Document:

Exhibit 4.107

  

  

  

  

  

  

  

  
    
      Dated 24 January 2018

      OIL TANKERS INVESTMENTS
            INC.,

          as Guarantor

          

          

          and

          

          

          

          

          CREDIT SUISSE AG

          as Security Trustee

      GUARANTEE AND NEGATIVE PLEDGE

      relating to

          a Loan Agreement dated 24 January 2018

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      WATSON FARLEY

          &

          WILLIAMS

      
        
          

      

      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

            	
              4

            
	
              9

            	
              Enforcement

            	
              5

            
	
              10

            	
              Representations and Warranties

            	
              5

            
	
              11

            	
              Undertakings

            	
              8

            
	
              12

            	
              Corporate Undertakings

            	
              11

            
	
              13

            	
              Negative Pledge

            	
              13

            
	
              13

            	
              Judgments and Currency Indemnity

            	
              14

            
	
              14

            	
              Set-Off

            	
              14

            
	
              15

            	
              Supplemental

            	
              15

            
	
              16

            	
              Assignment

            	
              17

            
	
              17

            	
              Notices

            	
              17

            
	
              18

            	
              Invalidity of Loan Agreement

            	
              18

            
	
              19

            	
              Governing Law and Jurisdiction

            	
              18

            
	 	 	 
	
              Execution

            	 
	 	 
	
              Execution Page

            	
              20

            

      

      

      

      

      
        
          

      

      THIS GUARANTEE is
          made on 24 January 2018

      PARTIES

      
        
          	(1)	
                  OIL TANKERS INVESTMENTS INC., a corporation
                      incorporated in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the "Guarantor")

                

        

      

      
        
          	(2)	
                  CREDIT SUISSE AG, a company incorporated in
                      Switzerland, acting through its office at St. Alben Graben 1-3, 4051 Basel, Switzerland (the "Security Trustee", which expression
                      includes its successors and assigns)

                

        

      

      BACKGROUND

      
        
          	(A)	
                  By a loan agreement dated 24 January 2018 (the "Loan Agreement") and made between (i) Tortuga Owners Inc., Cecilia Owning Company Limited,
                      Faros Owners Inc. and Regina Owners Inc. as joint and several borrowers (together the "Borrowers" and each a "Borrower"), (ii) the banks and financial institutions listed therein as Lenders, (iii)
                      Credit Suisse AG as Swap Bank, (iv) Credit Suisse AG as Agent and (v) the Security Trustee, it was agreed that the Lenders would make available to the Borrowers a term loan facility of up to US$90,000,000 to refinance the existing
                      indebtedness related to m.vs. "SHIRAGA", "SAMSARA", "STAMOS" and "BALLA" (together, the "Ships").

                

        

      

      
        
          	(B)	
                  By a master agreement on the 2002 ISDA Agreement form, and including the Schedule thereto (the "Master Agreement") dated 24 January 2018 and entered between (i) the
                      Borrowers and (ii) the Swap Bank, pursuant to which the Swap Bank may agree upon the Borrowers' request and subject to the Swap Bank's approval to enter into Transactions with the Borrowers from time to time.

                

        

      

      
        
          	(C)	
                  By an Agency and Trust Agreement dated the same date as, and entered into pursuant to, the Loan Agreement and the Master Agreement, it was agreed that the
                      Security Trustee would hold the Trust Property (as defined in the Agency and Trust Agreement) on trust for the Lenders and the Swap Bank.

                

        

      

      
        
          	(D)	
                  Each Borrower has an authorised share capital of 500 registered with a par value of $20 per share, all of which shares (the "Original Shares") have been issued and are held by the Guarantor.

                

        

      

      
        
          	(E)	
                  It is a condition precedent to the availability of the facility under the Loan Agreement and the Swap Bank entering into Transactions with the Borrowers
                      pursuant to the terms of the Master Agreement that the Guarantor executes in favour of and delivers to the Security Trustee this Guarantee (which is one of the Guarantees referred to in the Loan Agreement) and negative pledge in
                      respect of the Shares.

                

        

      

      OPERATIVE PROVISIONS

      
        
          	1	
                  INTERPRETATION

                

        

      

      
        
          	1.1	
                  Defined expressions

                

        

      

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

      
        
          	1.2	
                  Construction of certain terms

                

        

      

      In this Guarantee:

      
        
          

      

      
      

      

      "bankruptcy"

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

      "GAAP"

          means generally accepted international accounting principles as from time to time set forth by the statements of International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Committee;

      "Group"

          means, following the release of the Corporate Guarantor from the Guarantee to which it is a party pursuant to a Qualified IPO, the Guarantor and its subsidiaries for the time being and "member of the Group" shall be construed accordingly;

      "Loan

            Agreement" means the loan agreement dated 24 January 2018 referred to in Recital (A) and includes any existing or future amendments or supplements,
          whether made with the Guarantor's consent or otherwise.

      "Master

            Agreement" means the master agreement dated 24 January 2018 referred to in Recital (B) as from time to time amended and/or supplemented.

      "Shares"

          means (a) the Original Shares and (b) all other shares in each Borrower from time to time owned by the Guarantor during the Security Period.

      
        
          	1.3	
                  Application of construction and interpretation provisions of Loan Agreement

                

        

      

      Clauses 1.2 to 1.6 of the Loan Agreement apply, with any necessary modifications, to this
          Guarantee.

      
        
          	2	
                  GUARANTEE

                

        

      

      
        
          	2.1	
                  Guarantee and indemnity

                

        

      

      The Guarantor unconditionally and irrevocably:

      
        
          	(a)	
                  guarantees the due payment of all amounts payable by the Borrowers (or any of them) and the punctual performance by the Borrowers (or any of them) of their
                      obligations under or in connection with the Loan Agreement and every other Finance Document (including, for the avoidance of doubt, the Master Agreement);

                

        

      

      
        
          	(b)	
                  undertakes to pay to the Security Trustee, on the Security Trustee's demand, any such amount which is not paid by the Borrowers (or any of them) when
                      payable; and

                

        

      

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

                

        

      

      
        
          	2.2	
                  No limit on number of demands

                

        

      

      The Security Trustee may serve more than one demand under Clause 2.1.

      
        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, the Guarantor shall neither be discharged by, nor
          have any claim against any Creditor Party in respect of:

      
        
          	(a)	
                  any amendment or supplement being made to the Finance Documents (including, for the avoidance of doubt, the Master Agreement);

                

        

      

      
        
          	(b)	
                  any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to, or affecting, the Finance Documents (including, for
                      the avoidance of doubt, the Master Agreement);

                

        

      

      
        
          	(c)	
                  any release or loss (even though negligent) of any right or Security Interest created by the Finance Documents (or any of them);

                

        

      

      
        
          	(d)	
                  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; or

                

        

      

      
        
          	(e)	
                  any other Finance Document (including, for the avoidance of doubt, the Master Agreement) or any Security Interest now being or later becoming void,
                      unenforceable, illegal or invalid or otherwise defective for any reason, including a neglect to register it.

                

        

      

      
        
          	4	
                  EXPENSES

                

        

      

      
        
          	4.1	
                  Costs of preservation of rights, enforcement etc.

                

        

      

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

      
        
          	4.2	
                  Fees and expenses payable under Loan Agreement

                

        

      

      Clause 4.1 is without prejudice to the Guarantor's liabilities in respect of the Borrowers
          obligations under clause 20 of the Loan Agreement (fees and expenses) and under similar provisions of other Finance Documents (including, for the avoidance of doubt, the Master Agreement).

      
        
          	5	
                  ADJUSTMENT OF TRANSACTIONS

                

        

      

      
        
          	5.1	
                  Reinstatement of obligation to pay

                

        

      

      The Guarantor shall pay to the Security Trustee on its demand any amount which any Creditor Party
          is required, or agrees, to pay pursuant to any claim by, or settlement with, a trustee in

      
        3

        
          

      

      

      

      bankruptcy of the Borrowers (or any of them) or of another Security Party (or similar person) on
          the ground that the Loan Agreement or any other Finance Document, or a payment by the Borrowers (or any of them) or of another Security Party, was invalid or on any similar ground.

      
        
          	6	
                  PAYMENTS

                

        

      

      
        
          	6.1	
                  Method of payments

                

        

      

      Any amount due under this Guarantee shall be paid:

      
        
          	(a)	
                  in immediately available funds;

                

        

      

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

                

        

      

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

                

        

      

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

                

        

      

      
        
          	6.2	
                  Grossing-up for taxes

                

        

      

      If the Guarantor is required by law to make a tax deduction, the amount due to the Security
          Trustee shall be increased by the amount necessary to ensure that the Security Trustee and (if the payment is not due to the Security Trustee for its own account) the Creditor Party beneficially interested in the payment receives and retains a
          net amount which, after the tax deduction, is equal to the full amount that it would otherwise have received.

      
        
          	7	
                  INTEREST

                

        

      

      
        
          	7.1	
                  Accrual of interest

                

        

      

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

      
        
          	7.2	
                  Calculation of interest

                

        

      

      Interest under this Guarantee shall be calculated and accrue in the same way as interest under
          clause 5 and clause 7 of the Loan Agreement.

      
        
          	7.3	
                  Guarantee extends to interest payable under Loan Agreement

                

        

      

      For the avoidance of doubt, it is confirmed that this Guarantee covers all interest payable under
          the Loan Agreement, including that payable under clause 7 of the Loan Agreement.

      
        
          	8	
                  SUBORDINATION

                

        

      

      
        
          	8.1	
                  Subordination of rights of Guarantor

                

        

      

      All rights which the Guarantor at any time has (whether in respect of this Guarantee or any other
          transaction) against the Borrowers (or any of them), any other Security Party or their respective assets shall be fully subordinated to the rights of the Creditor Parties under the Finance Documents; and in particular, the Guarantor shall not:

      
        4

        
          

      

      

      

      

      

      
        
          	(a)	
                  claim, or in a bankruptcy of the Borrowers (or any of them), or any other Security Party prove for, any amount payable to the Guarantor by the Borrowers (or
                      any of them) or any other Security Party, 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 Borrowers (or any of them) or any other Security Party; or

                

        

      

      
        
          	(d)	
                  claim any subrogation or other right in respect of any Finance Document or any sum received or recovered by any Creditor Party under a Finance Document
                      (including, for the avoidance of doubt, the Master Agreement).

                

        

      

      
        
          	9	
                  ENFORCEMENT

                

        

      

      
        
          	9.1	
                  No requirement to commence proceedings against Borrowers

                

        

      

      Neither the Security Trustee nor any other Creditor Party will need to commence any proceedings
          under, or enforce any Security Interest created by, the Loan Agreement or any other Finance Document (including, for the avoidance of doubt, the Master Agreement) before claiming or commencing proceedings under this Guarantee.

      
        
          	9.2	
                  Conclusive evidence of certain matters

                

        

      

      However, as against the Guarantor:

      
        
          	(a)	
                  any judgment or order of a court in England, Marshall Islands or any other Pertinent Jurisdiction in connection with the Loan Agreement or any other Finance
                      Document; and

                

        

      

      
        
          	(b)	
                  any statement or admission of the Borrowers (or any of them) in connection with the Loan Agreement or any other Finance Document,

                

        

      

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

      
        
          	9.3	
                  Suspense account

                

        

      

      The Security Trustee and any Creditor Party may, for the purpose of claiming or proving in a
          bankruptcy of the Borrowers (or any of them) or any other Security Party, place any sum received or recovered under or by virtue of this Guarantee or any Security Interest connected with it on a separate suspense or other nominal account without
          applying it in satisfaction of the Borrowers' obligations under the Loan Agreement or any other Finance Document.

      
        
          	10	
                  REPRESENTATIONS AND WARRANTIES

                

        

      

      
        
          	10.1	
                  General

                

        

      

      The Guarantor represents and warrants to the Security Trustee as follows.

      
        
          	10.2	
                  Status

                

        

      

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

      
        5

        
          

      

      

      

      
        
          	10.3	
                  Corporate power

                

        

      

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

      
        
          	(a)	
                  to execute this Guarantee; and

                

        

      

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

                

        

      

      
        
          	10.4	
                  Consents in force

                

        

      

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

      
        
          	10.5	
                  Shares

                

        

      

      The authorised share capital of each Borrower consists of the shares described in Background
          Clause (D) hereto and such shares are issued and legally owned by the Guarantor as described in Background Clause (D) free from any Security Interest and any options or rights of pre-emption, the shares certificates for the Original Shares are in
          the possession of the Guarantor with full title guarantee and the Guarantor has full power and authority to be the legal and beneficial owner of the Original Shares.

      
        
          	10.6	
                  Legal validity

                

        

      

      This Guarantee does now or will upon execution and delivery constitute the Guarantor's legal,
          valid and binding obligations enforceable against the Guarantor in accordance with their respective terms and subject to any relevant insolvency laws affecting creditors' rights generally.

      
        
          	10.7	
                  No conflicts

                

        

      

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

      
        
          	(a)	
                  any law or regulation; or

                

        

      

      
        
          	(b)	
                  the constitutional documents of the Guarantor; or

                

        

      

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

                

        

      

      
        
          	10.8	
                  No withholding taxes

                

        

      

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

      
        
          	10.9	
                  No default

                

        

      

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

      
        6

        
          

      

      

      

      
        
          	10.10	
                  Information

                

        

      

      All information which has been provided in writing by or on behalf of the Guarantor to the
          Security Trustee or any other Creditor Party in connection with any Finance Document (including, for the avoidance of doubt, the Master Agreement) satisfied the requirements of Clause 11.3, all audited and unaudited accounts which have been so
          provided satisfied the requirements of Clause 11.5 and there has been no material adverse change in the financial position or state of affairs of the Guarantor from that disclosed in the latest of those accounts.

      
        
          	10.11	
                  No litigation

                

        

      

      No legal or administrative action involving the Guarantor or a Borrower (including, without
          limitation, any action relating to any alleged or actual breach of the ISM Code and ISPS Code) has been commenced or taken or, to the Guarantor's knowledge, is likely to be commenced or taken and which can clearly be considered material in the
          context of any Finance Document.

      
        
          	10.12	
                  Taxes paid

                

        

      

      The Guarantor has paid all taxes applicable to, or imposed on or in relation to the Guarantor,
          its business or the Ships.

      
        
          	10.13	
                  ISM Code, ISPS Code and Environmental Law compliance

                

        

      

      All requirements of the ISM Code and ISPS Code and any Environmental Law as they relate to the
          Guarantor, the Borrowers and the Ships have been complied with.

      
        
          	10.14	
                  No immunity

                

        

      

      Neither the Guarantor, 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 judgement, execution or other enforcement).

      
        
          	10.15	
                  No money laundering

                

        

      

      In relation to the borrowing by the Borrowers of the Loan, the performance and discharge of its
          obligations and liabilities under this Guarantee, and the transactions and other arrangements effected or contemplated by the Finance Documents to which any Borrower is a party, the Guarantor confirms (i) that it is acting for its own account;
          (ii) that it will use the proceeds of the Loan for its own benefit, under its full responsibility and exclusively for the purposes specified in the Loan Agreement, and (iii) that the foregoing will not involve or lead to a contravention of any
          law, official requirement or other regulatory measure or procedure implemented to combat "money laundering" (as defined in Article 1 of Directive 2015/849/EC of the European Parliament and of the Council and/or Article 305 bis of the Swiss Penal
          Code).

      
        
          	10.16	
                  Sanctions

                

        

      

      The Guarantor, its directors and/or officers are not, nor act directly or indirectly on behalf
          of, a Restricted Party (as defined in Clause 11.13).

      
        
          	10.17	
                  Repetition

                

        

      

      The representations and warranties of the Guarantor set out in this Clause 10 shall survive the
          execution of the Guarantee and shall be deemed to be repeated at the commencement of

      
        7

        
          

      

      

      

      each Interest Period and, if different, on each Repayment Date, with respect to the facts and
          circumstances existing at each such time, as if made at each such time.

      
        
          	11	
                  UNDERTAKINGS

                

        

      

      
        
          	11.1	
                  General

                

        

      

      The Guarantor undertakes with the Security Trustee to comply with the following provisions of
          this Clause 11 (Undertakings) at all times during the Security Period, except as the Agent may, with the authority of the Majority Lenders,
          otherwise permit.

      
        
          	11.2	
                  Change of business

                

        

      

      The Guarantor shall not, and shall procure that no Borrower will, make any substantial change to
          the nature of its business from that existing at the date of this Guarantee.

      
        
          	11.3	
                  Information provided to be accurate

                

        

      

      All financial and other information which is provided in writing by or on behalf of the Guarantor
          under or in connection with this Guarantee will be true and not misleading and will not omit any material fact or consideration.

      
        
          	11.4	
                  Provision of financial statements

                

        

      

      The Guarantor will send to the Security Trustee:

      
        
          	(a)	
                  as soon as possible, but in no event later than 180 days after the end of each financial year of the Guarantor (commencing with the financial year ending in
                      the calendar year in which a Qualified IPO is effected) the annual audited consolidated financial statements of the Group certified as to their correctness by the chief financial officer or any other authorised officer or any other
                      authorised person of the Guarantor;

                

        

      

      
        
          	(b)	
                  as soon as possible, but in no event later than 90 days after the end of each quarter in each financial year of the Guarantor (commencing with the quarter
                      in which a Qualified IPO falls), the unaudited consolidated financial statements of the Group for that quarter, certified as to their correctness by the chief financial officer or any other authorised officer or any other authorised
                      person of the Guarantor;

                

        

      

      
        
          	(c)	
                  promptly after each request by the Security Trustee, such further financial or other information in respect of the financial condition, commitments and
                      operation of any Borrower, any Ship, the Guarantor and any other member of the Group.

                

        

      

      
        
          	11.5	
                  Form of financial statements

                

        

      

      All accounts (audited and unaudited) delivered under Clause 11.4 will:

      
        
          	(a)	
                  be prepared in accordance with all applicable laws and GAAP is applied;

                

        

      

      
        
          	(b)	
                  give a true and fair view of the state of affairs of the Borrowers, the Guarantor and the Group at the date of those accounts and of its profit for the
                      period to which those accounts relate; and

                

        

      

      
        8

        
          

      

      

      

      

      

      
        
          	(c)	
                  fully disclose or provide for all significant liabilities of the Borrowers, the Guarantor and the Group.

                

        

      

      
        
          	11.6	
                  Shareholder and creditor notices

                

        

      

      The Guarantor will send the Security Trustee, upon its request, copies of all communications
          which are despatched to the Guarantor's shareholders or creditors or any class of them unless it is clear that such communications cannot be considered material in the context of any Finance Document.

      
        
          	11.7	
                  Consents

                

        

      

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

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

                

        

      

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

                

        

      

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

      
        
          	11.8	
                  Notification of litigation

                

        

      

      The Guarantor will provide the Security Trustee with details of any legal or administrative
          action involving the Guarantor, any Borrower, any other Security Party, the Approved Manager or any Ship as soon as such action is instituted or it becomes apparent to the Guarantor that it is likely to be instituted, unless it is clear that the
          legal or administrative action cannot be considered material in the context of any Finance Document.

      
        
          	11.9	
                  Notification of default

                

        

      

      The Guarantor will notify the Security Trustee as soon as the Guarantor becomes aware of:

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

                

        

      

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

                

        

      

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

      
        
          	11.10	
                  Provision of further information

                

        

      

      The Guarantor will, upon receiving the request, provide the Security Trustee with any additional
          financial or other information relating:

      
        
          	(a)	
                  to the Borrowers, the Group, the Corporate Guarantor, the Ships, the Guarantor, the Insurances or the Earnings; or

                

        

      

      
        
          	(b)	
                  to any other matter relevant to, or to any provision of or a Finance Document,

                

        

      

      which may be required by the Security Trustee or any other Creditor Party at any time.

      
        9

        
          

      

      

      

      
        
          	11.11	
                  "Know your customer" checks

                

        

      

      If:

      
        
          	(a)	
                  the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this
                      Guarantee; or

                

        

      

      
        
          	(b)	
                  any change in the status of the Guarantor after the date of this Guarantee;

                

        

      

      obliges the Security Trustee to comply with "know your customer" or similar identification
          procedures in circumstances where the necessary information is not already available to it, the Guarantor shall promptly upon the request of the Security Trustee supply, or procure the supply of, such documentation and other evidence as is
          reasonably requested by the Security Trustee in order for the Security Trustee to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the
          transactions contemplated in the Guarantee.

      
        
          	11.12	
                  Provision of copies and translation of documents

                

        

      

      Upon the Security Trustee's request, the Guarantor will supply the Security Trustee with a
          sufficient number of copies of the documents referred to above; and if the Security Trustee so requires in respect of any of those documents, the Guarantor will provide a certified English translation prepared by a translator approved by the
          Security Trustee.

      
        
          	11.13	
                  Sanctions

                

        

      

      
        
          	(a)	
                  The Guarantor understands that the Creditor Parties - be it due to applicable laws and/or internal rules and regulations - are prohibited from conducting
                      business in relation to Restricted Countries or Restricted Parties.

                

        

      

      
        
          	(b)	
                  The Guarantor confirms and undertakes that it will not transfer, make use of, or provide the benefit of, any funds received from, or services provided by,
                      any Creditor Party to any Restricted Parties, or conduct, permit or allow any business activity related to the Ships (including, but not limited to, entering into any acquisition agreement, a (re-) financing or any charter in relation
                      to the Ships) or related to any other Relevant Asset with any Restricted Parties or for business activities that are subject to Sanctions.

                

        

      

      
        
          	(c)	
                  This Clause 11.13 shall not be interpreted as restricting charterers or sub-charterers to use the Ships to conduct occasional business activities with
                      Restricted Parties or Restricted Countries (and for the purpose of this Clause 11.13, occasional business activities means activities where it is not the main purpose of such chartering contract to conduct business activities with
                      Restricted Parties or Restricted Countries) provided such business activities are not subject to restrictions under any of the sanctions regimes as enumerated in the definition of "Restricted Parties" (irrespective of whether or not
                      the restrictions imposed by such sanctions regimes apply to the concerned business activity).

                

        

      

      
        
          	(d)	
                  In addition and without prejudice to the foregoing, the Guarantor shall procure that no proceeds, funds or benefit from any activity or dealing with
                      Restricted Parties are used in discharging any obligation due or owing to the Creditor Parties or are credited to any bank account held with any Creditor Party, and that no payment to a Restricted Party is effected, whether to
                      discharge any obligation due or owing to such person or for any other purpose, through the use of any bank account held with any Creditor Party.

                

        

      

      
        10

        
          

      

      

      

      In this Clause 11.13:

      "Relevant

            Asset" means the Ships or any other vessel, asset or project in relation to which funds have been received from, or services have been provided by, the Creditor Parties;

      "Restricted

            Countries" means, as of the date of this Guarantee, Cuba, Iran, North Korea, Sudan, Syria, the region of Crimea and/or any other country or region subject to Sanctions, as notified from time to time to the Borrowers and/or the Guarantor
          by the Agent and/or the Security Trustee;

      "Restricted

            Parties" means any person, entity or party: (i) located, domiciled, resident or incorporated in a Restricted Country; or (ii) the government of a Restricted Country; or (iii) subject to Sanctions; or (iv) controlling, controlled by, or
          under common control with, any person, entity or party referred to under (i) to (iii) above; and 

      "Sanctions"

          means any economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by (i) the United Nations; (ii) the European Union; (iii) the United States Treasury Department's Office of Foreign Assets
          Control ("OFAC"); (iv) the State Secretariat for Economic Affairs of Switzerland ("SECO") or the Swiss Directorate of International Law ("DIL"); (v) HM Treasury of the United Kingdom; (vi) the Monetary Authority of Singapore ("MAS") and (vii) the
          Hong Kong Monetary Authority ("HKMA") and/or any other body notified from time to time in writing to the Borrowers and/or the Guarantor by the Agent and/or the Security Trustee.

      
        
          	11.14	
                  Anti-Corruption

                

        

      

      
        
          	(a)	
                  The Guarantor shall not (and shall procure that none of the Borrowers or any Security Party will) directly or indirectly use the proceeds of the Loan for
                      any purpose which would breach or might breach applicable anti-corruption laws, including, but not limited to, the UK Bribery Act of 2010 and the United States Foreign Corrupt Practices Act of 1977, each as amended.

                

        

      

      
        
          	(b)	
                  The Borrowers shall (and shall procure that each Security Party will):

                

        

      

      
        
          	

                	(i)	
                  conduct its business in compliance with applicable anti-corruption laws and regulations; and

                

        

      

      
        
          	

                	(ii)	
                  maintain effective policies and procedures designed to promote and achieve compliance with such laws and regulations.

                

        

      

      
        
          	12	
                  CORPORATE UNDERTAKINGS

                

        

      

      
        
          	12.1	
                  General

                

        

      

      The Guarantor also undertakes with the Security Trustee to comply with the following provisions
          of this Clause 12 at all times during the Security Period except as the Security Trustee may, with the authorisation of the Majority Lenders, otherwise permit.

      
        
          	12.2	
                  Maintenance of status

                

        

      

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

      
        11

        
          

      

      

      

      
        
          	12.3	
                  Maintenance of Security Interests

                

        

      

      The Guarantor will:

      
        
          	(a)	
                  at its own cost, do all that it reasonably can to ensure that any Finance Document to which it is a party validly creates the obligations and the Security
                      Interests which it purports to create; and

                

        

      

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

                

        

      

      
        
          	12.4	
                  No merger etc.

                

        

      

      The Guarantor shall procure that none of the Borrowers will enter into any form of merger, or
          demerger, amalgamation or any form of reconstruction or reorganisation unless in connection with:

      
        
          	(a)	
                  a Qualified IPO subject to:

                

        

      

      
        
          	

                	(i)	
                  the Borrowers and the Corporate Guarantor giving at least 30 days' prior notice to the Agent of the Guarantor's intention to proceed with a Qualified IPO
                      and requesting the consent of the Agent (acting on the instructions of the Lenders at their discretion);

                

        

      

      
        
          	

                	(ii)	
                  the Agent (acting on the instructions of the Lenders at their discretion) providing its written approval to a Qualified IPO; and

                

        

      

      
        
          	

                	(iii)	
                  the Guarantor continuing to remain the direct and legal owner of all the issued share capital of each Borrower at the time the Qualified IPO is effected; or

                

        

      

      
        
          	(b)	
                  a Permitted Ultimate Beneficial Ownership Change being effected in which case the Guarantor shall be released from its obligations under this Guarantee
                      subject to:

                

        

      

      
        
          	

                	(i)	
                  the Approved Manager providing a guarantee of all the Borrowers' obligations under the Loan Agreement and the other Finance Documents in such form as the
                      Agent (acting on the instructions of the Majority Lenders) may require by no later than the date on which the Permitted Ultimate Beneficial Ownership Change is effected; and

                

        

      

      
        
          	

                	(ii)	
                  the Guarantor ceasing to remain the direct and legal owner of all the issued share capital of each Borrower on the date the Permitted Ultimate Beneficial
                      Ownership Change is effected.

                

        

      

      
        
          	12.5	
                  Pari Passu

                

        

      

      The Guarantor shall procure that its liabilities under this Guarantee do and will rank at least
          pari passu with all its other present and future liabilities, except for liabilities which are mandatorily preferred by law.

      
        12

        
          

      

      

      

      
        
          	13	
                  NEGATIVE PLEDGE

                

        

      

      
        
          	13.1	
                  Negative Pledge

                

        

      

      The Guarantor hereby represents and warrants to the Security Trustee that it is, and during the
          Security Period or until such time as a Permitted Ultimate Beneficial Ownership Change is effected by way of the Guarantor transferring its shares in each Borrower and subject to the Approved Manager executing and delivering to the Security
          Trustee a Guarantee (as defined in the Loan Agreement) it will remain, the legal owner of the Shares with full title guarantee and the Guarantor hereby covenants and undertakes with the Security Trustee that it will not:

      
        
          	(a)	
                  create or suffer the creation of any Security Interest on or in respect of the whole or any part of the Shares in favour of any person other than the
                      Security Trustee and it will not, and shall procure that no Borrower will, create or permit to arise any Security Interest, except for Permitted Security Interests, over any of their respective assets which are the subject of a
                      Security Interest created or intended to be created by the Finance Documents; or

                

        

      

      
        
          	(b)	
                  sell, assign, transfer or otherwise dispose of the whole or any part of the Shares,

                   

                    

                  in any such case, without the prior written consent of the Security Trustee.

                

        

      

      
        
          	13.2	
                  Share certificates

                

        

      

      The Guarantor further covenants and undertakes with the Security Trustee that it will retain
          physical possession of the share certificates referred to in Clause 10.5 in respect of the Original Shares and any other Shares during the Security Period or until such time as a Permitted Ultimate Beneficial Ownership Change is effected by way
          of the Guarantor transferring its shares in each Borrower and subject to the Approved Manager executing and delivering to the Security Trustee a Guarantee (as defined in the Loan Agreement).

      
        
          	13.3	
                  Share capital; further shares; appointment of directors and officers of each Borrower

                

        

      

      The Guarantor shall procure that throughout the Security Period or until such time as a Permitted
          Ultimate Beneficial Ownership Change is effected by way of the Guarantor transferring its shares in each Borrower and subject to the Approved Manager executing and delivering to the Security Trustee a Guarantee (as defined in the Loan Agreement)
          there shall be:

      
        
          	(a)	
                  no increase or reduction in the authorised share capital of any of the Borrowers;

                

        

      

      
        
          	(b)	
                  no issue of any further shares in any of the Borrowers (unless such shares are issued to the Guarantor and are made subject to the terms of this Agreement
                      immediately upon the issue thereof in a manner satisfactory to the Security Trustee); and

                

        

      

      
        
          	(c)	
                  no appointment of any further director or officer of any of the Borrowers without the prior written consent of the Security Trustee.

                

        

      

      
        
          	13.4	
                  Obligations in respect of Shares

                

        

      

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

      
        13

        
          

      

      

      

      
        
          	13.5	
                  No disposal of assets

                

        

      

      The Guarantor shall not, and shall procure that no Borrower will, transfer, lease or otherwise
          dispose of all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not except in the usual course of its trading operations for full market value.

      
        
          	14	
                  JUDGMENTS AND CURRENCY INDEMNITY

                

        

      

      
        
          	14.1	
                  Judgments relating to Loan Agreement

                

        

      

      This Guarantee shall cover any amount payable by the Borrowers under or in connection with any
          judgment relating to the Loan Agreement.

      
        
          	14.2	
                  Currency indemnity

                

        

      

      In addition, clause 21.4 (currency indemnity) of the Loan Agreement shall apply, with any
          necessary adaptations, in relation to this Guarantee.

      
        
          	15	
                  SET-OFF

                

        

      

      
        
          	15.1	
                  Application of credit balances

                

        

      

      Each Creditor Party may without prior notice:

      
        
          	(a)	
                  apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of the Guarantor at any office in any country
                      of that Creditor Party in or towards satisfaction of any sum then due from the Guarantor to that Creditor Party and any other liability of the Guarantor (whether actual or contingent) under any of the Finance Documents; and

                

        

      

      
        
          	(b)	
                  for that purpose:

                

        

      

      
        
          	

                	(i)	
                  break, or alter the maturity of, all or any part of a deposit of the Guarantor;

                

        

      

      
        
          	

                	(ii)	
                  convert or translate all or any part of a deposit or other credit balance into Dollars; and/or

                

        

      

      
        
          	

                	(iii)	
                  enter into any other transaction, execute such document or make any entry in the name of the Guarantor and/or the Creditor Party with regard to the credit
                      balance which the Creditor Party considers appropriate; and/or

                

        

      

      
        
          	

                	(iv)	
                  to combine and/or consolidate and/or liquidate all or any accounts (whether current, deposit, loan or of any other nature whatsoever, whether subject to
                      notice or not and in whatever currency) of the Guarantor with any office or branch of the Creditor Party.

                

        

      

      
        
          	15.2	
                  Existing rights unaffected

                

        

      

      No Creditor Party shall be obliged to exercise any of its rights under Clause 15.1 (Application of credit balances); and those rights shall be without prejudice and in addition to any right of set-off, combination of accounts,
          charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document) including, without

      
        14

        
          

      

      

      

      limitation, any rights of netting and set-off conferred on the Swap Bank under the Master
          Agreement.

      
        
          	15.3	
                  Sums deemed due to a Lender

                

        

      

      For the purposes of this Clause 15 (Set-Off), a sum payable by the Guarantor to the Agent or the Security Trustee for distribution to, or for the account of, a Lender shall be treated as a sum due to that Lender; and each Lender's
          proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to that Lender.

      
        
          	16	
                  SUPPLEMENTAL

                

        

      

      
        
          	16.1	
                  Continuing guarantee

                

        

      

      Subject to Clause 12.4(b), this Guarantee shall remain in force as a continuing security at all
          times during the Security Period.

      
        
          	16.2	
                  Rights cumulative, non-exclusive

                

        

      

      The Security Trustee'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.

      
        
          	16.3	
                  No impairment of rights under Guarantee

                

        

      

      If the Security Trustee 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 Security Trustee under this Guarantee.

      
        
          	16.4	
                  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.

      
        
          	16.5	
                  Guarantee not affected by other security

                

        

      

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

      
        
          	16.6	
                  Guarantor bound by Loan Agreement and any other Finance Document

                

        

      

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

      
        
          	16.7	
                  Applicability of provisions of Guarantee to other Security Interests

                

        

      

      Any Security Interest which the Guarantor creates (whether at the time at which it signs this
          Guarantee or at any later time) to secure any liability under this Guarantee shall be a principal

      
        15

        
          

      

      

      

      and independent security, and Clauses 3 and 19 shall, with any necessary modifications, apply to
          it, notwithstanding that the document creating the Security Interest neither describes it as a principal or independent security nor includes provisions similar to Clauses 3 and 19.

      
        
          	16.8	
                  Applicability of provisions of Guarantee to other rights

                

        

      

      Clauses 3 and 19 shall also apply to any right of set-off or netting or to combine accounts which
          the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time (notwithstanding that the agreement does not include provisions similar to Clauses 3 and 19), being an agreement referring to this Guarantee.

      
        
          	16.9	
                  Third party rights

                

        

      

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

      
        
          	16.10	
                  Guarantor's approval of Loan Agreement and the other Finance Documents

                

        

      

      The Guarantor has read the Loan Agreement, the Master Agreement and the other Finance Documents
          and understands and approves all the terms and conditions of the Loan Agreement, the Master Agreement and the other Finance Documents.

      
        
          	16.11	
                  Disclosure

                

        

      

      
        
          	(a)	
                  The Guarantor authorises the Security Trustee, the Agent and each Lender to disclose all information related or connected to:

                

        

      

      
        
          	

                	(i)	
                  the Ships or any other vessel owned or operated by a Security Party;

                

        

      

      
        
          	

                	(ii)	
                  the negotiation, drafting and content of the Loan Agreement and the other Finance Documents;

                

        

      

      
        
          	

                	(iii)	
                  the Loan; or

                

        

      

      
        
          	

                	(iv)	
                  any Security Party,

                

        

      

      to any service provider (included but not limited to professional advisers, auditors, lawyers,
          accountants, surveyors, valuers, insurers, insurance advisers and brokers) or to any other party (including, but not limited to, any Affiliate of the Creditor Parties) in Switzerland or abroad which that Lender may in its discretion deem
          necessary or desirable in any connection with the Loan Agreement or any other Finance Document for the purpose of the protection or enforcement of the Lenders' rights under the Loan Agreement or any other Finance Document or to any person whom
          information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitrations, administrative or other investigations, proceedings or disputes Provided that the Agent shall procure that any recipient of information who is not subject to any applicable laws of confidentiality and/or duty of confidentiality pursuant to its professional code of
          conduct enters into a confidentiality agreement in respect of any information which is clearly confidential unless an Event of Default has occurred.

      
        
          	(b)	
                  The Guarantor hereby release the Creditor Parties and each of their Affiliates and each of their officers, directors, employees, head office, professional
                      advisers, auditors and representatives (together, the "Disclosing Party") from any confidentiality obligations or confidentiality

                

        

      

      
        16

        
          

      

      

      

      restrictions arising from Swiss law or other applicable banking secrecy and
          data protection legislation which would prevent a Disclosing Party from disclosing any confidential information in accordance with this Clause 16.llError! Reference source not found. or clause 26.13 (disclosure of information) of the Loan Agreement.

      
        
          	17	
                  ASSIGNMENT

                

        

      

      
        
          	17.1	
                  Assignment by Security Trustee

                

        

      

      The Security Trustee may assign its rights under and in connection with this Guarantee to the
          same extent as it may assign its rights under the Loan Agreement.

      
        
          	18	
                  NOTICES

                

        

      

      
        
          	18.1	
                  Notices to Guarantor

                

        

      

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

      c/o TMS Tankers Ltd.

          Athens Licensed Shipmanagement Office

          Omega Building

      80 Kifissias Avenue

          Amarousion 15125

      Greece

      

          Tel No.: +30 210 8090 400

      Fax No: +30 210 8090 405

      or to such other address which the Guarantor may notify to the Security Trustee.

      
        
          	18.2	
                  Application of certain provisions of Loan Agreement

                

        

      

      Clauses 28.3, 28.4, 28.5, 28.7 and 28.8 of the Loan Agreement apply to any notice or demand under
          or in connection with this Guarantee.

      
        
          	18.3	
                  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 Borrowers (or any of them) under the Loan Agreement or any of the other Finance
                      Documents; or

                

        

      

      
        
          	(b)	
                  at the same time as the service of a notice under clause 19.2 of the Loan Agreement;

                

        

      

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

      
        17

        
          

      

      

      

      
        
          	18.4	
                  Notices to Security Trustee

                

        

      

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

      
        
          	19	
                  INVALIDITY OF LOAN AGREEMENT

                

        

      

      
        
          	19.1	
                  Invalidity of Loan Agreement

                

        

      

      In the event of:

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

                

        

      

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

                

        

      

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

      
        
          	19.2	
                  Invalidity of Finance Documents

                

        

      

      Clause 19.1 also applies to each of the other Finance Documents to which the Borrowers (or any of
          them) are a party.

      
        
          	20	
                  GOVERNING LAW AND JURISDICTION

                

        

      

      
        
          	20.1	
                  English law

                

        

      

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

      
        
          	20.2	
                  Exclusive English jurisdiction

                

        

      

      Subject to Clause 20.3, the courts of England shall have exclusive jurisdiction to settle any
          Dispute.

      
        
          	20.3	
                  Choice of forum for the exclusive benefit of the Security Trustee

                

        

      

      Clause 20.2 is for the exclusive benefit of the Security Trustee, which reserves the rights:

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

                

        

      

      
        18

        
          

      

      

      

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

                

        

      

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

      
        
          	20.4	
                  Process agent

                

        

      

      The Guarantor irrevocably appoints Ince Process Agents Ltd its registered office for the time
          being, presently at Aldgate Tower, 2 Leman Street, London El 8QW, England to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with a Dispute.

      
        
          	20.5	
                  Creditor Parties' rights unaffected

                

        

      

      Nothing in this Clause 20 shall exclude or limit any right which any Creditor Party may have
          (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any
          jurisdiction.

      
        
          	20.6	
                  Meaning of "proceedings"

                

        

      

      In this Clause 20, "proceedings" means proceedings of any kind, including an application for a provisional or protective measure and a "Dispute"

          means any dispute arising out of or in connection with this Guarantee (including a dispute relating to the existence, validity or termination of this Guarantee) or any non-contractual obligation arising out of or in connection with this
          Guarantee.

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

      
        19

        
          

      

      

      

      EXECUTION PAGE

      	
              GUARANTOR

            	 	 	 
	 	 	 	 
	
              Signed by Savvas Tournis

            	
              )

            	
              /s/Savvas Tournis

            	 
	
              for and on behalf of

            	
              )

            	 	 
	
              OIL TANKERS INVESTMENTS INC.

            	
              )

            	 	 
	
              in the presence of:

            	
              )

            	 	 
	
              ILIAS VASSILIOS TSIGOS

            	 	
              /s/Ilias Vassilios Tsigos

            	 
	
              Attorney-at-Law

              Watson Farley & Williams

              348 Syngrou Avenue

              176 74 Kallithea

              Athens Greece

            	 	 	 

      

      

      	
              SECURITY TRUSTEE

            	 	 	 
	 	 	 	 
	
              Signed by Dimitris Karamacheras

            	
              )

            	
              /s/Dimitris Karamacheras

            	 
	
              for and on behalf of

            	
              )

            	 	 
	
              CRESDIT SUISSE AG

            	
              )

            	 	 
	
              in the presence of:

            	
              )

            	 	 
	
              ILIAS VASSILIOS TSIGOS

            	 	
              /s/Ilias Vassilios Tsigos

            	 
	
              Attorney-at-Law

              Watson Farley & Williams

              348 Syngrou Avenue

              176 74 Kallithea

              Athens Greece

            	 	 	 

      

      

    

  

  20Exhibit 4.108

    

    Date 8 March 2018

    DRYSHIPS INC.

        as Guarantor

    - and -

    ABN AMRO BANK N.V.

    as Security Trustee

    	 	 	 
	 	 	 
	 	
            GUARANTEE

          	 
	 	 	 
	 	 	 

    

    

    relating to a Loan Agreement

        dated 8 March 2018

    
      
        

    

    

    

    	 	
            INDEX

          	 
	
            Clause

          	 	
            Page

          
	 	 	 
	
            1

          	
            INTERPRETATION

          	
            1

          
	 	 	 
	
            2

          	
            GUARANTEE

          	
            4

          
	 	 	 
	
            3

          	
            LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR

          	
            5

          
	 	 	 
	
            4

          	
            EXPENSES

          	
            5

          
	 	 	 
	
            5

          	
            ADJUSTMENT OF TRANSACTIONS

          	
            5

          
	 	 	 
	
            6

          	
            PAYMENTS

          	
            6

          
	 	 	 
	
            7

          	
            INTEREST

          	
            6

          
	 	 	 
	
            8

          	
            SUBORDINATION

          	
            6

          
	 	 	 
	
            9

          	
            ENFORCEMENT

          	
            7

          
	 	 	 
	
            10

          	
            REPRESENTATIONS AND WARRANTIES

          	
            7

          
	 	 	 
	
            11

          	
            UNDERTAKINGS

          	
            10

          
	 	 	 
	
            12

          	
            CORPORATE UNDERTAKINGS

          	
            14

          
	 	 	 
	
            13

          	
            JUDGMENTS AND CURRENCY INDEMNITY

          	
            15

          
	 	 	 
	
            14

          	
            SET-OFF

          	
            15

          
	 	 	 
	
            15

          	
            SUPPLEMENTAL

          	
            16

          
	 	 	 
	
            16

          	
            ASSIGNMENT

          	
            17

          
	 	 	 
	
            17

          	
            NOTICES

          	
            17

          
	 	 	 
	
            18

          	
            INVALIDITY OF LOAN AGREEMENT

          	
            18

          
	 	 	 
	
            19

          	
            GOVERNING LAW AND JURISDICTION

          	
            18

          
	 	 	 
	
            EXECUTION PAGE

          	
            20

          
	 	 
	
            SCHEDULE 1 FORM OF COMPLIANCE CERTIFICATE

          	
            21

          

    

    

    
      
        

    

    

    

    THIS GUARANTEE is
        made on 8 March 2018

    BETWEEN

    
      
        	(1)	
                DRYSHIPS INC., a corporation incorporated in the Republic of the Marshall Islands, whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
                    MH96960, Marshall Islands (the "Guarantor"); and

              

      

    

    
      
        	(2)	
                ABN AMRO BANK N.V., a bank organised and existing under the laws of The
                    Netherlands acting through its office at 93 Coolsingel, 3012 AE, Rotterdam, The Netherlands (the "Security Trustee", which expression includes its successors and assigns).

              

      

    

    BACKGROUND

    
      
        	(A)	
                By a loan agreement dated 8 March 2018 and made between (i) Amathus Owning Company Limited ("Amathus") and Noufaro Owners Inc. ("Noufaro") as joint and several borrowers (together, the "Borrowers"), (ii) each of the banks listed in
                    Schedule 1 thereto as lenders (together, the "Lenders"), (iii) each of the banks listed in Schedule 2 thereto as swap banks (together, the "Swap Banks"), (iv) the Arranger, (v) the Agent and (vi) the Security Trustee, it was agreed that the Lenders would make available to the Borrowers a
                    facility of up to Thirty Million Dollars (US$30,000,000) for the purposes and upon the terms and conditions set out therein.

              

      

    

    
      
        	(B)	
                By a master agreement (on the 2002 ISDA) and the Schedule thereto each dated 8 March 2018 (together, the "Master Agreement") made between (i) the Borrowers and (ii) ABN AMRO Bank N.V. of Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands (in this capacity, the "Swap Bank"), the Swap Bank may enter into Designated
                    Transactions with the Borrowers from time to time to hedge the Borrowers' exposure under the Loan Agreement to interest rate fluctuations.

              

      

    

    
      
        	(C)	
                By the Agency and Trust Deed dated 8 March 2018 and entered into pursuant to the Loan Agreement, it was agreed that the Security Trustee would hold the Trust
                    Property on trust for the Lenders and the Swap Banks.

              

      

    

    
      
        	(D)	
                The execution and delivery to the Security Trustee of this Guarantee is one of the conditions precedent to the availability of the facility under the said
                    Loan Agreement and the Swap Bank entering into Designated Transactions pursuant to the terms of the Master Agreement.

              

      

    

    IT IS AGREED as follows:

    
      
        	1	
                INTERPRETATION

              

      

    

    
      
        	1.1	
                Defined expressions. Words and expressions defined in the Loan Agreement shall have the same meanings when used in this Guarantee unless the context otherwise requires.

              

      

    

    
      
        	1.2	
                Construction of certain terms. In this Guarantee:

              

      

    

    "Accounting

          Information" means the annual audited financial statements and the quarterly unaudited financial statements for the Group to be provided
        to the Agent in accordance with Clause 11.6 (a) and (b) of the Loan Agreement and Clause 11.5 (a) and (b) of this Guarantee (as the context may require);

    
      
        

    

    
    

    

    "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;

    "Cash
          and Cash Equivalents" means, at any relevant time, the aggregate of:

    
      
        	

              	(a)	
                cash in hand or on deposit with any bank; and

              

      

    

    
      
        	

              	(b)	
                any other marketable instrument, security or investment approved by the Majority Lenders,

              

      

    

    which are free from any Security Interest and/or restnct1ons and to which a Group Member is
        beneficially entitled at that time and which are readily available to the Group Members of the Guarantor and capable of being applied against Financial Indebtedness, but also including any cash deposit which is blocked and/or otherwise restricted
        and/or subject to a Security Interest if the sole purpose of such deposit and/or restriction and/or Security Interest is the maintenance of a minimum liquidity covenant under borrowing arrangements of any Group Member, as demonstrated by the then
        most recent financial statements in respect of the Guarantor;

    "Compliance

          Certificate" means a certificate referring to a Compliance Date in the form set out in Schedule 1 (or in any other form which the Agent
        approves), to be provided together with the financial statements provided in accordance with Clauses 11.5 and 12.4;

    "Compliance

          Date" means 31 March, 30 June, 30 September and 31 December of each calendar year (or such other dates as the Agent may agree pursuant
        to Clause 12.4);

    "Fair
          Market Value" means:

    
      
        	

              	(a)	
                in relation to a Ship, the market value of that Ship determined from time to time in accordance with the provisions of Clause 15.3 of the Loan Agreement; and

              

      

    

    
      
        	

              	(b)	
                in relation to the other Fleet Vessels, the market value of such other Fleet Vessels determined from time to time in accordance with the provisions of Clause
                    15.3 of the Loan Agreement;

              

      

    

    "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 or dematerialised equivalent made available to the debtor;

              

      

    

    
      
        	

              	(d)	
                under a financial lease, a deferred purchase consideration arrangement 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

              

      

    

    
      2

      
        

    

    

    

    
      
        	

              	(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;

              

      

    

    "Fleet

          Market Value" means, as of the date of calculation, the aggregate of:

    
      
        	

              	(a)	
                the Fair Market Value of each of the Ships; and

              

      

    

    
      
        	

              	(b)	
                the aggregate Fair Market Value of all other Fleet Vessels (other than the Ships), as most recently determined pursuant to valuations of such vessels;

              

      

    

    "Fleet

          Vessels" means each Ship and any other vessel owned by any Group Member (but excluding vessels under construction);

    "Group" means the Guarantor and its Subsidiaries for the time being and, for the purposes of Clauses 11.5 and 11.21, any other entity required to be treated
        as a Subsidiary in the Guarantor's consolidated financial statements in accordance with GAAP and/or any applicable law;

    "Group

          Member" means the Borrowers and any other entity which is part of the Group;

    "JUDD" means m.v. "JUDD" being a 2015 built 205,000 dwt newcastlemax bulk carrier registered in the ownership of Noufaro under the Malta flag with Official
        Number/IMO Number 9639476;

    "Loan
          Agreement" means the loan agreement dated 8 March 2018 referred to in Recital (A) and includes any existing or future amendments or
        supplements, whether made with the Guarantor's consent or otherwise;

    "Master

          Agreement" means the master agreement and schedule thereto each dated 8 March 2018 referred to in Recital (B), including all Designated
        Transactions from time to time entered into and Confirmations from time to time exchanged thereunder, as the same may be amended, supplemented, novated or varied from time to time;

    "Measurement

          Period" means each Financial Year of each of the Guarantor and the Borrowers and each financial quarter of each Financial Year of each
        of the Guarantor and the Borrowers for which financial statements are to be delivered to the Agent under Clause 11.5;

    "Obligors"
        " means the parties to the Finance Documents (other than the Creditor Parties and any Time Charterer);

    "Permitted

          Holders" means collectively:

    
      
        	

              	(a)	
                the individual disclosed in writing by the Obligors to the Arranger and the Lenders on or before the date of the Loan Agreement as being the ultimate
                    beneficial owner of (i) no less than 50% of the issued and outstanding voting share capital of the Guarantor and (ii) 100% of the issued and outstanding share capital and voting share capital of the Approved Manager;

              

      

    

    
      
        	

              	(b)	
                his direct lineal descendants;

              

      

    

    
      
        	

              	(c)	
                the personal estate of any of the above persons;

              

      

    

    
      
        	

              	(d)	
                any trust, foundation or other similar entity created for the benefit of one or more of the above persons and their respective estates; and

              

      

    

    
      3

      
        

    

    

    

    
      
        	

              	(e)	
                any corporation or other legal entity beneficially owned (at least as to 100% of (i) its issued and outstanding share capital or (ii) its issued and
                    outstanding voting share capital) and controlled by any of the above persons;

              

      

    

    "RARAKA" means m.v. "RARAKA" being a 2012 built 76,100 dwt panamax bulk carrier registered in the ownership of Amathus under Malta flag with Official
        Number/IMO Number 9584504;

    "Shareholder" means Drybulk Investments Inc., a corporation incorporated in the Marshall Islands, whose registered office is at Trust Company Complex, Ajeltake
        Road, Ajeltake Island, Majuro, MH96960, Marshall Islands and which holds all shares in each of the Borrowers;

    "Ships" means each of "JUDD" and "RARAKA";

    "Total

          Liabilities" means, at any time, the book value of the "Total Liabilities" of the Group as demonstrated by the then most recent
        financial statements in respect of the Group;

    "Total

          Market Value Adjusted Assets" means, at any time and in relation to any Measurement Period, the aggregate of (a) the book value of the
        "Total Assets" of the Group (excluding Fleet Vessels) as demonstrated by the then most recent financial statements in respect of the Group and (b) the Fleet Market Value;

    "Total

          Net Liabilities" means, at any time and in relation to any Measurement Period, Total Liabilities minus Cash and Cash Equivalents, each
        as demonstrated by the then most recent financial statements in respect of the Group; and

    "Working

          Capital" means, at any time, the current assets less the current liabilities of the Group (each as shown in, and calculated in
        accordance with, the then most recent financial statements in respect of the Group, but not including the current portion of any long term debt, namely any liabilities which are payable more than six (6) months after the relevant date).

    
      
        	

              	1.3	
                Application of construction and interpretation provisions of
                      Loan Agreement. Clauses 1.2 to 1.5 of the Loan Agreement apply, with any necessary modifications, to this Guarantee.

              

      

    

    
      
        	

              	1.4	
                Inconsistency between Loan Agreement provisions and this
                      Guarantee. This Guarantee shall be read together with the Loan Agreement, but in case of any conflict between the Loan
                    Agreement and this Guarantee, the provisions of the Loan Agreement shall prevail.

              

      

    

    
      
        	

              	2	
                GUARANTEE

              

      

    

    
      
        	

              	2.1	
                Guarantee and indemnity. The Guarantor unconditionally and irrevocably:

              

      

    

    
      
        	

              	(a)	
                guarantees the due payment of all amounts payable by the Borrowers under or m connection with the Loan Agreement and every other Finance Document;

              

      

    

    
      
        	

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

              

      

    

    
      
        	

              	(c)	
                fully indemnifies the Security Trustee and each other Creditor Party on the Security Trustee's first demand in respect of all claims, expenses, liabilities
                    and losses which are made or brought against or incurred by the Security Trustee or any other Creditor Party as

              

      

    

    
      4

      
        

    

    

    

    a result of or in connection with any obligation or liability guaranteed by the Guarantor being or
        becoming unenforceable, invalid, void or illegal; and the amount recoverable under this indemnity shall be equal to the amount which the Security Trustee or the other Creditor Party concerned would otherwise have been entitled to recover.

    
      
        	

              	2.2	
                No limit on number of demands. The Security Trustee may serve more than one demand under Clause 2.1.

              

      

    

    
      
        	

              	2.3	
                Release. The Security Trustee agrees that it shall release the Guarantor from its obligations under the Guarantee at the end of the Security Period or upon payment by the Borrowers
                    of all moneys due under the Loan Agreement and the Finance Documents.

              

      

    

    
      
        	

              	3	
                LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR

              

      

    

    
      
        	

              	3.1	
                Principal and independent debtor. The Guarantor shall be liable under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards
                    this Guarantee, any of the rights or defences of a surety.

              

      

    

    
      
        	

              	3.2	
                Waiver of rights and defences. Without limiting the generality of Clause 3.1, the Guarantor shall neither be discharged by, nor have any claim against any Creditor Party in respect of:

              

      

    

    
      
        	

              	(a)	
                any amendment or supplement being made to the Finance Documents (or any of them);

              

      

    

    
      
        	

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

              

      

    

    
      
        	

              	(c)	
                any release or loss (even though negligent) of any right or Security Interest created by the Finance Documents (or any of them);

              

      

    

    
      
        	

              	(d)	
                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; or

              

      

    

    
      
        	

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

              

      

    

    
      
        	

              	4	
                EXPENSES

              

      

    

    
      
        	

              	4.1	
                Costs of preservation of rights, enforcement etc. The Guarantor shall pay to the
                    Security Trustee on its first demand the amount of all expenses incurred by the Security Trustee and any other Creditor Party in connection with any matter arising out of this Guarantee or any Security Interest connected with it,
                    including any advice, claim or proceedings relating to this Guarantee or such Security Interest.

              

      

    

    
      
        	

              	4.2	
                Fees and expenses payable under Loan Agreement. Clause 4.1 is without prejudice to the Guarantor's liabilities in respect of the Borrowers' obligations under clause 20 of the Loan
                    Agreement (fees and expenses) and under similar provisions of other Finance Documents.

              

      

    

    
      
        	

              	5	
                ADJUSTMENT OF TRANSACTIONS

              

      

    

    
      
        	

              	5.1	
                Reinstatement of obligation to pay. The Guarantor shall pay to the Security Trustee on its first demand any amount which any Creditor Party is required, or agrees, to pay
                    pursuant to any claim by, or settlement with, a trustee in bankruptcy of any of the

              

      

    

    
      5

      
        

    

    

    

    Borrowers or of another Security Party (or similar person) on the ground that the Loan Agreement, or
        any other Finance Document, or a payment by any of the Borrowers or of another Security Party, was invalid or on any similar ground.

    
      
        	

              	6	
                PAYMENTS

              

      

    

    
      
        	

              	6.1	
                Method of payments. Any amount due under this Guarantee
                    shall be paid:

              

      

    

    
      
        	

              	(a)	
                in immediately available funds;

              

      

    

    
      
        	

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

              

      

    

    
      
        	

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

              

      

    

    
      
        	

              	(d)	
                free and clear of any tax deduction except a tax deduction which the Guarantor is required by law to make (including, but not limited to, a FATCA Deduction).

              

      

    

    
      
        	

              	6.2	
                Grossing-up for taxes. If the Guarantor is required by law to make a tax deduction, the amount due to the Security Trustee shall be increased by the amount
                    necessary to ensure that the Security Trustee and (if the payment is not due to the Security Trustee for its own account) the Creditor Party beneficially interested in the payment receives and retains a net amount which, after the tax
                    deduction, is equal to the full amount that it would otherwise have received.

              

      

    

    
      
        	

              	6.3	
                FATCA Withholding.

              

      

    

    
      
        	

              	(a)	
                Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall
                    be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

              

      

    

    
      
        	

              	(b)	
                Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA
                    Deduction) notify the Party to whom it is making the payment and, in addition, shall notify the Borrowers, the Agent and the other Creditor Parties.

              

      

    

    
      
        	

              	7	
                INTEREST

              

      

    

    
      
        	

              	7.1	
                Accrual of interest. Any amount due under this
                    Guarantee shall carry interest after the date on which the Security Trustee demands payment of it until it is actually paid, unless interest on that same amount also accrues under the Loan Agreement.

              

      

    

    
      
        	

              	7.2	
                Calculation of interest. Interest under this Guarantee
                    shall be calculated and accrue in the same way as interest under clauses 5 and 7 of the Loan Agreement.

              

      

    

    
      
        	

              	7.3	
                Guarantee extends to interest payable under Loan Agreement and
                      Master Agreement. For the avoidance of doubt, it is confirmed that this Guarantee covers all interest payable under the Loan Agreement (including that payable under clause 7 of the Loan Agreement) and under the Master
                    Agreement.

              

      

    

    
      
        	

              	8	
                SUBORDINATION

              

      

    

    
      
        	

              	8.1	
                Subordination of rights of Guarantor. All rights which
                    the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against any of the Borrowers, any Security Party or their respective assets shall be fully subordinated to the rights of the Creditor Parties
                    under the Finance Documents; and in particular, the

              

      

    

    
      6

      
        

    

    

    

    Guarantor shall not until this Guarantee has been released in accordance with Clause 2.3 hereof:

    
      
        	

              	(a)	
                claim, or in a bankruptcy of any of the Borrowers or any other Security Party prove for, any amount payable to the Guarantor by any of the Borrowers or any
                    other Security Party, 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 any of the Borrowers or any other Security Party; or

              

      

    

    
      
        	

              	(d)	
                claim any subrogation or other right in respect of any Finance Document or any sum received or recovered by any Creditor Party under a Finance Document.

              

      

    

    
      
        	

              	9	
                ENFORCEMENT

              

      

    

    
      
        	

              	9.1	
                No requirement to commence proceedings against Borrowers. Neither the Security Trustee nor any other Creditor Party will need to commence any proceedings under, or enforce any Security Interest
                    created by, the Loan Agreement or any other Finance Document before claiming or commencing proceedings under this Guarantee, provided that before claiming or commencing proceedings under this Guarantee an Event of Default shall have
                    occurred.

              

      

    

    
      
        	

              	9.2	
                Conclusive evidence of certain matters. However, as against the Guarantor:

              

      

    

    
      
        	

              	(a)	
                any judgment or order of a court in England, the Marshall Islands or any other Pertinent Jurisdiction in connection with the Loan Agreement or any of the
                    other Finance Documents; and

              

      

    

    
      
        	

              	(b)	
                any statement or admission of any of the Borrowers in connection with the Loan Agreement or any of the Finance Documents to which any of the Borrowers is a
                    party,

              

      

    

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

    
      
        	

              	9.3	
                Suspense account. The Security Trustee and any Creditor Party may, for the purpose of claiming or proving in a bankruptcy of any of the Borrowers or any other Security Party,
                    place any sum received or recovered under or by virtue of this Guarantee or any Security Interest connected with it on a separate suspense or other nominal account without applying it in satisfaction of the Borrowers' obligations under
                    the Loan Agreement.

              

      

    

    
      
        	

              	10	
                REPRESENTATIONS AND WARRANTIES

              

      

    

    
      
        	

              	10.1	
                General. The Guarantor represents and warrants to the Security Trustee as follows.

              

      

    

    
      
        	

              	10.2	
                Status. The Guarantor is duly incorporated and validly existing and in good standing under the laws of the Republic of the Marshall Islands with registration number 11911; neither
                    the Guarantor nor any of the Borrowers nor any other Security Party is a FATCA FFI or a US Tax Obligor.

              

      

    

    
      
        	

              	10.3	
                Share capital and ownership. The Guarantor has an authorised share capital of one billion (1,000,000,000) registered shares with a par value of one cent each ($0.01) and five hundred
                    million (500,000,000) registered preferred shares with a par value of one cent ($0.01) each.

              

      

    

    
      
        	

              	10.4	
                Corporate power. The Guarantor has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:

              

      

    

    
      7

      
        

    

    

    

    
      
        	

              	(a)	
                to execute this Guarantee and the other Finance Documents to which it is a party; and

              

      

    

    
      
        	

              	(b)	
                to make all the payments contemplated by, and to comply with, this Guarantee and the other Finance Documents to which it is a party.

              

      

    

    
      
        	

              	10.5	
                Consents in force. All the consents referred to in Clause 10.4 remain in force and nothing has occurred which makes any of them liable to revocation.

              

      

    

    
      
        	

              	10.6	
                Legal validity; effective Security Interests. The Finance Documents to
                    which the Guarantor is a party, do now or, as the case may be, will, upon execution and delivery (and, where applicable, registration):

              

      

    

    
      
        	

              	(a)	
                constitute the Guarantor's legal, valid and binding obligations enforceable against the Guarantor in accordance with their respective terms; and

              

      

    

    
      
        	

              	(b)	
                create legal, valid and binding Security Interests enforceable in accordance with their respective terms over all the assets to which they, by their terms,
                    relate,

              

      

    

    subject to any relevant insolvency or bankruptcy or similar laws affecting creditors' rights
        generally.

    
      
        	

              	10.7	
                No third party Security Interests. Without limiting the generality of Clause 10.6, at the time of the execution and delivery of each Finance Document to which the
                    Guarantor is a party:

              

      

    

    
      
        	

              	(a)	
                the Guarantor will have the right to create all the Security Interests which that Finance Document purports to create; and

              

      

    

    
      
        	

              	(b)	
                no third party will have any Security Interest (except for Permitted Security Interests) or any other interest, right or claim over, in or in relation to any
                    asset to which any such Security Interest, by its terms, relates.

              

      

    

    
      
        	

              	10.8	
                No conflicts. The execution by the Guarantor of the Finance Documents to which it is a party and its compliance with the Finance Documents to which it is a party will not involve or lead
                    to a contravention of:

              

      

    

    
      
        	

              	(a)	
                any law or regulation; or

              

      

    

    
      
        	

              	(b)	
                the constitutional documents of the Guarantor; or

              

      

    

    
      
        	

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

              

      

    

    
      
        	

              	10.9	
                No withholding taxes. All payments which the Guarantor is liable to make under the Finance Documents to which it is a party may be made without deduction or withholding for or on
                    account of any tax payable under any law of any Pertinent Jurisdiction.

              

      

    

    
      
        	

              	10.10	
                No default. To the knowledge of the Guarantor, no Event of Default or Potential Event of Default has occurred and is continuing.

              

      

    

    
      
        	

              	10.11	
                Information. All information which has been provided in writing by or on behalf of the Guarantor to the Security Trustee or any other Creditor Party in connection with any Finance
                    Document satisfied the requirements of Clause 11.2; all audited and unaudited financial statements which have been so provided satisfied the requirements of Clause 11.5; and there has been no Material Adverse Change in the financial
                    position or state of affairs of the Guarantor or any of the Borrowers from that disclosed in the latest of those financial statements which constitutes a Material Adverse Effect.

              

      

    

    
      8

      
        

    

    

    

    
      
        	

              	10.12	
                No litigation. Other than as disclosed to the Security Trustee prior to the date of this Guarantee, no legal or arbitral or administrative action involving the Guarantor or
                    any Obligor (other than the Approved Manager) (including action relating to any alleged or actual breach of the ISM Code or the ISPS Code) has been commenced or taken or (to the Guarantor's knowledge) is likely to be commenced or taken
                    which, in either case and if determined adversely, would be likely to have a Material Adverse Effect.

              

      

    

    
      
        	

              	10.13	
                Compliance with certain undertakings. At the date of this Guarantee, the Guarantor is in compliance with Clauses 11.2, 11.4, 11.8, 11.13 and 11.17.

              

      

    

    
      
        	

              	10.14	
                Taxes paid. The Guarantor has paid all taxes applicable to, or imposed on or in relation to it and its business.

              

      

    

    
      
        	

              	10.15	
                ISM Code and ISPS Code compliance. All requirements of the ISM Code and the ISPS Code as they relate to the Borrowers, the Guarantor and the Ships have been complied with.

              

      

    

    
      
        	

              	10.16	
                No Immunity. Neither the Guarantor nor any of its assets is entitled to immunity on grounds of sovereignty or otherwise from any legal action or proceeding (including, without
                    limitation, suit, attachment prior to judgement, execution or other enforcement).

              

      

    

    
      
        	

              	10.17	
                Choice of law. The choice of the laws of England to govern the Finance Documents to which the Guarantor is a party constitutes a valid choice of law and does not contravene
                    the laws of the Republic of the Marshall Islands and the laws of England will be applied by the Courts of the Republic of the Marshall Islands if the said Finance Documents or any claim thereunder comes under their jurisdiction upon
                    proof of the relevant provisions of the laws of England.

              

      

    

    
      
        	

              	10.18	
                No Money Laundering. In relation to the borrowing by the Borrowers of the Loan, the performance and discharge of their respective obligations and liabilities under the Finance
                    Documents, and the transactions and other arrangements effected or contemplated by the Finance Documents to which the Guarantor is a party, the Guarantor confirms that the foregoing will not involve or lead to contravention of any law,
                    official requirements or other regulatory measure or procedure implemented to combat "money laundering" (as defined in Article 1 of the Directive (91/308/EEC) of the Council of the European Communities).

              

      

    

    
      
        	

              	10.19	
                PATRIOT Act. To the extent applicable, the Guarantor is in compliance with (i) the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States
                    Treasury Department (31 C.F.R., Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto and (ii) the PATRIOT Act. No part of the proceeds of the Loan will be used, directly or indirectly, for any
                    payments to any government official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any
                    improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.

              

      

    

    
      
        	

              	10.20	
                Restricted Party. Neither the Guarantor nor any of its directors, officers, agents, employees or any person acting on its behalf, is a Restricted Party nor acts directly or
                    indirectly on behalf of a Restricted Party.

              

      

    

    
      
        	

              	10.21	
                Repetition of representations and warranties. The representations and warranties set out in this Clause 10 shall be repeated on the date of the Drawdown Notice, at the Drawdown Date,
                    on the first day of each Interest Period and on the date of each Compliance Certificate.

              

      

    

    
      9

      
        

    

    

    

    
      
        	

              	10.22	
                Legal opinions. The representations made or to be made by the Guarantor under or pursuant to this Clause IO are and shall be construed as being made subject to the reservations
                    or qualifications as to matters of law set forth in the legal opinions to be delivered to the Agent pursuant to Clause 9 of the Loan Agreement.

              

      

    

    
      
        	

              	11	
                UNDERTAKINGS

              

      

    

    
      
        	

              	11.1	
                General. The Guarantor undertakes with the Security Trustee to comply with the following provisions of this Clause 11 at all times during the Security Period, except as the Agent
                    may, with the authorisation of the Majority Lenders, otherwise permit.

              

      

    

    
      
        	

              	11.2	
                Information provided to be accurate. All financial and other information which is provided in writing by or on behalf of the Guarantor under or in connection with this
                    Guarantee will be true and not misleading and will not omit any material fact or consideration.

              

      

    

    
      
        	

              	11.3	
                Title; negative pledge and pari passu ranking. The Guarantor shall:

              

      

    

    
      
        	

              	(a)	
                not, and shall procure that none of the Borrowers will, create or permit to arise any Security Interest over any asset present or future (except for Permitted
                    Security Interests); and

              

      

    

    
      
        	

              	(b)	
                procure that its liabilities under this Guarantee do and will rank at least pari passu with all its other present and future unsecured liabilities, except for
                    liabilities which are mandatorily preferred by law.

              

      

    

    
      
        	

              	11.4	
                No other liabilities or obligations to be incurred. The Guarantor will not incur any liability or obligation except (i) liabilities and obligations under the Finance Documents to which it
                    is a party; (ii) liabilities or obligations reasonably incurred in the ordinary course of its business, including incurring Financial Indebtedness and providing guarantees of the obligations of other vessel owning Group Members; and
                    (iii) unsecured inter-group loans from the Shareholder or other Group Members, subject to the Shareholder or those other Group Members expressly and fully subordinating and assigning their rights to those of the Creditor Parties under
                    the Finance Documents and executing such documents as may be required by the Agent to evidence such subordination and assignment.

              

      

    

    
      
        	

              	11.5	
                Provision of financial statements. The Guarantor will send to the Lender:

              

      

    

    
      
        	

              	(a)	
                as soon as possible, but in no event later than 180 days after the end of each Financial Year (commencing with the Financial Year ended 31 December 2017), the
                    annual audited consolidated financial statements of the Group for that Financial Year;

              

      

    

    
      
        	

              	(b)	
                as soon as possible, but in no event later than 90 days after the end of each three month period ending on 31 March, 30 June, 30 September and 31 December in
                    each Financial Year (commencing with the three month period ending on 31 March 2018), the unaudited consolidated quarterly management prepared financial statements of the Group for that three month period, and certified as to their
                    correctness by a director or officer of the Guarantor or by any other persons agreed in writing from time to time between the Guarantor and the Lender;

              

      

    

    
      
        	

              	(c)	
                together with the Accounting Information referred to in paragraphs (a) and (b) above, a Compliance Certificate;

              

      

    

    
      
        	

              	(d)	
                together with each set of annual financial statements and quarterly financial statements for the second quarter of each Financial Year, valuations of each
                    Ship and each other Fleet Vessel, each determined and obtained in accordance with the provisions of Clause

              

      

    

    
      10

      
        

    

    

    

    15 of the Loan Agreement, to be delivered together with each Compliance Certificate; and

    
      
        	

              	(e)	
                upon the Agent's demand, such further information about the financial condition, assets and operations of the Group and/or any Group Member as any Creditor
                    Party may reasonably request.

              

      

    

    
      
        	

              	11.6	
                Form of financial statements. All financial statements (audited and unaudited) delivered under Clause 11.5 will:

              

      

    

    
      
        	

              	(a)	
                be prepared in accordance with all applicable laws and GAAP consistently applied;

              

      

    

    
      
        	

              	(b)	
                include a profit and loss account, a balance sheet and a cash flow statement and shall (in the case of annual financial statements) be audited by the Auditors
                    and without being subject to any qualification in such Auditor's opinion;

              

      

    

    
      
        	

              	(c)	
                give a true and fair view of (in the case of annual financial statements) or fairly represent (in other cases) the financial condition (consolidated where
                    applicable) and operations of the Group as at the date at which those financial statements were drawn up; and

              

      

    

    
      
        	

              	(d)	
                fully disclose or provide for all significant liabilities of the Group.

              

      

    

    
      
        	

              	11.7	
                Consents. The Guarantor will maintain in force and promptly obtain or renew, and will promptly send certified copies to the Security Trustee of, all consents required:

              

      

    

    
      
        	

              	(a)	
                for the Guarantor to perform its obligations under this Guarantee and the other Finance Documents to which it is a party;

              

      

    

    
      
        	

              	(b)	
                for the validity or enforceability of this Guarantee and the other Finance Documents to which it is a party;

              

      

    

    and the Guarantor will comply (or procure compliance, as the case may be) with the terms of all such
        consents.

    
      
        	

              	11.8	
                Maintenance of Security Interests. The Guarantor will:

              

      

    

    
      
        	

              	(a)	
                at its own cost, do all that is necessary to ensure that each Finance Document to which it is a party validly creates the obligations and the Security
                    Interests which it purports to create; and

              

      

    

    
      
        	

              	(b)	
                without limiting the generality of paragraph (a) above, at its own cost, promptly register, file, record or enrol each Finance Document to which it is a party
                    with any court or authority in all Pertinent Jurisdictions, pay any stamp, registration or similar tax in all Pertinent Jurisdictions in respect of each Finance Document to which it is a party, give any notice or take any other step
                    which may be or become necessary or desirable for each Finance Document to which it is a party to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates.

              

      

    

    
      
        	

              	11.9	
                Notification of litigation. The Guarantor will provide the Security Trustee with details of any legal, arbitral or administrative proceedings involving the Guarantor or any other
                    Obligor (other than the Approved Manager) or Group Member as soon as such action is instituted or it becomes apparent to the Guarantor that it is likely to be instituted, provided that such proceedings (if adversely determined) might
                    have a Material Adverse Effect or which would involve a liability (or a potential or alleged liability) exceeding $7,000,000 (or its equivalent in other currencies).

              

      

    

    
      11

      
        

    

    

    

    
      
        	

              	11.10	
                Confirmation of no default. The Guarantor will, within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by a director or
                    officer of the Guarantor and which:

              

      

    

    
      
        	

              	(a)	
                states that no Event of Default or Potential Event of Default has occurred; or

              

      

    

    
      
        	

              	(b)	
                states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given.

              

      

    

    
      
        	

              	11.11	
                Notification of default. The Guarantor will notify the Agent as soon as the Guarantor becomes aware of:

              

      

    

    
      
        	

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

              

      

    

    
      
        	

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

              

      

    

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

    
      
        	

              	11.12	
                Maintenance of status; principal place of business. The Guarantor will maintain
                    its separate corporate existence and remain in good standing under the laws of the Republic of the Marshall Islands; the Guarantor will not establish, or do anything as a result of which it would be deemed to have, a place of business
                    in any other country.

              

      

    

    
      
        	

              	11.13	
                Provision of further information. The Guarantor will, as soon as practicable after receiving the request, provide the Agent with any additional financial or other
                    information relating to:

              

      

    

    
      
        	

              	(a)	
                any of the Borrowers, the Ships, the Insurances or the Earnings; or

              

      

    

    
      
        	

              	(b)	
                any other matter relevant to, or to any provision of, a Finance Document (including, but not limited to, details of any claim, action, suit, proceeding or
                    investigation with respect to Sanctions),

              

      

    

    which may be requested by the Agent, the Security Trustee, any Lender or any Swap Bank at any time.

    
      
        	

              	11.14	
                Change of Control. The Guarantor shall ensure that, without the prior written consent of the Lenders, there is no Change of Control in any of the Borrowers or the Guarantor or the
                    Shareholder (other than as may be permitted pursuant to the terms of the Loan Agreement).

              

      

    

    
      
        	

              	11.15	
                No change of business. The Guarantor will not, and shall procure that none of its Subsidiaries will, make any substantial change to the nature of its business from that existing at
                    the date of this Guarantee.

              

      

    

    
      
        	

              	11.16	
                Sanctions.

              

      

    

    
      
        	

              	(a)	
                Each Obligor shall (and the Guarantor shall procure that each member of the Group will) comply with all Sanctions.

              

      

    

    
      
        	

              	(b)	
                No Obligor shall (and the Guarantor shall procure that no member of the Group will) become a Restricted Party or act on behalf of, or as an agent of, a
                    Restricted Party, to the extent this would lead to non-compliance by it or any other Party with any applicable Sanctions.

              

      

    

    
      12

      
        

    

    

    

    
      
        	

              	(c)	
                No Obligor shall (and the Guarantor shall procure that no member of the Group will) use, lend, contribute or otherwise make available the proceeds of the Loan
                    or other transaction contemplated by this Agreement directly or indirectly for the purpose of financing any trade, business or other activities with any Restricted Party, to the extent, in each case, such use, lending, contributing or
                    otherwise making available the proceeds would lead to non-compliance by it or any other Party with any applicable Sanctions.

              

      

    

    
      
        	

              	(d)	
                No Obligor shall (and the Guarantor shall procure that no member of the Group will) use any revenue or benefit derived from any activity or dealing with a
                    Restricted Party in discharging any obligation due or owing to the Creditor Parties to the extent such use would lead to non-compliance by it or any other Party with any applicable Sanctions.

              

      

    

    
      
        	

              	(e)	
                Each Obligor shall (and the Guarantor shall procure that each member of the Group will) procure that no proceeds from any activity or dealing with a
                    Restricted Party are credited to any bank account held with any Creditor Party or any Affiliate of a Creditor Party, to the extent crediting such bank account would lead to non-compliance by it, any Creditor Party or any Affiliate of a
                    Creditor Party with any applicable Sanctions.

              

      

    

    
      
        	

              	(f)	
                Each Obligor shall (and the Guarantor shall procure that each member of the Group will) to the extent permitted by law and promptly upon becoming aware of
                    them, supply to the Agent details of any claim, action, suit, proceedings or investigation against it with respect to Sanctions by any Sanctions Authority.

              

      

    

    
      
        	

              	11.17	
                Material Adverse Change. The Guarantor undertakes to ensure, or procure, that there shall be no Material Adverse Change in its financial position, state of affairs or prospects in the
                    light of which the Agent reasonably considers that there is a significant risk that the Guarantor is, or will later become, unable to discharge its liabilities under the Finance Documents to which it is a party as they fall due.

              

      

    

    
      
        	

              	11.18	
                Compliance with laws. The Guarantor shall (and shall procure that each Obligor and each member of the Group will) comply in all respects with all laws and regulations to which it may
                    be subject including without limitation (i) the Trading with the Enemy Act and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling legislation or
                    executive order thereto) and (ii) the PATRIOT Act.

              

      

    

    
      
        	

              	11.19	
                Provision of customer information. The Guarantor will produce such documents and evidence as the Lenders shall from time to time require, based on applicable laws and
                    regulations from time to time and the Lenders' own internal guidelines from time to time, relating to the Lenders' knowledge of its customers ("KYC") including (without limitation) obtaining, verifying and recording certain information
                    and documentation that will allow the Agent and each of the Lenders to identify the Guarantor and each other Obligor in accordance with the requirements of the PATRIOT Act.

              

      

    

    
      
        	

              	11.21	
                Financial covenants. The Guarantor shall ensure that on each date for the provision of financial statements under Clauses 11.S(a) and (b):

              

      

    

    
      
        	

              	(a)	
                Consolidated leverage ratio: the ratio of (i) Total
                    Net Liabilities to (ii) Total Market Value Adjusted Assets minus Cash and Cash Equivalents shall, at all times during and in respect

                    of each Measurement Period, be lower than 0.50:1.00;

              

      

    

    
      
        	

              	(b)	
                Minimum liquidity: at all times the Cash and Cash
                    Equivalents of the Guarantor (on a consolidated basis) shall be not less than $15,000,000;

              

      

    

    
      
        	

              	(c)	
                Working Capital: at all times during and in respect of
                    each Measurement Period, the Working Capital shall be higher than zero (O); and

              

      

    

    
      13

      
        

    

    

    

    
      
        	

              	(d)	
                Market Adjusted Net Worth: Total Market Value Adjusted
                    Assets minus Total Liabilities to be equal or more than $150,000,000 at all times.

              

      

    

    
      
        	

              	11.22	
                Most favoured nation. In the event that and each time that the Guarantor agrees to, or grants, or agrees to grant, any financial covenants to, for the benefit of, or in favour of,
                    any lender or creditor of any indebtedness of the Guarantor (the "more favourable rights"), which are in any respect more favourable to such lender or creditor than the provisions of Clause 11.21 relating to the financial condition of the Guarantor (the "Financial Condition Provisions") are

                    for the Creditor Parties, the Guarantor undertakes and agrees with the Creditor Parties:

              

      

    

    
      
        	

              	(a)	
                to notify the Agent within five days after the granting of or any agreement to grant (as the case may be) such more favourable rights;

              

      

    

    
      
        	

              	(b)	
                without prejudice to paragraph (c) below, within thirty (30) days after the date when such more favourable rights have been agreed or granted, to agree to,
                    provide and grant, such more favourable rights also in favour of the Agent under or in connection with this Agreement, by entering into such documentation as the Agent shall reasonably require, immediately after the Creditor Parties'
                    request to the Guarantor; and

              

      

    

    
      
        	

              	(c)	
                notwithstanding paragraph (b) above, that any such more favourable rights shall in any event apply to this Agreement automatically from the time they are
                    granted to the other lenders or creditors, and irrespective of whether the Guarantor has complied with its obligations under the Financial Condition Provisions, except if the Agent at any time advises the Guarantor that such or certain
                    of such more favourable rights will not so apply and always without prejudice to the terms and conditions of this Agreement and the other Finance Documents.

              

      

    

    
      
        	

              	11.23	
                Financial presentations. If required by the Agent, once in every Financial Year (or more frequently if requested to do so by the Agent, if the Agent reasonably suspects an Event of
                    Default is continuing or may have occurred or may occur), the Guarantor shall procure that a representative of the Guarantor gives a presentation to the Creditor Parties about the on-going business and financial performance of the Group
                    and any other matter which a Creditor Party may reasonably request.

              

      

    

    
      
        	

              	11.24	
                Provision of copies and translation of documents. The Guarantor will supply the Agent with a sufficient number of copies of the documents referred to above to provide one (1) copy for
                    each Creditor Party; and if the Agent, so requires in respect of any of those documents, the Guarantor will provide a certified English translation prepared by a translator approved by the Agent.

              

      

    

    
      
        	

              	12	
                CORPORATE UNDERTAKINGS

              

      

    

    
      
        	

              	12.1	
                General. The Guarantor also undertakes with the Security Trustee to comply with the following provisions of this Clause 12 at all times during the Security Period except as the Agent
                    may, with the authority of the Majority Lenders, otherwise permit.

              

      

    

    
      
        	

              	12.2	
                Negative undertakings. The Guarantor will not, without the prior written consent of the Lenders such consent not to be unreasonably withheld:

              

      

    

    
      
        	

              	(a)	
                provide any form of credit or financial assistance to:

              

      

    

    
      
        	

              	(i)	
                a person who is directly or indirectly interested in the Guarantor's share or loan capital; or

              

      

    

    
      
        	

              	(ii)	
                any company in or with which such a person is directly interested or connected, or enter into any transaction with or involving such a person or company on
                    terms

              

      

    

    
      14

      
        

    

    

    

    which are, in any respect, less favourable to the Guarantor than those which it could obtain in a
        bargain made at arms' length; or

    
      
        	

              	(b)	
                enter into any form of amalgamation, merger or de-merger or any form or reconstruction or reorganisation, or change its name.

              

      

    

    
      
        	

              	12.3	
                Dividend payment. The Guarantor may, so long as no Event of Default or Potential Event of Default has occurred or would result therefrom, pay dividends or make any other form of
                    distribution.

              

      

    

    
      
        	

              	12.4	
                Compliance Check. On each Compliance Date, compliance with the undertakings contained in Clause 11.21 of this Guarantee and in clauses 11.6, 12.5 and 15.1 of the Loan Agreement
                    shall be determined by reference to the Accounting Information for the first three quarterly periods in each Financial Year of the Guarantor and the Borrowers (commencing with the three month period ending on 31 March 2018) and for the
                    twelve month period in each Financial Year of the Guarantor and the Borrowers (commencing with the twelve month period ending on 31 December 2017) delivered to the Agent pursuant to this Guarantee and the Loan Agreement. At the same
                    time as it delivers that Accounting Information, the Guarantor and each Borrower shall deliver to the Agent a Compliance Certificate signed by the chief financial officer of the Guarantor and by a director of each Borrower or by any
                    other persons agreed in writing from time to time between the Guarantor and the Agent, together with (i) the relevant valuation certificates for the Ships (prepared in accordance with clause 15.3 of the Loan Agreement) and (ii) the
                    relevant valuation certificates for the other Fleet Vessels (prepared in accordance with Clause 15.3 of the Loan Agreement), setting out (in reasonable detail) computations as to compliance with Clause 11.21 of this Guarantee and
                    clauses 11.6, 12.5 and 15.1 of the Loan Agreement and including any supporting schedules or other information and evidence as the Agent may require. If, prior to the delivery of a Compliance Certificate, the Guarantor becomes aware that
                    such undertakings will not be complied with, the Guarantor shall immediately notify the Agent thereof.

              

      

    

    
      
        	

              	12.5	
                Application of FATCA

              

      

    

    
      
        	

              	(a)	
                The Guarantor shall not become (and shall procure that no Obligor shall become) a FATCA FFI or a US Tax Obligor, without the prior written consent of the
                    Lenders.

              

      

    

    
      
        	

              	(b)	
                If so directed by the Agent (acting on the instructions of the Majority Lenders), the Guarantor shall procure that any Borrower or any other Obligor that does
                    become a FATCA FFI or US Tax Obligor shall resign from its position as a Borrower or Obligor prior to the earliest FATCA Application Date relating to any payment by that Obligor (or any payment by the Agent which relates to a payment by
                    that Borrower or that Obligor).

              

      

    

    
      
        	

              	13	
                JUDGMENTS AND CURRENCY INDEMNITY

              

      

    

    
      
        	

              	13.1	
                Judgments relating to Loan Agreement and Finance Documents. This Guarantee shall cover any amount payable by the Borrowers under or in connection with any judgment relating to the Loan Agreement
                    and any other Finance Document.

              

      

    

    
      
        	

              	13.2	
                Currency indemnity. In addition, Clause 21.4 (currency indemnity) of the Loan Agreement shall apply, with any necessary adaptations, in relation to this Guarantee.

              

      

    

    
      
        	

              	14	
                SET-OFF

              

      

    

    
      
        	

              	14.1	
                Application of credit balances. Each Creditor Party may, following an Event of Default and without prior notice:

              

      

    

    
      15

      
        

    

    

    

    
      
        	

              	(a)	
                apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of the Guarantor at any office in any country of
                    that Creditor Party in or towards satisfaction of any sum then due from the Guarantor to that Creditor Party under any of the Finance Documents to which the Guarantor is a party; and

              

      

    

    
      
        	

              	(b)	
                for that purpose:

              

      

    

    
      
        	

              	(i)	
                break, or alter the maturity of, all or any part of a deposit of the Guarantor;

              

      

    

    
      
        	

              	(ii)	
                convert or translate all or any part of a deposit or other credit balance into Dollars;

              

      

    

    
      
        	

              	(iii)	
                enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

              

      

    

    
      
        	

              	14.2	
                Existing rights unaffected. No Creditor Party shall be obliged to exercise any of its rights under Clause 14.1; and those rights shall be without prejudice and in addition to any
                    right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document).

              

      

    

    
      
        	

              	14.3	
                Sums deemed due to a Lender. For the purposes of this Clause 14, a sum payable by the Guarantor to the Agent or the Security Trustee for distribution to, or for the account of, a
                    Lender shall be treated as a sum due to that Lender; and each Lender's proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to that Lender.

              

      

    

    
      
        	

              	15	
                SUPPLEMENTAL

              

      

    

    
      
        	

              	15.1	
                Continuing guarantee. This Guarantee shall remain in force as a continuing security at all times during the Security Period.

              

      

    

    
      
        	

              	15.2	
                Rights cumulative, non-exclusive. The Security Trustee'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.

              

      

    

    
      
        	

              	15.3	
                No impairment of rights under Guarantee. If the Security Trustee 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 Security Trustee under this Guarantee.

              

      

    

    
      
        	

              	15.4	
                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.

              

      

    

    
      
        	

              	15.5	
                Guarantee not affected by other security. This Guarantee shall not impair, nor be impaired by, any other guarantee, any Security Interest or any right of set-off or netting or to
                    combine accounts which the Security Trustee or any other Creditor Party may now or later hold in connection with the Loan Agreement or any other Finance Document.

              

      

    

    
      
        	

              	15.6	
                Guarantor bound by Finance Documents. The Guarantor agrees with the Security Trustee to be bound by all the provisions of each Finance Document which are applicable to the
                    Security Parties in the same way as if those provisions had been set out (with any necessary modifications) in this Guarantee.

              

      

    

    
      
        	

              	15.7	
                Applicability of provisions of Guarantee to other Security
                      Interests. Any Security Interest which the Guarantor creates (whether at the time at which it signs this Guarantee or at any
                    later time) to secure any liability under this Guarantee shall be a principal and independent security, and Clauses 3 and 18 shall, with any necessary modifications, apply

              

      

    

    
      16

      
        

    

    

    

    to it, notwithstanding that the document creating the Security Interest neither describes it as a
        principal or independent security nor includes provisions similar to Clauses 3 and 18.

    
      
        	

              	15.8	
                Applicability of provisions of Guarantee to other rights. Clauses 3 and 18 shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement
                    entered into at the time of this Guarantee or at any later time (notwithstanding that the agreement does not include provisions similar to Clauses 3 and 18), being an agreement referring to this Guarantee.

              

      

    

    
      
        	

              	15.9	
                Authority of Security Trustee to sign Transfer Certificates. The Guarantor irrevocably authorises the Security Trustee to sign Transfer Certificates on its behalf.

              

      

    

    
      
        	

              	15.10	
                Third party rights. A person who is not a party to this Guarantee has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term
                    of this Guarantee.

              

      

    

    
      
        	

              	15.11	
                Guarantor's approval of Loan Agreement and Master Agreement. The Guarantor has read the Loan Agreement and the Master Agreement and understands and approves all the terms and conditions of the Loan
                    Agreement and the Master Agreement.

              

      

    

    
      
        	

              	16	
                ASSIGNMENT

              

      

    

    
      
        	

              	16.1	
                Assignment by Security Trustee. The Security Trustee may assign its rights under and in connection with this Guarantee to the same extent as it may assign its rights under the Loan
                    Agreement.

              

      

    

    
      
        	

              	17	
                NOTICES

              

      

    

    
      
        	

              	17.1	
                Notices to Guarantor. Any notice or demand to the Guarantor under or in connection with this Guarantee shall be given by letter or fax at:

              

      

    

    c/o TMS Bulkers Ltd.

        11 Fragkoklissias Street,

        151 24 Marousi

        Greece

    Email: finance@tms-management.org

        Attn: Mr. Dimitris Glynos

    or to such other address which the Guarantor may notify to the Agent.

    
      
        	

              	17.2	
                Application of certain provisions of Loan Agreement. Clauses 28.3, 28.4, 28.6, 28.7, 28.8, 28.9 and 28.10 of the Loan Agreement apply to any notice or demand under or in connection with
                    this Guarantee.

              

      

    

    
      
        	

              	17.3	
                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 Borrowers under the Loan Agreement;

              

      

    

    
      
        	

              	(b)	
                at the same time as the service of a notice under clause 19.2 (events of default) of the Loan Agreement,

              

      

    

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

    
      17

      
        

    

    

    

    
      
        	

              	17.4	
                Notices to Security Trustee. Any notice to the Security Trustee under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the
                    Security Trustee under the Loan Agreement.

              

      

    

    
      
        	

              	18	
                INVALIDITY OF LOAN AGREEMENT

              

      

    

    
      
        	

              	18.1	
                Invalidity of Loan Agreement. In the event of:

              

      

    

    
      
        	

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

              

      

    

    
      
        	

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

              

      

    

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

    
      
        	

              	18.2	
                Invalidity of Finance Documents. Clause 18.1 also applies to each of the other Finance Documents to which any of the Borrowers is a party.

              

      

    

    
      
        	

              	19	
                GOVERNING LAW AND JURISDICTION

              

      

    

    
      
        	

              	19.1	
                English law. This Guarantee, and any non-contractual obligations arising out of or in connection with it, shall be governed by, and construed in accordance with, English law.

              

      

    

    
      
        	

              	19.2	
                Exclusive English jurisdiction. Subject to Clause 19.3, the courts of England shall have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this
                    Guarantee.

              

      

    

    
      
        	

              	19.3	
                Choice of forum for the exclusive benefit of the Security
                      Trustee. Clause 19.2 is for the exclusive benefit of the Security Trustee, which reserves the rights:

              

      

    

    
      
        	

              	(a)	
                to commence proceedings in relation to any matter which arises out of or in connection with this Guarantee in the courts of any country other than England and
                    which have or claim jurisdiction to that matter; and

              

      

    

    
      
        	

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

              

      

    

    The Guarantor shall not commence any proceedings in any country other than England in relation to a
        matter which arises out of or in connection with this Guarantee.

    
      
        	

              	19.4	
                Process agent. The Guarantor irrevocably appoints Ince Process Agents Ltd. at its office for the time being, presently at Aldgate Tower, 2 Leman Street, London El 8QN, England, to act as
                    its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with this Guarantee.

              

      

    

    
      18

      
        

    

    

    

    
      
        	

              	19.5	
                Creditor Parties' rights unaffected. Nothing in this Clause 19 shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an
                    international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction.

              

      

    

    
      
        	

              	19.6	
                Meaning of "proceedings". In this Clause 19, "proceedings" means proceedings of any kind, including an
                    application for a provisional or protective measure.

              

      

    

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

    
      19

      
        

    

    

    

    EXECUTION PAGE

    	
            GUARANTOR

          	 	 	 
	 	 	 	 
	
            EXECUTED AS A DEED

          	
            )

          	 	 
	
            by DRYSHIPS INC.

          	
            )

          	 	 
	
            acting by Savvas Tournis

          	
            )

          	
            /s/ Savvas Tournis

          	 
	
            expressly authorised in accordance with

          	
            )

          	 	 
	
            the laws of the Marshall Islands

          	
            )

          	 	 
	
            by virtue of a power of attorney granted

          	
            )

          	 	 
	
            by DRYSHIPS INC.

          	
            )

          	 	 
	
            on 6 March 2018

          	
            )

          	 	 
	
            such execution being witnessed by:

          	
            )

          	 	 
	
            Anastasia G. Pavli

          	 	
            /s/ Anastasia G. Pavli

          	 
	
            Attorney-at-Law

            52 Ag. Konstantinou Street-151 24 Marousi

            Athens, Greece

            Tel.:  +30 210 6140580

          	 	 	 
	 	 	 	 
	
            Signature of witness

          	 	 	 

    

    

    	
            SECURITY TRUSTEE

          	 	 	 
	 	 	 	 
	
            EXECUTED AS A DEED

          	
            )

          	 	 
	
            by ABN AMRO BANK N.V.

          	
            )

          	 	 
	
            acting by Stelios Andreiotis

          	
            )

          	
            /s/ Stelios Andreiotis

          	 
	
            expressly authorised in accordance with

          	
            )

          	 	 
	
            the laws of The Netherlands

          	
            )

          	 	 
	
            by virtue of a power of attorney granted

          	
            )

          	 	 
	
            by ABN AMRO BANK N.V.

          	
            )

          	 	 
	
            on 6 March 2018

          	
            )

          	 	 
	
            such execution being witnessed by:

          	
            )

          	 	 
	
            Anastasia G. Pavli

          	 	
            /s/ Anastasia G. Pavli

          	 
	
            Attorney-at-Law

            52 Ag. Konstantinou Street-151 24 Marousi

            Athens, Greece

            Tel.:  +30 210 6140580

          	 	 	 
	 	 	 	 
	
            Signature of witness

          	 	 	 

    

    

    

    

    

    

    
      20

      
        

    

    

    

    SCHEDULE 1

    FORM OF COMPLIANCE CERTIFICATE

    	
            To:

          	
            ABN AMRO BANK N.V

            93 Coolsingel

            3012 AE, Rotterdam

                The Netherlands

          
	 	 
	
            Attn:

          	
            Global Transportation and Logistics

          
	 	 

    2018

    Dear Sirs

    Loan
          Agreement dated                                     2018 (the "Loan Agreement") made between (i) Amathus Owning Company Limited and Noufaro Owners Inc. as joint and several Borrowers, (ii) the Lenders and the Swap Banks referred to therein and (iii) ABN AMRO Bank N.V. as Arranger, Agent and Security Trustee in connection with a loan
          facility of up to $30,000,000.

    Guarantee dated         
                                         2018 (the "Guarantee") made between DryShips Inc. as Guarantor and the Security Trustee.

    Terms defined in the Loan Agreement and the Guarantee have their defined meanings when used in this Compliance
        Certificate.

    We enclose with this certificate a copy of the [quarterly unaudited consolidated management
        prepared financial statements of the Group for the 3 month period ending on [  ]/[the annual audited consolidated financial statements of the Obligors for the financial year ending on [  ]]. The financial statements (i) have been prepared in
        accordance with all applicable laws and GAAP consistently applied, (ii) give a true and fair view of the state of affairs of the Obligors at the date of the financial statements and of their respective profit for the period to which the financial
        statements relate and (iii) fully disclose or provide for all significant liabilities of the Group.

    We also enclose copies of (i) the relevant valuation certificates for the Ships (prepared in
        accordance with Clause 15.3 of the Loan Agreement) and (ii) the relevant valuation certificates for the other Fleet Vessels (prepared in accordance with Clause 15.3 of the Loan Agreement), which are used in calculating the Total Market Value
        Adjusted Assets of the Guarantor and the Fair Market Value of the Ships and the other Fleet Vessels as at [                   ].

    Each of the Borrowers and the Guarantor represents that no Event of Default has occurred as at the
        date of this certificate [(except for the following matter or event [set out all material details of matter or event]).]

    We now certify that, as at [                       ]:

    
      
        	

              	(a)	
                the asset cover ratio under Clause 15.1 of the Loan Agreement is [          ]%;

              

      

    

    
      
        	

              	(b)	
                a minimum daily cash balance of $500,000 was maintained on each Operating Account (free of any Security Interest other than the Accounts Pledges) throughout
                    the [3] [12] months ending as at the date to which the enclosed accounts are prepared;

              

      

    

    
      
        	

              	(c)	
                the Consolidated Leverage Ratio under clause 11.21 (a) of the Guarantee is [        ];

              

      

    

    
      21

      
        

    

    

    

    
      
        	

              	(d)	
                the minimum liquidity under clause 11.21 (b) of the Guarantee is $[                    ];

              

      

    

    
      
        	

              	(e)	
                the Working Capital under clause 11.21 (c) of the Guarantee is $[                         ]; and

              

      

    

    
      
        	

              	(f)	
                The Market Adjusted Net Worth under clause 11.21 (d) of the Guarantee is $[                   ].

              

      

    

    We hereby repeat the representations and warranties set out in Clause 10 of the Loan Agreement and
        Clause 10 of the Guarantee, and confirm that they remain true and correct by reference to the facts and circumstances existing on the date of this Compliance Certificate.

    This certificate shall be governed by, and construed in accordance with, English law.

    Signed

    	 	 
	 	 
	 	 
	
            [                                 ]

          	 
	
            for and on behalf of

          	 
	
            Amathus Owning Company Limited

          	 
	
            Noufaro Owners Inc.

          	 
	 	 
	 	 
	 	 
	
            [                                 ]

          	 
	
            for and on behalf of

          	 
	
            DryShips Inc.

          	 
	 	 

    

    

    

    

    

    

    

    

    

    

  

  22

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