Document:

EX-4.48 Rollover Loan Agreement

Exhibit 4.48

 

 

 

 

ROLLOVER LOAN AGREEMENT

USD 27,000,000

 

 

 

 

between

 

 

 

 

Adventure Two S.A.

Adventure Three S.A.

Adventure Seven S.A.

 

 

 

 

and

 

 

 

 

HOLLANDSCHE BANK-UNIE N.V.

 

 

 

 

 

 

	 	 	 	 	 	 	 	 	 
	Article	 	Page
	1.	 	 	 	DEFINITIONS

	 	 	3	 
	 	 	 	 	 
	 	 	 	 
	2.	 	 	 	AVAILABILITY/DRAWING

	 	 	4	 
	 	 	 	 	 
	 	 	 	 
	3.	 	 	 	INTEREST PERIODS

	 	 	4	 
	 	 	 	 	 
	 	 	 	 
	4.	 	 	 	INTEREST

	 	 	4	 
	 	 	 	 	 
	 	 	 	 
	5.	 	 	 	ALTERNATIVE INTEREST RATE

	 	 	5	 
	 	 	 	 	 
	 	 	 	 
	6.	 	 	 	FEES

	 	 	5	 
	 	 	 	 	 
	 	 	 	 
	7.	 	 	 	REPAYMENT

	 	 	6	 
	 	 	 	 	 
	 	 	 	 
	8.	 	 	 	PAYMENT

	 	 	6	 
	 	 	 	 	 
	 	 	 	 
	9.	 	 	 	COSTS AND EXPENSES

	 	 	7	 
	 	 	 	 	 
	 	 	 	 
	10.	 	 	 	SECURITY AND UNDERTAKINGS

	 	 	7	 
	 	 	 	 	 
	 	 	 	 
	11.	 	 	 	JOINT AND SEVERAL LIABILITY

	 	 	8	 
	 	 	 	 	 
	 	 	 	 
	12.	 	 	 	PROHIBITION AGAINST TRANSFER OR PLEDGE

	 	 	9	 
	 	 	 	 	 
	 	 	 	 
	13.	 	 	 	INSURANCE

	 	 	9	 
	 	 	 	 	 
	 	 	 	 
	14.	 	 	 	RESTRUCTURING CLAUSE

	 	 	9	 
	 	 	 	 	 
	 	 	 	 
	15.	 	 	 	ANNUAL ACCOUNTS AND OTHER INFORMATION

	 	 	9	 
	 	 	 	 	 
	 	 	 	 
	16.	 	 	 	EVENTS OF DEFAULT

	 	 	10	 
	 	 	 	 	 
	 	 	 	 
	17.	 	 	 	DEFAULT INTEREST

	 	 	12	 
	 	 	 	 	 
	 	 	 	 
	18.	 	 	 	COMMUNICATIONS

	 	 	12	 
	 	 	 	 	 
	 	 	 	 
	19.	 	 	 	GENERAL BANKING CONDITIONS

	 	 	12	 
	 	 	 	 	 
	 	 	 	 
	20.	 	 	 	OTHER PROVISIONS

	 	 	13	 
	 	 	 	 	 
	 	 	 	 
	21.	 	 	 	REPRESENTATIONS AND WARRANTIES

	 	 	13	 
	 	 	 	 	 
	 	 	 	 
	22.	 	 	 	ENGLISH LEGAL TERMINOLOGY

	 	 	14	 
	 	 	 	 	 
	 	 	 	 
	APPENDIX A
— FINANCIAL DEFINITIONS	 	 	16	 

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This agreement is made between:

	1.	 	Adventure Two S.A., established in Majuro, Marshall Islands,

Adventure Three S.A., established in Majuro, Marshall Islands,

Adventure Seven S.A., established in Majuro, Marshall Islands,

hereinafter (together and individually) referred to as “the Borrower”,

and

	2.	 	HOLLANDSCHE BANK-UNIE N.V., having its registered office in Rotterdam, the Netherlands,
hereinafter referred to as “HBU”.

Whereas:

	–	 	HBU has offered by credit agreement dated 21st January 2008
(‘the Credit Agreement‘) to grant the Borrower a rollover loan in the
sum of USD 27,000,000 (‘the Loan’) for the financing of the purchase
of the m.v. “African Protea” t.b.r. “Free Knight”, subject to the main
details, terms and conditions specified in the above-mentioned credit
agreement and the execution of a definitive agreement between HBU and
the Borrower;
	 
	–	 	HBU and the Borrower wish to record the terms, conditions and other
details applicable to the Loan.

It is hereby agreed as follows:

ARTICLE 1 DEFINITIONS

In this agreement the following expressions shall have the following meanings:

	 	 	 
	Availability Period:
	 	means the period commencing on the date this
agreement is duly signed by all parties and ending on
1st April 2008; during this period the
Borrower may request HBU to make available the amount
of the Loan;

	 
	 	 

	Business Day:
	 	means a day other than a Saturday or a Sunday on
which banks are generally open for business in the
Netherlands, London and New York;

	 
	 	 

	Interest Period:
	 	means a period of three, six or, subject to HBU’s
approval, twelve months as the Borrower may select or
any other period for which an interest rate is
required to be determined under the terms of this
agreement;

	 
	 	 

	LIBOR:
	 	means the percentage rate per annum published on the
‘Telerate Screen’ page displaying the ‘British
Bankers Association Settlement Rate’ for term
deposits in USD for a period equal to the relevant
Interest Period at or about 11.00 a.m. (London Time)
two Business Days prior to the commencement of the
relevant Interest Period or, if such page or service
ceases to be available, any other such page or
service displaying the ‘British Bankers Association
Settlement Rate’ for term deposits in USD as HBU
shall designate following consultation with the
Borrower;

	 
	 	 

	Loan Period:
	 	means the period commencing on the date of the amount
of the Loan being made available to the Borrower
under this agreement and ending not later than
1st January 2016, during which period HBU
agrees to lend the amount
of the Loan to the Borrower on the terms and conditions specified in
this agreement.

	 
	 	 

	Loan to Value Ratio:
	 	means the total outstanding facilities of the borrower on account of the
Credit Agreement, as the same may be amended from time to time, divided by actual total
valuation results of the vessels referred to in section a of Article 10.

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ARTICLE 2 AVAILABILITY/DRAWING

The Loan was drawn by the Borrower on 1st April 2008, and HBU made the Loan available to
the Borrower on that date.

ARTICLE 3 INTEREST PERIODS

	a.	 	The Loan Period shall comprise a series of successive Interest Periods. The first Interest
Period shall start on the day on which the amount of the Loan is made available to the
Borrower under this agreement, and each subsequent Interest Period shall commence on the final
day of the preceding Interest Period.
	 
	b.	 	The Borrower shall notify HBU of the selected duration of any subsequent Interest Period not
later than three Business Days prior to the first day of the subsequent Interest Period.
Failing such notification, the duration of the Interest Period shall be the same as the
immediately preceding Interest Period, except in the case of an Interest Period of twelve
months, in which event the duration of the subsequent Interest Period shall be one month.
	 
	c.	 	The notification referred to in section b. of this Article, which shall be irrevocable, can
be given by fax, by telephone or in writing. In the case of notification by fax or telephone,
HBU shall be entitled to require written confirmation from the Borrower before setting the
interest rate for the relevant Interest Period or, with respect to the first Interest Period,
before making the amount of the Loan available to the Borrower.
	 
	d.	 	If an Interest Period selected by the Borrower commences before the due date of an instalment
of the Loan as referred to in Article 7, section a. and ends after that due date, the Borrower
shall also select a separate Interest Period ending on that due date for the part of the Loan
equal to such instalment. If the Borrower fails to do this, the Borrower shall be deemed to
have selected a separate Interest Period as referred to in the preceding sentence.

ARTICLE 4 INTEREST

	a.	 	The Borrower shall pay HBU interest on the drawn and non-repaid portion of the Loan at
a rate equal to LIBOR for the relevant Interest Period increased by an individual margin
of 1.3% per annum. HBU shall revise the individual margin on 1st February
2013 or, if such day does not coincide with the final day of an Interest Period, on the
final day of the said Interest Period.
	 
	b.	 	HBU shall inform the Borrower in writing at least ten Business Days before the agreed
revision date of the individual margin it proposes for the subsequent period. If HBU and
the Borrower fail to reach agreement at least five Business Days before the revision
date, the Borrower shall be obliged to repay on the said revision date all amounts owing
to HBU under this agreement. The Borrower shall not be liable in this event to pay
compensation as referred to in section b.(iv) of Article 7.

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	c.	 	If the Borrower fails to respond in writing to HBU’s notification at least five
Business Days before the revision date as referred to in section b. of this Article, the
Borrower shall be deemed to have agreed to the individual margin proposed by HBU.
	 
	d.	 	If HBU fails to give timely notice as referred to in section b. of this Article, it
shall remain entitled to do so at a later date. If HBU and the Borrower subsequently
agree on the individual margin, this shall come into effect as of the first day of the
Interest Period following the current Interest Period. If HBU and the Borrower fail to
reach agreement within five Business Days of the date of the written notification
referred to above, the Borrower shall be obliged to repay on the final day of the
current Interest Period all amounts owed to HBU under this agreement. In this event no
compensation as referred to in section b.(iv) of Article 7 shall be payable by the
Borrower.
	 
	e.	 	Interest shall be calculated on the basis of the actual number of days elapsed and a
360-day year.
	 
	f.	 	Interest computed by HBU shall, save for any manifest error, be binding on the
Borrower. HBU shall notify the Borrower in writing of the amount of interest computed.
	 
	g.	 	Interest in respect of each Interest Period shall be paid on the final day of the
relevant Interest Period. In the case of an Interest Period of longer than three months,
interest shall also be payable three-monthly in arrear throughout the Interest Period.

ARTICLE 5 ALTERNATIVE INTEREST RATE

	a.	 	If HBU establishes at any time prior to the commencement of an Interest Period that
circumstances affecting the interbank money market are such that the interest rate for that
Interest Period cannot in all reasonableness be determined on the basis of LIBOR, HBU shall
notify the Borrower of this immediately.
	 
	b.	 	HBU and the Borrower shall then enter into negotiations in order to agree an interest rate
for the relevant Interest Period. In the absence of agreement prior to the commencement of the
relevant Interest Period, the Interest Period shall be deemed to be one month and HBU shall
set the interest rate on the basis of the cost to HBU of funding the Loan, plus the individual
margin then applicable pursuant to Article 4.
	 
	c.	 	In the absence of agreement, the Borrower may repay the Loan early in full on the final day
of the Interest Period, provided the Borrower notifies HBU in writing of this within ten
Business Days after HBU has set the interest rate. Such notification shall be irrevocable. The
Borrower shall not be liable to pay compensation as referred to in Article 7, section b. (iv)
with respect to this early repayment

ARTICLE 6 FEES

     The Borrower shall pay HBU (or has paid as the case may be):

	 	(i)	 	an upfront fee of 0.60 % of the Loan, which the Borrower shall pay to HBU on the
date of this agreement being duly signed by all parties;
	 
	 	(ii)	 	a commitment fee of 0.65% per annum over the average undrawn part of the Loan from
the first full calendar month after the date of this agreement being duly signed by all
parties until the Loan has been drawn, payable on the final day of the Availability
Period.

	b.	 	Commitment fee shall be calculated on the basis of a 360-day year and the actual number of
days in any month.
	 
	c.	 	HBU’s calculation of commitment fee shall, save for any manifest error, be binding on the
Borrower.

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ARTICLE 7 REPAYMENT

	a.	 	The Borrower shall repay the Loan to HBU in 31 (thirty one) successive three-monthly
instalments as follows:

	 	–	 	4 (four) instalments of USD 1,750,000;
	 
	 	–	 	26 (twenty six) instalments of USD 750,000;
	 
	 	–	 	1 (one) final instalment of USD 500,000.

	 	 	The first instalment being due three months after the Loan has been drawn, at the latest on
1st July 2008.
	 
	b.	 	The Borrower shall be entitled to make early repayments on the Loan provided the following
conditions have been met:

	 	(i)	 	the Borrower has given HBU at least one month’s prior notice by registered letter,
indicating the amount and date of the intended early repayment; and
	 
	 	(ii)	 	the early repayment coincides with the final day of an Interest Period; and
	 
	 	(iii)	 	the prepaid amount is, if the Loan is not being repaid in full, USD 500,000 or a
multiple thereof; and
	 
	 	(iv)	 	together with the early repayment, the Borrower pays HBU compensation equal to
0.375% of the prepaid amount. This percentage will be reduced to 0.25% two years after
the date on which this agreement has been duly signed by all the parties.

	c.	 	In case of sale of the m.v. “Free Envoy” or the m.v. “Free Destiny” the Borrower shall make
an additional repayment of USD 2,000,000 without prejudice to the provisions contained in
section b. (i) and (ii) of this Article. In this event no compensation as referred to in
section b.(iv) of this Article shall be payable by the Borrower.
	 
	d.	 	Upon giving notice of an intended early repayment referred to in section b.(i) and/or in
section c of this Article, the Borrower shall be obliged to make such early repayment. Early
repayments shall be applied in reduction of the contractual repayments referred to in section
a. of this Article in reverse order of their due dates.

ARTICLE 8 PAYMENT

	a.	 	The Borrower shall make all payments to HBU without any cost to HBU and without any deduction
or set-off. Payments shall be made on the due dates at the HBU branch where the Loan is
administered, unless HBU has notified the Borrower of another address for payment.
	 
	b.	 	HBU shall be entitled, but not obliged, to debit all amounts payable by the Borrower to HBU
under the Loan from the Borrower’s current account at HBU on the agreed due dates, without
prejudice to the Borrower’s obligation to ensure that the balance of that account on the due
date is such that this debit does not exceed the amount available for payments and withdrawals
from that account.
	 
	c.	 	Payments shall be applied as follows: (i) any costs and expenses; (ii) any compensation for
losses and foregone profits (geleden verlies en gederfde winst) and default interest (iii)
interest and fees, and finally (iv) principal.
	 
	d.	 	If any sum becomes due on a day which is not a Business Day, such payment shall be due on the
next succeeding Business Day, unless that Business Day falls in a different calendar month, in
which case payment shall be due on the immediately preceding Business Day, with the amount of
interest and duration of the relevant Interest Period being adjusted accordingly.

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ARTICLE 9 COSTS AND EXPENSES

	a.	 	All costs and expenses incurred by HBU in connection with the performance of this agreement,
including any taxes payable by HBU (other than on net profit), as well as any reasonable costs
and expenses incurred by HBU in connection with the Borrower’s failure to comply with or
fulfil any obligation under this agreement at the time and in the manner required, including
collection charges, fees of legal advisers and other experts and the costs of proceedings,
irrespective of to whom owed, shall be for the account of the Borrower and shall be paid by
the Borrower on HBU’s first demand.
	 
	b.	 	Provided more than three months have elapsed since the signing of this agreement, HBU shall
have the right to refix the agreed interest rate if the cost to HBU of making available, or
continuing to make available, the Loan has increased and this increase results directly or
indirectly from credit-restricting measures (kredietbeperkende maatregelen), solvency
guidelines or other rules or provisions increasing costs (including lines of conduct the
observance of which has been requested) of the Dutch Central Bank (De Nederlandsche Bank), the
European Central Bank or any other authority, monetary or otherwise.

ARTICLE 10 SECURITY AND UNDERTAKINGS

	a.	 	The following security and undertakings (verklaringen) have been or will be provided to
secure any and all present or future indebtedness of the Borrower to HBU on account of the
Loan or on any other basis whatsoever (including indebtedness arising from derivative
transactions), whether or not arising in the ordinary course of banking business:

	 	–	 	First preferred mortgage on the vessel m.v. “Free Destiny”, registered
under the flag of the Marshall Islands. IMO number 8128157, call
letters V7GD9. Fuller details are included in the mortgage deed. On
this mortgage the laws of the Marshall Islands is applicable.
	 
	 	–	 	Second preferred mortgage on the vessel m.v. “Free Destiny”,
registered under the flag of the Marshall Islands. IMO number 8128157,
call letters V7GD9. Fuller details are included in the mortgage deed.
On this mortgage the laws of the Marshall Islands is applicable.
	 
	 	–	 	First preferred mortgage of USD 6,000,000 plus 40% for cost and
interest on the m.v. “Free Envoy”, registered under the flag of the
Marshall Islands. Official number 2161, call letters V7GR6. Fuller
details are included in the mortgage deed. On this mortgage the laws
of the Marshall Islands is applicable.
	 
	 	–	 	Second preferred mortgage on the m.v. “Free Envoy”, registered under
the flag of the Marshall Islands. Official number 2161, call letters
V7GR6. Fuller details are included in the mortgage deed. On this
mortgage the laws of the Marshall Islands is applicable.
	 
	 	–	 	First preferred mortgage of USD 38,500,000 plus 40% for cost and
interest on the m.v. “African Protea” t.b.r. “Free Knight”, registered
under the flag of the Common wealth of the Bahamas. Official number
9300831`, call letters VRCC3. Fuller details are included in the
mortgage deed. On this mortgage the laws of the Marshall Islands is
applicable.
	 
	 	–	 	Independent corporate guarantee of USD 34,600,000 plus costs and
interest, from FreeSeas Inc, established in Majuro, Marshall Islands.
	 
	 	–	 	First pledge of rights and earnings under the time charter contracts
in respect of the m.v. “Free Destiny”, m.v. “Free Envoy” and the m.v.
“African Protea” t.b.r. “Free Knight”.

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	 	–	 	First pledge of rights under insurance policies covering at least Hull
and Machinery, Protection & Indemnity (P&I) in respect of the m.v.
“Free Destiny”, m.v. “Free Envoy” and the m.v. “African Protea” t.b.r.
“Free Knight”.

	b.	 	To the extent the Borrower is not already obliged to do so on any other basis, the Borrower
hereby further undertakes to provide HBU a right of pledge on all assets referred to in
Article 18 of the General Banking Conditions of HBU as security as stated in section a of this
Article. In order to effectuate the above, the Borrower hereby pledges to HBU, to the extent not
already pledged to HBU in accordance with Article 18 of the General Banking Conditions of
HBU, the present and future debts owing — as regards future debts, the pledge being made in
advance — by HBU to the Borrower as security as stated above. The Borrower hereby grants HBU
a power of attorney to pledge these debts, at any time and repeatedly, to itself on behalf of
the Borrower. This power of attorney is unconditional and
irrevocable.

HBU hereby accepts the above right of pledge. This agreement constitutes a notice of this
pledge to HBU.
	 
	c.	 	If a right of mortgage is given, it shall be subject to the General Terms and Conditions for
Mortgages (Algemene Bepalingen voor Hypotheekstelling) in addition to the provisions contained
in the mortgage deed, as far as the General Terms and Conditions for Mortgages do not
contravene the laws of Panama and/or Malta. A right of mortgage on multiple registered
properties (registergoederen) shall be created by means of separate rights of mortgage on each
property individually, in each case for the full principal amount plus interest and costs.
	 
	d.	 	The Borrower agrees that if third parties have provided security or undertakings
(verklaringen), HBU may furnish such third parties with information about the Borrower’s
financial position and any other information relating to the Loan that may be of importance to
such third parties.
	 
	e.	 	As long as the Borrower owes HBU any sum whatsoever (including indebtedness arising from
derivative transactions), or may in any manner become indebted to HBU as a result of present
or future obligations, the Borrower shall not transfer, or promise to transfer, title to all
or any of its assets — except transfers in the ordinary course of business — or charge or
encumber, or promise to charge or encumber, all or any of its assets in favour of a third
party unless it has obtained HBU’s prior written consent.
	 
	f.	 	Without prejudice to the provisions of Article 20 of the General Banking Conditions (Algemene
Voorwaarden HOLLANDSCHE BANK-UNIE N.V.), the Borrower undertakes to ensure, at HBU’s first
request, that security or additional security is provided, in the form and amount desired by
HBU, for the performance of any and all present or future obligations of the Borrower to HBU
on any basis whatsoever (including indebtedness arising from derivative transactions), whether
or not arising in the ordinary course of banking business.
	 
	g.	 	Security and undertakings (verklaringen) shall be documented using agreements to be
determined by HBU. Any costs involved shall be for the Borrower’s account.

     ARTICLE 11 JOINT AND SEVERAL LIABILITY

	a.	 	Each of the parties referred to as Borrower shall irrevocably be jointly and severally liable
to HBU for all present or future indebtedness of any or all of them to HBU on account of the
Loan or on any other basis whatsoever (including indebtedness arising from derivative
transactions), whether or not arising in the ordinary course of banking business.
	 
	b.	 	The Borrower waives as against HBU all defences and rights accruing to debtors with joint and
several liability or to sureties (borg).

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	c.	 	Each of the parties referred to as Borrower hereby undertakes to grant HBU a right of pledge
on the rights of recourse and the subrogated rights arising pursuant to the joint and several
liability referred to in section a of this Article to secure all present and future
indebtedness of the Borrower to HBU on account of the Loan or on any other basis whatsoever
(including indebtedness arising from derivative transactions), whether or not arising in the
ordinary course of banking business.
	 
	 	 	In order to effectuate the above, the Borrower hereby pledges to HBU a right of pledge on the
rights of recourse rights arising pursuant to the joint and several liability referred to in
section a of this Article as security as stated above.
	 
	 	 	If the Borrower is subrogated to the rights of HBU, HBU reserves a pledge on the subrogated
rights as security as stated above.
	 
	 	 	HBU hereby accepts the above rights of pledge. This agreement constitutes a notice of these
pledges to the other parties referred to as the Borrower and to HBU.
	 
	d.	 	To the extent that a Borrower’s rights of recourse or subrogated rights against any of the
other parties referred to as Borrower are not subject to a right of pledge as described above,
such rights shall be subordinated to all present or future rights of HBU against any of the
other parties referred to as Borrower. For that situation, each Borrower waives its right to
subrogation in respect of any security attached to the rights of HBU against any of the other
parties referred to as Borrower.
	 
	e.	 	Subject to the condition precedent that a Borrower is being sold to a third party in
connection with a restructuring (ontvlechting), each Borrower waives its rights of recourse or
subrogated rights against that Borrower.

ARTICLE 12 PROHIBITION AGAINST TRANSFER OR PLEDGE

Credit balances on accounts held at HBU may not be transferred or pledged other than to HBU.

ARTICLE 13 INSURANCE

The Borrower shall at all times maintain sufficient and adequate insurance against general and
specific business risks pertaining to its line of business and its particular business.

ARTICLE 14 RESTRUCTURING CLAUSE

The Borrower shall notify HBU in a timely manner of any intended changes in the Borrower’s
corporate structure or in that of its subsidiaries or group companies, if any, including changes in
the identity of the shareholder(s) of the Borrower or any subsidiaries or group companies.

ARTICLE 15 ANNUAL ACCOUNTS AND OTHER INFORMATION

	a.	 	The Borrower shall send HBU its balance sheet, profit and loss account and notes thereto for
the past financial year immediately after they have been drawn up but in any event not later
than six months after the end of the relevant financial year, accompanied by an unqualified
auditor’s statement(goedkeurende accountantsverklaring drawn up by a registered accountant
acceptable to HBU.
	 
	b.	 	The Borrower shall send HBU the Annual Accounts as defined in Appendix A not later than six
months after the end of the relevant financial year, and the Quarterly Accounts as defined in
Appendix A not later than 45 days after the end of every quarter.

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	c.	 	The Borrower shall allow HBU to inspect its books and records on HBU’s first demand, and
shall provide HBU, both on its first demand and unsolicited, with any information about its
financial position and business developments that could have a material effect thereon.

ARTICLE 16 EVENTS OF DEFAULT

	a.	 	HBU may declare the outstanding principal amount of the Loan, together with accrued interest
and any other amount payable by the Borrower under this agreement, immediately due and payable
to HBU, in full and without any demand or default notice being required:

	 	(i)	 	if the Borrower fails to comply with or fulfil, at the time and in the manner
required, any obligation towards HBU, whether arising under this agreement or otherwise;
	 
	 	(ii)	 	if the Borrower fails to comply with or fulfil, at the time and in the manner
required, any obligation under any other loan or financing arrangement with or any
guarantee given to a third party;
	 
	 	(iii)	 	if the Borrower decides to cease carrying on its business, to discontinue, sell,
let or transfer title to the whole or part of its business; if a licence, permit or
registration which the Borrower requires in order to carry on its business expires or is
refused or withdrawn; if the nature of the Borrower’s business is, in the opinion of HBU,
changed in a material way; if the Borrower decides to transfer abroad the running of its
business; if the Borrower violates any laws or regulations, environmental or otherwise,
relating to its business; if the Borrower ceases to pursue the corporate objects set out
in the Borrower’s articles of association or ceases to have legal personality;
	 
	 	(iv)	 	if the Borrower applies for a suspension of payments (surseance van betaling);
files a bankruptcy or winding-up petition (faillissement); is adjudicated bankrupt or
wound-up; proposes an extrajudicial arrangement or composition (akkoord) with its
creditors; while insolvent, transfers any of its assets to its creditors (boedelafstand);
	 
	 	(v)	 	if all or, in the opinion of HBU, a significant part of the Borrower’s assets are
taken in execution (executorial beslag) or attached by way of security (conservatoir
beslag) and such attachment is not lifted or discharged within 30 days after having been
effected; if all or, in the opinion of HBU, a significant part of the Borrower’s assets
are expropriated, confiscated, lost or damaged;
	 
	 	(vi)	 	if the Borrower’s corporate structure is, in the opinion of HBU, changed
significantly, by a merger (fusie), demerger (splitsing), winding up (liquidatie),
conversion, takeover or otherwise; if, in the opinion of HBU, a significant change has
taken place in the control of the Borrower’s business or practice; if there is an
intention to make any of the above changes; or if the Borrower’s articles of association
or internal rules or regulations are, in the opinion of HBU, amended to a significant
extent;
	 
	 	(vii)	 	if the Borrower, without HBU’s prior written consent, releases its shareholders
from an obligation to pay up partly paid-up shares, purchases its own shares, makes a
repayment on shares, makes a distribution from its reserves or decides or has the obvious
intention to do any of the above;
	 
	 	(viii)	 	if an event of a political, military, economic or financial nature occurs, or if the
Borrower’s financial position substantially deteriorates, or if it foreseeable that such
an event or deterioration could occur, such that, in the opinion of HBU, the ability of
the Borrower to fulfil its obligations towards HBU at the time and in the manner required
could be prejudiced;

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	 	(ix)	 	if any event referred to in (ii) up to and including (viii) occurs in respect of a
surety (borg), a guarantor (garant), jointly and severally liable debtor or a third party
that has provided HBU with any other type of security for the Loan; if the surety (borg)
or guarantor (garant) cancels or withdraws a suretyship (borgtocht) or guarantee issued
by it to HBU for the Borrower; if a third party that has provided or has promised to
provide HBU with security for the Loan defaults in the performance of any obligation in
respect of the security provided or promised;
	 
	 	(x)	 	if any event referred to in (ii) up to and including (viii) occurs in respect of
one or more enterprises or companies that are included in the Borrower’s consolidated
balance sheet, or in respect of one or more enterprises or companies that have a
controlling interest in the Borrower, or if any such enterprise or company defaults in
the performance of any obligation towards HBU in connection with credit and/or guarantee
facilities granted by HBU;
	 
	 	(xi)	 	(in the case of a mortgage on a ship) if the whole or any part of a mortgaged ship
is attached or executed upon, is classified in a lower category, loses its national
registration or changes the same, or is requisitioned, abandoned, missing
(tijdingloosheid), laid up (oplegging), broken up (sloping), wrecked or damaged;
	 
	 	(xii)	 	if all or any of the assets provided to HBU as security for the Loan other than
those referred to in (xi) are lost, destroyed, damaged or extinguished, or if they
expire, for any reason whatsoever;
	 
	 	(xiii)	 	if, in the opinion of HBU, the Interest Coverage Ratio, as defined in Appendix A of
this agreement, is less than 2.5 as from the end of 2008;
	 
	 	(xiv)	 	if, in the opinion of HBU, the Debt Service Cover Ratio, as defined in Appendix A
of this agreement, is less than 1.1 as from the end of 2008;
	 
	 	(xv)	 	if, in the opinion of HBU, the Gearing, as defined in Appendix A of this agreement,
is more than 2.5 as from the end of 2008;
	 
	 	(xvi)	 	if, in the opinion of HBU, the Loan to Value Ratio is more than 60%;
	 
	 	(xvii)	 	if the Borrower has given HBU incorrect information or has withheld information that is
material to HBU in connection with this agreement;
	 
	 	(xviii)	 	if the Loan is not used for the purpose for which it was granted, or if, in the
opinion of HBU, it is clear that the purpose for which the Loan was granted has not been
achieved or will not be achieved, either wholly or to a significant extent;
	 
	 	(xix)	 	if any law or its interpretation is changed or governmental action is taken, as a
result of which this agreement and/or the security provided and/or the value thereof is
or may be affected, and the Borrower and HBU have not, within a reasonable period to be
determined by HBU, reached a written agreement amending the relevant provisions and/or
adjusting the security in such a way that, in the opinion of HBU, the position of HBU is
not adversely affected.

	b.	 	The Borrower shall notify HBU immediately of the occurrence of one or more of the events set
out in section a. of this Article in (ii) up to and including (xvi).
	 
	c.	 	If HBU declares the Loan immediately due and payable pursuant to the provisions of section a.
of this Article, the Borrower shall be liable to pay HBU compensation for its losses and
foregone profits (geleden verlies en gederfde winst). This compensation shall be fixed by HBU
at the difference between:

	 	(i)	 	the aggregate of the present values of the interest payments which, pursuant to
this agreement, HBU would have received in respect of the amount declared immediately
due and payable from

-11-

 

	 	 	 	the date of that declaration until the final day of the relevant Interest Period, had
such amount not been declared immediately due and payable, and
	 
	 	(ii)	 	the aggregate of the present values of the interest payments which HBU would be
able to receive on interbank loans for an amount comparable to the amount declared
immediately due and payable and for a period comparable to the period referred to in
(i) above.

	 	 	 Such compensation shall in any event not be less than 1% of the amount declared immediately
due and payable. Present values shall be calculated at the interbank rate applicable on the
date of the early repayment.

ARTICLE 17 DEFAULT INTEREST

	a.	 	If HBU does not receive any sum due to it under this agreement on the agreed due date, the
Borrower shall be liable to pay HBU default interest, due and payable daily, on the overdue
amount as from the due date, without prejudice to HBU’s other rights. If no specific due date
has been stipulated in this agreement in relation to a particular amount, this amount shall,
for the purpose of the above provisions, be due on the day stipulated by HBU for payment.

	b.	 	The applicable rate of default interest, which shall be determined on
each day a payment is overdue, shall be equal to 2.5% per annum above
the contractual interest rate (including the applicable individual
margin) if and for as long as the contractual interest rate is
applicable, and 2.5% per annum above the tom/next (tomorrow/next day)
rate (plus the individual margin referred to above) fixed by HBU for
the US Dollar in all other cases. With respect to an overdue payment
of principal, the default interest rate shall, as from the due date of
that payment, replace the contractual interest then applicable.
	 

ARTICLE 18 COMMUNICATIONS

	a.	 	All notices and communications regarding this agreement shall, unless otherwise stated in
this agreement, be given or made in writing or by fax, and shall be directed to the following
addresses:

	 	 	 
	for the Borrower:

	 	Adventure Two S.A.

c/o FreeSeas Inc.

89 Akti Miaouli & 4 Gr Mavrokordatou Street

18538 Piraeus

Greece

fax: 00-30-21044291100
	 
	 	 
	for HBU:

	 	HOLLANDSCHE BANK-UNIE N.V.

Dept. Accountmanagement Corporates

Attn. Mr. L. Bloemheuvel

Coolsingel 104

P.O. Box 249

3000 AE Rotterdam

The Netherlands

fax: 31 10 2820149

	b.	 	Changes of address shall only become effective once they have been notified in writing to the
other party.

ARTICLE 19 GENERAL BANKING CONDITIONS

All relations between the Borrower and HBU shall also be governed by the General Banking Conditions
(Algemene Voorwaarden HBU Bank N.V.). In the event of a conflict between the provisions of this
agreement
and the General Banking Conditions (Algemene Voorwaarden HBU Bank N.V.), the relevant provisions of
this agreement shall prevail. This agreement shall remain applicable until all legal relations to
which it applies have been fully settled.

-12-

 

ARTICLE 20 OTHER PROVISIONS

	(i)	 	The vessels referred to in section a of Article 10 will be safely operated and maintained,
and will in any case always be classified in a category acceptable to HBU;
	 
	(ii)	 	The Borrower will give HBU the time charter contract(s) in respect of the vessels referred to
in section a of Article 10. The contents must be acceptable to HBU, such as a charter contract
for the time of at least one year at a rate of at least USD 25,000.
	 
	(iii)	 	The Borrower will submit once a year to HBU a valuation report of the vessels referred to in
section a of Article 10, issued by a valuer acceptable to HBU.

ARTICLE 21 REPRESENTATIONS AND WARRANTIES

In order to induce HBU to enter into this agreement and to provide the Loan to the Borrower,
the Borrower represents and warrants to HBU that:

	a.	 	the Borrower is a company duly incorporated and validly existing under its laws of
incorporation;
	 
	b.	 	the Borrower has power to enter into and perform this agreement and each of the security
documents to which it is a party and this agreement constitutes and each of the security
documents (when executed) to which it is a party will constitute legally binding
obligations of the Borrower enforceable in accordance with its respective terms, and the
Borrower has taken all necessary corporate or other action required to authorise the
execution and delivery of this agreement and each of the security documents to which it
is a party and its performance according to the respective terms thereof;
	 
	c.	 	it is not necessary to ensure the legality, validity, enforceability or admissibility in
evidence of this agreement or any of the security documents that any of them be filed,
recorded, registered or enrolled (except for the mortgages) with any governmental
authority or agency or that this agreement or any security document be stamped with any
stamp or similar transaction tax;
	 
	d.	 	no consents, licences, approvals or authorizations of or declarations to governmental
authorities and agencies are required to make this agreement and each of the security
documents valid, enforceable or admissible in evidence or to enable the Borrower to
perform its obligations hereunder and under each of the security documents to which it is
a party;
	 
	e.	 	the execution and delivery of this agreement and each of the security documents and
their performance according to their respective terms will not violate:

	 	i.	 	the
memorandum or articles of association of the
Borrower;
	 
	 	ii.	 	any
law or regulation to which the Borrower is
subject;
	 
	 	iii.	 	any
encumbrance, deed or agreement which is binding
upon the Borrower or any of its assets;

-13-

 

	f.	 	the Borrower is not in breach of or default under any encumbrance, deed or agreement
which is binding upon it or any of its assets where, in the opinion of the Bank, such
breach or default is material;
	 
	g.	 	no litigation or administrative proceeding of or before any court or governmental
authority or agency is pending or (to the Borrower’s knowledge) threatened, the result of
which would or would be likely to have an adverse effect on the business, assets or
financial condition of the Borrower;
	 
	h.	 	no steps have been taken by the Borrower or by its shareholders or any court or
governmental agency nor have any legal proceedings been started or (to the best of the
Borrower’s knowledge and belief) threatened for the dissolution, bankruptcy, winding-up,
liquidation or reorganisation (where, in the opinion of HBU, such re-organisation might
prejudice HBU’s position hereunder or under any of the security documents) of the
Borrower or for the appointment of a receiver, trustee or similar officer of it or its
undertaking, or assets; and
	 
	i.	 	upon the execution and delivery thereof, this agreement and each of the security
documents will form valid and binding obligations of the Borrower enforceable in
accordance with their respective terms.

ARTICLE 22 ENGLISH LEGAL TERMINOLOGY

The words used in this agreement to describe legal concepts, although in English, refer to Dutch
legal concepts only and the consequences of the use of these words in English law or any other
foreign law shall be disregarded.

Any Dutch legal concept referred to in this agreement shall, in respect of any jurisdiction other
than the Netherlands, be deemed to include such concepts as in that jurisdiction most closely
approximate the Dutch legal concept.

Signature:

	 	 	 
	                         , 2008

	 	Rotterdam, 3 oktober 2008
	 
	 	 
	/s/ Ion G. Varouxakis 
	 	/s/ Illegible 
	 

Adventure Two S.A.

	 	 

HOLLANDSCHE BANK-UNIE N.V.
	 
	 	 
	                         , 2008
	 	 
	 
	 	 
	/s/ Ion G. Varouxakis 
	 	 
	 

Adventure Three S.A.
	 	 
	 
	 	 
	                         , 2008
	 	 
	 
	 	 
	/s/ Ion G. Varouxakis 
	 	 
	 

Adventure Seven S.A.
	 	 

-14-

 

APPENDIX A

Definitions

Adjusted Balance Sheet Total means, total assets minus the sum of (a) intangible assets, (b)
deferred tax assets, (c) participating interests, (d) receivables from shareholders and/or
directors and (e) shares held in the own company, as shown in the Annual Accounts.

Annual Accounts means, FreeSeas Inc.’s annual accounts, consisting of the consolidated balance
sheet, profit and loss account and accompanying notes, including an unqualified audit certificate,
drawn up by Price Waterhouse Coopers or comparable (acceptable to HBU) in accordance with the
calculation bases and accounting principles applied in the Freeseas Inc.’s consolidated annual
accounts for the financial year 2006;

Capital Expenditure means, expenditure that should be treated as capital expenditure in accordance
with GAAP.

Consolidated EBIT means, in respect of any Relevant Period, the consolidated net operating profit
of FreeSeas Inc. plus corporation tax or other taxes on income or gains, plus Net Interest Expense
in respect of that Relevant Period, plus extraordinary and/or non-operational costs and charges
less extraordinary and/or non-operational income or gains in respect of that Relevant Period.

Consolidated EBITDA means, in respect of any Relevant Period, Consolidated EBIT for that Relevant
Period plus depreciation and the amount attributable to amortisation of goodwill and any other
intangible assets (including capitalised transaction costs) during that Relevant Period.

Consolidated Net Finance Charges means, for any Relevant Period, the aggregate amount of the
accrued interest, arrangement fee and other amounts in the nature of interest in respect of all
borrowings whether paid, payable or capitalised by FreeSeas Inc. in respect of that Relevant
Period:

excluding any such obligations owed to FreeSeas Inc.;

including the interest element of leasing and hire purchase payments under any such contract
which would, in accordance with the accounting principles, be treated as a finance or capital
lease;

including any accrued commission, fees, discounts and other finance payments payable by FreeSeas
Inc. under any interest rate hedging arrangement, if any;

deducting any accrued commission, fees, discounts and other finance payments owing to FreeSeas
Inc. under any interest rate hedging instrument, if any;

deducting any accrued interest owing to FreeSeas Inc. on any deposit or bank account;

excluding any acquisition costs.

Consolidated Total Bank Debt means, at any time, the aggregate amount of all obligations of

FreeSeas Inc. for or in respect of borrowings with any bank but:

excluding any such obligations to FreeSeas Inc.;

including, in the case of finance leases, only the capitalised value therefore (no amount shall
be excluded or included more than once),

less the total amount of the credit balance of the accounts which Borrower holds with HBU.

-15-

 

Consolidated Total Bank Debt/Consolidated EBITDA Ratio means, in relation to any Relevant Period,
the Consolidated Total Bank Debt divided by Consolidated EBITDA for such Relevant Period.

Debt Service Cover Ratio means, in relation to any Relevant Period, Free Operating Cash Flow for
such Relevant Period divided by Net Total Debt Service for such Relevant Period.

Excess Cash means, in respect of any Relevant Period, Free Operating Cash Flow for that Relevant
Period minus Net Total Debt Service for that Relevant Period minus any voluntary prepayments made
in respect of this Credit Agreement in that Relevant Period.

Financial Indebtedness means, without double counting:

	 	–	 	any indebtedness for or in respect of indebtedness for borrowed money;
	 
	 	–	 	any documentary credit facility;
	 
	 	–	 	any treasury transaction or any other transaction entered into in connection
with protection against or benefit from fluctuation in any rate or price and the amount
of the financial indebtedness in relation to any such transaction shall be calculated
by reference to the marked-to-market valuation of such transaction at the relevant
time; and
	 
	 	–	 	any guarantee, indemnity, bond, standby letter of credit or any other
instrument issued in connection

with the performance of any contract or other obligation.

Financial Year means, annual accounting period of FreeSeas Inc. ending on 31 December in each year.

Free Operating Cash Flow means, in respect of any Relevant Period, Consolidated EBITDA for that
Relevant Period after:

adding:

	 	–	 	any decrease in the amount of Working Capital;
	 
	 	–	 	any cash receipt in respect of any exceptional or extraordinary item
(including, without limitation, the proceeds of the sale of any assets other than
material part of the business disposal proceeds or the proceeds from the disposal of a
material asset);
	 
	 	–	 	any increase in provisions, other non-cash debits and other non-cash charges
taken into account in establishing Consolidated EBITDA;

and deducting:

	 	–	 	any amount of Capital Expenditure actually made by FreeSeas Inc.;
	 
	 	–	 	any increase in the amount of Working Capital;
	 
	 	–	 	any cash payment in respect of any exceptional or extraordinary item;
	 
	 	–	 	any amount actually paid or due and payable in respect of taxes on the profits
of FreeSeas Inc.;
	 
	 	–	 	any decrease in provisions and other non-cash credits taken into account in
establishing Consolidated EBITDA;

and so that no amount shall be included more than once.

-16-

 

Gearing means, total debt of FreeSeas Inc. divided by Tangible Net Worth.

Interest Coverage Ratio means, in relation to any Relevant Period, Consolidated EBIT for such
Relevant Period divided by the sum of Consolidated Net Finance Charges for such Relevant
Period.

Interest Expense means, in respect of any Relevant Period and any Financial Indebtedness of
FreeSeas Inc. referred to in the definition of Total Net Debt, the aggregate of all continuing,
regular or periodic costs, charges and expenses incurred in effecting, servicing or maintaining
such Financial Indebtedness in respect of such Relevant Period (but not agency or underwriting
fees) including:

	 	–	 	gross interest and arrangement fee on any form of such Financial Indebtedness which has
accrued as an obligation of FreeSeas Inc. during that Relevant Period, including the
interest element of finance leases; and
	 
	 	–	 	the consideration given by FreeSeas Inc. during that Relevant Period by way of discount
in connection with such Financial Indebtedness by way of acceptance credit, bill
discounting or other like arrangement.

GAAP means the generally accepted accounting principles in the Netherlands.

Net Interest Expense means, in respect of any Relevant Period, Interest Expense for such Relevant
Period less interest, commission, fees, discounts and other finance charges receivable during that
Relevant Period (including interest, commission, fees, discounts and other finance charges
receivable under the hedging arrangement).

Net Total Debt Service means, in respect of any Relevant Period, the aggregate of:

	 	–	 	Net Interest Expense for such Relevant Period; and
	 
	 	–	 	all scheduled repayments of capital or principal under the terms of any Financial
Indebtedness of FreeSeas Inc. (excluding any Financial Indebtedness owed by FreeSeas Inc.
to any other member of FreeSeas Inc.) in each case which fall due during that Relevant
Period.

Quarterly Accounts means FreeSeas Inc. consolidated balance sheet, profit and loss account, and
compliance certificate, in accordance with the calculation bases and accounting principles applied
in FreeSeas Inc. consolidated Annual Accounts for the Financial Year.

Relevant Period means each period of twelve months ending on the last day of each of FreeSeas
Inc.’s calendar quarter starting with the period of twelve months ending on 31 December 2006.

Total Net Debt means, in respect of any Relevant Period, the aggregate of all outstanding Financial
Indebtedness of FreeSeas Inc. as at the last day of such Relevant Period and less all Cash as at
the last day of such Relevant Period.

Tangible Net Worth means, issued and paid-up share capital plus reserves, deferred tax liabilities
and loans subordinated to Freeseas Inc.’s debts to HBU, minus intangible assets, deferred tax
assets,

-17-

 

participating interests, receivables from shareholders and/or directors and shares Freeseas Inc.
holds in his own company, as shown in the Annual Accounts.

Test Date means, in respect of any Relevant Period, the dates on which HBU shall review the Annual
Accounts and/or Quarterly Accounts in order to assess the Excess Cash, Consolidated Total Bank
Debt/Consolidated EBITDA Ratio, Debt Service Cover Ratio, Interest Cover Ratio and any other
financial ratio which HBU deems necessary with a view to the continuity of the Borrower’s business.
HBU shall assess the Consolidated Total Bank Debt/Consolidated EBITDA Ratio, Debt Service Cover
Ratio and Interest Cover Ratio quarterly on a rolling 12 month basis and based on the Quarterly
Accounts. HBU shall assess the Excess Cash once a year based on the Annual Accounts. Said
assessment shall always take place within 30 days after receipt by HBU of the Annual Accounts
and/or Quarterly Accounts.

Working Capital means trade and other debtors in respect of operating items of any member of
FreeSeas Inc., plus prepayments and stock, less trade and other creditors in respect of operating
items of FreeSeas Inc. and less accrued expenses and accrued costs of FreeSeas Inc.

-18-EX-4.49 First Preferred Mortgage

Exhibit 4.49

	 	 	 
	 	THE COMMONWEALTH OF THE BAHAMAS
	 	 
	 	MORTGAGE REGISTRATION FORM
	 	 
	 	(Page 1 of 2)
	 	 

	Official Number	 	IMO Number	 	Name of Ship	 	Port of Registry
	8000949	 	9138707	 	FREE KNIGHT	 	NASSAU

	Propulsion and Engine Details
	 	Vessel Dimensions

	Propulsion:

	 	Single Propeller
	 	Length:
	 	151.71    metres
	Type of Engines:

	 	Diesel
	 	Breadth:
	 	  25.79    metres
	Total Power:

	 	6074KW
	 	Depth:
	 	  13.70    metres

	Particulars of Tonnage
	GROSS TONNAGE:
	 	 	15888	 	 	tons	 	NET TONNAGE:	 	 	8060	 	 	tons

	Whereas (a) there is an account current made between ADVENTURE SEVEN S.A. (the “Mortgagor”), a company incorporated and existing under the laws of the Marshall Islands,
having its registered office at Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 and HOLLANDSCHE BANK-UNIE N.V., (the “Mortgagee”), a company
incorporated and existing under the laws of the Netherlands, having its registered office at Coolsingel 104, 3011 AG Rotterdam, the Netherlands, in respect of: a credit
agreement dated 21 January 2008 and a short term loan agreement dated 21 January 2008 (together as the same may be amended, supplemented or varied from time to time
together with the therein referred to HBU General Banking Conditions of 1995 and HBU General Credit Provisions of July 2006 the “Financial Agreement”) made between the
Mortgagor, ADVENTURE TWO S.A. and ADVENTURE THREE S.A. (jointly the “Borrowers”) and the Mortgagee, pursuant to which the Mortgagee agreed to make available to the
Borrowers: (i) an overdraft facility in the amount of USD 3,100,000 (three million one hundred thousand United States Dollars); (ii) and overdraft facility in the amount
of USD 1,500,000 (one million five hundred thousand United States Dollars; (iii) an overdraft facility in the amount of USD 3,000,000 (three million United States
Dollars); and (iv) an eight year roll-over loan facility in the amount of USD 27,000,000 (twenty-seven million United States Dollars); and WHEREAS it is a condition
under the Financial Agreement that the Mortgagor shall execute this mortgage in favour of the Mortgagee and shall enter into a deed of covenants supplemental to this
mortgage (hereinafter as the same may be amended, varied and/or supplemented referred to as the “Deed of Covenants”) of even date herewith for the purpose of securing
payment to the Mortgagee of all sums which may for the time being or at any time become owing by the Borrowers to the Mortgagee under or pursuant to the Financial
Agreement and the Deed of Covenants or from any other cause or for any other reason whatsoever and WHEREAS the amount due to the Mortgagee at any given time can be
ascertained by reference to the Financial Agreement and the Deed of Covenants or to the books of account or other accounting records of the Mortgagee.

	 

	Now we (b) ADVENTURE SEVEN S.A. in consideration of the premises for ourselves and our successors, covenant with the said (c) HOLLANDSCHE BANK-UNIE N.V. and (d) its
assigns to pay to him or them or it the sums for the time being due on this security whether by way of principal or interest, at the times and manner aforesaid. And for
the purpose of better securing to the said (c) HOLLANDSCHE BANK-UNIE N.V. the payment of such sums as last aforesaid, we do hereby mortgage to the said (c) HOLLANDSCHE
BANK-UNIE N.V. 64/64th shares of which we are the Owners in the Ship above particularly described, and in her boats, guns, ammunition, small arms and appurtenances.
Lastly, we for ourselves and our successors, covenant with the said (c) HOLLANDSCHE BANK-UNIE N.V. and (d) its assigns that we have the power to mortgage in manner
aforesaid the above mentioned shares, and that the same are free from encumbrances (e)

	In witness whereof we have affixed our common seal this 19th day of March 2008

	Seal	 	Individual/Corporation	 	Attestation
	 
	 	 	 	 
	 

	 	ADVENTURE SEVEN S.A. 

name of individual/corporation
	 	I, (f)                     
	 
	 	 	 	 
	 

	 	per                     
	 	of (g)                     
	 
	 	 	 	 
	 

	 	 	 	hereby testify that in my presence
	 

	 	signature as Individual/Director/Secretary/Officer/ 
Attorney-in-fact
(h)
	 	(i) this Mortgage was signed by
                     
	 

	 	 	 	as Individual/Director/Secretary/Officer/Attorney-in-fact
(h)
	 
	 	 	 	 
	 

	 	                     
                                  
        
signature as Individual/Director/Secretary/Officer/Attorney-in-fact
(h)
	 	and                     

as Individual/Director/Secretary/Officer/Attorney-in-fact
(h)
	 

	 	                     
                                  
        
in the presence of the witness whose attestation
is given opposite
	 	And

(ii) the corporate seal (h)/personal seal (h) of
the transferor was affixed this                      day of                     
	 
	 	 	 	 
	 

	 	 	 	Signature of witness                     

 

(a) Here state by way of recital that there is an account current between the Mortgagor (describing the company and its address) and the Mortgagee (giving full title, address and description, including all joint mortgages), and
describe the nature of the transaction so as to show how the amount of principal and interest due at any given time is to be ascertained, and the manner and time of payment, (b) Name of company, (c) Full name of Mortgagee, (d)
“his”, “hers” or “its”, (e) If any prior encumbrance add “save as appears by the registry of the ship”, (f) name of witness, (g) address of witness, (h) delete as applicable.

NOTE: The witness to the execution of the document must be a disinterested party, independent of the body corporate or individual executing it e.g. Notary Public, Consular Officer, Magistrate, Justice of Peace. A
director,officer or employee of a transferor which is a body corporate should not be an attesting witness.

	 	 	 
	

	 	THE COMMONWEALTH OF THE BAHAMAS

MORTGAGE REGISTRATION FORM

(Page 2 of 2)

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Official Number	 	 	IMO Number	 	 	Name of Ship	 	 	Port of Registry	 
	 	 

	 	 	 
	 	 	 
	 	 	 	 
	 

TRANSFER OF MORTGAGE

	 	 	 
	I/we, the within mentioned
in consideration of
this day paid to me/us (a)

	 	

by                                                                     
            

hereby transfer to it/him/her/them (a) the benefit of the within-written security.

In witness whereof I/we (a)
have hereto affixed our seal this                      day of                                                   
                              

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Seal

	 	 	Individual/Corporation
	 	 	Attestation
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	

I, (b)                                                            
	 

	 	 	name of individual/corporation	 	 	 
	 

	 	 	 	 	 	of (c)                                                            
	 

	 	 	per                                                             	 	 	 
	 

	 	 	
signature as Individual/Director/Secretary/

Officer/Attorney-in-fact

                                                                    

signature as Individual/Director/Secretary/

Officer/Attorney-in-fact

                                                            

in the presence of the witness whose attestation is given opposite

	 	 	hereby testify that in my presence

(i) this Transfer of mortgage was signed 

by                                         

as Individual/Director/Secretary/Officer/ Attorney-in-fact (a) 

and
                                                            

as Individual/Director/Secretary/Officer/Attorney-in-fact
(a)

And

(ii) the corporate seal/personal seal (a) of
the transferor was affixed this                     day of                                         

Signature of witness                                                             

	 	 	 	 	 	 	 

MEMORANDUM OF DISCHARGE

By individual or Joint Mortgagees

Received the sum of                                                                  
                                   
in discharge of this within-written security. Dated at                                          this                      day of        
                                                     

In witness whereof we have hereto affixed our common seal this                      day of                                                
                                 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	
I, (b)                                                             
	 

	 	 	name of individual/corporation	 	 	 
	 

	 	 	 	 	 	of (c)                                                             
	 

	 	 	per                                         	 	 	 
	 

	 	 	

signature as Individual/Director/Secretary/

Officer/Attorney-in-fact

                                                            

signature as Individual/Director/Secretary/Officer/Attorney-in-fact

                                                            

in the presence of the witness whose attestation is given opposite
	 	 	
hereby testify that in my presence

(i) this Discharge of mortgage was signed

by                                                             

as Individual/Director/Secretary/Officer/Attorney-in-fact
(a)

and                                                             

as Individual/Director/Secretary/Officer/Attorney-in-fact
(a)

and

(ii) the corporate seal/personal seal (a) of
the mortgagee was affixed this                      day of                                         

Signature of witness                                                             

 

 

(a) delete as appropriate, (b) insert name of witness, (c) insert address of witness

NOTE: The witness to the execution of the document must be a disinterested party, independent of the body corporate or individual executing it e.g. Notary Public, Consular Officer, Magistrate, Justice of Peace. A director,
officer or employee of a transferor which is a body corporate should not be an attesting witness.

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