Period” means twenty (20) days.

           

          “Screen Rate Replacement Event” means, in relation to a Screen Rate:

           

          	

                	(a)	
                  the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Owners, materially changed;

                

           

          

          
            
              	

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          (b)

           

          (i)

           

          	

                	(A)	
                  the administrator of that Screen Rate or its supervisor publicly announces that such administrator is insolvent; or

                

           

          	

                	(B)	
                  information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably
                    confirms that the administrator of that Screen Rate is insolvent,

                

          

          

          provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate;

          

          

          	

                	(ii)	
                  the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide that Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that
                    Screen Rate;

                

           

          	

                	(iii)	
                  the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or will be permanently or indefinitely discontinued; or

                

           

          	

                	(iv)	
                  the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used; or

                

           

          	

                	(c)	
                  the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either:

                

           

          	

                	(i)	
                  the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Owners) temporary; or

                

           

          	

                	(ii)	
                  that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than the Screen Rate Contingency Period; or

                

           

          	

                	(d)	
                  in the opinion of the Owners, that Screen Rate is otherwise no longer appropriate for the purposes of calculating interest under this Charter.

                

           

          “Security Documents” means:

           

          	

                	(a)	
                  the Account Charge;

                

          

          

          	

                	(b)	
                  the General Assignment;

                

           

          	

                	(c)	
                  the Shares Pledge;

                

           

          	

                	(d)	
                  each Manager’s Undertaking; and

                

           

          	

                	(e)	
                  any other security document conferring any Security Interest in respect of the obligations of the Charterers under or in connection with this Charter.

                

           

          

          
            
              	

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          “Security Interest” means:

          

          

          	

                	(a)	
                  a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other security interest of any kind;

                

          

          

          	

                	(b)	
                  the security rights of a plaintiff under an action in rem; or

                

          

          

          	

                	(c)	
                  any other right which confers on a creditor or potential creditor a right or privilege to receive the amount actually or contingently due to it ahead of the general unsecured creditors of the debtor concerned; however this paragraph
                    (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial institution.

                

          

          

          “Shares Pledge” means a first priority pledge over the shares of the Charterers executed or to be executed by the Guarantor in favour of the Owners.

           

          “Specified Time” means 11.00am London time on the Quotation Day.

          

          

          “Statement of Compliance” means a Statement of Compliance related to fuel oil consumption pursuant to regulations 6.6 and 6.7 of Annex VI.

          

          

          “Subsidiary” means a subsidiary within the meaning of section 1159 of the UK Companies Act 2006.

          

          

          “Termination Date” has the meaning given to it under Clause 47.2.

          

          

          “Termination Event” means any event described in Clause 47 (Termination Events). “Termination Fee”
            means two per cent. (2.00%) of the Owners’ Costs as at the relevant date. “Termination Notice” has the meaning given to it under Clause 47.2.

           

          “Termination Sum” means, in respect of any date (such date being referred to as the “Relevant Date” for the
            purposes of this definition only), the aggregate of (without double counting amounts that may be included in more than one sub-paragraph below):

          

          

          	

                	(a)	
                  the Owners’ Costs prevailing as at the Relevant Date;

                

           

          	

                	(b)	
                  any Variable Charterhire accrued and unpaid as at the date of payment of the Termination Sum;

                

           

          	

                	(c)	
                  the Termination Fee (other than in connection with a payment of the Termination Sum following a Total Loss);

                

          

          

          	

                	(d)	
                  any Breakfunding Costs;

                

           

          	

                	(e)	
                  any and all evidenced and documented direct costs, losses and liabilities incurred by the Owners as a result of the early termination of the leasing under this Charter including but not limited to any legal costs, any agency or
                    broker fees incurred in attempting to re-charter or otherwise dispose of the Vessel;

                

           

          	

                	(f)	
                  any and all documented costs, losses and liabilities incurred by the Owners in locating, repossessing, recovering, repositioning, berthing, insuring and maintaining the Vessel and/or in collecting any payments due under this Charter
                    and/or in obtaining the due performance of the obligations of the Charterers under this Charter or the other Leasing Documents; and

                

           

          

          
            
              	

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                	(g)	
                  aside from the amounts described under paragraphs (a) to (f) above, any other moneys due and owing under the Leasing Documents at the Relevant Date including any default interest on amounts under (a) to (f) above.

                

           

          “Total Loss” means:

          

          

          	

                	(a)	
                  any expropriation, confiscation, requisition (other than a requisition for hire) or acquisition of the Vessel, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any
                    consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority;

                

          

          

          	

                	(b)	
                  any requisition for hire, arrest, condemnation, capture, seizure or detention of the Vessel (including any hijacking or theft but excluding any event specified in paragraph (a) of this definition) unless it is redelivered within
                    sixty (60) days to the full control of the Owners or the Charterers; or

                

          

          

          
            	 	
                    (c)

                  	
                    actual, constructive, compromised, agreed or arranged total loss of the Vessel.

                  

          

           

          “Total Loss Date” means, in relation to the Total Loss of the Vessel:

            

          

          	

                	(a)	
                  in the case of a Total Loss occurring under paragraph (a) of the definition of Total Loss, on the date on which the expropriation, confiscation, requisition or, as the case may be, the acquisition of the Vessel is completed by
                    delivery of the Vessel to the relevant government or official authority or the person or persons claiming to be or to represent the relevant government or official authority;

                

           

          	

                	(b)	
                  in the case of a Total Loss occurring under paragraph (b) of the definition of Total Loss, the date falling on the expiration of such sixty (60) day period;

                

           

          	

                	(c)	
                  in the case of an actual loss of the Vessel, the date on which it occurred; and

                

           

          	

                	(d)	
                  in the case of a constructive, compromised, agreed or arranged total loss of the Vessel, the earliest of:

                

          

          

          	

                	(i)	
                  the date when the Vessel was last heard of;

                

          

          

          	

                	(ii)	
                  the date on which a notice of abandonment is given to the insurers; and

                

          

          

          	

                	(iii)	
                  the date of any compromise, arrangement or agreement made by or on behalf of the Charterers with the insurers in which the insurers agree to treat the Vessel as a Total Loss.

                

          

          

          “Total Loss Payment Date” means, following the occurrence of a Total Loss, the earlier of:

          

          

          	

                	(a)	
                  the date falling one hundred and fifty (150) days after the Total Loss Date or such later date as the Owners may agree; and

                

           

          	

                	(b)	
                  the date on which the Owners receive the Total Loss Proceeds.

                

           

          

          
            
              	

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          “Total Loss Proceeds” means the proceeds of any policy or contract of insurance or any Requisition Compensation in each case arising in respect of a Total Loss.

          

          

          “Transfer” has the meaning given to it under Clause 62.4. “Transfer Notice” has the meaning given to it under Clause 62.4.

          “Treasury Transaction” means any derivative transaction entered into in connection with protection against or benefit from any fluctuation in price or rate.

           

          “US” means the United States of America. “US Tax Obligor” means:

           

          	

                	(a)	
                  a person which is resident for tax purposes in the US; or

                

           

          	

                	(b)	
                  a person some or all of whose payments under the Leasing Documents are from sources within the US for US federal income tax purposes.

                

           

          “Variable Charterhire” shall have the meaning as defined under Clause 36.4(b).

           

          
            “Vessel” means the bulker vessel named m.v. Patriotship and registered or to be registered under the name of the Owners under the Flag State upon Delivery.

             

            

            
              	
                      66.2

                    	
                      In this Charter:

                    

            

          

          

          

          “agreed form” means, in relation to a document, such document in a form agreed in writing between the Owners and the Charterers;

           

          “asset” includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment;

           

          “company” includes any partnership, joint venture and unincorporated association;

           

          “consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalisation;

           

          “contingent liability” means a liability which is not certain to arise and/or the amount of which remains unascertained;

           

          “control” over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

           

          	

                	(a)	
                  cast, or control the casting of, fifty one per cent. (51%) or more of the maximum number of votes that might be cast at a general meeting of such company; or

                

           

          	

                	(b)	
                  appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or

                

           

          	

                	(c)	
                  give directions with respect to the operating and financial policies of such company with which the directors or other equivalent officers of such company are obliged to comply;

                

           

          

          
            
              	

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          “document” includes a deed; also a letter or fax or email;

          

          

          “expense” means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value added or other tax;

           

          “law” includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the
            Council of the European Union, the European Commission, the United Nations or its Security Council;

           

          “legal or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or investigation;

           

          “liability” includes every kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or otherwise;

           

          “months” shall be construed in accordance with Clause 66.3;

           

          “person” includes any company; any state, political sub-division of a state and local or municipal authority; and any international organisation;

          

          

          “policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its
            terms;

           

          “protection and indemnity risks” means the usual risks covered by a protection and indemnity association which is a member of the International Group of
            Protection and Indemnity Clubs including pollution risks, extended passenger cover and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery
            policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the
            Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

          

          

          “regulation” includes any regulation, rule, official directive, request or guideline whether or not having the force of law of any governmental,
            intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; and

           

          “tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any political
            sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine.

           

          
            	
                    66.3

                  	
                    Meaning of “month”

                  

          

           

          A period of one or more “months” ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started (“the numerically corresponding day”), but:

           

          	

                	(a)	
                  on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the
                    numerically corresponding day; or

                

           

          

          
            
              	

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                	(b)	
                  on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of the period has no numerically corresponding day;

                

           

          
            and “month” and “monthly” shall be construed accordingly.

             

            

          

          
            	
                    66.4

                  	
                    In this Charter:

                  

          

           

          

          	

                	(a)	
                  references to a Leasing Document or any other document being in the form of a particular appendix or to any document referred to in the recitals include references to that form with any modifications to that form which the Owners
                    approve;

                

          

          

          	

                	(b)	
                  references to, or to a provision of, a Leasing Document or any other document are references to it as amended or supplemented, whether before the date of this Charter or otherwise;

                

           

          	

                	(c)	
                  references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Charter or otherwise; and

                

           

          	

                	(d)	
                  words denoting the singular number shall include the plural and vice versa.

                

           

          
            	
                    66.5

                  	
                    A Potential Termination Event is “continuing” if it has not been remedied or waived and a Termination Event is “continuing” if it has not been waived.

                  

          

          

          

          
            	
                    66.6

                  	
                    Headings

                  

          

           

          In interpreting a Leasing Document or any provision of a Leasing Document, all clauses, sub- clauses and other headings in that and any other Leasing Document shall be entirely disregarded.

           

          

          
            
              	

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          EXECUTION PAGE

          

          

          
            	
                    OWNERS

                  	 
	 	 
	
                    SIGNED BY

                  	
                    )

                  
	
                    for and on behalf of

                  	
                    )

                  
	
                    SEA 242 LEASING CO. LIMITED

                  	
                    ) /s/ Zhou Ling

                  
	
                    as attorney-in-fact

                  	
                    )

                  
	
                    in the presence of

                  	
                    )

                  
	 	 
	
                    Witness’ signature: /s/ Xiao Jue

                  	
                    )

                  
	
                    Witness’ name: Xiao Jue

                  	
                    )

                  
	
                    Witness’ address: 22F, China Merchants Bank Building, NO. 1088 )

                  	 
	
                    Lujiazui Ring Road, Shanghai, China

                  	 

          

           

          
            	
                    CHARTERERS

                  	 
	 	 
	
                    SIGNED BY

                  	
                    )

                  
	
                    for and on behalf of

                  	
                    )

                  
	
                    PATRIOT SHIPPING CO.

                  	
                    ) /s/ Stavros Gyftakis

                  
	
                    as attorney-in-fact

                  	
                    ) Stavros Gyftakis

                  
	
                    in the presence of

                  	
                    )

                  
	 	 
	
                    Witness’ signature:

                  	
                    ) /s/ Maria Moschopoulou

                  
	
                    Witness’ name:

                  	
                    ) Maria Moschopoulou

                  
	
                    Witness’ address:

                  	
                    ) 154 Vouliagmenis Avenue

                  
	
                    16674 Glyfada, Athens Greece

                  	 

          

          

          

          
            
              	

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          SCHEDULE 1

          ACCEPTANCE CERTIFICATE

           

          

          PATRIOT SHIPPING CO. (the “Charterers”) hereby acknowledge that at [●] hours on [●], there was

          delivered to, and accepted by, the Charterers the vessel known as m.v. “Patriotship” (the “Vessel”), registered in the name of SEA 242
              LEASING CO. LIMITED (the “Owners”) under the flag of Marshall Islands with IMO number 9446441 under a charter dated [●] 2021 (the “Charter”) and made
            between the Owners and the Charterers and that Delivery (as defined in the Charter) thereupon took place and that, accordingly, the Vessel is and will be subject to all the terms and conditions contained in the Charter.

           

          The Charterers warrant that the representations and warranties made by them in Clause 48 (Representations and Warranties) of the Charter remain correct and that no
            Termination Event or Potential Termination Event (each as defined in the Charter) has occurred at the date of this Acceptance Certificate.

          

          

          	 	 
	
                  Name:

                	 
	
                  Title:

                	 
	
                  for and on behalf of

                	 
	
                  PATRIOT SHIPPING CO.

                	 
	
                  Dated:

                	 

           

          

          
            
              	

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          SCHEDULE 2 CONDITIONS PRECEDENT PART A

           

          

          The following are the documents referred to in Clause 34.2(d)(i):

          

          

          	1	
                  Corporate Authority

                

           

          	1.1	
                  A copy of the constitutional documents of the Charterers and the Guarantor.

                

           

          	1.2	
                  If required, a copy of the resolutions of the board of directors (or equivalent) of the Charterers and the Guarantor:

                

          

          

          	(a)	
                  approving the terms of, and the transactions contemplated by, the Leasing Documents to which it is a party and resolving that it execute the Leasing Documents to which it is a party;

                

           

          	(b)	
                  authorizing a specified person or persons to execute the Leasing Documents to which it is a party on its behalf; and

                

          

          

          	(c)	
                  authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices to be signed and/or dispatched by it under, or in connection with, the Leasing Documents to which it is a party.

                

           

          	1.3	
                  If required, a copy of the power of attorney of the Charterers and the Guarantor authorising a specified person or persons to execute the Leasing Documents to which it is a party.

                

           

          	1.4	
                  If required, a specimen of the signature of each person authorized by the resolution referred to in paragraph 1.2 above.

                

           

          	1.5	
                  If required, a copy of the resolutions signed by all the holder(s) of the issued shares of any Obligors, approving the terms of, and the transactions contemplated by such Leasing Document.

                

          

          

          	1.6	
                  A copy of a certificate of an officer or authorized signatory of the Charterers and the Guarantor certifying that each copy document relating to it specified in this Schedule 2 Part A is correct, complete and in full force and effect
                    as at a date no earlier than the date of this Agreement.

                

          

          

          	2	
                  Leasing Documents

                

           

          	2.1	
                  A duly executed original of each Leasing Document (except the Security Documents) and of each document to be delivered under each of them.

                

           

          	2.2	
                  Agreed forms of the Security Documents and of each document to be delivered under each of them.

                

           

          	2.3	
                  Evidence that the Operating Account has been opened and maintained with the Account Bank and there is a credit balance of at least US$550,000.

                

          

          
            
              	

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            	3	
                    Initial Market Value

                  

             

          

          Valuations of the Vessel, addressed to the Owners and dated not earlier than fifteen (15) days before the Commencement Date indicating the Initial Market Value.

           

          	4	
                  Legal opinion

                

           

          	4.1	
                  An agreed form legal opinion by English legal advisers to the Owners on such matters on the laws of England in relation to the applicable documents listed in paragraphs 2.1 and 2.2 of Part A of this Schedule, in form and substance
                    acceptable to the Owners.

                

           

          	4.2	
                  Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the applicable documents listed in paragraphs 2.1 and 2.2 of Part A of this Schedule, concerning the laws of the Republic of Liberia, the
                    Republic of the Marshall Islands, Greece and such other relevant jurisdictions as the Owners may reasonably require, in form and substance acceptable to the Owners.

                

          

          

          	5	
                  Vessel Insurances

                

           

          	5.1	
                  Evidence that the Vessel is or will be on Delivery insured in the manner required under Clause 39.1.

                

           

          	5.2	
                  Agreed form of letters of undertaking relating to insurances as set out in Clause 39.1 from the relevant insurer, insurance broker, protection and indemnity association or war risks association (as the case may be).

                

           

          	5.3	
                  An insurance report by an insurance advisor appointed by the Owners (but at the cost of the Charterers) in an agreed form acceptable to the Owners.

                

           

          	6	
                  Others

                

          

          

          	6.1	
                  Evidence that the Arrangement Fee and all other fees, costs and expenses then due from the Charterers to the Owners under the Leasing Documents have been paid and received by the Owners.

                

           

          	6.2	
                  A copy of the Management Agreement and any amendments thereto.

                

          

          

          	6.3	
                  A copy of any Assignable Sub-Charter and any amendments thereto.

                

          

          

          	6.4	
                  Copies of the Document of Compliance of the Approved Technical Manager.

                

           

          	6.5	
                  Copies of the Vessel’s Safety Management Certificate (together with any other details of the applicable Safety Management System which the Owners require) and of any other documents required under the ISM Code and the ISPS Code
                    (including without limitation an ISSC and IAPPC).

                

           

          	6.6	
                  A copy of the Vessel’s class certificate evidencing that the Vessel maintains its classification with the Approved Classification Society and a copy of the confirmation of class issued within three (3) Business Days prior to the
                    Commencement Date confirming that the Vessel is free of all recommendations and conditions.

                

           

          	6.7	
                  Copies of the Original Financial Statements.

                

           

          

          
            
              	

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          	6.8	
                  Such evidence relating to the Obligors as the Owners may reasonably require for their (or their financiers) to be able to satisfy each of their “know your customer” or similar identification procedures in relation to the Leasing
                    Documents.

                

           

          	6.9	
                  A copy of any other consents, approvals, authorization or other document, opinion or assurance which the Owners consider to be reasonably desirable in connection with the entry into and performance of the transactions contemplated by
                    any of the Leasing Documents or for the validity and enforceability of such documents.

                

           

          	6.10	
                  Such other documents as the Owners may reasonably require by giving notice to the Charterers.

                

           

          

          
            
              	

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          PART B

          

          

          The following are the documents referred to in Clause 34.2(d)(ii):

           

          	1	
                  Security Documents

                

          

          

          	1.1	
                  A duly executed original of each of the Security Documents (and of each document to be delivered under each of them).

                

           

          	2	
                  Vessel Documents

                

          

          

          	2.1	
                  Documentary evidence that the Vessel is or will be:

                

           

          	(a)	
                  permanently or provisionally registered in the name of the Owners under the Flag State;

                

           

          	(b)	
                  in the absolute and unencumbered ownership of the Owners;

                

          

          

          	(c)	
                  unconditionally delivered by the Charterers to the Owners pursuant to the terms of the MOA, where such documents shall include without limitation:

                

          

          

          	 	(i)	
                  a copy of the notarized and/or legalised (if required by the Flag State) copies of the bill of sale duly executed by the Charterers and stating that the Vessel is free from all mortgages, encumbrances and liens (whether maritime or
                    otherwise) or any other debts whatsoever (and where executed by an attorney of the Charterers, together with such a copy of the notarized and/or legalised (if required by the Flag State) Charterers’ power of attorney); and

                

          

          	 	(ii)	
                  a copy of the protocol of delivery and acceptance duly executed by the Charterers and the Owners.

                

           

          	2.2	
                  Any additional documents as may be required by the competent authorities of the Flag State for the purpose of registering the Vessel.

                

           

          	3	
                  Others

                

           

          	3.1	
                  Evidence that any fees, costs and expenses then due from the Charterers to the Owners under the Leasing Documents have been paid and received by, or will be paid and received by, the Owners, on Delivery of the Vessel.

                

           

          	3.2	
                  Such other documents as the Owners may reasonably require by giving notice to the Charterers.

                

           

          

          
            
              	

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          PART C

          

          

          The following are the documents referred to in Clause 34.7:

           

          	1	
                  Security Interests

                

           

          Not later than five (5) Business Days after the Commencement Date, documentary evidence that the Security Interests intended to be created by each of the Security Documents have been duly
            perfected under applicable law (as applicable).

           

          	2	
                  Legal opinions

                

          

          

          Not later than three (3) Business Days after the Commencement Date, issued signed copies of the legal opinions referred to in paragraph 4 of Part A of Schedule 2 of this Charter.

          

          

          	3	
                  Insurances

                

          

          

          	3.1	
                  Not later than ten (10) Business Days after the Commencement Date, receipt of copies of the executed letters of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause 39.1 acknowledged
                    by the relevant insurer, insurance broker, protection and indemnity association or war risks association (as the case may be), each in the agreed form under paragraph 5 of Part A of Schedule 2 of this Charter.

                

          

          

          	3.2	
                  Not later than fifteen (15) Business Days after the Commencement Date, the signed insurance report in the form agreed under paragraph 5 of Part A of Schedule 2 of this Charter.

                

          

          

          	4	
                  Others

                

          

          

          	4.1	
                  No later than six (6) months after the Commencement Date, evidence that (if applicable) the Vessel has been permanently registered with the Flag State.

                

           

          

          
            
              	

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          SCHEDULE 3

          

          

          FORM OF COMPLIANCE CERTIFICATE

          

          

          
            	
                    To:

                  	
                    SEA 242 LEASING CO. LIMITED (the “Owner”)

                  

          

          

          

          
            	
                    From:

                  	
                    SEANERGY MARITIME HOLDINGS CORP. (the “Guarantor”)

                  

          

           

          
            	 	Date:	[●]

          

                     

          

          
            	
                    RE:

                  	
                    THE BAREBOAT CHARTER (THE “CHARTER”) DATED [●]

                  

          

           

          	1.	
                  We refer to the Charter. This is a Compliance Certificate. Unless otherwise specified, terms defined in the Charter shall have the same meaning in this compliance certificate.

                

          

          

          	2.	
                  We confirm that as calculated by reference to the audited annual consolidated financial statements for the financial year ended [●],

                

          

          

          	 	(a)	
                  Cash and Cash Equivalents divided by the number of Fleet Vessels is not lower than $500,000; and

                

          

          	 	(b)	
                  the Leverage Ratio is not more than 85 per cent.

                

           

          	3.	
                  [We confirm that, as at the date hereof, no Termination Event has occurred and is continuing which has not been waived or remedied at the date hereof]1

                

          

          
            	
                    For and on behalf of

                  	 
	
                    SEANERGY MARITIME HOLDINGS CORP.

                  	 
	 	 
	 	 
	Name(s):	 
	
                    President

                  	 

          

          

          
            

          1 If this statement cannot be made, this compliance certificate should identify any Termination Event (as defined in the Charter)
            that is continuing and the steps, if any, being taken to remedy it.

        

         

        

         

        

        
          
            	

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                    SINGAPORE/90256979v1Exhibit 4.58

    

    
      

      

      Dated 22 June 2021

       

      SEANERGY MARITIME HOLDINGS CORP.

      as Guarantor

       

      and

       

      SEA 242 LEASING CO. LIMITED

      as Owner

       

      GUARANTEE

       

      relating to

      a Bareboat Charter of

      one (1) bulk carrier named “Patriotship” dated 22 June 2021

       

      

      
        
          

      

      Index

       

      	Clause	 	Page
	 	 	 
	
              1

            	
              Interpretation

            	
              1

            
	
              2

            	
              Guarantee

            	
              2

            
	
              3

            	
              Liability as Principal and Independent Debtor

            	
              3

            
	
              4

            	
              Expenses

            	
              3

            
	
              5

            	
              Adjustment of Transactions

            	
              3

            
	
              6

            	
              Payments

            	
              4

            
	
              7

            	
              Interest

            	
              4

            
	
              8

            	
              Subordination

            	
              5

            
	
              9

            	
              Enforcement

            	
              5

            
	
              10

            	
              Judgments and Currency Indemnity

            	
              6

            
	
              11

            	
              Supplemental

            	
              6

            
	
              12

            	
              Assignment or Transfer

            	
              8

            
	
              13

            	
              Notices

            	
              8

            
	
              14

            	
              Invalidity of Leasing Documents

            	
              9

            
	
              15

            	
              Incorporation of Bareboat Charter Provisions

            	
              9

            
	
              16

            	
              Governing Law and Enforcement

            	
              9

            
	 	 	 
	
              Execution

            
	 
	
              Execution Page

            	
              11

            

      

      

      
        
          

      

      
      THIS GUARANTEE is made on 22 June 2021.

       

      BETWEEN

       

      	(1)	
              SEANERGY MARITIME HOLDINGS CORP., a corporation incorporated and existing under the laws of the Republic of Marshall Islands with its
                  registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the “Guarantor”); and

            

       

      	(2)	
              SEA 242 LEASING CO. LIMITED, a company incorporated under the laws of Hong Kong with registration number 3029880 whose registered office is at 27/F, Three Exchange
                Square, 8 Connaught Place Central, Hong Kong (the “Owner” which expression includes its successors and assigns).

            

       

      BACKGROUND

       

      	(A)	
              By a bareboat charter dated on or about the date of this agreement (the “Bareboat Charter”) made
                  between (i) the Owner as owner and (ii) PATRIOT SHIPPING CO. as bareboat charterer (the “Bareboat Charterer”), the Owner has agreed to bareboat charter one (1) bulk carrier named m.v. “Patriotship” (the “Vessel”) to the Bareboat Charterer pursuant to the terms and conditions contained therein.

            

       

      	(B)	
              The Guarantor directly holds one hundred (100) per cent. of the issued and outstanding shares in the Bareboat Charterer.

            

       

      	(C)	
              The execution and delivery to the Owner of this Guarantee is one of the conditions to the chartering of the Vessel under the Bareboat Charter.

            

       

      	(D)	
              This Deed is the Guarantee referred to in the Bareboat Charter.

            

       

      OPERATIVE PROVISIONS

       

      	1	
              INTERPRETATION

            

       

      	1.1	
              Defined expressions

            

       

      Words and expressions defined in the Bareboat Charter 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.

       

      “Party” means a party to this Guarantee.

       

      “Security Period” means the period commencing on the date hereof and ending on the date on which the Owner is satisfied that all present
        and future liabilities of the Bareboat Charterer under or in connection with the Leasing Documents have been irrevocably paid in full.

       
        CMBFL Seanergy | Guarantee

        m.v. “Patriotship”

        SINGAPORE/90256717v1

      

      
        
          

      

      
      	1.3	
              References to “Bareboat Charterer”

            

       

      References to the Bareboat Charterer under this Guarantee shall, for the avoidance of doubt, include reference to the Bareboat Charterer in its various capacities under the
        Leasing Documents.

       

      	1.4	
              Application of construction and interpretation provisions of Bareboat Charter

            

       

      Clauses 66.2 to 66.6 of the Bareboat Charter 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 Bareboat Charterer under each Leasing Document to which it is a party;

            

       

      	(b)	
              guarantees the punctual performance by the Bareboat Charterer of all its obligations under or in connection with any Leasing Document to which it is a party;

            

       

      	(c)	
              undertakes to pay to the Owner, within three (3) Business Days of the Owner’s demand as if it was the principal obligor, any such amount which is not paid by the Bareboat Charterer when due and payable under
                or in connection with the Leasing Documents (or any of them) (taking into account any grace period for such payment as may be applicable under the terms of the Leasing Documents); and

            

       

      	(d)	
              undertakes to fully indemnify, as an independent and primary obligation, the Owner within three (3) Business Days of its demand in respect of all documented claims, expenses, liabilities, costs and losses
                which are made or brought against or incurred by the Owner as a result of or in connection with any obligation or liability of the Bareboat Charterer under the Leasing Documents and/or 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 Owner would otherwise have been entitled to recover under the applicable Leasing Documents.

            

       

      	2.2	
              No limit on number of demands

            

       

      The Owner may serve more than one (1) demand under Clause 2.1 (Guarantee and indemnity).

       

      	2.3	
              Guarantee of whole amount

            

       

      This Guarantee shall be construed and take effect as a guarantee of all amounts due to the Owner under the Leasing Documents (or any of them).

       
        CMBFL Seanergy | Guarantee

        m.v. “Patriotship”

        SINGAPORE/90256717v1

      

      
        2

        
          

      

      

      	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 (Principal and independent debtor), the Guarantor shall neither be discharged by, nor
        have any claim against the Owner in respect of:

       

      	(a)	
              any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person;

            

       

      	(b)	
              any amendment or supplement being made to any Leasing Document (however fundamental and whether or not more onerous);

            

       

      	(c)	
              any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to, or affecting, any Leasing Document;

            

       

      	(d)	
              any release or loss (even though negligent) of any right or Security Interest created by any Leasing Document;

            

       

      	(e)	
              any failure (even though negligent) promptly or properly to exercise or enforce any such right or Security Interest, including a failure to realise for its full market value an asset covered by such a
                Security Interest;

            

       

      	(f)	
              any Leasing Document being or later becoming void, unenforceable, illegal or invalid or otherwise defective in whole or in part for any reason, including a neglect to register it; or

            

       

      	(g)	
              any insolvency or similar proceedings.

            

       

      	4	
              EXPENSES

            

       

      	4.1	
              Costs of preservation of rights, enforcement etc

            

       

      The Guarantor shall pay to the Owner within three (3) Business Days of its demand the amount of all expenses (including, without limitation, out
        of pocket expenses and legal fees) incurred by the Owner in connection with the enforcement of, or the preservation of any rights under this Guarantee or any Leasing Document, including any advice, claim or proceedings relating to this Guarantee or
        any Leasing Document.

       

      	4.2	
              Fees and expenses payable under Leasing Documents

            

       

      Clause 4.1 (Costs of preservation of rights, enforcement etc.) is without prejudice to the Guarantor’s liabilities in respect of the
        Charterers’ obligations under any Leasing Document to which it is a party.

       

      	5	
              ADJUSTMENT OF TRANSACTIONS

            

       

      The Guarantor shall pay to the Owner on its demand any amount which the Owner is required, or agrees, to pay pursuant to any claim by, or settlement with, a trustee in
        bankruptcy of any other Obligor on the ground that any Leasing Document to which that Obligor is a party, or a payment by that Obligor, was invalid or unenforceable or on any similar ground.

       
        CMBFL Seanergy | Guarantee

        m.v. “Patriotship”

        SINGAPORE/90256717v1

      

      
        3

        
          

      

      

      	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 Owner 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 or withholding for or on account of any tax payable under any law of its Original Jurisdiction except a tax deduction or withholding which the Guarantor is required by such
                law to make.

            

       

      	6.2	
              Grossing-up for taxes

            

       

      If the Guarantor is required by law to make a tax deduction then the Guarantor shall increase the payment due from them to the Owners to an amount which (after making any
        tax deduction) leaves an amount equal to the payment which would have been due if no tax deduction had been required.

       

      In this clause, “tax deduction” means any deduction or withholding for or on account of any present or future tax, other than a FATCA
        Deduction.

       

      	6.3	
              Indemnity and evidence of payment of taxes

            

       

      	(a)	
              The Guarantor shall fully indemnify the Owner within three (3) Business Days of the Owner’s demand in respect of all documented claims, expenses, liabilities and losses incurred by the Owner by reason of any
                failure of the Guarantor to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance with Clause 6.2 (Grossing up for taxes).

            

       

      	(b)	
              Within thirty (30) days after making tax deduction, the Guarantor shall deliver to the Owner any receipts, certificates or other documentary evidence satisfactory to the Owner that the tax had been paid to
                the appropriate taxation authority.

            

       

      	7	
              INTEREST

            

       

      	7.1	
              Accrual of interest

            

       

      Any amount due under this Guarantee shall carry interest after the date on which the Owner demands payment of it from the Guarantor until it is actually paid, unless
        interest on that same amount also accrues under the relevant Leasing Document.

       

      	7.2	
              Calculation of interest

            

       

      Interest under this Guarantee shall be calculated and accrue at the rate described in clause 37.5 of the Bareboat Charter and otherwise in
        accordance with the terms thereof. For the avoidance of doubt, it is confirmed that this Guarantee covers all interest payable under the relevant Leasing Document.

       
        CMBFL Seanergy | Guarantee

        m.v. “Patriotship”

        SINGAPORE/90256717v1

      

      
        4

        
          

      

      

      	8	
              SUBORDINATION

            

       

      	8.1	
              Until the end of the Security Period, all rights which the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against the Bareboat Charterer or any other Obligor or
                their respective assets shall be fully subordinated to the rights of the Owner under the Leasing Documents (or any of them), and, in particular, the Guarantor shall not:

            

       

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

            

       

      	(b)	
              take or enforce any Security Interest for any such amount;

            

       

      	(c)	
              claim to set-off any such amount against any amount payable by the Guarantor to the Bareboat Charterer or any other Obligor; or

            

       

      	(d)	
              claim any subrogation or other right in respect of any Leasing Document or any sum received or recovered by the Owner under the Leasing Documents.

            

       

      	9	
              ENFORCEMENT

            

       

      	9.1	
              No requirement to commence proceedings against any other Obligor

            

       

      The Owner will not need to commence any proceedings under, or enforce any Security Interest created by, the Bareboat Charter or any other Leasing Document before claiming or
        commencing proceedings under this Guarantee.

       

      	9.2	
              Conclusive evidence of certain matters

            

       

      As against the Guarantor:

       

      	(a)	
              any final award of an arbitration tribunal in London in connection with the Bareboat Charter or any other Leasing Document; and

            

       

      	(b)	
              any statement or admission of the other Obligor in connection with the Bareboat Charter or any other Leasing Document,

            

       

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

       

      	9.3	
              Suspense account

            

       

      The Owner may, for the purpose of claiming or proving in an insolvency of any Obligor, place any sum received or recovered under or by virtue of this Guarantee on a separate
        interest bearing suspense or other nominal account without applying it in satisfaction of the Bareboat Charterer’s or Guarantor’s obligations under any Leasing Document.

       
        CMBFL Seanergy | Guarantee

        m.v. “Patriotship”

        SINGAPORE/90256717v1

      

      
        5

        
          

      

      

      	10	
              JUDGMENTS AND CURRENCY INDEMNITY

            

       

      	10.1	
              Judgments relating to Bareboat Charter and other Leasing Documents

            

       

      This Guarantee shall cover any amount payable by any other Obligor under or in connection with any judgment or award relating to the Bareboat Charter and any other Leasing
        Document.

       

      	10.2	
              Currency indemnity

            

       

      If any sum due from the Guarantor to the Owner under this Guarantee or under any order, judgment or award relating to this Guarantee has to be converted from the currency in
        which this Guarantee provided for the sum to be paid (the “Contractual Currency”) into another currency (the “Payment Currency”) for the purpose of:

       

      	(a)	
              at the Owner’s request, in the event that there are any restrictions whatsoever preventing the remittance of payments in Dollars to the Owner or otherwise adversely affecting the ability of the Owners to
                receive payments in or deal in Dollars (including without limitation, any suspension of the SWIFT system in any jurisdiction where the Owner would have received payment or would customarily receive payments);

            

       

      	(b)	
              making or lodging any claim or proof against the Guarantor, whether in its liquidation, any arrangement involving it or otherwise;

            

       

      	(c)	
              obtaining an order, judgment or award from any court or other tribunal; or

            

       

      	(d)	
              enforcing any such order, judgment or award,

            

       

      the Guarantor shall indemnify the Owner against the loss arising when the amount of the payment actually received by the Owner is converted at the available rate of exchange
        into the Contractual Currency.

       

      In this Clause 10.2 (Currency indemnity), the “available rate of exchange” means the rate at
        which the Owner is able at the opening of business (Shanghai time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

       

      	11	
              SUPPLEMENTAL

            

       

      	11.1	
              Continuing guarantee

            

       

      This Guarantee shall remain in force as a continuing security interest at all times during the Security Period.

       

      	11.2	
              Rights cumulative, non-exclusive

            

       

      The Owner’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.

       

      	11.3	
              No impairment of rights under Guarantee

            

       

      If the Owner 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
        Owner under this Guarantee.

       
        CMBFL Seanergy | Guarantee

        m.v. “Patriotship”

        SINGAPORE/90256717v1

      

      
        6

        
          

      

      

      	11.4	
              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.

       

      	11.5	
              Guarantee not affected by other Security Interests

            

       

      This Guarantee shall not impair, nor be impaired by, any other guarantee or any right of set-off or netting or to combine accounts which the Owner may now or later hold in
        connection with the Bareboat Charter or any other Leasing Document.

       

      	11.6	
              Guarantor bound by Bareboat Charter and incorporation of its terms

            

       

      The Guarantor is fully familiar with, and agrees to all the provisions of, the Bareboat Charter and the other Leasing Documents to which it is not a party. The Guarantor
        agrees with the Owner:

       

      	(a)	
              to be bound by all provisions of the Bareboat Charter which are applicable to the Obligors in the same way as if those provisions had been set out (with any necessary modifications) in this Guarantee; and

            

       

      	(b)	
              that any provision of the Bareboat Charter which, by its terms, applies or relates to the Leasing Documents applies to this Guarantee.

            

       

      	11.7	
              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.

       

      	11.8	
              Counterparts

            

       

      This Guarantee may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Guarantee.

       

      	11.9	
              Sovereign immunity

            

       

      The Guarantor waives any rights of sovereign immunity which it or any of its assets may enjoy in any jurisdiction and subjects itself to civil and commercial law with
        respect to their obligations under this Guarantee.

       

      	11.10	
              Reinstatement

            

       

      If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by the Owner in
        whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantor under this Guarantee
        will continue or be reinstated as if the discharge, release or arrangement had not occurred.

       
        CMBFL Seanergy | Guarantee

        m.v. “Patriotship”

        SINGAPORE/90256717v1

      

      
        7

        
          

      

      	11.11	
              Release

            

       

      Subject to Clause 11.10 (Reinstatement), at the end of the Security Period, the Owner shall, at the request and cost of the
        Guarantor, irrevocably and unconditionally release the guarantee created under this Guarantee.

       

      	12	
              ASSIGNMENT OR TRANSFER

            

       

      	12.1	
              Assignment or transfer by Owner

            

       

      The Owner may assign any of its rights and transfer any of its obligations under this Guarantee to the same extent as it may transfer the same under the other Leasing Documents to which it is a party subject always to the provisions of the Bareboat Charter.

       

      	12.2	
              Assignment by Guarantor

            

       

      The Guarantor may not assign any of its rights or transfer any of its rights or obligations under this Guarantee.

       

      	13	
              NOTICES

            

       

      	13.1	
              Notices

            

       

      Any notice, certificate, demand or other communication to be served, given made or sent under or in relation to this Guarantee shall be in English and in writing and
        (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post or by email to the following respective addresses:

       

      
        	 	
                to the Owner:

              	
                to the same address and in the same manner as notices to the Owner under the Bareboat Charter.

              
	 	 	 
	 	
                to the Guarantor:

              	
                c/o Seanergy Management Corp.

                154 Vouliagmenis Avenue,

                16674 Glyfada, Athens, Greece

                Attention:          Mr. Stavros Gyftakis

                Email:                legal@seanergy.gr and finance@seanergy.gr

                Tel:                    +30 210 8913520

              

      

       

      

      or, if a party hereto changes its address or email address, to such other address or email address as that party may notify to the other.

       

      	13.2	
              Service of notices

            

       

      Any such communication shall be deemed to have reached the Party to whom it was addressed (a) when delivered (in case of a registered letter),
        or (b) when actually received in readable form (in case of an email). A notice or other such communication received on a non-working day or after 5.00 p.m. in the place of receipt shall be deemed to be served on the
        next following working day in such place.

       
        CMBFL Seanergy | Guarantee

        m.v. “Patriotship”

        SINGAPORE/90256717v1

      

      
        8

        
          

      

      

      	13.3	
              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 Bareboat Charterer under a Leasing Document; and

            

       

      	(b)	
              at the same time as the service of the Termination Event notice referred to under clause 47.2 of the Bareboat Charter,

            

       

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

       

      	14	
              INVALIDITY OF LEASING DOCUMENTS

            

       

      	14.1	
              Invalidity of Bareboat Charter or other Leasing Documents

            

       

      In the event of:

       

      	(a)	
              the Bareboat Charter or any other Leasing Document 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 Obligor party thereto, the introduction of any law or any other matter resulting in that Obligor being discharged from liability under the
                Bareboat Charter or other Leasing Document, or the Bareboat Charter or other Leasing Document 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 the Bareboat Charter or other Leasing Document if the Bareboat
        Charter or other Leasing Document had been and remained entirely valid, legal and enforceable, or that Obligor had not suffered bankruptcy, or any combination of such events or circumstances, as the case may be, and the Bareboat Charterer 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 that Obligor under or in connection with the Bareboat
        Charter or other Leasing Document shall include references to any amount which would have so been or become payable as aforesaid.

       

      	15	
              INCORPORATION OF BAREBOAT CHARTER PROVISIONS

            

       

      	15.1	
              The following provisions of the Bareboat Charter apply to this Guarantee as if they were expressly incorporated therein with any necessary modifications:

            

       

      clause 45 (No waiver of rights);

       

      clause 58 (No set-off or tax deduction); and

       

      clause 61 (FATCA).

       

      	15.2	
              Clause 15.1 (Incorporation of Bareboat Charter Provisions) is without prejudice to the application to this Guarantee of any provision of the Bareboat Charter which, by
                its terms, applies or relates to this Guarantee.

            

       

      	16	
              GOVERNING LAW AND ENFORCEMENT

            

       

      	16.1	
              This Guarantee and any non-contractual obligations arising under or in connection with it are governed by English law.

            

       
        CMBFL Seanergy | Guarantee

        m.v. “Patriotship”

        SINGAPORE/90256717v1

      

      
        9

        
          

      

      

      	16.2	
              Any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in
                connection with this Agreement) (a “Dispute”) shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or
                re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 16 (Governing Law and Enforcement). The arbitration shall be conducted in accordance with the London
                Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced.

            

       

      	16.3	
              The seat of the arbitration shall be London, England, even where any hearing takes place outside England.

            

       

      	16.4	
              The reference shall be to three (3) arbitrators. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring the
                other party to appoint its own arbitrator within fourteen (14) calendar days of the date that the notice is delivered to the other party and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its
                own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party
                referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be
                binding on both parties as if he had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

            

       

      	16.5	
              Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

            

       

      	16.6	
              Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated above.

            

       

      	16.7	
              In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims
                Procedure current at the time when the arbitration proceedings are commenced.

            

       

      	16.8	
              The language of the arbitration shall be English.

            

       

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

       
        CMBFL Seanergy | Guarantee

        m.v. “Patriotship”

        SINGAPORE/90256717v1

      

      
        10

        
          

      

      EXECUTION PAGE

       

      	
              GUARANTOR

            
	  
	
              EXECUTED and DELIVERED as a DEED

            	
              )

            
	
              by SEANERGY MARITIME HOLDINGS CORP.

            	
              )

            
	
              acting by Stavros Gyftakis

            	
              ) /s/ Stavros Gyftakis

            
	
              being an attorney-in-fact

            	
              )

            
	
              in the presence of:

            	
              )

            

      

      

      	
              Witness’ signature: /s/ Maria Moschopoulou

            
	
              Witness’ name: Maria Moschopoulou

            
	
              Witness’ address: 154 Vouliagmenis Avenue

            
	 	
              16674 Glyfada, Athens Greece

            

      

      

      	
              OWNER

            	 
	
              SIGNED, SEALED and DELIVERED as a DEED

            	
              )

            
	
              by Sea 242 Leasing Co. Limited

            	
              )

            
	
              by Zhou Ling

            	
              ) /s/ Zhou Ling

            	    
	
              its attorney-in-fact under power of attorney

            	
              )

            
	
              dated 17 June 2021

            	
              )

            
	
              in the presence of:

            	
              )

            

      

      

      	
              Witness’ signature: /s/ Xiao Jue

            
	
              Witness’ name: Xiao Jue

            
	
              Witness’ address: 22F, China Merchants Bank Building, NO. 1088

            
	 	
              Lujiazui Ring Road, Shanghai, China

            

      

      

      
        CMBFL Seanergy | Guarantee

        m.v. “Patriotship”

         SINGAPORE/90256717v1

        
          

          

          

          

          11

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