Document:

GUARANTEE

THIS GUARANTEE, dated as of _______ __, 2007 (as amended, or supplemented from time to time, this “Guarantee”), made by CMA CGM S.A., a French corporation (the “Guarantor”), in favor of Global Ship Lease, Inc., a Republic of Marshall Islands Corporation (“GSL”) and its vessel owning subsidiaries listed on Schedule I hereto (each, an “Owner” and collectively the “Owners”) is to take effect as a deed.

WITNESSETH:

WHEREAS, each Owner is entering into individual ship management agreements with, CMA Ship Management, (the “Manager”) on the date listed on Schedule I (as amended from time to time, each a “Management Agreement” and collectively the “Management Agreements”) pursuant to which the applicable Manager will agree to manage the vessels owned by an Owner, as specified on Schedule I; 

WHEREAS, the Manager is a wholly owned subsidiary of the Guarantor; and

WHEREAS, in order to induce each Owner to enter into its Management Agreement with the applicable Manager, Guarantor agrees to execute this Guarantee to guarantee the Manager’s payment and performance obligations and compliance under the Management Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

Section 1. Guarantee. The Guarantor, as primary obligor and not merely as surety, irrevocably, unconditionally and absolutely hereby guarantees to each Owner the due and punctual payment of all obligations and liabilities owing by Manager to such Owner under its Management Agreement and the due performance and compliance by Manager with all other terms, conditions and agreements contained therein (all such obligations and liabilities being herein collectively called the “Maximum Amount Guaranteed Obligations”). In case of failure of Manager to punctually pay any of the amounts or to perform and comply with any other terms, conditions and agreements required to satisfy the Maximum Amount
Guaranteed Obligations, the Guarantor shall cause such amounts to be punctually paid and all terms, conditions and agreements to be performed and complied on demand, by notice in writing from an Owner, as if such payment were made, and such terms, conditions and agreements were performed or complied with, as applicable, by Manager. For the avoidance of doubt, if any extension of time is agreed to in writing between an Owner and Manager with respect to any payments due under a Management Agreement, the Guarantor shall have the benefit of such extension. The Guarantor also shall pay any and all expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred by the applicable Owner and/or GSL in enforcing its or their rights under this Guarantee, provided that the Owner and/or GSL is successful in enforcing its or their rights hereunder.

Section 2. Unconditional Obligations. The obligation of the Guarantor to guarantee the Maximum Amount Guaranteed Obligations set forth in Section 1 above shall be absolute and unconditional irrespective of (i) any lack of enforceability against a Manager of the applicable Management Agreement or this Guarantee, (ii) any change of the time, manner or place of payment or any other term, condition or agreement of the Maximum Amount Guaranteed Obligations, (iii) the failure, omission, delay or lack on the part of an Owner or GSL to assert any claim or demand or to enforce any right or remedy against Guarantor or Manager, (iv) any invalidity, illegality or unenforceability in whole or in part of any Management Agreement and (v) any law, regulation or
order of any jurisdiction affecting any term of the Maximum Amount Guaranteed Obligations, a Management Agreement or an Owner’s or GSL’s rights with respect thereto. The Guarantor hereby waives promptness, diligence, protest, demand of payment and notices with respect to the Maximum Amount Guaranteed Obligations. Notwithstanding anything in this Guarantee to the contrary, the Guarantor shall be entitled to the benefit of any right to or claim of any defense, setoff, counterclaim, recoupment or termination to which Manager is entitled.

 

Section 3. Nature of Maximum Amount Guaranteed Obligations. 

(a) The Guarantor hereby agrees that this Guarantee is a guarantee of payment, performance and compliance and not of collection only.

(b) Any and all payments by the Guarantor under the Maximum Amount Guaranteed Obligations shall be made free and clear of, and without deduction or withholding for or on account of any and all taxes, monetary transfer fees or other amounts except to the extent such deduction or withholding of any tax is required by applicable law. If the Guarantor shall be required by applicable law to deduct or withhold any tax or other amount from or in respect of any sum payable hereunder to or for the benefit of an Owner or GSL, to the extent the amount to be received from the Guarantor after such withholding is less than the amount that would have been received from Manager, the Guarantor shall pay to the Owner or GSL such additional amount as shall be necessary to enable the Owner or GSL to receive, after such withholding (including any withholding with respect to such additional amount),
the amount it would have received if such withholding had not been required.

(c)  This Guarantee is and shall at all times be a continuing security and shall cover the ultimate balance of all monies payable but unpaid under this Guarantee. Any payment made by the Guarantor under this Guarantee shall reduce the Maximum Amount Guaranteed Obligations by a corresponding amount.

Section 4. Insolvency. This Guarantee shall continue to be effective, or be reinstated, as the case may be, if at any time payment, in whole or in part of any of the Maximum Amount Guaranteed Obligations is rescinded or must otherwise be restored or returned by an Owner upon the bankruptcy, insolvency, reorganization, arrangements, adjustment, composition, dissolution, liquidation, or the like, of a Manager or of the Guarantor, or as a result of the appointment of a custodian, receiver, trustee, or other officer with similar powers with respect to a Manager or the Guarantor or any substantial part of either person’s respective property, or otherwise, all as though such payment had not been made notwithstanding any termination of this Guarantee or the applicable Management Agreement.

Section 5. Representations and Warranties of Guarantor. The Guarantor hereby represents and warrants to each Owner and GSL that this Guarantee has been duly executed and delivered by the Guarantor and constitutes a valid and binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms.

Section 6. Waivers and Amendments; Non-Contractual Remedies; Preservation of Remedies. This Guarantee may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, but only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party on exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or the exercise of any other such right, power or privilege. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies that any party may
otherwise have at law or in equity.

Section 7. Governing Law. This Guarantee shall be construed, performed and enforced in accordance with the laws of England and any dispute or claim arising out of or in connection with its subject matter shall be settled in the same manner as is set forth in the applicable Management Agreement.

Section 8. Notices. All notices, requests, demands and other communications under this Guarantee must be delivered in the same manner as set forth in the applicable Management Agreement.

Section 9. Assignment; Binding Effect. This Guarantee shall be binding upon the Guarantor and its successors, permitted assigns and legal representatives and shall inure to the benefit of 

 

each Owner and GSL and their successors, permitted assigns and legal representatives. This Guarantee and any rights of either party hereunder, may not be assigned, directly or indirectly, without the prior written consent of the other party (which consent may not be unreasonably withheld), provided that (a) GSL or an Owner may assign its rights hereunder as security to its lenders with prior written notice to the Guarantor (provided, further, however, that no such notice shall be required for an assignment under the credit facility to be entered into by GSL and the owners in connection with its initial public offering) and (b) GSL or an Owner may assign or
transfer its rights hereunder to a wholly owned subsidiary of GSL without the consent of the other party. Any assignment in violation of this Section 9 shall be treated as void and having no force and effect, it being understood for the avoidance of doubt that in the event that a party shall: (i) merge or consolidate with or into another entity or enter into a business combination or other similar transaction with another entity and (ii) not continue as the surviving entity, then such transaction shall constitute an assignment requiring the prior written consent of the other party. 

Section 10. Termination. This Guarantee shall terminate with no further force or effect upon the later of: (i) the complete satisfaction and fulfillment of the Maximum Amount Guaranteed Obligations or (ii) three (3) months after the termination of any Management Agreement, but only with respect to that specific Management Agreement. 

Section 11. No Third-Party Beneficiaries. Nothing in this Guarantee will confer any rights or benefits upon any person or entity other than the Owners and GSL and a successor or permitted assignee of any Owner or GSL.

Section 12. Negotiated Agreement. This Guarantee has been negotiated by the parties and the fact that the initial and final draft will have been prepared by either party or an intermediary will not give rise to any presumption for or against any party to this Guarantee or be used in any respect or forum in the construction or interpretation of this Guarantee or any of its provisions.

Section 13. Severability. If any provision of this Guarantee is held to be void or unenforceable, in whole or in part, (i) such holding shall not affect the validity and enforceability of the remainder of this Guarantee, including any other provision, paragraph or subparagraph and (ii) the parties agree to attempt in good faith to reform such void or unenforceable provision to the extent necessary to render such provision enforceable and to carry out its original intent.

Section 14. Counterparts. This Guarantee may be executed by the parties hereto in counterparts, each of which, when so executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

Remainder of page left intentionally blank. Signature page follows.

 

IN WITNESS WHEREOF, this document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

 

	
                         
 	
                         
 	
                        Executed and delivered as a deed by CMA CGM, S.A., as the Guarantor
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Authorised Signatory

            Name:

            Title:  
 

 

	
                          
 	
                         
 	
                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Authorised Signatory

            Name:

            Title:  
 

Executed and delivered as a deed by GLOBAL SHIP LEASE, INC.

	
                         
 	
                         
 	
                         
 
	
                        By: 
 	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                        Authorised Signatory

            Name: 

            Title:  
 	
                         
 	
                         
 	
                         
 

 

	
                         
 	
                         
 	
                         
 
	
                        By: 
 	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                        Authorised Signatory

            Name: 

            Title: 
 	
                         
 	
                         
 	
                         
 

 

 

 

SCHEDULE I

 

	
                        Vessel
 	
       
 	
                        Owner
 	
       
 	
                        Manager
 	
       
 	
                        Date of Management Agreement
 
	
      Ville d’Orion
 	
       
 	
      Global Ship Lease 1 Limited
 	
       
 	
      CMA Ship Management
 	
       
 	
      _______________, 2007
 
	
                        Ville d’Aquarius
 	
                         
 	
                        Global Ship Lease 2 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        CMA CGM Matisse
 	
                         
 	
                        Global Ship Lease 3 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        CMA CGM Utrillo
 	
                         
 	
                        Global Ship Lease 4 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        MOL Rainbow
 	
                         
 	
                        Global Ship Lease 5 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        Julie Delmas
 	
                         
 	
                        Global Ship Lease 6 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        Kumasi
 	
                         
 	
                        Global Ship Lease 7 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        Marie Delmas
 	
                         
 	
                        Global Ship Lease 8 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        CMA CGM La Tour
 	
                         
 	
                        Global Ship Lease 9 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        CMA CGM Manet
 	
                         
 	
                        Global Ship Lease 10 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        CMA CGM Alcazar
 	
                         
 	
                        GSL Alcazar Inc.
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        CMA CGM Château d’If
 	
                         
 	
                        GSL Chateau d’If Inc.
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        10,960 TEU newbuilding, with vessel/hull No. 4126
 	
                         
 	
      Global Ship Lease 13 Limited
 	
       
 	
      CMA Ship Management
 	
       
 	
      _______________, 2007
 
	
                        CMA CGM Jamaica
 	
                         
 	
                        Global Ship Lease 14 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        CMA CGM Sambhar
 	
                         
 	
                        Global Ship Lease 15 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        CMA CGM America
 	
                         
 	
                        Global Ship Lease 16 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
                        _______________, 2007
 
	
                        CMA CGM Berlioz
 	
                         
 	
                        Global Ship Lease 17 Limited
 	
                         
 	
                        CMA Ship Management
 	
                         
 	
  _______________, 2007This GLOBAL EXPENSE AGREEMENT (this “Agreement”) as of ________, 2007 between CMA Ship Management (the “Manager”), as ship manager, and Global Ship Lease, Inc. (“GSL”), as the sole shareholder of each of the entities (each, an “Owner”) owning the vessels (each, a “Vessel” and, collectively, the “Vessels”) identified herein. 

WHEREAS, the Manager has entered or shall enter into a separate ship management agreement (each, a “Management Agreement” and, collectively, the “Management Agreements”) with each Owner for the Vessel owned by such Owner on the date of delivery of such Vessel; and

WHEREAS,  CMA CGM S.A. (the “Charterer”) has entered or shall enter into a separate Time Charter Party (each, a “Charter” and, collectively, the “Charters”) with each Owner on the date of delivery of the Vessel to such Owner pursuant to which the Charterer has time chartered or shall time charter a Vessel from such Owner.

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto hereby agree as follows:

	1.
	
                        The Vessels to which this Agreement applies and the per diem expense cap (the “Per Diem Cap”) and reduced per diem expense cap (the “Reduced Per Diem Cap”) for each of the Vessels are:
 

 

	
                        Vessel
 	
                         
 	
                        Per Diem Cap (US$)
 	
                         
 	
                        Reduced
 Per Diem Cap (US$)
 	
                         
 
	
                        Ville d’Aquarius
 	
                         
 	
                        6,400
 	
                         
 	
                        5,260
 	
                         
 
	
                        Ville d’Orion
 	
                         
 	
                        6,400
 	
                         
 	
                        5,260
 	
                         
 
	
                        Julie DELMAS
 	
                         
 	
                        5,400
 	
                         
 	
                        4,570
 	
                         
 
	
                        Kumasi
 	
                         
 	
                        5,400
 	
                         
 	
                        4,570
 	
                         
 
	
                        Marie DELMAS
 	
                         
 	
                        5,400
 	
                         
 	
                        4,570
 	
                         
 
	
                        MOL Rainbow
 	
                         
 	
                        5,400
 	
                         
 	
                        4,570
 	
                         
 
	
                        CMA CGM La Tour
 	
                         
 	
                        5,400
 	
                         
 	
                        4,570
 	
                         
 
	
                        CMA CGM Manet
 	
                         
 	
                        5,400
 	
                         
 	
                        4,570
 	
                         
 
	
                        CMA CGM Matisse
 	
                         
 	
                        5,400
 	
                         
 	
                        4,570
 	
                         
 
	
                        CMA CGM Utrillo
 	
                         
 	
                        5,400
 	
                         
 	
                        4,570
 	
                         
 
	
                        CMA CGM Alcazar
 	
                         
 	
                        5,900
 	
                         
 	
                        4,600
 	
                         
 
	
                        CMA CGM Château d’If
 	
                         
 	
                        5,900
 	
                         
 	
                        4,600
 	
                         
 
	
                        Hull 4.126
 	
                         
 	
                        8,800
 	
                         
 	
                        6,470
 	
                         
 
	
                        CMA CGM America
 	
                         
 	
                        6,650
 	
                         
 	
                        5,510
 	
                         
 
	
                        CMA CGM Sambhar
 	
                         
 	
                        6,650
 	
                         
 	
                        5,510
 	
                         
 
	
                        CMA CGM Jamaica
 	
                         
 	
                        6,650
 	
                         
 	
                        5,510
 	
                         
 
	
                        CMA CGM Berlioz
 	
                         
 	
                        7,800
 	
                         
 	
                        6,670
 	
                         
 

	
                        2.
 	
                        The Manager shall compute a quarterly expense cap for each Vessel (a “Per Vessel Cap”), as of each March 31, June 30, September 30 and December 31 during the term of this 
 

 

 

Agreement (the quarterly period ending on each such date, a “Quarterly Period”). For each Quarterly Period and each Vessel, the Per Vessel Cap shall be equal to the actual number of days the Vessel was owned by the Owner and under management by the Manager during such Quarterly Period multiplied by the Per Diem Cap for such Vessel. If, on any day, a Vessel is owned by the Owner and under management by the Manager for less than the full day, then only that percentage of the day during which the Vessel is owned by the Owner and under management by the Manager (expressed as a decimal and based on the number of complete hours the Vessel was owned by the Owner and under management by the Manager during such day) shall be included in computing the Per Diem Cap for such Vessel. The aggregate expense cap for all Vessels (the “Aggregate Cap”) for each Quarterly Period shall equal the sum of the Per Vessel Caps during such Quarterly Period. For any day or fraction of a day when a Vessel is off-hire and not in service (for example because the Vessel is in dry-dock), the Reduced Per Diem Cap shall be utilized in place of the Per Diem Cap in computing the Per Vessel Cap for such Vessel.

	
                        3.
 	
                        For each Quarterly Period, the Manager will pay to GSL the amount (if any) by which the actual aggregate expenses, excluding insurance costs and drydock expenses, incurred with respect all of the Vessels during such Quarterly Period exceed the Aggregate Cap for such Quarterly Period (such amount, the “Reimbursable Expense Amount”).
 

	
                        4.
 	
                        Not later than the fourteenth (14th) day following the end of each Quarterly Period, the Manager shall provide GSL with a written notice setting forth: (i) each Per Vessel Cap for such Quarterly Period showing the number of days and relevant Per Diem Cap and/or Reduced Per Diem Cap; (ii) the Aggregate Cap for such Quarterly Period; (iii) the actual expenses, excluding insurance costs and drydock expenses, incurred with respect to each Vessel during such Quarterly Period; (iv) the aggregate actual expenses, excluding insurance costs and drydock expenses, incurred for all Vessels during such Quarterly Period; and (v) the Reimbursable Expense Amount, if any. Unless GSL objects to the calculations set forth in such notice by the seventh (7th) day following its receipt of such notice, GSL shall be deemed to agree with the calculations set forth in such
notice. The Manager shall pay to GSL the Reimbursable Expense Amount not later than the seventh (7th) day following GSL’s agreement or deemed agreement with the calculations set forth in such notice. 
 

	
                        5.
 	
                        In January of each year, commencing in the January following the third anniversary of the commencement of each Charter, the Manager shall compare the actual per diem expenses, excluding insurance costs and drydock expenses, of the Vessel subject to such Charter for the calendar year just ended (the “Actual Expense Amount”) against the per diem expenses, excluding insurance costs and drydock expenses, included in the calculation of the Per Diem Cap of such Vessel for calendar year preceding the calendar year included in the determination of the Actual Expense Amount  (the “Reference Expense Amount”) (as set forth for each Vessel for each year on Appendix A hereto). For the avoidance of doubt, and as an example, the Actual Expense Amount for 2010 shall be
compared to the Reference Expense Amount for 2009. If the Actual Expense Amount exceeds the Reference Expense Amount by more than $500 and more than 50% of such excess is attributable to crew costs and lube oil costs, also shown in Appendix A, the Manager shall make 36 equal monthly payments to the Owner (at the times specified below) for the 
 

 

 

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thirty-six (36) month period commencing on January 1 of the year of determination (the “Adjustment Payment Period”) with each monthly payment being equal to the lesser of (y) one-twelfth (1/12) of 365 times the amount of such excess and (z) $15,208. Not later than the fourteenth (14th) day following each relevant calendar year end the Manager shall provide each Owner with a written notice setting forth: (i) the Actual Expense Amount for such Vessel for the calendar year just ended and the portion of the Actual Expense Amount attributable to crew costs and lube oil costs, (ii) the Reference Expense Amount for such Vessel for the calendar year preceding the calendar year included in the determination of the Actual Expense and the amount of the Reference Expense Amount attributable to crew
costs and lube oil costs (both as set forth on Appendix A hereto), (iii) the amount, if any by which the Actual Expense Amount described in clause (i) exceeds the Reference Expense Amount described in clause (ii) and the amount of such excess (expressed as a percentage) which is attributable to crew costs and lube oil costs, and (iv) the total amount, if any, payable by the Manager to the Owner pursuant to this Clause 5 for such Vessel with respect to such year. Unless the Owner objects to the calculations set forth in such notice by the seventh (7th) day following its receipt of such notice, the Owner shall be deemed to agree with the calculations set forth in such notice. The first payment due under this Clause 5 shall be paid by the Manager to the Owner on the later of (a) the fifth (5th) day following the Owner’s agreement or deemed agreement with the calculations set forth in such notice with respect to such Vessel and (b) the first January 31 occurring during the Adjustment
Payment Period and each subsequent payment shall be made on the last day of each month during the Adjustment Payment Period, commencing on the first February 28 occurring during the Adjustment Payment Period. The determination set out in clauses (i) through (iv) above shall be carried out each January following the third anniversary of the commencement of each Charter; provided, however, that if the Manager is required to pay any amount pursuant to this Clause 5 with respect to any Vessel, there shall be no further amounts payable by the Manager to the Owner of such Vessel pursuant to this Clause 5 during the related Adjustment Payment Period. For the avoidance of doubt if payment obligation arises under (iv) then its is paid for three years and a re-determination is made as at the fourth year.

	
                        6.
 	
                        If either the margin or the participation fees, as described in the Mandate Letter dated October 4, 2007 among GSL, the Charterer and Fortis Bank (Nederland) N.V., Citibank International Plc and HSH Nordbank AG (the “Arrangers”) relating to the $800 million senior secured revolving credit facility agreement among GSL, the Arrangers and other lenders, is (or has been) increased in accordance with Clause 3.6 of the Mandate Letter, then the charter hire payable by the Charterer to each Owner pursuant to each Charter shall be increased by a minimum amount of $100 per day per Vessel; provided that upon any increase of the margin or the participation fees, the issue shall be referred to senior
executives of both GSL and the Charterer for a commercially reasonable and good faith determination as to the sufficiency of such $100 increase in charter hire payable and provided, further that such $100 increase may be adjusted in accordance with their determination.
 

	
                        7.
 	
                        This Agreement shall be governed and construed in accordance with English law. Clauses 19.1 (Law and Arbitration) and 20 (Notices) of the Management Agreements shall apply to this Agreement and are hereby incorporated by reference.
 

 

 

3

 

	
                        8.
 	
                        This Agreement (including Appendix A hereto), the Management Agreements, and the Charters represent the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and thereof. In the event of any conflict between the terms of this Agreement and the terms of any Management Agreement or Charter, the terms of this Agreement shall control.
 

	
                        9.
 	
                        Clauses 2 through 4 of this Agreement shall terminate with respect to any Vessel upon the termination of the Management Agreement relating to that Vessel and upon such termination, the Per Vessel Cap relating to such Vessel and the actual expenses incurred with respect to such Vessel shall no longer be taken into account in determining the Reimbursable Expense Amount. Clauses 2 through 4 of this Agreement shall terminate with respect to all Vessels upon the termination of any Management Agreement following which there are fewer than two Management Agreements in effect. Clauses 5 and 6 of this Agreement shall terminate with respect to any Vessel upon the termination of the Charter relating to such Vessel.
 

	
                        10.
 	
                        Any amendment, modification or supplement to this Agreement shall be valid only if made in writing and signed by both of the parties hereto.
 

	
                        11.
 	
                        This Agreement may be executed in any number of counterparts, each of which so executed counterparts shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.
 

	
                        12.
 	
                        Each Owner shall be a third-party beneficiary of this Agreement with respect to Clauses 5 and 6 hereof. 
 

[Signature Page Follows]

 

 

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IN WITNESS WHEREOF, this Agreement has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

 

	
                         
 	
                         
 	
                        GLOBAL SHIP LEASE, INC.
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Name:
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 

 

	
                          
 	
                         
 	
                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Name:
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 

 

	
                         
 	
                         
 	
                        CMA SHIP MANAGEMENT
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Name:
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 

 

	
                          
 	
                         
 	
                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Name:
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 

 

	
                         
 	
                         
 	
                        CMA CGM S.A.
 
	
                          
 	
                         
 	
                        

                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Name:
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 

 

	
                          
 	
                         
 	
                        By: 
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Name:
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 

 

 

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